Buy Bigger Home or Stay?

[Joleine1]

Please help! We have lived in our home for over 15 years now. We have over the years extended our home and have it decorated to our taste. We do need new bathrooms now and thought of converting the garage for additional kids hang out space. We have children, a 14 and 10 year old. And we are 49 and 45 respectively. We have always wanted more space, bigger bedrooms and bathrooms particularly. We have seen a lovely home not far from where we live which would be perfect. It needs some tlc (painting and flooring) and new kitchen (not immediately though). It is affordable but a large proportion of our savings would need to go toward it, plus an increased monthly payment for higher mortgage, etc. It gives us double the space we currently have. We are so torn with what to do. I wonder if it is the right move considering our kids may leave in 4 - 8 years, perhaps university? We have first refusal on the house and have been debating for nearly a year now. We have put two offers in which have been rejected but they have come back to us now with a lower price. We need to make the final decision by Monday before they open it up to other buyers. What would you do? Stay, upgrade, continue to save all the while being able to go on holiday frequently. Go for the bigger home, do it up slowly, as we spend a large proportion of our daily lives in our home and maybe only enjoy one international holiday a year??

My gut instinct is to stay where you are - why put yourselves under pressure financially, miss out on holidays and treats, for the extra space that it doesn't sound like you need. Particularly if kids have own bedrooms?

I see so many of my friends mortgaging themselves to the hilt. At your age, you still have plenty of life, so it's not impossible and has to be your own personal decision. I guess you should ask yourself what's important to you? Make a list of pros and cons and take it from there. What's your plans for retirement. When the kids leave, would you sell up and downsize? Wish you luck with whatever you decide.

We're in a similar position op. We've paid for Where we are now but it was never meant to be forever but we've been delayed moving up the ladder by covid and job moves which have taken up all our energy. We are probably crazy to be taking on a big mortgage now but it's unlikely the kids will be able to afford to leave home, I suspect only one of them will be uni bound. The issue is now we earn much more and have savings so can easily afford a bigger mortgage. I seems like madness but I feel like I just want a house that we can enjoy with the space we need for the next 10 years. I'm sure we can downsize once the kids have left home. I fancy a sea view once we aren't tied to schools.

I would move to the bigger house. You are still very young and have plenty of time to pay off a new mortgage. Children often come back home after uni. However I guess if you stay where you are then any savings coukd help your kids buy their 1st home.

I would go for the bigger house. We're expecting our dcs to return home to live after uni, as rental costs are so high, so a bigger house could be used for longer . Eventually we would downsize and we think it would increase in price more than a smaller house would have, and it will be tax free, so we can give them a sizeable deposit.

Most kids don’t leave home when they go to uni, they just leave term time & return in the long holidays and once they graduate. Many young adults live at home now well into their 20s & possibly longer due to affordability issues with housing.

In short, I would move to the bigger place as long as you can afford it without stretching yourselves too much.

I think if you buy the 3 bedroom house now and then review beforevsecondary school I think you maybe able to buy a bigger house than the 4 bedroom house you had wanted to buy. Also could you overpay on your mortgage (3 bedroom house as you are not so overstretched financially) and that will help your finances a lot for when you move again. I do feel buying a house opposite a park would put off a lot of purchasers in the future. A 4 bedroom house is often a forever home so a lot of people would only want it be opposite a park for a few years when their kids are young. Hope you are feeling a bit better.

Opps!! Posted in wrong thread!