Struggling with major life decision to move

[RosieLeaLovesTea]

Hi all
DH and I are in the middle of buying a new house together. We decided to change area and move 1.5 hrs away to Dorset coast. 2 kids so involves change of schools. I would keep working where I am and commute once a week. Rest working at home. Local schools are over subscribed so will be a bit of a lottery then to go on catchment school waiting list.
Things seem to be progressing with the purchase process and there is only 3 in this chain.

We are not selling. We are planning to rent. I think we can afford to fund both houses for 1 year while we decorate the house we live in now ready to rent. It’s much easier to do this when empty. This will mean some travel at weekends and time spent decorating.

So in the short term it will give me a bit more hassle and stress organising things and decorating. But I think in the long term it will be a good investment and also the move to the new area will improve our quality of life. The secondary school has a good reputation.

if we don’t go for it now then I am mid forties and I don’t think I will get a mortgage that can be paid of by retirement. As it is the new mortgage will take us up to retirement.

the alternative would be to just stay where we are. We have enough bedrooms but need more living space and a garage. So buying a detached. We could pay the mortgage off and travel. Obviously the much easier option. But I love the new house and the new area.

am I crazy to put myself through the stress?

I am not sure why you are planning on renting out your house, you will end up having to pay capital gains tax when you sell it if it’s gone up in value. Why don’t you just sell it as is and reduce the mortgage on your new house?

if you are fixed on renting the old house out, it might make more sense to pay someone to do the decorating. If the rent is, say, £1,000/month and it’s going to take a month for a professional to redecorate top to bottom (say 20 days at £200/day), that’s £4,000 plus one month’s lost rent = £5,000. If you spent every weekend decorating, 20 days is 10 full weekends with a 3 hour round trip on top. With kids and settling into a new home, I can’t see you doing it in 10 weekends (2.5 months). So, if you went every other weekend it would take 5 months, which is 5 months lost rent = £5,000. Pay someone else to do the work and save yourselves the hassle.

Another alternative is to ask an agent if it would rent ‘as is’, albeit slightly cheaper if required and allow the tenants to decorate themselves. I have done this myself in the past. You are more likely to get long term tenants that way too as they are invested in the property and it’s to their taste.

I'm also not clear on what your plans are for renting your existing property? Are you keeping my it as an investment which will pay for itself over time?

Just be careful as they can end up being a lot of extra work especially with kids, job etc.

The move sounds lovely and I think now is a great time to do it. It will initially be a bit of a change for the whole family but with kids at school you'll soon make friends and settle in.

Good luck!

If I've read that right, you are planning to spend the first year of this move travelling back to your old house at weekends while you renovate it ready to rent? That bit doesn't sound like a good plan to me, why not just move, do you want to retain the links to the old area because you are doubtful about the move?

Thanks for all your replies. My parents are local and they are very hands on with helping me with decorating and household maintenance. So that is a major help.

yes the plan is to keep the house long term and it will pay itself off over time.

I want to keep the house as an option to have in the future in case I need to move back for elderly parents etc.

this is definitely a 10 year move for our kids to be in a lovely area with good schools. But the new house is great with everything we need close by.

Also with everything I have read on here about people who are buying pulling out at the last minute and changing their minds, it sounds like it could be even more stressful to sell at the same time.

I love the new house and the new area.

Then it’s the right decision.

But don’t spend a whole year travelling back at weekends to get your house ‘ready to rent’. Just get some trades in - painter-decorator, what needs doing? - get it done quick and get it rented out quick. Don’t fanny about wasting time and energy to try to save money when it will cost you more in lost rental income than paying someone to do it.

I would not spend a year redecorating. You will lose thousands. Either alot a week or two to spruce it up yourself over the summer or rent it as it is. If you are renting to a family it will only deteriorate over time anyway.

@Unexpecteddrivinginstructor that’s a really good point. It will wear and tear over time. They probably want to make it their own anyway.

Speaking as a landlord - don't spend £1,000s decorating

Instead, offer to let the tenants decorate it how they would like. So many landlords don't allow it and it's hard for tenants to feel like it's their home

I have always allowed it, and find that tenants are appreciative and keep it nice. I still pay for all main upkeep and repairs of course, but let them change the decor at will, bar painting everything black!

You haven't really talked about what the struggle is. I am suspecting it is leaving behind friends and family? If you want to be in the countryside full time then go for it- but don't do it for the kids or for a garage!

The struggle is definitely moving away from friends and family, changing primary school, and moving more rural coastal when we are in the city at the moment.