Downsizing with two primary school children - would we be mad?

[ILoveaSunflower]

Our current house was bought 10 years ago with an inheritance before we had kids. It's in a stunning location, five beds, country views, and we completely renovated it to our taste etc. I realise how lucky we were to be able to do this.

However, ten years and two kids later were starting to find the cleaning and maintenance of it takes up all our time and money. The garden is split level so it means we have to go down a slippery stone steps to get to which in hindsight with kids was a mistake.

Our current income doesn't match the amount of money needed to maintain a house this size and it needs more money spent on it to make repairs etc than we currently have.

Would we be mad to downsize to a smaller more manageable house? Somewhere with a small garden and less rooms to clean? Something within our means to maintain.

We could use the equity to pay for our kids university or just as a nest egg for maintenance bills etc.

Sounds entirely sensible to me, not sure why anyone would think otherwise. You'd be cutting corners in other areas likely affecting family life for a house you don't need unless you're planning to have a couple more dc if you stay where you are You could get a really lovely house that fits your needs better and have more disposable income/nest egg, more manageable both now and as you age. No brainier to me!

It seems very sensible to me. You will end up with a more suitable house in the right location.

You are not losing your inheritance but redistributing it between property and cash.

Apart from selling and buying costs.

Lots of costs will reduce like energy bills, council tax and, possibly transport costs so that will go against selling costs.

Go for it!

When my kids leave home I dream of down sizing to a nice flat. I have no interest in having a garden and the mowing is just a pain.

No you're not. But just be aware to be realistic that could be a long and fraught process as you could end up with a long chain.

I would suggest you go for it as soon as possible.

We did it when DC were 6 & 4 - from 5 bed new to 3 bed semi. We moved location too - not miles away, but to better schools and edge of a market town rather than in a hamlet with nothing but a tiny village school, a crap pub and a school.

House actually cost more due to location.

Do not regret it one bit. Do not miss the extra space (just extra rooms to clean/keep tidy and where people would assume there was space to stay over).

We have enough space for us. And can walk to restaurants/shops/the station. And actually we are closer to decent walks, bike rides and the coutryside as there is a network of decent footpaths we can walk to - rather than having just 3 badly maintained routes or fast, dangerous country lanes to try and navigate.

We downsized into a more urban environment.
The house purchase costs weren't much cheaper but the running costs are.
Also teen dc can get themselves around more and have a lot more to do. Also their friends can visit easily.
It is easier with teenagers because they have much less stuff than kids but if you can declutter well you can do it.

It sounds like you can't afford your property so downsizing would be a good idea.

How old are your DC? The stone steps thing won't always be an issue.

We moved out to the country because we wanted more space, particularly as our primary aged DC grow up.

You need to decide how much space you need and what you'd be happy with.

Sounds like this asset is more of a drag than a benefit

Why not? Makes no sense spending money to maintain a house you can’t afford which will affect other areas of their lives including savings, retirement, kids etc.

Personally, I wouldn't drop to anything less than a 4-bed as a 3-bed will seem like quite a considerable downsize by comparison to what you have now.

Younger children tend to like to play in the garden so if you can find a 4-bed property in the right location which still offers a good garden for your DC to enjoy, then I can't see much of a problem.

What does your DH think about losing his "man cave" - where would all of that stuff go? If he's not willing to declutter, your new house could end up feeling stuffed full and too small.

Most people don't live in 5 bed houses so of course you will be fine!

In your situation, if the mortgage is affordable & it's just the upkeep that's taking your time & money, I'd look at getting a less 'needy' house, but be content to spend the same amount of money to get maybe a 4bed but not really downsizing things like the utility room, other useable communal space.

The better your house is for socialising the more teenagers & their friends will hang out at yours & I prefer that.

Good transport links into town so they can get themselves to the movies/shops/other activities with friends.

As for the man cave, why do you hate it? What will he/you both do with what's in it now??

Don't under estimate the benefits of a family cave where the teens can hang out.

Youre not at all unreasonable to think about moving, but I think you're a bit too focussed on doing something with the money from 'downsizing'. As I said, if the mortgage is affordable, I'd just be looking at freeing up the maintenance costs & time taken.

I don't understand how maintenance costs of a house can be unaffordable if the house was bought with an inheritance. Surely running costs aren't as much as a mortgage would be?

I think if I were you, I'd move to a 4-bed but in a better location (so spending similar on the new house as the old.

I'd look very carefully at your finances, esp against the cost of moving / stamp duty - what does your current home actually need, and what would it cost to do?

Think about what your kids will need in 5/10 years as well as more immediately - schools, amenities, transport?