Would you sell a second home to fund private education for your kids?

[Correlation]

Just that really. If this was your situation, would you sell the second home? The children would either have private education and university paid for, or a flat to split between them as adults..

Is there a mortgage on the flat? If it’s rented out as a home or holiday pet would the rent cover the fees?

What are your local state schools like? If your child is currently in state, how are they doing?

There are circumstances that I’d sell the house eg SEN but my kids aren’t academic outliers etc so state has worked well for them and the money would have been more useful for a house deposit, business start up fund etc

For me yes, if it comes up. An education is more important than a house and a good education would hopefully enable them to get their own house. Not that you can’t get a good education in state school either. I have one in state and one in private.

Is this another of those "sacrifices"? selling the second home? 😂

Depends on the child, depends on the schools in question.

I mean ideally they'd get a good education free.

If a good state education was on offer locally I'd take it. Private is not always better, it's about the match between the kid and the school.

A friend was sent to private schools, paid for by a grandparent. He works in the arts and does okay but he totted up the amount spent on his education once and now wishes the money had gone towards a property instead.

I personally don't think he'd have the career he has without the connections he made in that world, but he doesn't see it that way.

Education every time. Teach a man to fish and all that.

Totally depends on the state schools available. If they are good - or you could move to the catchment for a good school - then keep the flat

If the state schools are not good and you can’t move - sell the flat no question

Or if you save the profits on the rent can you keep the flat and pay for private secondary?

For me it would depend on what the state schools are like by you. If they’re good then I wouldn’t sell, but if not then yes go with that option as long as it covered university costs too so no loans required as that will be worth a lot to them with the long loan replacements

Depends what kind of schools you have access to.

If you have access to an outstanding state school, then no don't sell the flat.

If Labour put VAT on fees, you may get extremely poor value for money with private. I don't think now is the time to be entering private school. Plus, private school isn't a magic bullet. Hard work is still required to do well. Private schools turn out plenty of kids who've failed Maths and English.

State + tutoring is now the way to go.

If you have access to good state, absolutely not.

I did this.
For me it was definitely worth it -not because of the career/connections/university place etc but because my DC thrived in the rounded academic environment that the independent offered.
It isn’t only about the ‘destination’, but about the ride. I wanted my DC to have a really fulfilling an positive adolescence-when they are grown up it’s up to them. I have friend who have had awful tragedies with DC deaths through illness in childhood and teen years. No-one knows what is around the corner, so live your best life now.

A good education is the best gift you can give a child.

We chose an excellent boarding school for our daughter and she absolutely thrived. Many times we offered her a local school or a more local boarding place but no, she loved where she was.

My late husband asked her one day “what is the best gift I have ever given you?” She replied “My education.”

Sell and educate your kids.

Totally depends what the state options are. If they're okay, then no I'd hold onto the flat. But if they're awful, then yes I would.

We effectively had this choice and we've decided to go state. And not at one of these mythical, outstanding better-than-private state schools either, just a normal, decent enough comprehensive.

The whole "teach a man to fish" argument just doesn't wash for me - it's implies that the choice is between a private education or no education at all, which just isn't the case except at the very worse schools or perhaps in the case of SEN.

Our children are supported at home and I think they will do sufficiently well in their state schools to enable them to progress to good universities and onwards into well paid careers, if that is the path they choose.

However, the cost of housing in this country is now at a level that all but those with the most lucrative careers - which private education certainly doesn't guarantee - are likely to struggle. Unaffordable and/or insecure housing in young adulthood will have long term negative consequences in terms of their ability to save for their futures, have families of their own, and basically live a life with some degree of freedom and pleasure. I'm pretty confident that 100K each is going to be better spent on helping them to secure housing.

Yes. But I'd try remortgaging first.

They’ll get an education either way. It’s not like they’ll be sent down the mines! 🙄

No, I'd cancel Sky TV.

Yes, exactly.

No, OP, in answer to your question, I wouldn't.

I would choose deposit over fees

I have had this conversation with my adult DS about feeling guilty that I didn’t push to send him to private school as he loved school and was a bright child, he always says he’s glad he had the education he did and would have hated private school, he went onto to University and has a good job now, good pay.

My instinct - from my own experience is to say a resounding yes. Do whatever you need to do.

But I also realise it depends on the child's needs and the nature of the private school. DS is on the spectrum and has high anxiety. We moved heaven and earth to send him to a very small and nurturing independent school. The class sizes are around 15 and the pastoral system is fabulous. He's blossoming academically, he's got 2 good friends ( never thought that would happen) and is loved and supported by the staff. We downsized to make this possible. I took on more work. We have fewer holidays. Honestly I don't care.

I see him happy in the morning on the way in and happy in the evening on the way home. I can't put a price on that.

Thanks all. I'm also thinking about the inheritance tax bill the kids would have to pay on the flat when we die vs if we had invested in their education..