Loft conversion or future kids' school fees - which would you pick?

[themummyway]

Increase the resell value of your house or save your kids' future... really interested to hear your thoughts!

Loft as I don't believe in private education

I think you mean support or agree with. Or maybe you don’t believe it is beneficial, simply not believing in it means you don’t think it exists,

Irrelevant anyway, as op clearly does...

@Pipandmum

Yeah - because there is more pressure on the private school to be seen to still be providing an education because it is being paid for. Although, I know of kids at state school, mostly the outstanding ones, that have had very detailed home learning schedules and resources - and teachers still marking their work too.

On the flip side, there will be students in the state school local to you who are self-motivated enough to find their own ways of catching up on learning and teach themselves, even if the school themselves are not doing much other than a few work sheets. Loas of websites have been providing school resources in lockdown, so the online learning material is all there for those who want it. Developing the skills of self-learning and independent research would stand them in good stead for A-levels and university etc.

It varies. But I agree that private school providing education is a better bet in these lockdown circumstances.

*Loads

sorry about typos!

Loft, unless the schools near you are terrible. You need to top up and support your kids education wherever they go. I say that as a parent who has done private and state.

• @cinnabunbun that would be about 1 child through private secondary?*

Top secondaries are 30k a yr

@dobbleby

* *@cinnabunbun that would be about 1 child through private secondary?

Top secondaries are 30k a yr

In the two major cities I’ve lived in, private schools (good and selective) are about £12k a year. She didn’t say ‘top’ private school did she?

Depends on area & the actual school as not all private's are equal. Plus things like how bright & motivated your child is (personally I prefer selective grammar but depends on child) & what jobs you & your friends have so your child can get work experience etc.

Seriously, what kind of loft do you have??

I've just had a quick look online, and the nearest private school to me would cost you about £50,000 for one child through non-advanced secondary. £80,000 would get you secondary including 6th form. Another 70-ish would give you nursery and primary as well.

(There are sibling, Armed forces and clergy discounts )

Unless you're going for a seriously massive mansard type extension, you aren't going to make much of an inroad into a school fees fund - and if you can't make it up in the years between now and fees time, you probably can't afford school fees anyway.

Well.... surely a lift conversion is pennies compared to putting your kids through independent schools?

The average is £17k a year, so let's be generous and say it "only" costs £9k, that's £100k just on fees in 11 years.... per child

Sorry, I should've said that I don't have kids yet and don't intend to for at least 6/7 years.

This is just forward-thinking! And I'm purely interested in people's thoughts

I'm unsure whether to put the money to one side for the future little ones or just fix up the house now, with a view to potentially selling or renting out and moving once they're of schooling age. Whenever that is.

In the two major cities I’ve lived in, private schools (good and selective) are about £12k a year. She didn’t say ‘top’ private school did she?

Average is probably 20k a year though. And no she didn't say top but when people talk about the these sort of benefits fantastic sports facilities, good work experience, access to top jobs you're generally talking about top ones.

@dobbleby

In the two major cities I’ve lived in, private schools (good and selective) are about £12k a year. She didn’t say ‘top’ private school did she?

Average is probably 20k a year though. And no she didn't say top but when people talk about the these sort of benefits fantastic sports facilities, good work experience, access to top jobs you're generally talking about top ones.

Not in my experience

Education

Well if you haven't got kids then loft obviously

An investment in your house will be recouped when you sell if you want to get the money back for school fees.

Fix up the house now, assuming it’s not a hypothetical house you’re considering alongside your hypothetical children.

As someone who did both, the loft conversion cost about £50K and the private education (of 2 children) will be closer to £400k once we're finished, so the two aren't really comparable.

If you only have £50k or so available, it's probably not worth considering private education tbh, as it really won't get you far. You probably need to budget at least £150k per child, and that's jut for private secondary.

@greyishdays I'm not talking anecdotally though.

School fees. Never have they seemed more important than now. I know that's not fair. But I believe we should be levelling up, not down.

@themummyway

Sorry, I should've said that I don't have kids yet and don't intend to for at least 6/7 years.

This is just forward-thinking! And I'm purely interested in people's thoughts

I'm unsure whether to put the money to one side for the future little ones or just fix up the house now, with a view to potentially selling or renting out and moving once they're of schooling age. Whenever that is.

How will the loft conversion cost? How much will it add? Are you adding savings you'll continue to add to or a windfall? Even with the cost of the loft, will you be able to afford private school for X no of kids if say 10k is going to make the difference?

I'd personally do the loft it'll add value both in use and money.

You could perhaps seperate out future financial gain into a saving account so if you could have rented the 3 bed out for £800 but converted you can rent it for £900, then set aside the £100 a month.

Loft. By the time you have kids you may have moved and gained on the house price and also your wages will go up as you advance in your careers.
Pre children I never thought we would earn the money my husband and I do now.
Though we are fortunate that our children go to selective Grammars so do not need to pay fees, by the time the hit secondary
We could have afforded private schools if needed but the state secondary’s are good in our area.

I'd do up the loft as who knows what will happen in 6 years.

I’m sorry but is this for real ? are you really thinking about school fees 6/7 years before even having children.

Maybe just enjoy the life you are living now, anything could happen in that time scale!