Upsizing property at 50

[anonymous-user]

I'm almost 50, got a good, relatively safe job and decent income, wife also brings in good money. 2 kids, one at university, one in 6th form. Been in our current house for 18 years and loved it, extended it twice and it works great for us but the medieval town we live in has become overrun with incomers (from north London) and if I'm honest, starting to become a bit chavvy.

So we are thinking of moving to to somewhere quieter in a similar area, more towards Cambridge. We currently live on the outskirts. This will mean selling our current home, worth about 600k and upsizing to 750-800ish for what we want. We can afford the mortgage but I'm worried about extending ourselves at this point in our lives. I have about 67% equity, including our second home so 830k ish capital.

Common PH wisdom is to pay everything off by 40 and retire with 100 BTLs to pay for old age but I'm not there. Pension is strong though so long as I don't die in the next decade. Appreciate personal experiences on the best thing to do from similar oldies.

Edited by anonymous-user on Saturday 23 January 19:19

[2 sMoKiN bArReLs]

Do what makes you happy. At those levels if anything goes wibbly wobbly you have options to mend it.

[2 sMoKiN bArReLs]

Mind you..as a car fan I could think of nothing worse than living in Cambridge

[Big_Dog]

Moneys quite cheap to borrow at the moment As long as you don't buy something too obscure it shouldn't lose money and you can always sell it.
Big plus is you get to live in a better place.

[Bob-iylho]

I moved at 50, from a 4 bed, doubled property size meterage. went from poxy garden to an acre.
Zero regrets.
I'm now looking at trying to get planning on 7 acres and build bigger, love the space,

[anonymous-user]

Answer 1.

Definitely do what makes you happy!

It’s very clear in today’s strange times that you just don’t know what’s around the corner, so if the big house is the way to a contented life, then do it.

But, if you’re just thinking a big house will bring you happiness, then I suggest you think again.


Answer 2. I think you know the answer to this.

[andyeds1234]

2 sMoKiN bArReLs said:

Do what makes you happy. At those levels if anything goes wibbly wobbly you have options to mend it.

This...it’s a relatively risk free move.
If everything went pear shaped, it wouldn’t be too painful to downsize again.

[Chris Type R]

I'm in a similar position... above average size house in a cul-de-sac with one child. Mortgage due to be paid off in 5 years (age 50).

Considering adding 350k to the mortgage for a bigger house and much bigger garden, near to the sea and significantly, near excellent grammar schools. Much bigger house than we need in order to get the garden space.

Debating the increased mortgage payments vs possible improvement in lifestyle. Would also be moving to a new area.

[Heroin chic]

anonymous said:

[redacted]

Surely it is a basement and big extension? You have PP after all...

[4Q]

I was happy in my “forever” home, we’d got two years left on the mortgage and I’d just finished building myself the workshop I’d been missing for the last 18 years since I last got divorced. I made the mistake last year of showing my wife a lovely house I’d seen on rightmove and now I’ve got a mortgage until I’m 70 (54 now) and I don’t have a workshop as she’s taken the garage as a gym!! The house is twice the size of our previous one even though the kids have left home and there’s a massive list of jobs she wants doing but the move was one of the best things we could’ve done.

[Austin_Metro]

You posted some architectural drawings of a massive extension recently. I think the comment is suggesting that your latest post is at odds with the previous indication.

Austin.

ETA. It may just be a timing difference - perhaps 50 is a long way off and you are talking of the future?

[Dynion Araf Uchaf]

anonymous said:

[redacted]

I'd be inclined to upsize. From a retirement income POV. The more your house is worth now, then the more you can leverage it by downsizing as you get older to help fund retirement..

He could have 15 years in this 800k house, at the end of that time, it's likely to be worth 900k, and paid off, which means he can then down size to a 600k house and have 300 in the bank, and then at 80, do the same again to a flat at 500k, and have another 100k in the bank.

