Would you be looking to move right now if you were us?

[NoisyPigeon]

Name changed as I felt a bit odd posting about our financial circumstances.

DH and I have one toddler DC. We live in a small 2 bed terrace and have paid off the mortgage. We’re in our 40s.

We are in a hugely privileged position to be mortgage free and I recognise that and how lucky we are.

The house is really too small for our needs.
I know we only have one DC and should really be able to make it work, but with both working from home and DH needing a lot of equipment for work, and really crap storage in the house, it does just feel cramped and too much.

We’ve never really loved this house, it’s a 70s build and quite of that era, not big on kerb appeal, not particularly well built, small garden, very overlooked, tiny bathroom. I do love our area and our neighbours though, the schools are good and we have some lovely parks on our doorstep.

Our income is not huge, particularly with me being part time. But with our current house outgoings are low because no mortgage and it doesn’t cost too much to heat etc.

We’ve always planned to move. By selling the current house plus some savings we hoped to be able to buy a 3 bed with more space, however the way prices have gone in our area or any of the areas we could realistically consider, we’d definitely need
to get a mortgage to get enough extra space to make it worth while (the ones we
have viewed have basically been the same or less overall floor space as ours plus a tiny box room and it doesn’t seem worth what it would cost to move for that).

There’s the chance prices will come down of course, but then we’d get less for ours so still the same position really.

We basically just go round and round in circles about what’s best to do.

Options are -

Stay put and make do - there’s people manage with less space I know, but without making this post even longer than it already is, it really is getting on top of me/ us a bit at the moment and I feel like if I don’t get a small fraction of space that’s ‘mine’ without toddler crap or a load of work equipment DH needs to repair and reassign everywhere I’ll end up going mad.

Get mortgage for bigger house - Scared of this at our age and with current inflation rates, plus extra heating/ running costs of bigger house. Would probably require me to go back to a ‘proper’ job with more hours - which I’m not totally against but we are all happy with the balance as things are, at least till DC gets some free childcare hours next year or ideally when they start school the year after

Extend/ alter current house - bit of a non starter I think, there’s just not much can be done - could maybe do a single story extension out the back but would pretty much lose the garden, maybe a loft conversion but we have no landing so stairway would have to come out or already limited bedroom space.

What would you do?

Nothing right now. Probably about to head into a very severe recession and economic downturn.

Reassess in a year.

If WFH why not move somewhere cheaper?

That's something we've talked about too. DH has a bit of a bee in his bonnet about staying within the catchment area of our local High school which is seen as the best in the area, though as I point out to him we don't know if that will still be true by the time it's relevant to our DC.

It's also about distance to family, and we do love our area and have made friends here. DH's parents are getting older and he already does quite a few little bits to help them out, probably only going to increase so we would prefer to be near to them. He does also need to go into the office around one day a week, and travel to various other sites occasionally and where we are is convenient for those journeys. None of that is insurmountable though and we could absolutely think about moving further out, just would take a bit of mental adjustment.

Get a quote for loft conversion as they will have some clever ideas you've not thought of.

Don't move for anything that isn't a decent upgrade or you'll kick yourselves.

For me it depends how secure your jobs are and the size of the mortgage you would need. A small mortgage with secure jobs - I would do it. Alternatively could you consider renting additional space somewhere? Like a garage or co-working space?

Hmmm it doesnt sound like your really want to move.

Is there any chance to remodel/extend/create loft space? Drastic declutter?

If you think about the transaction cost of moving, you may be better off sinking some money into your current home rather than trying to find a new area and/or increasing your working hours. I'd be inclined to wait a year or two and see how things go. I know that being near my mum in her old age was hugely helpful and I certainly wouldnt be rushing to move further away if you have relatives nearby now.

What are rental properties like nearby? Could you rent somewhere bigger for a year or two while renting yours out? That would give you more room, a change of scenery and some time to see what happens to the housing market/economy?

I know that the thought of becoming a landlord can be daunting, but depending on how good your local council is, they might have some private landlord support to make the whole process easier - talking you through what safety checks are needed, offering a secured deposit scheme etc?

