Long term user name changed because there’s a lot of personal info.
Context: 5 of us at home, older DCs but not of an age where they’re making any financial contributions from their small incomes. 4 bedroom 3 bathroom detached house.
DH and I are contemplating a move which would see us become debt-free and therefore financially secure (unforeseen drastic circumstances notwithstanding), however it would mean a huge compromise. We have 7 years remaining on our mortgage. My job (full time) is potentially at risk; moving would save us significantly more than my take home salary each month. Obviously this means that we’d be financially secure even if I lost my job. However it also means we’d have a home worth approx 2/3 of our current property when our mortgage is paid off, so we’d have far less capital. Additionally, it would be a big adjustment to move to a small semi with enough bedrooms but limited living space and one bathroom. The living space is all open plan and we’re a busy household with a lot of laundry and coming and going. Part of me thinks we should jump at being debt-free and grab the chance with both hands. Another part feels like these years of our lives will be so much harder (or perhaps ‘less easy/comfortable’ is a better way to put it) and there’s more to life than money.
In the new house, if I lost my job we’d still be better off than we are now. Of course I’d look for something else, my DCs are too old to need a SAHM and I’m too young to not be working, but nothing would change in terms of how we manage. What we’d essentially be doing is enjoying the benefit of 1/3 of the capital we would have had if we’d stayed put. In our current home, we’re fine provided I continue to earn the same or similar. If I lose my job it becomes really tricky, a move would potentially be necessary. Meantime though, we have enough space, no adjoining neighbours, and a house we really love.
What would you do?