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Original poster

Regretting small house/FIRE - should we upsize?

28 replies

Upsizer · 27/04/2022 09:13

DH retires next year and we’ve always planned for an early retirement and made sensible savings etc. paid off mortgage on small house early and have 200k in savings.

However we rather regret our small house and are not sure it’s right for retirement. We both love gardening and this house only has a small yard.

If we moved we’d basically have to plough all our savings into another house and not have a rainy day fund. Is it worth doing this so that we can have a garden for our retirement? We would probably grow savings again as we are very frugal but this is the opposite of what we’d always intended to do!

OP posts:
parietal · 27/04/2022 09:30

No point in having 30 years retirement in a tiny house that you hate.

Yes, look to upsize but look slowly to find something you really love. Maybe something that is a project where you can make improvements?

What else do you plan to do with your time in retirement?

DenholmElliot · 27/04/2022 09:32

How about an allotment?

timeisnotaline · 27/04/2022 09:35

There is no way I’d sacrifice my garden for more savings! My retirement plan is to spend much more time in it and get better at keeping plants alive.

BluegrassBlues · 27/04/2022 09:39

200k is not a "rainy day fund", it's a "fucking huge thunderstorm every day for six years" fund!

Buy a house you love.

muppamup · 27/04/2022 09:40

can you move area, to a bigger house that costs less than in your area (and retain some savings?).

Hollyhocksarenotmessy · 27/04/2022 09:40

Is it really going to cost £200k to upgrade to a garden?

Original poster
Upsizer · 27/04/2022 09:43

We are already in a really cheap area, so I don’t think we can move anywhere else. We are also near older family members that we will need to look after.

I’ve thought of an allotment but I like the idea of a large garden where I can create nice areas etc. I did used to have a large garden when I was younger and I really miss it.

We do love the house - I just feel sad that we won’t be able to spend afternoons sitting in the sun (and I know what great exercise gardening is!).

we thought we’d stay here forever and help children with house deposits etc - but I pine for more outside space.

OP posts:
WhereIsMyBrain · 27/04/2022 09:44

What does your pension look like?

sunshinesupermum · 27/04/2022 09:45

Why do you think you need to plough all your £200K savings to move to a house with a decent size garden?

I would definitely go for the move though as gardening is so good for mental health at whatever age you are.

Original poster
Upsizer · 27/04/2022 09:45

@Hollyhocksarenotmessy yes. Our terrace house is 300k and the houses in the same street with gardens are 500k.

two years ago it was all 2/3 of current prices.

OP posts:
Original poster
Upsizer · 27/04/2022 09:46

DHs pension will be 30k without state pension. Mine will be about 15k without state pension but I don’t actually want to retire at the moment as I enjoy working.

OP posts:
FollowYourOwnNorthStar · 27/04/2022 09:47

I think you need both - a rainy day fund (perhaps not so large, just 6 months worth of expenses), AND a house you can enjoy, especially life you are retiring early. It’s a long time to look at a small garden and regret it.

I would suggest you and your DH pushing back retirement for 6 months and saving the extra.

You’ll hate this idea, as I know with FIRE it’s sacrifice to reach the goal, and been along time in the making, but what is another 6-12 months of working, to then spend 40 years in a lovely house you love?

If you still hate the idea, perhaps go part time for 12-24 months.

sunshinesupermum · 27/04/2022 09:49

Just seen your update - I'd love to help my kids with house deposits but you may have many years ahead of you so find a house with outside space that you can enjoy. I live in a flat with a large roof terrace with lots of pots on it. Couldn't live anywhere that has no outside space! I am single, have no savings other than the equity in my home, and live on a restricted pension.

Babdoc · 27/04/2022 09:49

Are there no small, cheapish houses on big garden plots, perhaps at the outskirts of your present town? So you might only need half your savings rather than all of them?

JudgeRindersMinder · 27/04/2022 09:50

You have too many years ahead of you to live somewhere you’re not entirely happy with.

Original poster
Upsizer · 27/04/2022 09:54

@Babdoc I have looked but we do want to be within walking distance of shops etc - I hate being dependent on a car.

we would soon be able to build up savings again because we don’t really spend any money. We had imagined retiring early and travelling but covid has put a stop to those plans for now (and maybe for some time) both through travel barriers and through us having covid and it really putting us off getting it again. We’d rather stay put more than we had intended a few years ago.

OP posts:
JustJam4Tea · 27/04/2022 09:58

We did this - early 50s. We were mortgage free in a terrace with a back yard that I'd filled completely with plants. I also had an allotment. We sold it for £300 and paid £485K for a semi with a garden (also off road parking as parking had got increasingly annoying).

But we blatantly moved for the garden - even though it means I will have to work for a few more years.

It's eaten up our savings in refurbishing the house - but we are both at a stage where we will build up more savings, have decent pensions, and DH's kids aren't showing any signs of wanting to move out of their mum's yet.

It was a brilliant move for us - we've loved the garden, it meant we could have a dog more easily, the feeling of space is great - easier to work from home.

And the mortgage isn't huge due to interest rates still being low.

But I absolutely love having a decent sized garden.

We will probably move again in 10 years - so I can have a proper big garden - but for now it's great.

averythinline · 27/04/2022 10:03

I would move .....we've been stuck where we are due schools etc and have a small garden...have already started looking for somewhere with a big garden...but only need a small house so its tricky.... set your criteria wide surely you don't need to be on same street! Also don't tie yourself to where people you care for are ...that sadly may not be massively long term

Don't rush but widen your criteria and have an open mind

Original poster
Upsizer · 27/04/2022 10:25

Thanks @JustJam4Tea and @averythinline - really interesting to hear your perspectives.

we’d be happy with a small house on a larger plot but they don’t seem to exist around here - shame really. Retirement homes all seem to be blocks of flats and nothing with gardens.

OP posts:
JustJam4Tea · 27/04/2022 11:02

You've got to do what's right for you. But having a garden rather than a yard has been absolutely lovely. Greenhouse arriving soon!

Crazylazydayz · 27/04/2022 12:45

OP you have a joint pension income of 45K plus State pension c £18k+.
That is a very good income and you could look into getting a mortgage.

Go for it and get a house with a garden, you can afford it. You will build up your savings, particularly when you get state pension.

Lovinglife45 · 27/04/2022 13:54

£200k worth of savings - wow!
Your pensions are decent so I would say go for it.

We are in the same position house wise - cannot afford to add another £1k per month to mortgage for more space. We will have to make do with our small home.

As our dc grow older, I have to factor in they will socialise more with friends, prefer the more expensive clothes/trainers, want to go on school trips etc.

Original poster
Upsizer · 27/04/2022 14:26

@Lovinglife45 Part of my frustration with the small house is around how hard it is for dc to socialise here. As they get older, it’s really difficult with additional adults around. They don’t even fit around the table! I think I’d like a home where I can do simple things like host Sunday lunch without it being so chaotic that I’m hugely stressed when they come round. I can’t do that here. WFH has compounded the issues too.

OP posts:
Jmaho · 27/04/2022 17:18

How old are you both and how old are your children?

Soultrader · 27/04/2022 17:23

*yes. Our terrace house is 300k and the houses in the same street with gardens are 500k.

two years ago it was all 2/3 of current prices*

Move somewhere other than the road you're on now?

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