Move or improve?

thomasross20

I think I'd take on a bigger mortgage to be a tad closer to town and family. Better area is more important than better house.

Job... management is changing, some folk have had the axe, I'd never get the same dosh here as elsewhere. It's been good and laid back for a long time but recently it's been stressful, Key people are retiring and there is a growth phase - lots of grads, plus offices in India & Poland opening - to me it smacks of cheaper labour. It's always been a family atmosphere but folk are so busy now that's dwindling a tad. Undecided (what a surprise)!

octatonic

spark240 said:

octatonic said:

mellowsun said:

octatonic said:

I'd do whatever made the most long-term financial sense, unless you are at a point where you will have no financial worries later in life, in which case I'd whatever gave me the easiest life.

Currently mortgage free and own outright. Moving would likely involve another mortgage, which is fine, although enjoying being debt free.  Easiest life would be staying put, that's for sure!

I meant longterm.
Interest rates are cheap and only going to get cheaper.
You could argue that, taking on another, say, 200k mortgage now would be financially advantageous in the long term.
You have a more valuable house all paid off in 10 years and in 25 years it will be worth a lot more than now and you have more value you can take out further down the line.

Dude. I would question that.....rates look like they will come down, to 0.25 or maybe even zero, but ultimately they will go up, I certainly wouldn't base future borrowing on low rates for the long term.

Which is why you lock it in for as long as you can when things start to turn.
There has been talk of an interest rate rise for the last 5 years and it hasn't happened.
With Brexit it is even more unlikely.
I am betting, in a very literal sense, that interest rates won't go up for quite a while.