Yes, we do need to get a quote rather than talking in endless circles! 🙈

Yes, make a more objective assessment of all options
Do nothing
Extend - get quotes
Move

• how much cash spare do you have each month currently that you could pay on a mortgage for 10/15/20 yrs
• same in school time
• same for if you worked
• same for moving elsewhere

Do nothing now.

The way things will go on an economic pov is extremely uncertain atm. Now is nit the time to gamble and pay very high prices for a house that will potentially be worth much less in 6~12 months time.

id wait until this winter is over and see how things are going.

Yes definitely consider if you could extend either up or out the back. Could you build a cabin in the garden to use as a WFH office. It does sound as if the area works for you so consider your other options before moving.

DH’s job secure. Mine not so much - I’m freelance, but work is regular and steady at
the moment.

Yes to renting storage or office space - that’s well worth considering.

We have builders in the family who have been a bit negative when we’ve asked what we might be able to do in terms of adapting/ extending or adding to our current house. There are some limitations definitely, but I do think it might be worth asking an actual architect who may have
some ideas.

Funnily enough LadyBumps we were determined we were going to rent this place out, DH really wanted to hang onto it, but he had an abrupt change of heart once DD arrived, his work got more stressful and he just said he couldn’t face the potential hassle. It’s worth another conversation though.

Up until about 6 months ago I was adamant I wanted to move, the house was getting me down and I was getting really cross with DH for not seeing it/ dragging his feet. He’s definitely more on board now, and I think in his mind we’re definitely moving - in fact we’re a good way through doing it up ‘to sell’ and have had a valuation, suddenly it’s me that has cold feet and thinking it’s the wrong time to be taking the step.

I’m definitely more in the ‘reassess in a year’ camp now, just slightly nervous that prices will somehow have gone up even more by then. I know that seems improbable in the current circumstances, but honestly they way things have gone round here since pre-lockdown is insane.

This is just my opinion with the caveat that you can afford to move and pay for a mortgage.

You're not happy in your current house - you said you've never really liked it, you've always planned to move, and it doesn't meet your needs.
So to me it seems obvious that you should move.

The question is when and to where. Until you have had your house valued you won't know for sure which houses on the market are a viable option. So why not do that, and if you see affordable houses up for sale go and view them? Until you walk around a place and get a feel for it then you won't know whether it's worth it. I think you get a gut feeling when you view a house as to whether you could see yourself living there.

If you are too worried / cautious in the current climate (totally understandable) then defer until next year or even later.

Yes living mortgage free must be amazing, but for me if I both lived and worked in a cramped / messy / stressful house and didn't enjoy my life there, I would rather move house to where I had a mortgage, than continue with the additional disposable income.

Sorry just realised you said that you have had a valuation.

To add, I have two children and we are coming out of the toddler plastic crap era. They're allowed toys downstairs when they're up and playing. At the end of the day everything is put away in their rooms.
I know it's only a small part of your issue, but that doesn't last forever.

Personally I'd give it a year and see how you feel then. Current climate, I wouldn't want to give up being mortgage free for anything less than amazing.

Thanks for all your thoughts everyone. Lots to consider and it’s helpful to have a list of points so we can sit down and have another chat about it all - I might have to eat humble pie after being so set on moving to the point I convinced him, and now it’s me with the second thoughts!

Could you rent an office space? I’d stay put at least in the short term, once DC is at school you’ll have less toddler stuff at home and be able to work some more hours.

I agree with a PP - I'd look to rent something (an office? A garage?) or even buying a used VW van and turning that into an office/workspace - all waaaay cheaper than moving. And yy to the era of giant plastic toys coming to an end sooner than you think. I mean, you'll likely be stepping on a tonne of Lego, but it all gets bundled away in the evenings here! Stay put imo.

How about conservatory or garden office?

Imo younger people will,probably say stay put and older people will say risk it. That might sound odd but you might get to a certain age and wish you'd done it earlier. Having said that its a bad time to move with the economy being what it is. I think I'd just postpone it follow. Renovation is stressful at the best of times without the current financial climate.