To move now or not?

[tomoveornottomove1]

NC in case I end up giving out any details that could be outing.

Our house is currently up for sale. We initially listed it back in February and agreed a sale, but after months of dithering our buyers finally pulled out last week. The house is now back on the market but the economic outlook has changed significantly since we first decided to sell and now I am getting cold feet. I need some sensible opinions on what we should do!

Background is that we currently live in a biggish 4 bed. We have around 50% equity, and our mortgage is very affordable. It's an older house, needs a bit of updating but nothing unmanageable. It has a very large garden that is beautiful but needs time we don't really have. The nature of the house and its location are desirable, and will hold its value well in the future. It is rural - about 5/6 miles away from the nearest town, which is where the kids go to school and extra-curricular activities, and where both my parents and PILs (all in their 70s) currently live.

We want to move into the town because we spend so much time driving back and forth, and this is increasing as my DF and DH's mum have both developed health problems. We both work full time, our time is at a premium and this would just make everything a LOT easier. I'm so sick of spending my entire life in my car!

We have found a new build 5 mins walk from my parents, walking distance to the kids school and hobbies, and very close to a bus stop so I can easily get to work. It is exactly what we are looking for - very high spec, slightly smaller than where we are now, much more manageable garden.

Only problem is that the area is much more expensive, and moving would double our mortgage. We'd save a bit on petrol and heating costs, but there is no doubt we'd still be taking a big financial hit. We can afford it, but it would involve sacrificing treats like holidays abroad, etc, and I'm worried that it could become unaffordable if prices/interest rates keep going up.

So wise mumsnetters - is it worth taking on a massive mortgage to minimise our day-to-day stress, or in the current climate would you just stay put and deal with it for now?

I don't think the economic climate will improve much for some while so best to move now rather than delay it.

Yes this is true. We’re unlikely to get a better interest rate this time next year so it could all seem even more expensive then, and probably harder to sell our own.

The lack of travel stress will be life changing tbh

I would for better quality of life.

Will your new bigger mortgage be a fixed rate for 3 years or what is your plan ?

Being closer to your parents would be a great thing if there health is deteriorating slightly and less time driving sounds far less stressful.

Getting rid of the large garden sounds like a dream tbh!

Are you me OP? The only difference is that my parents are in our current village, but we’re abandoning them to move into town (only 2.5miles 😂). Our current garden is called the meadow & I can’t wait to get something easier with a variety of plants rather than grass and hard clay.

thankfully for us financially the move is cost neutral, but we’re losing a bit of space and a bedroom to make the move.

Currently doing 2x6mile trips for school runs each day, let alone shops, work commute and social activities on top. I can’t wait to be able to walk DS to school and he’ll be able to walk himself in future, plus it puts us in catchment for an outstanding secondary.

for us it’s worth moving in this mad market, as I can’t see things getting any better and for us it’s a long term house so if it drops a bit we’ll ride it out (plus we have a good LTV).

I’d do it

Oh absolutely, do it OP. Just reading about the rural life stressed me out. Being much closer to school and family will make your life so much easier.

Thanks all for your feedback. Seems to be a fairly universal view that the higher mortgage is a worthwhile sacrifice. @Thinkbiglittleone this would be a forever home so we would fix for 5 years I think. We should probably fix for 10 years really but thinking that far ahead freaks me out 🤣

@Katkincake good luck with the move - here’s to getting out of our cars and saying goodbye to vast expanses of grass!