Should we carry out the work or not?

[depp1020]

My husband and I bought a house almost two years ago with the view to it being a long term house. It's a spacious five bed detached property. We had always planned on knocking down the wall between the kitchen and one of the reception rooms to create an open kitchen/dining/sitting area, and install a new kitchen. (There are two additional reception rooms which we use as a living room and play room for our daughter so this will not impact on the overall living space.)

However, for a number of reasons, we have decided that we will move in the next few years so I am no longer sure whether to get this work done. The plan is to downsize a little but stay in the same area so work and schools will not be affected. We have a five year mortgage so my husband doesn't want to move for another three years although I am keen to move sooner rather than later as I feel we have already made the decision. My husband is keen to get the work done as we have already spent time researching kitchens and getting quotes from builders and he feels we will still enjoy it for three years but I am not so sure. I feel then we will also need to update the bathrooms which we had also planned to do. I'm sure the work will make the house more saleable but I'm not sure if it's worth all the mess and hassle, and cost. The house is almost two decades old - the kitchen and bathrooms are a little dated but overall the house is in very good condition.

Any input would be most welcome.

Many thanks.

Just because you have a mortgage for 3 more years doesn't mean you can't move, check if it's portable.
Personally I wouldn't as you won't always get the money back from doing it. And you have all the disruption

I would try and talk to an agent about if buyers want an updated house in your area or whether they are more likely to want to put their own stamp on it. Also, would you spend more than you will get back?

If you want to enjoy your time in this house, I would do it. Especially as your DH is stalling. 3 years is a lot of time to not enjoy a house. You might even love it again and then not go through the considerable hassle of selling and buying which is expensive and not without stress.

Thank you for your responses; you both make valid points. I think the reason my husband is stalling is because we spent a three and a half years looking for the right house, and for three of these we were renting as we just couldn't find the right house. We were only supposed to rent for six months! We had sold our house and I was pregnant and desperate to move closer to family. We both really like our current house and getting the work done will only enhance this. My husband would happily stay here long term.

However, we will definitely be moving. Even in such a short amount of time a lot of things have changed. It is unlikely that we will be able to have another child and the house does feel a bit big. Also, my daughter got a place at a school that we didn't expect and moving to the other side of town would mean we would be closer to her next school (7-18). We would also be very close to a lovely park, which is where I really wanted to move to in the first place. My husband is on board with all this, particularly as downsizing should mean he can retire earlier.

It sounds like the best idea would be to get an estate agent in to do a valuation and whether doing the work would add value.

Thanks again for taking the time to respond.

NurseryFightClub - yes I am keen to find out the situation with the mortgage but have to broach the subject carefully. I've only just put the idea of moving again on the table, so to speak. We wasted so much money on renting as we put so much pressure on ourselves to find the right house. So if we did incur any penalties from moving, I would rather just stay put for the three years.

As you have both mentioned, we may end up spending more than we get back and that is something we obviously want to avoid. We've got some painting and bits to complete but will aim to get in touch with an estate agent within the next few weeks.

I wouldn't trust the opinion of an EA. They do tell you to put the house on the market as it is as they'll want the commission.

If it's a 5 bed house, presumably you'll be targeting the family market. I'm guessing most families want that open plan space, especially if you have separate reception rooms. I would do the work - you get to enjoy it for the next 3 years if you can't persuade your DH to move earlier and you are very likely (if you don't go over spec) to at least get your money back if not make a profit.

namechanged no, not every agent would do that.

If you are knocking down walls and replacing a whole kitchen, it isn’t a given that you will get your money back on it, three years is a relatively short space of time and the market has stalled in parts of the UK.

If your are ok with just spending the money then do it, as husband says you will get 3 or so years out of it. To me, houses are homes first and foremost, and investments second so I would do it.

If you both bought the house why don’t you know the terms of your mortgage?

TheCrowFromBelow - we have a joint mortgage but I genuinely don't remember the terms. I suppose I'm so used to my husband sorting out the financial side of things but that's no excuse for me not to know.

The good thing is that your post prompted me to have the mortgage discussion as my husband was working from home today. It's actually a 20 year mortgage but fixed for 5 years. He checked the details and it is portable. But even if we did end up moving house within the next three years, we might not need a mortgage.

The bad news is that the conversation went from being lighthearted to hubby becoming irate at the thought of moving house anytime soon. I do understand where he is coming from - he thinks with his head whereas I go with my heart. The reality is that he would quite happily stay put but I'd quite happily move tomorrow. Oh dear, I feel like history is repeating itself.

Thanks for everyone's responses.

I would do the work if you can - it will make the house more saleable, just dont put too many bells and whistles on if you are going to move. Even when there are penalties to move or complete payments on a mortgage it can be cheaper to get a new mortgage with a better rate. See a financial advisor when the time comes.

I understand why your dh after three years of looking for your current house is reluctant to start again.
I also know from experience once a decision has been made to move it is hard to row back and make long term decisions.

I would not be knocking down walls and doing huge renovations, but I would compromise with a fresh update in the kitchen. Repaint the cupboards units or replace them. Perhaps new stylish ruling if you have it. A lick of paint. Not serious sums but something that will breathe life and be fresh ( you probably won’t get your money back with a brand new kitchen) I would also retile the bathrooms and repaint.
This would then make it your home to enjoy for the next however many years and be very appealing to buyers.

Thank you for your ideas. I like the idea of freshening things up and retiling; we could apply that to the bathrooms rather than buying completely new suites. However, I would be reluctant to just freshen up the kitchen as it won't have the same impact as an open space. My sister has the open plan layout and it is an amazing space - a real wow factor. If she had just refreshed her kitchen it wouldn't have come anywhere close to the space/look/feel that has been created.

The total cost of the kitchen renovation and freshening up of the bathrooms would probably cost around 1/20th of the price we paid for the house.

The general consensus seems to be to carry out the work to varying degrees.