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Old 09-25-2015, 11:49 AM
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Default Thinking out aloud.

A couple of years back i helped my son on to the property ladder and i am about to get my investment back,the property we helped with my son has just sold and he has made enough to pay us back and have a little left over towards modifying the home he is buying, the home he as just sold was a new build 2 years ago and only a 2 bed town house but has purchased a 3 bed ex local authority house but it has a good solid foundation and just needs a little updating to which he his partner and their 2 children will grow in to nicely in the coming years,when all is said and done their mortgage will work out close to 10% less than they have now so not a bad return for him and i get my money back to play with else where.

So my plan now is to tinker with 30k in the best way possible for myself and my wife,we had plans a couple of years ago to extend the size of your family home with the intention of upping it's value, we are mortgage free and 30k could do plenty,single story extension to the front to create a much larger kitchen and toilet/cloakroom and a 2 story extension to the back of the house to create open space downstairs living and upstairs it would create a extra bedroom and much needed in today's world a en-suite/walk in wardrobe for the master would easily add a extra 70k to the house value if the housing market stays stable and would be a nice return when we do sell up at some point,being able to do most of this work myself is what makes it possible to get so much for so little.

Biggest problem i have with this idea is i know my eldest Daughter is making plans for next year to move out with our Granddaughter as she longs for Independence/own space and i can understand that as i feel she is finally ready to do so, so that will leave me my wife and 1 daughter at home rattling around with more space than we need,we are far from ready to move that is a longer term plan,we could do all that work and just end up with way to much space to swing a cat.

I like this old house it has been good to us for the past 20 years,it was built in the mid 1950's and has served our family well,leaving the old girl would also mean leaving good neighbors that some we class as family but the thought of extra rooms sitting empty does not seem a option that is viable even though it does make sense financially.

As the thread title say's i am just thinking out aloud....lots for myself and my wife to chat over but i do know she will feel the hide this 30k away from the tax man
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