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Long story short MrsMM and I have put our spot on the market - in a nutshell, bought and renovated with a family in mind, that has not occurred. It has occurred to us that we do have a chunk of a mortgage with a whole heap of space we do not use = sell, downsize, reduce mortgage, bills, etc = more money for N+1 (and other investments!) and be mortgage free much earlier than current projections...
Beyond the obvious- bike storage 🙂 Is there anything STW downsizers would remind us not to forget about / take into account - worst case, have you downsized and really regretted it?
Space for people to stay when visiting?
Space for people to stay when visiting?
sorry, jfletch, forgot you'd booked to bring the family over 😉
Seriously though - currently we have folk stay 2-3 times a year at the most, it's great when they do - the house comes alive. We'll have at least one decent spare room to host folks and, just like we used to, a decent airbed for the lounge floor, if required 🙂
Is the downsized house near good bike rides? Is it away from Marsden.
Will all your furniture fit? Possibly not a big issue, but you might want to budget for a few new pieces. Is your loft, garage, shed full with stuff in boxes? Where will that go? Skip?! HTH
My customers who downsize miss storage. So you'll have to be brutal on getting rid of stuff.
Hope it goes well MM, I'm sure your next house will end up as lovely and you can always go up into the loft if needs be.
Hi Folks,
Sorry, been a while since I've even lurked!
mt - Marsden residents will no the seeing the back of us - we love the place!
If current plans come off we'll be just 300 yards from or current front door which is 300 yards closer to the local trails 😉
mattromans - we'll need to leave / sell / donate a chunk of stuff - just how much only really dawned on us when a potential buyer asked what we might be leaving...
bunnyhop - yup - bit of a worry, that and the fact we're looking for a garage to house bikes etc... thing is, a lot of the storage space we use is just 'junk' - one or two boxes not even opened since we moved here, simply because they were out of the way and the contents not needed. House we're currently set on is over 4 floors, kitchen / diner in the cellar, lounge on the ground floor, bathroom and double bed on 1st floor, double bed in the attic. If we get it, and have our wicked way with it, we'll be moving the staircase that goes up to the attic so we can create 2 cracking en-suite double bedrooms - oh and, wait until you (hopefully!) see the views 🙂
See you both soon 🙂
Don't forget how much the cost of moving will eat up the release of equity.
Also if you decide to move up again in years to come it will have been a waste of time, so make sure you are 100% sure!
marsdenman
No worries, it's a great place. Good beer and good pork pies. Motorman is great after a beery night when it's open.
So you'll save some money (that you imply you don't particularly need), to be able to 'invest' and/or save a couple of years of mortgage paying at some point in the future?
I'd stay and spread out my stuff more.
as a complete alternative - is it 'annexabale' - ie using the rent a room scheme you can potentially do about 4k a year tax free, so do that and wait for a property recovery (and save buying/selling fees)
Houses are, in spite of the obsession with "investing" in them, spectacularly illiquid assets. So, if you don't need the space (and can't see a need for it) and can think of better ways of investing the cash (i.e. do you think you'll get a better return away from property), then sell.
If you think you might get a better return on that equity in the house, stay put and make better use of the space.
Wow! A lot of effort to do that, are you sure?we'll be moving the staircase that goes up to the attic so we can create 2 cracking en-suite double bedrooms - oh and, wait until you (hopefully!) see the views
I take it you're moving up'thill, good lad. Looking forward to seeing you.
maths wise, are moving costs + renovation costs << price difference?
Oh, how I love this little forum, when it's kicking in with sensible stuff 🙂
Thanks one and all - in a nutshell, we're both 44 shortly. With the proposed move we stand to reduce the mortgage by about 2/3 rds (as well as a steep reduction in utility bills) = quite a saving, whilst also bringing the outstanding mortgage term down to around 10 years, from the current 18...
The move, if it happens, will not release 'we're rich beyond our wildest dream' sorts of money, not at all, just make life more comfortable and open up options...
bunnyhop - yep, back up the hill - opposite where I lived when I first moved here!
Stairs idea seems a touch mad but, as the house needs quite a full renovation anyways we figured we'd set it out how we want it (or, at least get the costs in and decide!) we plan to be there for a while though not 'forever' but, who knows what the future will bring?