downsizing home

midlifecrisis · May 2015

reached stage in my life (52) still got 9 yrs left on mortgage but being self employed am finding it all tougher than ever. Have worked out we could sell house, buy something a bit smaller a bit further away still have 4 bedrooms , pay off mortgage and have a bit od change.

my 2 kids (18 and 15) are making a bit of a fuss and say itl ruin their social lives, but im fed up stressing about paying the mortgage every month and feel the need to change.

anyone in or been in similar situation,just wanna hear your thoughts.

RaymondLin · May 2015

Sod their social lives. Tell them they can contribute to the mortgage and then they can have a say where they live. Else if you don't make mortgage payments then they'll be homeless, and I bet they wouldn't like that kind of social life!

midlifecrisis · May 2015

lol, Raymond have done exactly that. have had nice apologies from the eldest (she made the big fuss) they will have to do what they're told anyway , I was interested if other peeps were in the same or similar position.

my original plan was to bring up the kid, complete the mortgage then me and mrs would downsize and retire to a small house , but plans don't always work.

just bringing it forward a bit quicker, maybe even be mortgage free before im dead

I feel genuinely sorry for many who will never get on the housing ladder

boogieman · May 2015

We looked into downsizing and thought we'd end up with a decent nest egg. But when you take into account how much it costs to move, we'd have ended up with about 30k and a significantly smaller house. Factor in how much you then need to spend to get the new house how you want it and it wasn't worth it. Unless you're moving to a significantly smaller house or a much cheaper area, it's a huge upheaval for not much benefit.

midlifecrisis · May 2015

we worked out we would probably end up with 80k, a slightly smaller house but 12-15 miles away (not a problem) but save paying a £1600 a month mortgage. still have to work but not as much. im very tempted

RaymondLin · May 2015

£80k in hand and save £1600 per month x 9 years? In the country side? Where do I sign?

Iamnobody · May 2015

Buy the 18 year old a car and the 15 year old a moped when he/she turns 16 and they can return to the old area whenever they want and maintain their social lifes.

octatonic · May 2015

We are leaving London for the Cotswolds.

We are upsizing in terms of space but we will have a much smaller mortgage.

strumjoughlamps · May 2015

midlifecrisis said:

we worked out we would probably end up with 80k, a slightly smaller house but 12-15 miles away (not a problem) but save paying a £1600 a month mortgage. still have to work but not as much. im very tempted

this with the reduction in stress you will achieve makes it a no brainer for me

midlifecrisis · May 2015

strumjoughlamps said:

midlifecrisis said:

we worked out we would probably end up with 80k, a slightly smaller house but 12-15 miles away (not a problem) but save paying a £1600 a month mortgage. still have to work but not as much. im very tempted

this with the reduction in stress you will achieve makes it a no brainer for me

my train of thought exactly. its the stress and quality of life in having more money and more free time that appeals. personally I would gladly move further and poss come out 150k-200k in the bank but mrs don't wanna move too far from her mum and brother. so a compromise is maintained

lloyd · May 2015

No brainer. Kids are old enough to both understand and deal with it through buses/taxis/staying at mates houses.

Bogwhoppit · May 2015

I had my butler change residence, and then I moved into his gaff. Although having to walk into the kitchen to get one's bikkies can be tiresome.

Hootsmon · May 2015

thomasross20 · May 2015

RaymondLin said:

Sod their social lives. Tell them they can contribute to the mortgage and then they can have a say where they live. Else if you don't make mortgage payments then they'll be homeless, and I bet they wouldn't like that kind of social life!

+10000

thomasross20 · May 2015

midlifecrisis said:

I feel genuinely sorry for many who will never get on the housing ladder

How'd you mean - because of the high prices and low wages?

Do you think your kids will be able to afford the same size place you have?

Mortgage-free, that's the goal. Then live like a king lol

midlifecrisis · May 2015

thomasross20 said:

midlifecrisis said:

I feel genuinely sorry for many who will never get on the housing ladder

How'd you mean - because of the high prices and low wages?
Do you think your kids will be able to afford the same size place you have?

Mortgage-free, that's the goal. Then live like a king lol

yes, high prices low wages, no, I don't think my kids will be able to afford same size place, maybe my younger daughter as shes very academc and probably get a good career.
we can be mortgage free but wont be able to live like kings, still have other bills and expenses but 20k a yr less to have to find. was planning on downsizing in about 10 yrs when mortgage was paid off and have a bigger wedge of savings but cant wait that long now.

ToneControl · May 2015

Might be worth moving to somewhere your kids could better afford a house when they're older. That was always part of my plan

In mid Cheshire, a 4-5 bed detached in a nice area is £200-£225k

small 3 bed semis are £140k,

cheapest terraces £90-£100k

All near loads of work and good schools

Most likely there are other places near you that might offer your kids and you a future closer to each other geographically?

midlifecrisis · May 2015

ToneControl said:

Might be worth moving to somewhere your kids could better afford a house when they're older. That was always part of my plan
In mid Cheshire, a 4-5 bed detached in a nice area is £200-£225k
small 3 bed semis are £140k,
cheapest terraces £90-£100k
All near loads of work and good schools

Most likely there are other places near you that might offer your kids and you a future closer to each other geographically?

id happily do that except my wife doesn't want to be too far away from her elderly mother....who has already started moaning she wont have anyone near her if we move away.....pulling the old guilt trip

Stevepage · May 2015

My in-laws are goong through the same thing right now. The only trouble they have is that the sister in-law still lives with them and she's so used to living in a big house that they're struggling to compromise.

As for your kids, they'll adjust. They're still young and will understand why you did it when they start paying for their own homes.

The wife, I understand where she's coming from with regards to her Mum. She may want to think of how much easier things would be for your family. The savings you'll make could help with affording fuel/transport to visit her Mum.

stickyfiddle · May 2015

I would've bitched and been sad had my parents moved when I was 15, but tbh I'd have gotten over it and would've definitely understood if it meant an upgrade in lifestyle in return.

As has been said, you don't have to dip much into an 80k pot to buy a starter car for each kid, help with uni costs and an easier life for you in the meantime. It's no-brainer imo.

midlifecrisis · May 2015

thanks everyone for your input. my mind is made up, first thing next week my house is on the market. my wife agrees so that's one major hurdle overcome. trying not to be too optimistic, may not get as much as we d ike for house, then other coats, stamp duty, legal costs, estate agent(if we use one,) moving costs and paying back other costs, probably wont come out with as much as anticipated, but still better off doing it. for instance if interest rates do eventually go up, even a little , we'd be screwed, so I wanna get rid of mortgage.

downside is that we have detached house and can play guitar as loud as I like, gonna miss that maybe

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