We’re 53 and 61, mortgage-free in a 1600sqft 4-bed house we’ve lived in for 28 years. It’s a nice home and works reasonably well, but it's on a sloping plot and every room multitasks — dining room is also a library (DH loves his books) and also my home office, and also acts as a corridor to living room and patio; piano is in the living room; DD1’s room doubles as my music room; guest room is DHs home office etc. DD2 is still at home, the other is at uni but likely to keep returning (with boyfriend in tow, and then probably grandkids) for years yet.
We save ~£3–4k a month. Most spare money goes into shares or helping our daughters financially. We’re comfortable and secure, and being mortgage-free gives me huge peace of mind. I know this is a very first world problem.
A beautiful 2300sqft house has come up in our town, which fixes most of the niggles with our current place — flat garden, more space, shorter walk to shops (5 minutes instead of 15). We could buy it outright by selling our current house and using about £200k of savings, but it would reduce our liquid savings to around £60–70k.
On paper, it’s affordable. Emotionally, I’m terrified, sick with terror and sleepless nights, even though part of me loves the idea. My husband was hesitant at first but is now keen.
I can’t tell whether this anxiety is a warning that we should stay put, or just fear of a big life change. Part of me worries we should keep the money accessible to help our daughters onto the property ladder later (but is that just the anxiety talking?). Another part worries we’ll regret not moving, especially as the current house may become less practical as we age (the sloping drive/garden), and then I'll find it even harder (emotionally) to move.