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Original poster

How to decide to move if you don’t NEED to

58 replies

UnknownDecisions · 20/04/2023 20:00

Changed name to hide history.

WWYD - first house, has lots of compromises (nothing is terrible but nothing is perfect).

would you move and take on the risk of a much bigger mortgage for a better house (which might still need work) that still doesn’t give you everything you want (‘dream house’ in the area is out of reach and we don’t want to buy a shell to renovate).

Based on some recent listings:

Things we would get

  • DETACHED!! (our neighbours are noisy but not terrible. nothing like some of the horror stories we’ve read)
  • larger rooms
  • maybe a garage
  • downstairs toilet

things we want but wouldn’t get:

  • second bathroom
  • utility
  • Large south facing garden
  • big kitchen diner

info-
combined income: 95k, fairly secure jobs
ages: 35, no plan to have children
current mortgage: 60k (will be mortgage free in less than 5years)
New mortgage approx: 300-350k
(depending on what the house sells for and cost of new house)

OP posts:
Pammela · 20/04/2023 20:04

Tbh I would definitely move in my 30s. Do you want to stay in your current house forever? It doesn’t sound like it, so I would look into moving.

YellowGreenBlue · 20/04/2023 20:06

Yes, I would move, unless you think that you'll be in a position to buy the "dream house" in less than 5 years.

EssexMamisoa · 20/04/2023 20:12

We moved early 30s out of our first property not because we had to but because property two fitted with our long term plan. Our mortgage before was of course smaller, but we knew we were never going to be in that first property forever. If you know you’re not going to be in your property forever then it doesn’t necessarily matter when you move?

We did up size because we wanted DC (which we now have) and we were in a pokey London flat before, but if you don’t want DC (I can’t tell if you mean ever or just now) then obviously no need to stretch yourself too far for a large home.

Also, I could be wrong, but I don’t know many people who satay in their first property forever. They’re usually bought to get on the ladder with some compromises?

daisychain01 · 20/04/2023 20:13

New mortgage 300-350k

😱

5 x your current mortgage with interest rates going up again soon...

hmm I'd think very carefully about landing yourself in so much debt. If either of you lost your job you'd be right up shit creek.

You've got plenty of time, I would wait another couple of years. See how the economic climate pans out.

Original poster
UnknownDecisions · 20/04/2023 20:14

@Pammela we don’t think about if we’d stay in the house forever. I had some health problems a few years ago which changed my life so we never plan for ‘forever’ because we know that things can change so suddenly

@YellowGreenBlue unless we get more inheritance (which is not guaranteed) we will not be able to buy the ‘dream house’ and tbh I don’t think the ‘dream house’ exists in this area

OP posts:
Ahmew · 20/04/2023 20:15

I would say that you should do it if those extra things you would get are very important to you. People feel differently and spend varying amounts of time at home. Eg if gardening is your passion, or you’re desperate to take up woodworking and therefore need a garage, or you and your DH are living on top of each other/can’t have guests etc., then do it. But I think it has to make a major difference to your quality of life to be worth the hassle, expense and extra years of debt.

Original poster
UnknownDecisions · 20/04/2023 20:18

@daisychain01 right now, if either of us lost our job the other can solely pay the mortgage. This was planned in for that safety. And if we separate, I (the lower earner) can get a mortgage to buy him out.

@EssexMamisoa we don’t plan to have children ever. If we did we would probably move based on your same logic.

OP posts:
Pammela · 20/04/2023 20:19

daisychain01 · 20/04/2023 20:13

New mortgage 300-350k

😱

5 x your current mortgage with interest rates going up again soon...

hmm I'd think very carefully about landing yourself in so much debt. If either of you lost your job you'd be right up shit creek.

You've got plenty of time, I would wait another couple of years. See how the economic climate pans out.

The op said their income was £94k, so it’s less than 4 times their income even at the max 350.

Stripedbag101 · 20/04/2023 20:23

I stayed in my last house too long. It was fine it had a few things that bothered me - shared driveway, very overlooked garden and just okay area.

i will never afford my absolute dream
home - but I bought a bigger house with a gorgeous garden in a good area. I have spent about £120k so far extending and renovating. I am Loving every minute.

my mortgage is slightly bigger. And I had added a few years on to the repayment but unlike my last house I can actually see myself growing old here.

I am 44, single, my new mortgage is now 20% of my take home pay.

EssexMamisoa · 20/04/2023 20:39

UnknownDecisions · 20/04/2023 20:18

@daisychain01 right now, if either of us lost our job the other can solely pay the mortgage. This was planned in for that safety. And if we separate, I (the lower earner) can get a mortgage to buy him out.

@EssexMamisoa we don’t plan to have children ever. If we did we would probably move based on your same logic.

Makes sense. I think the balance is key, ie what a pp said is true - But I think it has to make a major difference to your quality of life to be worth the hassle, expense and extra years of debt.

However* *I do also note that you put detached in capitals. So if that is important to you and something you want long term then it does make sense to look.

