Move or improve??

[GoGo_dancer 10]

We bought our first house 4 years ago after renting for a few years. We got a good deal on an old 2 bed semi-detached in a good area and it needs a fair amount of work but the idea was that was could take our time and grow into it as a family. We bought the house for £80k and got a 20 year mortgage deal.

 

Our personal circumstances have now changed and family isn't on the cards for us. We've already put a lot of time and effort into the house and we are happy here but there's still a lot to do (big jobs like a new roof and the massive garden needs landscaping)...problem is the house now feels a bit too big for just us, we don't use half the rooms and we're realising that we're spending a lot of time, effort and money on the house but we'll have no-one to leave it to. Part of us wants to stay and continue making it the lovely home it could be and use it as an investment for our retirement, but part of us is thinking we could switch to a small, modern flat that doesn't need any work and we could spend all our disposable income on nice holidays! It's a tempting thought!

 

What would you do?

[POUNDSWORTH 12]

I would get an updated valuation on the present property (as it stands),and work from there.

[geared 317]

Flats are expensive for what they are, and if you're current places only stands you at 80K (plus refurb) then I can't see a nice flat being much, if any cheaper.

 

If you market a house thats half done, or clearly needs abit of work then it will be a pig to sell and you'll either have to wait ages or drop the asking price to get a buyer.

[Evei 10]

Everyone I know has had dreadful problems selling a flat, they do go eventually though, on average it is over a year and they have to take the offer they get, so you could get a bargain

 

Depends on how mobile you want to be in the future. The other thing to think about is in 20 years you will own your house outright and will have done all the work on it so should be low cost to maintain when you are in retirement. A flat normally has yearly service charges which are not cheap and the improvements are normally paid by all the owners, so you could still be paying out even when you are not working.

[GoGo_dancer 10]

Hmmm, I've been looking on Rightmove and thinking a small bungalow could be the way to go, if we decide to switch that is. Then we get a bit of privacy and outdoor space, and I would imagine they hold their value better than flats.

 

I guess a valuation would be a good idea to see where we stand and work out what our options are.

[Starchitect 10]

With regard to your main question as to whether you should stay and create the house of your dreams; or move out and travel the World, this is a decision only you can make as only you know your priorities in life and what you want from it!

 

However, whether you chose to stay or leave it may be worth approaching an architect to either suggest alternative ways of using your existing space if you chose to stay; or helping you best prepare your house should you chose to leave and travel the World.

 

For example a colleague of mine engaged an architect to obtain planning permission for an extension to her house in order to increase its value when selling.

 

If you obtain a valuation both before and after the planning permission is obtained, you will be able to gauge the added value of the architects designs.

 

Lastly, as the point has been raised about selling your house in its existing condition, it may be worth consulting a local estate agent who should be able to offer you advise on selling as is, bringing the house up to a habitable standard or completely upgrading the major elements you discussed - roof & garden etc.

 

Whichever option you decide upon, do let us know how it turns out.