‘Boring’ house and scope to invest -WWYD? (Long)

[Twoshoesnewshoes]

We’re thinking of moving in the next couple of years, we want to be nearer facilities and explore somewhere new, but not more than 30 minutes from our current village.

i thought we might do one more move up the ladder and get an ‘interesting’ property.

we are also currently looking to spend some small savings on a deposit on a BTL as a pension income - the two projects are not necessarily connected.

a house has just come up in a quite nice village with really good travel connections. It’s a ‘boring’ house on a ‘boring’ cul de sac - we lived in a very similar property as our second house. Easy living. It has a nice big garden.

its on for about £200k less than ours is worth (our house is in v sought after area) and it’s smaller but that’s fine.
we could keep our mortgage the same and use the extra to give to DCs, and mainly to invest much more in a bigger investment property and pay it off quickly- 6 years instead of 18.

we may get some inheritance down the line then we could move again.
but wondering if I’ll regret not going for a really lovely property? It’s a great house of course and nothing wrong with these types of properties…just confused.

Any advice or experience?

Just bumping this.
i guess my question is, will i regret the purchase? I liked living in my ‘boring’ house before…I think im caught in my own hype about having’the’ house

I don’t think I’d drop £200k. Longer term, a house worth £200k more (if you can afford it) will give a much higher value. I think you might regret it. I’d also want to be more excited about the move… it’s so much effort I’d personally not do that for a “meh” feeling.

Forget the BTL, buy a house in the best post code possible for the most you can afford.

Thank you @TeenLifeMum and @takeaflight , I’ve always followed this mantra too of best house I can afford. But also thinking ahead, I really want a secure pension income, so would sell ‘the’ house at some point…but yes, it would increase in value more in a better area…but the BTL will increase too maybe?
argh it’s confusing!!

The only problem I can see is the cost of upkeep on an interesting property. I have lived in a beautiful interesting house, it was a huge money pit, with problem after problem (not picked up on surveys). The time and money for upkeep was more than we had factored in, or could have ever imagined. We are moving to a boring house on a boring cul de sac and I can’t wait to just live. Enjoy the weekends without DIY or planning repairs. Use money to enjoy ourselves/go on holiday. Although it does sound like you are in a more secure financial situation than we are.

Also depending on age/retirement plans. Boring plain houses tend to be what stair lifts are designed for.

I don’t think I’d be relying on BTL for a secure pension income. If you’d be buying it with a mortgage the rates are higher, you may have to allow for gaps between tenancies, pay an agency to manage it, pay for maintenance and redecorating etc etc. and of course pay tax on what little remains.

Remember, any income will be taxable and any profit from a sale will be subject to capital gains tax.

The mortgage on the BTL would be paid off just before retirement.

that’s a good point @Chillyjam, I was brought up in a rambling medieval farmhouse, bits were always falling off.
my mum now lives in a boring house in a cul de sac 😂

we go away most weekends now too (recently empty nest)

i don’t have any other pension options. I have a small amount of nhs and other workplace pensions, but not enough.

the BTL will hopefully be cost neutral as I’m paying the mortgage, then bring in around £1300 a month after tax, maintenance and utilities once it’s paid off.

Could you keep and rent out your current house that's in the great location? And buy a new house for yourselves to live in?

@abeeabeeisafterme No we’d need the money from this house.
the other house is in a nice location too, I think I’d just imagined the next house to have more of a ‘wow’ factor!

Just bumping again, to see if anyone else has gone for a ‘boring’ house

We're about to move to a 'boring' 1980s house, but for different reasons to you. We've grown out of our lovely, small period house and can't afford a bigger 'interesting' property, so have gone for space over character. I appreciate that your situation is different as you could choose either option, but one thing that helped us when viewing 'boring' houses was to see if there was anything about them that we did find interesting and lovely. The house we're buying backs onto open countryside with beautiful views, which offsets the lack of character inside. Perhaps you could look for a similar compromise - a boring house with something that does really appeal to you? Definitely don't buy a house that makes your heart sink, especially when you don't need to. Good luck!

Yep boring house here. We moved from a small but characterful 30’s house to ‘boring’ 80’s one primarily as we needed more space and a garage and still wanted to be in walking/ cycling distance for school. It ticks the practical box for us for this period of our lives. Easy to maintain, warm and comfortable with good access to amenities and we are in the process of pulling it apart to update to our taste . Does it make my heart sing, no it doesn’t and I suspect it never will but we are content it’s in a safe, pleasant area with good access to green spaces and decent neighbours and that’s something to be thankful for. Once the kids are up and away will re-assess again.

Thank you, helpful to hear the reasons for compromise. @Norhymeorreason The house I’m considering does back onto countryside and has a nice view.
trouble is, my current house has a stunning view!
I guess I’m confused about whether I’m too young in late 40’s to compromise on a house in order to increase financial security for earlier life?
im normally a bit of a risk taker so it’s not sitting well…

Is there anything you can do, extension, loft conversion etc to increase the value of your current home.
Remember the garden is now classed as another room, so with stunning views your immediately at an advantage, can you enhance your garden to match your view. Kitchens with a lounge area are highly desirable and again maybe adding glass, once again to fully appreciate the view.
Adding an on suite or walk in clothes closet. The secret is if you don’t have the vision take advice, scan magazines to see the current trends. Also make over the whole house so the each room flows. If you view most houses you can see different time lines, the bathroom was done last year, lounge three years ago etc etc. It’s an expensive process, however if you have a good post code this will pay off in the future. Remember main residence, no tax to pay. Invest in your own property, but be brutal and honest with your self with respect to your property value, the post code is the most important aspect to values.