Should we move?

[dannyandjack]

We are a married couple with 2 children in our mid 30's and currently live on a housing estate (part council part private) with a mortgage that has less than 8 years left to run. We have been living in the same house for 11 years (the only house we have owned). Although the area is ok we can afford to live somewhere better. But to be able to afford to do this we will have to increase our mortgage term to 25 years. Every house owner wishes they could be mortgage free and we could be in less than 8 years. But if we move then it will be another 25 years. So should we stay and have no mortgage or go and live in a nicer area and be laden down with a mortgage for another 25 years.

[oldwoman]

People make a community, so if your neighbours are alright thats better than any nicer area. So called nicer areas have there share of yobs etc.

[cascarelli]

Really depends on the price of the new house you might buy and how much you'd get for yours. A new mortgage doesnt have to be over 25 years.

Are you happy where you are?

[kwicky]

Every time you move house you lose money down the drain.

1. Estate agents fees to sell your property
2. Solicitors fees for buying and selling
3. Moving fees
4. Refurbishment of your new property
5. Stamp duty
etc

As all this may exceed �10,000 you probably need a better reason than just a whim or urge.

[parkesquay]

Oldwoman has made a good point as has kwicky.
One thing to bear in mind is that even if you move to a newbuild estate in a good area that estate will still have up to 35% of it designated as 'affordable housing'.
If you are going to move to a better area for schooling, commuting etc these are sound reasons for so doing. Assuming that your income increases and you remain in work then any increase in mortgage will quickly be offset and don't forget that there are tax advantages in having a mortgage.
I am now going to say something totally 'Off-the-wall'.
At your age and wanting to get the best future life for your family, why not consider selling up and emigrating say to OZ where you really will get value for money.

[CSG2306]

Hi folks,

It all depends on the housing market.

Ideally you should move house every 3 -5 years, i.e. if the market is favourable. However in your case, because of your age and circumstances I would advise against this.

If you really want to "Better" yourself, then do it now when you can, you wont regret it.

Regards