Moving and the reality

[fourstardan]

Fed of the neighbours and also starting to need more space so I'm thinking about if moving is going to be viable.

Purchase price was 300k 8 years ago, latest estimate I reckon is a sale price of 475k

Mortgage renewal coming up in November.

Ideally to find something with the space/location/what we need, I'd be looking at about 550k on a new property.

-Reservations are throwing all my equity down the drain, this is a lot of my pension no doubt.
-Costs of a move and the aggro/stress.

Interested to see what the PH opinions are.

[Mandat]

Make sure that the facias are already done on the new house, so that you don't have to worry about them for the next 10-15 years.

[Craikeybaby]

You aren’t throwing equity down the drain, other that the £25k you’ll need to factor in for moving costs.

[fourstardan]

Mandat said:

Make sure that the facias are already done on the new house, so that you don't have to worry about them for the next 10-15 years.

Why bother now though

[fourstardan]

Craikeybaby said:

You aren t throwing equity down the drain, other that the £25k you ll need to factor in for moving costs.

Yeh will be high. Stamp is a killer.

[AlexC1981]

At todays rates it will take 10 years to pay off an extra £100k at £1000 per month.

I know that's not how you'd pay it off in reality, but think of the memories you could make if you allocated that £1000 per month for 10 years to fun stuff instead. Infinitely better value than a couple of extra rooms to fill with clutter.

[fourstardan]

AlexC1981 said:

At todays rates it will take 10 years to pay off an extra £100k at £1000 per month.

I know that's not how you'd pay it off in reality, but think of the memories you could make if you allocated that £1000 per month for 10 years to fun stuff instead. Infinitely better value than a couple of extra rooms to fill with clutter.

In ten years I'll be into >100k on mortgage and ten years from retiring (if I make it lol).

The drivers for change might change as well in the next few years.

[omniflow]

Here's my opinion (which is what you asked for).

Moving house could be the right thing to do, based on a combination of factors such as:

Your family situation - married / kids / pets / future plans
Your job - location, security, current and future prospects, any plans to move jobs at all
Your partners job - same aspects as above
Your current home - size, location (general and specific), aspect, potential, any family or other ties to the area, schooling (if relevant)
Your proposed future home - size, location (general and specific), aspect, potential, any family or other ties to the area, schooling (if relevant)

However, moving house could be the wrong thing to do, based on a combination of factors such as:

Your family situation - married / kids / pets / future plans
Your job - location, security, current and future prospects, any plans to move jobs at all
Your partners job - same aspects as above
Your current home - size, location (general and specific), aspect, potential, any family or other ties to the area, schooling (if relevant)
Your proposed future home - size, location (general and specific), aspect, potential, any family or other ties to the area, schooling (if relevant)

[Douglas Quaid]

This is impossible for us to answer really. It’s too personal. One thing I do know is that I have what I consider to be a nice house with good neighbours and a great view from our garden and I feel happy to be at home. If you don’t feel that then you should aim towards it.