Scrape by or move?

[fedup33]

This is my third attempt having accidently deleted the other 2. I am 67 , husband is 64. Foolishly we were relying on a promised inheritance to pay off a small mortgage and improve the property. The value is around 400k. This sounds fine, but I'm absolutely exhausted one way and another.

Thanks.

Sounds like move doesn't it

We don't know the area so it's hard to judge but if you can get something smaller and where you want to be for £200k then definitely sell. But if the step down is £350k then probably not worth it?

How much is the remaining mortgage though, and how much will the renovations cost?

The kitchen is awful but we can live with it. The roof needs attention....3K at a guess?
Remaning mortgage 70 k.

To stay in area , you more or less need to be a cash buyer.

Could re locate I suppose.

Tricky. Is retirement on the horizon? Any lump sums?

Can you take a lodger?

So you have around 300k to spend if you pay off your mortgage, and taking into account moving fees. Can you find something you'd like in your area for that amount? If so do it.

I have thought of the lodger idea or hosting an ESOL student.

Thanks

We are retired, nothing coming our way.

Other than the renovations, is it sustainable for you to keep going? To keep paying the mortgage from your pensions?

I think the lodger idea could bring in a decent bit of £, and could be flexible as well.

@LizzieVeraker it's OK. I'm so fuddled. dealing with bereavement, MH problems, cost of living and so on. Thanks for replying.

Ah, that sounds difficult @fedup33 - try not to rush into anything, and maybe keep this thread going for support?

I downsized in May. It's such a relief.

@BG2015 Can you give a bit more info if you are able please?

I downsized in May and paid my £60k mortgage off. I was left with about £20k equity.

We're now living in a small 3 bedroom semi and it's lovely. We had a lot of space in our old house which we miss but didn't really need. 2 bedrooms and a bathroom were never used as my eldest son moved out.

I'm now in a position to retire from my teaching job next year and then hope to get a part time job to top it up.

It's definitely been the best decision for me.

I'd not be putting in faith in receiving an inheritance to shore up my future. Take that out of the picture entirely...now rethink what you need to do.

Yes, of course that ship has sailed. I was told over and over again that this money would be coming to me. I wasn't grabby. God knows I spent thousands and thousands one way and another with visits and care and so on. But the past is the past.

How are your finances as a whole, what's your total income/outgoings, savings, pensions, debt, house equity? Try not to focus on one thing, a proper plan needs to include everything.

I've just chosen a smaller house today. I was a high flying big cheese but I fell ill a year ago. I need to cut my costs so I can keep a roof over our heads. I hope to retire.
Look for something you can afford out right. I lost my savings to taking time off to care. No inheritance for me either.

I'd move, as your not working you can go anywhere . There's some lovely areas by the seaside or in the country that are really cheap. Its a great relief to have paid off the mortgage and have a bit of savings for emergencies.

What comes in goes out , with enough for good quality food left.

I think somehow I've left it too late. Don't want to go into it all here but the last few years have sucked the spark out of me. Don't think I've got it in me.

Perhaps you should be seeing your GP as the first port of call OP?

Meds? possibly.