I've been meaning to write this blog post for days, but I keep getting distracted with various things. Dan and I have been talking a bit lately about the possibility of moving house. Downsizing. When we bought this place three years ago we had to increase our mortgage a bit. But we needed the extra space. With that bit extra we got an extra bedroom for Luke, an office, a classroom, a utility room and a garage. Lots of space. But now the value of the houses has risen substantially in our area. Now we could literally buy our old house back with the profit from this one and live mortgage free. So, in my head I am wondering would it be worth downsizing to be mortgage free? What is the point of having a big house if one cant afford to do anything? If we downsized we could put aside the monthly amount that we currently pay each month on our mortgage, and do something with it. We could travel, do nice things at the weekends, buy a conservatory or do a loft conversion, or deck the garden, or replace the kitchen, because we could afford to.
So what do you think? Would squashing our family into a smaller house and making the kids share bedrooms be worth it? Or do you think I would go stir crazy?
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Hmmm that's a difficult one to answer. Tom and I are having the same dilemma, thinking about buying a house. We've both made a good bit of money from our houses and could probably get a decent house mortgage free or with a very small mortgage. Or we could get a big mortgage and have the perfect house. We haven't figured out the answer to that one too. I suppose in 25 years you might look back and wish you'd kept the nice big house cos you wouldn't be paying it off then either but maybe then the kids will have moved out too and you'll want to downsize anyway! I think you should just start looking and see what happens cos in my experience, the perfect house find you and if you start looking and nothing seems right then you're in the right place already!
ReplyDeleteWe are mortgage free in a smaller house. I say smaller but it has 4 bedrooms but with 7 kids it does not seem that big and 3 girls share one huge bedroom but it worsks O.K. We manage and the size would not be a factor in us moving on if we decided too.
ReplyDeleteIt is a tough one alright. I would maybe downsize a bit but still to something a little bigger than your old house? I dunno. I think the stress and worry of a big mortgage is not worth a big house. Better to be cramped and happy than spaced out but stressed about money. The question is, would cramped up stress you out more than the burden of having a big mortgage? At least with a smaller house when you all get fed up with being squashed in, you could afford to take yourselves off on a nice holiday!
ReplyDeleteJen x
This really is a hard one. There is good and bad about both choices. I think you just have to think about what will make you happier. Seems that you do like to travel a lot, and having more money to do that with, would be great. Having a big house is nice, but, think about this. No offense, but look how long it took you to paint the rooms. It's just not high on your priority list. You would rather be out and about, enjoying life. I myself would rather have the means to go places, and do things. So, we are staying in the apt. for a bit longer, and spent our money on the van. It couldn't hurt to look into a move, and see what's out there, and what your options are. Whatever is meant to be, will reveal itself to you. Good Luck!!
ReplyDeleteI dont comment here often but as a mortgage free owner of a 3000 sq ft home I can tell you for me having the space is of utmost importance.
ReplyDeleteI was wondering if having a cheaper mortgage would necessarily mean a smaller house? Maybe the cheaper mortgage could be achieved by buying a big house in a different neighborhood or by buying an older home. Size doesnt always determine the price.
Just throwing some thoughts out there for what they're worth. :)
Have you had a look to see what you could get for less money? The house prices have risen, but so have the cost of smaller houses. I'd get a few valustions and then have a good look at what's available. I'd imagine your house would sell quickly.
ReplyDeleteIt could be well worth it.
In my own experience a mortgage usualy became easier to find as the years went on, and my income increased. And I was easily able to increase my payments, and clear the mortgage early., A largish house in a good area is like money in the bank, it increases in value, so that , like in our case when it comes to retirement , you downsize, and have money for an income. But then again who knows wether house prices will continue to rise, it's a gamble. But you'll almost cerainly spend the mortgage money,if you downsize and pay it off, and finish up with nothing exept the smaller house , which you need to live in.
ReplyDeleteChoises, choises, it's a hard life McTavish !
In my own experience a mortgage usualy became easier to find as the years went on, and my income increased. And I was easily able to increase my payments, and clear the mortgage early., A largish house in a good area is like money in the bank, it increases in value, so that , like in our case when it comes to retirement , you downsize, and have money for an income. But then again who knows wether house prices will continue to rise, it's a gamble. But you'll almost cerainly spend the mortgage money,if you downsize and pay it off, and finish up with nothing exept the smaller house , which you need to live in.
ReplyDeleteChoises, choises, it's a hard life McTavish !
Wow, this typing with both hands causes duplication Must be cos I was in two minds about what to advise. LOL
ReplyDeleteI'd go with something smaller in a nice area. I visualize you guys in a rural location, growing the wheat for your grinder!! It's amazing what you can do yourself and A is very handy if you needed help. Roofspace conversions are great for increasing the size of a property (until then in our case, I'm sending the boys to the treehouse for my sanity's sake lol)
ReplyDeleteAnyway, that's my tuppence worth!
I've really got no idea what it must be like to own your own home so can't comment on the mortgage bit, but would like more space as I hate having nowhere to put anything and not being to get away from one another at all.
ReplyDeleteI would chop my own arm off to have my children in their own bedrooms. They fight, the age gaps are too large, and I feel like we can't provide for them because we can't give them a room each. The eldest desperately needs his own space at 13, but by the time we move he'll be 17. He's sharing with an 8 year old, and it's just not good enough.
ReplyDeleteIf I were you I'd have a look round, but keep the bedrooms and only lose the office/utility etc.
Downsize. I live in your town, our current house was our first proper house and a big one. Well, I had a taste of a big house and I can happily say that I can live in smaller quarters esp. if we can be debt-free!! But then again, we will be moving who knows when (depends on hubby's job...)
ReplyDeleteHope to meet you one day soon.
Esthe4r
Hi Esther,
ReplyDeleteThanks for visiting my blog. Are you the Esther I've heard of that lives in our town. I think I left a comment on your blog once?
Thanks to everyone for their comment. We're still talking about all the options at the moment. Might take us a while.
Bree