Would I be crazy to make this move

[wouldratgerbeunknown]

I have a house no mortgage valued at 1.25 million
have seen a perfect house for exactly the same amount
but when I’ve worked out the costs of moving it’s close to 100k
Both retired have defined benefit pension s me and husband but this would seriously eat into our savings. Have me a shock as to the cost of moving tbh
is it crazy to do this?

Whats wrong with the house you are in now ?.

They may accept a lower offer (although equally you may end up accepting a lower offer).

What’s wrong with your current house? If it’s just you and your husband do you need a £1.25m house? (Which unless you’re in central London is a pretty sizeable house).

unless it’s something really material (like the perfect house will be old age proof and your current one doesn’t have a downstairs bathroom) I wouldn’t spend £100k of savings moving if that’s going to really deplete your savings

Yes it’s a bungalow but really modern and near my daughter and grandchildren
we are in a very average 3 bed house but yes in London needs stuff doing to future proof it and I feel like a change

Why would moving cost so much? I’ve moved many, many times and can’t see how you’d spend that amount.

Moving to be nearer your family is a very good motivator. Also - a bungalow will make life easier for you in the long term I imagine.

If you can afford the £100k why not. It could be a really good move for you.

If the amounts were lower - how would that change your feelings about it?

Almost £70k of that would be stamp duty. I can easily see how someone could spend £30k on removals, renovation etc

Moving to a house more suitable for retirement in terms of maintenance and location is pretty sensible IMO.

Yes it’s mainly stamp duty I put it into chat got and that’s the amount.
i actually love living in London but this is a nice town and although it’s a good 25 mins walk to town station etc the house is perfect and a one minute walk to the bus stop .
think I d have to accept that’s what it costs to move.
currently have to drive to daughters and very unpredictable due to traffic getting across the river etc

Then you’ll know that the stamp duty will be £58k and estate agents fees will be 10-15k plus c£5k conveyancing fees, plus removal costs and other peripherals associated with moving into a new home.

I’d move but not to that house. What other nice bungalows are there near your daughter?
Unless you are cash/pension rich and the money is not a big issue???

Only you know if it's crazy to do this. Is it important you move? Is it important you spend so much on a house (or could you downsize?) Can you afford it?

I think it depends on how much savings you'd have left and if that would be enough
Do you spend within your guaranteed DB income? Or do you top up your monthly income from savings? If spending £100k now will leave you short of money in the future, you'd have to move again to free up cash. Will you have enough savings for holiday, car replacement, boiler replacement, helping kids out with a house deposit, wedding etc?

Also as you are already retired, wouldn't you like a smaller place? Less cleaning, easier maintenance etc

Being close to family is a good reason to move but discuss it with them first in case they are also planning to move

Yes that’s a worry because i wouldn’t chose to move there if my daughter wasn’t there. But obviously who knows where work etc might take her.
but it did take me 2 hours to get back from there this evening so visiting will get increasingly difficult for me especially as I hate doing in the dark .
i think i can live within our pensions they are pretty good and also ill get state pension in two years if it remains as it is.
one just never come across such a perfect house for us. Low maintenance quiet ( it is noisy here)
but far away from my friends

If you are moving to be closer to your daughter and there is a decent chance that your daughter does not intend on staying there forever and may need to move for work, and that move would place you further away from your friends, then I wouldn’t move to that house. By all means consider your needs as you get older, but if she moves then she’s not around and that’s then two hours to see your friends and support network - would that not leave you even more isolated in your older years? £100k is a lot of money and whilst I appreciate that that is just the cost I do wonder if there is a more suitable alternative.

Instead of driving back could you stay over on the odd occasion? Or stay in a hotel? I mean for £100k you could definitely buy a decent camper van (or even a motor home!) and park it on her drive way every now and again 😅

Why would you hesitate. You can't take it with you. A bungalow that is modern and suitable will be fantastic. And you can afford it. Lucky you.
It's just money....sais me who lives in a 2up 2down worth 240k !!! Be grateful, I am with my little house and you are lucky enough to have the means to improve your situation.

Go for it !!!!

Thankyou all so good to hear different perspectives. I know I’m very lucky to be in this position so I’ll think about what you’ve all said

I would rent the house in London out and rent in the area you want to live in first. Its a big move from London to village life. I went from city to village life thinking it was the lifestyle of my dreams and ended up hating it and moving back. It was a very expensive lesson to learn. You might still decide to move but realise the perfect house is actually one closer to shops etc.

Do not rent your house out while testing this idea! The Renters Rights will make it next to impossible to get it back in reasonable time and being a landlord is a total faff now. I really recommend you don’t do that!

It would be a worry if you transplanted yourself away from friends etc and then dd moved! I've been thinking of moving nearer dd1 who lives about 120 miles away. She is having dc2 next month and it would be great to be able to help her. I know the area well but dd1 thinks she has one, maybe 2 moves left ( they are both doctors) and I dont think I could afford to move again.

Firstly there was no need to include the property prices as that immediately puts people's backs up. You can either afford the moving fees or not. You must have taken the 25% tax free cash sum with your DB pensions I presume, which if invested in S&S should have grown nicely.

My concerns would be moving away from friends and an area you know inside out, alongside being quite a distance from the station. As others have said, there is no guarantee that your family will stay in that area, so you need to like it independently of them.

Incorrect. Stamp duty is £67,750.

Yeah I really don’t know why I included the price really it was because the shock of the moving cost. I have been here for 25yesrs and previously moved quite often so hadn’t really realised how expensive moving had become. I see that this really precludes trying something out . Think I’ll just wait a while and see how things go . But thanks again!! And I do recognise it’s a very privileged issue to have so i apologise if I’ve upset anyone.

“Firstly there was no need to include the property prices as that immediately puts people's backs up.”

Given the context I disagree. OP was shocked at the amount it would cost them to move and was asking if others might feel the same. It’s all within context. It’s relevant. OP isn’t responsible for other people’s feelings. People are free to scroll on by.