[Toltec]

Currently have a three bedroom, one bathroom house and building a five bedroom, four bathroom house. Closer to 60 than 50 and there is just the two of us plus dog.

Because we can.

Go figure.

[caiss4]

2 sMoKiN bArReLs said:

Do what makes you happy. At those levels if anything goes wibbly wobbly you have options to mend it.

This and this again.

Moved house 14 years ago to facilitate secondary schools. The original plan was not to increase the mortgage but ended up buying a place at 3x the then current mortgage.

Best decision ever. No plans to move ever. We still have options.

ETA: just realised more like 4x but doesn't change the sentiment

Edited by caiss4 on Saturday 23 January 20:34

[ChevronB19]

wormus said:

I'm almost 50, got a good, relatively safe job and decent income, wife also brings in good money. 2 kids, one at university, one in 6th form. Been in our current house for 18 years and loved it, extended it twice and it works great for us but the medieval town we live in has become overrun with incomers (from north London) and if I'm honest, starting to become a bit chavvy.

So we are thinking of moving to to somewhere quieter in a similar area, more towards Cambridge. We currently live on the outskirts. This will mean selling our current home, worth about 600k and upsizing to 750-800ish for what we want. We can afford the mortgage but I'm worried about extending ourselves at this point in our lives. I have about 67% equity, including our second home so 830k ish capital.

Common PH wisdom is to pay everything off by 40 and retire with 100 BTLs to pay for old age but I'm not there. Pension is strong though so long as I don't die in the next decade. Appreciate personal experiences on the best thing to do from similar oldies.

Edited by wormus on Saturday 23 January 19:19

I’m in the process of moving from a 220k 3 bed just outside Penrith, to a 325k 6 bed farmhouse just outside Carlisle.

I’m 49 and ‘earn’ (moot point) 68k, wife is 50 and earns (definitely!) 23k. We’ve taken out a mortgage of 180k for 14 years, but I will certainly try and pay down as much as possible as I’m not keen on the idea of working in my 60’s. I don’t have life insurance, although work will stump 50k if I keel over. As my wife doesn’t earn enough to sustain the new house I’ll take put life insurance (which won’t be cheap due to smoking).

50 isn’t old, but I (personally) wouldn’t take put a mortgage term that goes beyond 65, no matter how good my pension is (in my case circa 38k per annum).

[anonymous-user]

I'd be very nervous about extending your borrowing right now. That secure job may look a little less secure by the time this stshow sorts itself out. I thought I'd joined a company that would see me through to retirement around a decade ago. I am re-applying for my job in March. By August, I may be on garden leave.

But I'm very risk averse and don't covet large houses. When I had a chance to upgrade a few years back, I stayed put and bought something to rent out. The rental house is 'better' than the one I live in.

[Thebaggers]

Go for it. Secure a long term low rate mortgage, good 10 year deals are available and will give your predictability with facility to overpay when you can.

If you dont do it now the gap to moving up will only be accelerating and it will become more difficult in another year or two.

Having more space around you in a nicer location is a huge mental health boost; important these days!

[Coxey]

Just upsized at 58 was mortgage free but not now really happy we did it

[Simpo Two]

wormus said:

We can afford the mortgage but I'm worried about extending ourselves at this point in our lives

You may have answerered your own question. You can't predict the future and I'd rather pitch the house slightly low and have spare cash, then pitch it too high and run the risk of something not going to plan. Quick test - could you cope with the big house if one of you lost your job?

[Flooble]

I would echo the comment someone else made in passing though - moving nearer Cambridge moves you nearer the disaster that is the road network around Cambridge. It's like a giant festering sore in the middle of the countryside with tentacles all the way out from Cambridge itself. Every morning traffic backs up for miles on every road into Cambridge, all the way out to places like Sawston or Grantchester.

If you buy anywhere round that sort of area, be sure you don't want to go out between 0730 and 1000 and try not to be on a main road.