Original poster
UnknownDecisions · 20/04/2023 20:42

Ahmew · 20/04/2023 20:15

I would say that you should do it if those extra things you would get are very important to you. People feel differently and spend varying amounts of time at home. Eg if gardening is your passion, or you’re desperate to take up woodworking and therefore need a garage, or you and your DH are living on top of each other/can’t have guests etc., then do it. But I think it has to make a major difference to your quality of life to be worth the hassle, expense and extra years of debt.

I think this is what we’re struggling with. We don’t feel strongly either way about any of our house things.

We like to dabble in gardening but don’t love it.

We have lots of outdoorsy hobbies and would like more things (hence the garage).

the main thing is to become detached. Detached houses in the area seems quite rare and the ones we’ve seen are all quite big, and so quite expensive.

OP posts:
ChristineCricket · 20/04/2023 20:44

It would depend whether I had other priorities like holidays, or expensive hobbies. If you are very much a home bird then the house would be the priority.
Being detached is a big plus point.

december212 · 20/04/2023 20:51

I'm in exactly the same dilemma. Stayed in my first house probably far too long and have ended up very comfortable here, with a very small mortgage and a thought of packing up which fills me with dread. Jumping to a mortgage 5x my current one seems crazy but a garage, extra bedroom and slightly bigger living areas holds appeal.
Following to see others thoughts!

daisychain01 · 20/04/2023 20:57

Pammela · 20/04/2023 20:19

The op said their income was £94k, so it’s less than 4 times their income even at the max 350.

Show quote history

My point is that £300-£350k is about 5+ times more than their current mortgage of £60k. So current repayment must be about £650/month, the new mortgage would be 5 times that = £3,500. Maybe my numbers are a bit out, but it's that order of magnitude.

That's a big leap in monthly mortgage, in one go for a property the OP says potentially wouldn't giving them everything they want. The current economic climate would have me running for the hills.

PurpleBananaSmoothie · 20/04/2023 21:00

We are moving when we don’t need to. We do have a child so we want more space and to be near schools so that did factor into our decision. Mostly though, our house has needed a lot of work and we’ve done quite a bit but we’re just running out of steam. The house we’ve put an offer in on needs a little bit of work but feels more manageable.

We have a higher mortgage than you at the moment but otherwise the same household income and our mortgage will be £300K. We have childcare costs though which is something you don’t. We plan on overpaying when nursery costs decrease but you could look at doing that now.

I think you should look for a house that you think you can be in for 10 years (I know you don’t plan the same now but as much as you can), so if house prices drop you can ride it out.

Original poster
UnknownDecisions · 20/04/2023 21:00

Current mortgage £400
new mortgage would be £1400-1600

OP posts:
daisychain01 · 20/04/2023 21:01

@UnknownDecisions Could you move to an area that offers better value for money so you don't have to compromise on that list of "can't haves"

daisychain01 · 20/04/2023 21:04

Your £60K mortgage sounds really cheap at £400/month. I've got the same mortgage amount as you and mine is a lot more. Are you on a low fixed rate?

Original poster
UnknownDecisions · 20/04/2023 21:06

daisychain01 · 20/04/2023 21:01

@UnknownDecisions Could you move to an area that offers better value for money so you don't have to compromise on that list of "can't haves"

We really like this area. It’s really close to both our families and we have a nice community with our hobbies. My mum can visit on my lunch break when I WFH and vice versa. Great for our current jobs for when we go into the office. We’re already in the cheapest area to get those things.

If we moved to a cheaper area we would lose all most of those things.

OP posts:
shivawn · 20/04/2023 21:10

UnknownDecisions · 20/04/2023 21:00

Current mortgage £400
new mortgage would be £1400-1600

I wouldn't pay an extra £1000 a month for the things you've listed to be honest. Would you be staying in your current area?

Dibblydoodahdah · 20/04/2023 21:10

@daisychain01 your figures are way out. I have £460k left on my mortgage. It was £575k when we took it out. Payments are £2600 and that’s after the increased interest rates. It was previously £2100.

Original poster
UnknownDecisions · 20/04/2023 21:14

daisychain01 · 20/04/2023 21:04

Your £60K mortgage sounds really cheap at £400/month. I've got the same mortgage amount as you and mine is a lot more. Are you on a low fixed rate?

all the numbers are approx but yes, we fixed a few years ago and had a good LTV so are on a really low fixed rate.

OP posts:
Greentree1 · 20/04/2023 21:22

We moved from a semi to a detached, our semi neighbours changed a few times and every time were worse, the first were great, the second OK and the third a pain. Definitely worth it to know whatever the neighbours are like at least they are not just the other side of the wall. Last lot seemed to scream most of the time, at each other or at the children drove me nuts.

ChristineCricket · 20/04/2023 21:37

One thing to consider as a childless couple is the way technology has changed over the years. With books, music and tv all stored electronically there is much less need for space. It’s also nice to have a house that is quick to clean.

martinisforeveryone · 20/04/2023 21:45

UnknownDecisions · 20/04/2023 21:14

all the numbers are approx but yes, we fixed a few years ago and had a good LTV so are on a really low fixed rate.

Show quote history

As well as the monthly repayments, what are the respective loan periods?

Should you stay where you are and I think you said you'd be mortgage free in a few years, take advice on keeping a very small amount payable on your mortgage in case you wanted to increase it again in the future for any reason.