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Studio: https://www.voltperoctave.com
Music: https://www.euclideancircuits.com
Me: https://www.jamesrichmond.com
I'd certainly settle in the new job and commute for a few months before thinking about either though.
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.
Studio: https://www.voltperoctave.com
Music: https://www.euclideancircuits.com
Me: https://www.jamesrichmond.com
In the end it didn't make sense for us and we spent money on making the place we'd already got work better for us by extending and improving it. It's added some value to the place and it'll make it easier to sell in the future.
We're thinking of moving out of London in the long term. But our current house is pretty small, so it's unlikely we'd be able to upsize the house without upsizing the mortgage also, at least in the areas we are considering.
Once you are able to move out, you'll be able do so with the most equity behind you.
We're in the process of moving atm. It's going to cost the best part of £50k just to move. Stamp duty, estate agents, solicitors, removals - etc - and that's before considering the cost of getting a new place to the same level of comfort as our current place.
So, if you can avoid moving by extending/converting your current place, the first £50k (or whatever your equivalent number is) of that cost is effectively "free".
Long ago I decided that home is far more permanent than job.
If you move for your job, what happens when a better job comes along that requires another move, or you lose the current job that you just moved for? My "commute" either involved hotels during the week (18mths was the longest stretch) or 2hr (each way) journeys. But it was the right option. For me. YMMV of course.
But I'd advise caution in moving for work ...
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also consider moving locally instead of extending
are your friends on your street or in your town, etc
I'm currently 40+ mins to work in the car. Train station can get me to centre of town in 30 mins if I get a new job in town. If we stay here and get a new house we can be mortgage free, almost. They're a lot cheaper.
Or can move closer to town where there's another rail line. If I stick to old job it'd be a 10 min drive. The train to centre of town would be 18 mins. Mortgage would be more, maybe about £75-80k tops.
Job is another issue. Basically would be looking at a 15-20% rise but nobody really to learn from other than possibly frequent trips to the States to learn off the CalTECH guys. I left my current job once and returned - I can't do that a second time. Friend of mine thinks I'm insane - 60k+ and trips to California, he thinks I should go for it... but I've moved for the money before...
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Having never done the California thing before, it sounds attractive... but those are good points.
The financial aspects are amazing though - on top of base salary I'm looking at benefits to take me up to 70-75k a year which is a lot more than I'm on now. No one overall option that's standing out. Thanks for your input, though.
EDIT - Cali trips are largely optional. Maybe one time she could come along and we could have an extended vacation but largely it'd be just me on work.
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The money is a good incentive I'd agree, although don't forget you'll be paying 40% tax on the extra income once you earn above a certain amount.
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My job is quite dull, pays well enough, I'm good at it, but it's big perk is that it's very flexible in regards to working from home, doing shorter and longer days, plus I get some travel which is nice. Communte is 40 mins and just about bike-able, oh and it's completely stress free and doesn't come home with me...
I could go and do the same job elsewhere and get 25% more, but those jobs are far more fixed.
So I earn enough to be comfortable, and the perks of the job outweigh the extra money I could make elsewhere.
the moving thing is much harder though, even if you like your community, other people come and go. Life can be very different in 1 year time. For me I need the following boxes ticked, good transport links, nice area with good schools, things to do, good amenities and a house/flat with enough space.. If I have all that, then I'd be moving very reluctantly until the status quo changes..