Do we stay put where we are or sell?

[Happymam24]

Me and my DH have just paid off our mortgage. We live in a large 3 bedroom end terrace with two teenage DC. We absolutely love the space we have inside the house and all bedrooms are of decent size. The street itself is a nice family friendly one. The only issue we’ve had is theres a struggle for parking and we have double yellows right outside the house. And I do tend to compare myself to those who live on quiet drives and beautiful gardens. We have a tiny garden currently.

Do we sell this house and use the money for a large deposit on a semi detached in the area just for the sake of a driveway and a bigger garden or do we stay put and be able to maintain the lifestyle we have now.

We aren’t high earners at all but because of the low mortgage we had and being sensible not to take out any debt we’ve managed to live quite comfortably and have savings for both dc which could help contribute to their future house deposits.

A typical decent sized semi detached house in a nice drive or close in our town would cost us around £230k. We’d be able to give £120k for a deposit but with interest rates how they are we’d still have quite a big mortgage payment monthly compared to what we had before and compared to not having one at all now.

Personally I would stay put and pay for a private parking space nearby.

How old are you both? Now your mortgage is paid off what would you do with that money monthly

I'd see the bigger house as an investment and unless I was really strict about paying the mortgage money into savings or pensions I'd probably spend it and have nothing to show for it

So for me personally I would buy the semi if I could in the knowledge that for many people a semi with a drive is more attractive than an end terrace with double yellows out the front Which makes for a better long term investment

Depending on how old you are, I would stretch to the bigger property/garden. You can always downsize later.

When we paid off our mortgage we considered moving because we didn’t have a big garden and the house was on a through road which can be busy during the school drop-off/pick-ups.

However, in the end we decided to stay where we are. Instead we paid extra into our pension, which eventually allowed us to retire early and had some lovely holidays. I’m also now glad we don’t have a large garden (as I’m not a keen gardener). We have good neighbours who like us have lived here a while and that’s very important.

I think it is about prioritising. What’s more important - the better house or the freedom the money gives you.

Personally I wouldn't move just for parking, I would miss my old house.

Are there any garages or bits of land nearby you could buy for parking?

My situation was similar.
Last week,after being on the market five months,I took my 3 bed terrace off and have decided to stay.
The parking is a pain after 5pm but I've realised I have a lovely house which is perfect for me. I was originally thinking of downsizing to a two bed semi with a drive but the few for sale are the same price as my mid terrace. I was beginning to get stressed over what furniture I'd have to leave or sell.
My garden is small,typical mid terrace Victorian size but just right for me. I'm looking forward to my lavender and clematis to flower and my little fig tree to bare more than one fruit.
I also thought I could be lonely,where here we are all in a row!

We're mortgage free and no plan to move. Having a drive and nice garden would be non negotiable for me though so I'd upgrade for both those things.

How will you manage if you take on a mortgage again while supporting your teens through Uni?

Would it work to stay put for now, save money that you would have used in a mortgage and find somewhere smaller with a garden and drive once they have left home?