Which of these three options?

[HouseWhatToDo]

Our DCs have left home.
We don't have parents to look after.

This post is not a stealth boast, or any kind of boast, we have never had financial help. Our first house was a 2 up, 2 down repossession with no central heating. Interest rates were 9%, we've had hard times too.

There is nothing wrong with where we live, we bought the house, a standard 15 year old 5 bed detached.
It was a good place to bring up the DCs. We moved here when they were teens. It's a nice area.

For me and DH? There is nothing here for us. We have no friends here, when we moved here we were never going to stay.

We had the house valued recently, we have 75% - 80% equity.
We have additional debt of £30k because I had breast cancer in 2018. I always thought that if I recovered I would go back to work. Nope.
Since I was well enough I've had to do contract work.
Before I got sick we were both earning £50k. Now DH earns £100k + bonus and I earn £28k approx.

I'm late 40s, DH is 50.

Do we:

1. Move to a house we love, possibly larger, in a different area, where we want to be? We would still have at least 60% equity or more. Pros: House we love, area we like. We would try to consolidate our debt (this is included in the 60% calculation), our mortgage would be about the same as our current outgoings. Cons: interest rates?

2. Stay here, build an extension and conservatory, new double glazing, possibly build into the roof, landscape the garden, consolidate debts? We would have approx 70% equity.
   Pros: we stay put, no moving faff. We know the area, the house is better, we'd lose the debt.
   Cons: still don't love the area, still no social life, interest rates?

3. Stay for now, consolidate debt, do nothing to the house? Would still have around 75% equity.
   Pros: things are marginally better financially.
   Cons: don't want to live here, never loved the house, despondency. The local hospital isn't great. Interest rates.

We do have other options - stay here and buy an investment property(ies).
Rent this house out and rent elsewhere.

For now which would you do? 1, 2 or 3?

Option 1…… However do not underestimate the work/time/money involved in up keeping a large plot/garden (saw you mentioned you’d like a large garden, possibly with land.). We’ll be doing the reverse of you in a few years time, when we hit 50 and down sizing from a 5 bed house (with 1.5 acres) to a 3-4 bed house with much smaller garden. As lovely as it’s been having a large garden, it’s a commitment. We’re ready to move on to something more manageable soon.

You definitely need to be prepared to either do all the work yourself (which will involve purchasing quite a bit of kit including a ride on mower, etc). Or have very deep pockets to pay for someone to do it all for you.

@MrsMinted we are moving to Shropshire.

Thank you ohhh ⬅️ that was me doing an excited wiggle, I have researched Airbnbs extensively.
We would only do it if we could have a few of them, each one of them different. Hopefully different designs e.g. one is a Shepherd's hut, a cabin, a garden room type with floor to ceiling windows, maybe a corner cabin. I would want to design their interiors to be completely different too.
The jury is out on the hot tub question.

We'll only do Airbnbs if we have substantial land, we can afford to.

It would take time for them to pay for themselves, eventually I hope that they would earn me some money (I would be cleaning them, dressing them and making them ready for the next guests.
That way I wouldn't have to think about finding work quite as much.

Since I have been well enough to work I have never been without work, but as it's never permanent I'm constantly mithering about where my next job is coming from.

Doubly daft when I could never work another day and I would still have plenty.
Again, not a stealth boast, it's just how it is.

DH is a middle aged white man, so he has been promoted a few times in the past decade.
By contrast, I am a middle aged woman, which means that I am invisible and I can't get a permanent job. <heavy sigh>.

Sorry about that. I'll take women having off-topic rants for $2000 please

Thanks @TuxedoJunction.
I was brought up in a house with a big garden, I'm under no illusions.

Long story, shortened: we have gained a lovely ride-on lawnmower.
It is in storage until we decide what to do wrt houses.

I do take your point 👍🏻.

1 but downside a bit

we are moving to Shropshire.
Why didn't you say!? That's a no-brainer. 'Tis beautiful there.

Best of luck with your move OP. We moved to Shropshire around 29 years ago and it’s wonderful!

I'd move to a place you love. Can't see any reason to stay.

I think your list is quite long and some compromises are required.

What are your personal requirements
What are your husband's

Having activities, yoga classes, feelings of community and ready made friends within walking distance is not totally aligned with having a 3 car car port, several outbuildings, space for 3 individual AirBnb rental properties with rural vibes.. plus rentals that give all year round rental and frequent turnover are more likely to be in areas with alot going on rather than quiet locations (more weekend and holiday escape).

Large properties with space around them are rare in built up areas with frequent interaction with other people. Your neighbours in such an area with large distances between people and houses are also likely to be looking for solitude not street parties.

Op get gone already.you sound miserable here.and your options to stay sound miserabley written too!
I can imagine your new life perfectly.if you can afford it.and it won’t make the rest of your age shit because of money worries then go for it.
I can see you in this new life you’ve talked about. Go.please go.life is too precious and short.

Oh goodness, 1 all the way! I too moved to a rural village full of retirees and young families and I was so lonely (I live alone). I'm now on the edge of a town and I love it - I can walk into the centre or out into the countryside, I'm on bus routes to various places, there's shops, takeaways etc within a 20-minute walk. It's made such a difference and I'm really happy here.

Thank you everyone.

You've given me clarity, and that is much appreciated.
You're all right, potential house price wobbles be damned, we do need to move.

Fwiw I was raised in a house that stood in 3 acres, on the edge of a town.
Those houses are there, you just have to find them.

I don't want street parties!
DH has two classic cars, that's why he would like a triple garage.
He's had a rough few years too, I think he's allowed to indulge himself.

The Airbnb properties would provide additional guest accommodation for our family and friends. We wouldn't let them all year round.

To those asking; our pensions are good. Retirement isn't a worry.

I'll see you there @Lazyteens

Thank you too to those saying that Shropshire is lovely, we think so too.

I would purchase a medium sized house in the area you love, keeping the equity high. Buy a house which has the potential to extend and save up for the work before pushing ahead and getting it built.

If this is your ‘final house’ then do think about practicalities. I know at the moment late 40s/early 50s then you can do everything you want but you don’t want to have to move from a house you love because the stairs are really steep / the garden in unmanageable etc… Could your husband buy a lockup/ garage nearby and have a smaller house?

If this is the penultimate house then it is less of a concern, but don’t overestimate how many visitors you will have. It tails off quite quickly.

Good luck and enjoy your search.

What is your budget? To be mortgage free and max but with a mortgage.

Mumsnet loves a good house browse.

^^This in bucketloads.

Absolutely move. It doesn't sound as if you're being reckless, and in the long term property is always a good investment.

You sound like you are both long overdue something that brings you joy.

And following on from that - I reckon we'd all love a bit of house hunting if you want to let us know your very rough budget and general area to move to?? Go on....we'll find you something lovely! 😅

I'm embarrassed to tell you our budget.
In my OP I changed some of the numbers.

Honestly, I do know how much people are struggling at the moment, and the impact that has.

When I was younger I lived in genuine poverty.
If I was still living in poverty and I stumbled onto this thread it might have made me angry, with some good reason.

I've already said that our first house was a 2 up, 2 down repossession. The previous owners took everything, including the skirting boards, kitchen cupboards, bathroom sinks and the radiators! And that was when I was wealthier!

I have spent my life working for those experiencing severe financial hardship.
I want to be considerate.