To move or not to move?

[MarmaladeTeepee]

Just need some opinions as DH and I keep going round in circles, so was wondering what other people would do.

Our current house is fine for us as a family, good size rooms and a layout that suits us and if we stay we could be mortgage free within 10 years. The area's quiet (although some of our neighbours are a bit scruffy - swearing in their back gardens, overgrown front gardens etc) and it's walking distance to DC's school as well as a good selection of shops and a nice park nearby.

However, there are a couple of negatives, the aforementioned scruffy neighbours, an overlooked back garden and ideally I would like a 2nd bathroom for when the DC get older. To get a house with the space we need with a decent garden, ensuite, in a nicer area etc would mean us having to take out a 20 year mortgage and still paying double what we currently pay. I'm just not convinced the benefits would outweigh the huge additional costs. If we stayed we'd want to do additional work to the house - new kitchen, new carpets etc which is one of DH's arguments for moving, but chances are we'd want to do this with the place we'd move to too. So what would you do?

Pros and cons, objectivity aside: are you happy in your house?

How old are you and how old are your DC?

Babs yeah I'm happy here. DH not so much, but I think it's more a case of keeping up with the Jones' with him and he'd like a new house for the status of it.

Vee I'm 41 and the DC are 10 and 8.

How affordable would the higher mortgage be? If it’s max borrowing till age 70, then I’d probably be reluctant. If it’s an amount that you can comfortably afford and pay off before retiring, then I’d probably move.

I’m leaning towards yes. Just because now would be the time re stamp duty, DC probably at a good age to do it, DH may never change his mind and hold this against you a little, the back garden isn’t ever going to change. But only if you could get everything you wanted?

JoJo it would be affordable but would mean changes to our lifestyle, less/cheaper holidays, tighter budgets etc.

I’d move I think. Once you start seriously thinking about it, it will always be at the back of your minds if you don’t. A bit unsettling, especially for DH if he really wants to go.

Oh I thought you were going to say you were in your 50's.

I'm with your DH - you admit you need more space, you're not overly happy with the back garden, there are nicer areas available - move!

We moved even though we were mortgage free and lived in a lovely house. . Now have 10 year mortgage at £2k a month.

But we can afford it, we have savings, both have pensions, and interest rates are ridiculously low.

We now have a garden rather than a yard, nice neighbours rather than scuzzy ones(not all of them just one). A drive, a garage....it’s great, we love it.

I’m sure there’s a compromise: doubling both the length and monthly cost of the mortgage?

I think I’d move. It sounds like the more expensive place would be reasonably affordable and you’d get a better house in a better area.

If you’re a bit uncomfortable about the finances, could there be more of a middle ground? A solid house with a good garden in a decent enough area that adds only a bit more onto the mortgage rather than a lot?

Thanks everyone for the advice. We've been in this house 15 years and it was originally our plan to do it up and move on but then life got in the way. Our mortgage repayments at the moment are ridiculously low (£365 a month) and I think I've just grown used to this. DH earns the bigger salary and I've always been reassured knowing that if he lost his job or if we split up I could still cover the costs on my much smaller salary. We probably could shorten the length of the mortgage and afford to pay a lot more, I guess I've just grown used to not having to worry about money and spending what we want when we want.

That’s a tiny mortgage. £700 a month still sounds really good with both of you working.