Dream house or compromise house with more money left over

[Coleen1981]

Hypothetical question … if you were in a position to buy your absolute dream house and have a nice amount left over but still needed to work, would you go for it or would you buy something smaller that still met your needs and have more money left over for holidays, cars etc, and possibly not have to work? With both options being mortgage free?

I think it would depend on my age and general health. Also whether the dream house would entail another move at an age I wouldn't want to do it.
What makes the house a dream house? If it's purely aesthetics I'd probably go smaller and make the best of it. If there were other things around location then maybe I'd go for it. Not much help I know! Current climate, the ability to live without working is very attractive.

How old are you?

Dream house is a fixer upper? Have you got a quote on the work?

If you'd still have a nice amount left over then go for dream house. You're in it every day. Holidays and cars can be compromised on!

I'd say compromise if you were taking on a big mortgage that you couldn't afford on one salary.

Not having to work is a draw but I would say being mortgage free gives you some serious options anyway.

I’d go for cheaper and have spare money for experiences / holidays. Memories are all that count in my opinion!

Dream house now. Not to stop working, but going by the assumption that our household income will increase through our working life, affordability on dreamhouse will be easier. We always went with the mantra of buying the best you can afford at the time with houses.

Dream house needs nothing doing, compromise house would need extending and a couple of minor structural changes (knocking down walls), but would still end up with much more left over after paying for that.

Dream house

Dream house because my priority is my home over cars and holidays generally.

Both mortgage free? Then dream house!

Money left over, Ive spent a lot of time with the elderly over the last two weeks and having experiences and actually living a life is something they stressed to me as their most important priority. A house is a house.

Depends on your age/general fitness/what you mean by working.

If you're at or past retirement age, and you hate your job, I see the sense in compromise house. Likewise, if buying the dream house means you'll be locked into a lucrative job you hate, I think maybe compromise house and a change of job.

Otherwise, I'd go with the dream house. Ideally, dream house and continuing to work at something you enjoy, so you build up capital to do some of those nice things anyway.

I had the same situation - went for dream house.

Depends, how old are you? And are you planning to downsize at any point?
For me, I’d do a different compromise house - mini dream house and take early retirement. Ok I’m not at retirement age, but still I’d do some travelling and work part time and be able to afford helping kids go to university.

dream house - with the proviso that it is warm as energy efficient as it can be. Love the idea of a cosy cottage, not the reality of a cold and draught home in winter.

We're in our 50s with a family so feel this is our last chance to "go for it", we'd downsize in around 10 years anyway

Go for the dream house now - youll
still be mortgage free which is amazing and at least you won’t have any regrets when you eventually downsize

Dream house, ours kept up sane during covid.

We went for the dream house 2.5 years ago. Definitely worth it. I love coming home to this house. It gives me such happiness.