Dilemma over house wwyd?

[Biglifedecisions]

Crunch decision to make and hoping you can help?

Dh and I are in stable professions and enjoy our jobs - although we are getting more tired, mid fifties with adult dc (18 and 21) We are about to downsize. Staying in the same area.

Would you:

a) Move to house A which is under budget, big enough for dc but not huge and potentially retire early and /or go very part time, and have a healthy savings pot. House is lovely but not exceptional.

b) Move to house B which is slightly over budget, much bigger with a really lovely garden, and it’s a pretty house. It means we will definitely have to work to 60, and in part time after that probably for a few years.

Option A gives us more freedom and options, option B would be a lovely home for us for many years. Wwyd?

YABU House A
YANBU House B

Also consider what work needs doing - work needing doing on a house involves time, resources, money and energy - in your 50's it is more taxing. I discovered this after downlizing to a house in lovely area that needed some work, but once in I discovered a lot more work was needed. I ended up needing to extend the mortgage and borrow more. In hindsight I would have gone for a more expensive house that didnt need work (that was my aim). It is difficult finding the right house though at the right time when you have sold etc. Due to some inheritance I have been able to pay off mortgage earily. Also consider future grandkids staying over and space / size needed. Meet the neighbours for both also - just knock the door and introduce yourself. See what they are like.

So A - if it doesnt need much work other than decor, you love the area and think you can love the house once you have decorated it how you want. You can always work on the garden to get it to be what you want over time. As long as it has a nice feel to it and as long as it can meet your future needs for space re guests / grandkids etc. If it needed lots of work I would not consider it as this eats up time and money and you may as well have gone for the larger house you love. Financial freedom is nice and opens up your life to do more things.

B - If it has a great feel to it, doesnt need barely any work, you love the area and house, nice neighbours it will meet your future needs.

Good luck !

“I’m aware it might be a lot for us to manage in 10/15 years time”
”the garden is sizeable”

So you really want to lumber yourself with a house that’ll be a lot to manage, and more particularly, a large garden? It’s fine for now, but that garden won’t keep itself looking lovely, so you’ll have to add a contingency for gardeners for when you are no longer able to manage it yourselves. While I can understand wanting space for your DC and DGC in the future, it shouldn’t be at the expense of your own well-being and comfort. At the moment, you can see the lovely house and garden and are thinking well, we could manage the repayments if we work a bit longer - but it’s everything else that goes with it. Also, how would you feel about managing the house on your own? Any house needs upkeep, and we none of us know what the future would bring. Obviously only you can make the decision - but I would advise caution. You don’t want to be in a position where ill-health forces you out of a house you can’t manage, or a garden you can’t afford to have help with.

But what about when they marry, have children etc? I want to have room for them to come and stay

Sounds to me like you have already decided. Go for the one you really want. It’s probably your last chance to do that! If it doesn’t work out then you can downsize in a few years.

Maybe the cheaper house isn’t quite right for you. Perhaps it’s worth holding out for something you like more?