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Move or stay?

2 replies

whenitsover · 26/05/2023 11:29

We are at the crossroads in either moving to a larger house or investing our money in buy to lets / stock market. There are pros and cons to both, but actually want some advice based on experience on what to do. We currently live in a lovely house that we have done up, has enough bedrooms etc. downsides are we have no parking / garage, garden is small and the downstairs layout and size isn’t that great – would like additional room, and a bigger kitchen / dinner etc. we don’t live in the best part of the city, although we are near to most things. Im looking at places to move to, in a nicer area, and get a house that had our requirements. This is a long process – not many houses are on the market now, and they go quick. There are also cash buyers or those in no chain that naturally are better buyers compared to us (we do need to sell). Our house is on the market. Alternatively, we could our substantial savings to pay off our mortgage which has increased by 35% due to interest rate hikes, and also invest in shares / BTL to further our investments and provide supplementary income. Im leaning towards moving as the new house will be an investment in itself, but actually could staying where we be better in terms of financial gain? Any advice on what to do?

OP posts:
Malbab · 26/05/2023 11:35

Bigger house is an asset but also will be your home, so the usage and enjoyment of it will have to be factored in, it is not just about appreciation.
Stock will be an option if purely for investment and returns will help to retire early and cash flow, i e money won't be stuck in house
BTL is not very lucrative at the moment especially if u r high rate tax payer and also lot of hassle
So if u want to enjoy bigger house go for it, but make sure not all eggs are in one basket!

WonderingWanda · 02/06/2023 07:22

We're in a similar situation. We don't need to move but would like to move. There is nothing on the market that fits our brief in the area we want. Anything vaguely close would be right at the top of our budget and we don't really want to have to live counting every penny. We have decided to go on the market, have a potential buyer already before it's gone online and then just hang tight for a couple of months and see if the right house comes up.

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