Would you move or stay?

[anxiousnancy]

We have lived in our 4 bed detached chalet style house for 15 years. I have 2 teenage boys who are very happy there. Location is great, house is good but garden is small. It’s not my forever house. We are in a fortunately position that the Mortgage is just paid off. We are thinking of moving somewhere local but with a bigger garden. The problem is that houses that we like are about £300k more than ours - so we would need a new mortgage. And we wouldn’t get any more house space just different layout and a bigger garden/quieter location. Our house has been on the market for 6 weeks and no offers yet.

Not sure if it’s worth moving even if we do get an offer. Feel like it would be nice to have a project to keep us motivated but also don’t want to make a terrible decision. I feel like I should be grateful for what I have and to stop wanting more. Should add that I’m 40 and husband is 48.

What would you do?

No brainer - stay put. The house we bought years ago has a very large garden. None of the teens really does out there. Are you moving purely for a garden? I wouldn’t. With the extra money for the mortgage you could take up travel as a hobby.

£300k extra to get what you needs sounds an awful lot. I would think an extra £100k Max sounds more reasonable.
Are you suggesting you are going to take on a 300k mortgage just to get a bigger garden ?
If so I would defo say please don't do that.

X

Yes it does sound a lot when you put it like that. I should have said we would only move for a very special house that has a larger garden and in a specific area hence the massive price tag. The houses we are looking at are around £900k and our house is on the market for £650k. So the £300k includes the stamp duty if we move.

Will you need a mortgage for about 300k ?

The garden is more for me as the kids don’t real use our garden. I guess it feels like a good time to move if we are going to - whilst we are in a position to. Both of us working etc.

Sounds a bit bonkers to be honest! I'm 49 and DH is 53 and we're doing all we can to pay our mortgage off, no way would I be wanting to take out a £300k mortgage for a big garden!

I agree, don’t take on another mortgage. Your project should be to redesign your garden and make more like what you want. There are some fab small garden designs on Pinterest. Other than that get an allotment. Ours is beautifully quiet, we grow flowers as well as veg, we have wrought iron garden furniture and a pergola. It’s like a day in the countryside.

That’s a huge, huge increase . I wouldn’t want that extra mortgage as I’m approaching my fifties, and a lot of money just for a garden.

What would you want the bigger garden for? If it’s for growing veg etc then an allotment would be far less than £300k

I wouldn't take on an extra £300k. I'd rather spend some money having the garden redesigned.

No way would I tie myself down with a large mortgage at 40/48. As a pp suggested, could you get an allotment if you want to grow stuff? How small exactly is your current garden?

If you do take out another mortgage at your ages, for goodness sake take out critical illness and life insurance on it. My DH got cancer and died aged 59. If we hadn't have had the insurances I'd have been, as they say, in shit creek without a paddle.

Normally I’m a ‘go for it’ person, it’s a bigger asset at the end of the day. But it seems really daft to me when the kids are happy, especially as it’s just for a better layout.

We would stay in your house and enjoy it. We have been in ours ages. We paid the mortgage as quickly as we could. If you want a larger garden, we'll consider an allotment. A large garden is a lot of work, my hubby's dad has one and works 2 hours a day to keep it up. It's okay if you are mad on gardening.

What we did was got another house and rented it out. With the rent coming in and our wages, that's also paid off and now is a ice little investment

Taking on a new £300k mortgage when you’re mortgage free would be a no-no from me in this economic climate.

Have you had any viewers for your house? This is a flat market we’re in, hardly anyone can rely on their house selling at the price they need it to.

My first reaction is to agree with everyone else and say no way would I take on a new mortgage unless I had to. But I suppose it depends on your finances, are you very high earners and could pay off the 300k in a few years? How long would the term be? I had to get a new mortgage at age 40 due to relationship breakdown, and due to affordability had to be a 30 year one so I'll be paying it off until I'm 70. I'm 5 years in and all my friends will my mortgage free a lot sooner than me, I'll have to retire later, and it's a big worry how the teenagers would still be housed if I got ill.

What do you want to do with the new garden? If it is veg, fruit and cut flowers an allotment may help scratch the itch without the massive stretch (financially and time wise as a big garden is a big commitment - not helped if you have to work a lot to pay for it)..

Sounds lovely. It’s the area too though. We are in a bustling young family neighbourhood so I should add we are looking for a larger private garden and the sound of nature to fill my perimenopausal days 😆

Thanks for all for your comments. It does make me sound bonkers! For more context the neighbours that I know are lovely, but it’s a very young neighbourhood so loads of young children. I’m just feeling old and in my head the dream is to have a nice peaceful garden where I can relax without being so close to everyone. Maybe a case of rose tinted glasses? I know if I move it doesn’t guarantee nice neighbours so that’s a concern as well. For more context, we are in a good position so both good earners (combined > £150k a year). Im part time. But obviously after tax and money for pensions, savings for kids and holidays means that it’s not like we have loads of money but we
could afford a shorter term mortgage. Again, sorry if I sound ungrateful for what I have. I’m just not sure if the right thing to do!

We did consider getting a property to rent out but didn't think it was worth it with all the changes recently. I do have another house already that I rent out but that’s an investment for my retirement as it doesn’t make me any money after tax at the moment

Yes maybe the decision will be made for me if we don’t get any offers on the house, as we won’t be reducing our price significantly just to sell

Any weekend interests for you as a family? Anyway to invest in a peaceful area. If you love the sea is a boat an option? Weekend bolt hole - tiny accommodation with a bit of land (I am not in the UK, so this would be obtainable for 50k without taking the potential home of a key worker)?

Get an allotment instead? My sis did this and solved the issue she’s very happy pottering there and has a nice community. No way would I take on huge mortgage at your ages. Your about to enter the health ally loads of my friends started getting health issues mid-late 40s or go part time in your job and become a gardener or volunteer in nature things?

It's a big commitment OP and a lot of hassle potentially. If you really really want the big garden and the quiet and your family are oat least on board with it, then go ahead. But not otherwise.

You’re only 40? Do what would make you happiest.