Anonymous wrote:We currently own a home which is slightly too small for our family as the kids are getting older. We're considering buying a slightly larger home which is significantly more expensive but our dream house of sorts. We'd still be able to save for retirement and college for the kids. We wouldn't be able to do private school, country club, or trust funds for the kids. I realize we're very lucky and this is a good problem to have but still a difficult decision. Middle of the road option is to buy a less expensive house but there isn't any great ones on the market and we risk having to change our kids elementary schools.
Any thoughts or words of wisdom ?

I'm confused. Are your kids in private or public schools?

Anonymous wrote:

Anonymous wrote:I struggle to see how buying the more expensive house is the difference between setting up a trust fund or not. Is the house $2m more than your current house?

Op here - yes, it's 1.5m more than current house.

I find it hard to believe there there is no option in between the current option vs. 1.5 million more and a currently livable house.

Personally, I'd say better outdoor space and a house that works better for your family is worth an extra cost. I wouldn't care about country clubs or trust funds, but it could be worth keeping the option open for private school-- you don't know what issues may arise that would make private the right choice for a particular child.

Anonymous wrote:I struggle to see how buying the more expensive house is the difference between setting up a trust fund or not. Is the house $2m more than your current house?

Op here - yes, it's 1.5m more than current house.

I disagree with pps. I think its important to be anle to enjoy your outside space and that cam be difficult on a main road. Id move!

I wouldn't move. You can make due and your kids won't live there forever. Also, when you are older you may like less space or even want to move then to downsize. I think the best thing you can invest in is your children's futures. I'm not advocating this but my dad grew up in a house with 4 bedrooms shared by 10 people where the kids were only in 2 of those rooms. Your family will be fine.

Your children will appreciate their trust funds. I would not move.

Anonymous wrote:Well, I have no desire to do private school, country club, or trust fund for my kids, so... bigger house?

+1000

especially a trust fund. unless you have a child with disabilities who can't care for themselves they do not need a trust fund.

Word (s) of wisdom:
Money in your pocket is better than money in someone else's.

Advice: We cannot give you advice without more specifics. What's your HHI? Age? Savings? Price of new house? how will it affect monthly expenses? etc.

Anonymous wrote:Well, I have no desire to do private school, country club, or trust fund for my kids, so... bigger house?

This

I struggle to see how buying the more expensive house is the difference between setting up a trust fund or not. Is the house $2m more than your current house?

Op here - unfortunately our current house is on a lot where if we do improvements we may not be able to get back what we put in. It's on a main road as well so it's not enjoyable to be outside.

A cozy house has it's advantages. More closeness. I doubt the kids are negatively affected. A smaller home is more likely to be a "forever home", not too much space when, eventually, the kids leave home. Are you sure you can't stay put?

Build an addition onto your present house.

Well, I have no desire to do private school, country club, or trust fund for my kids, so... bigger house?

We currently own a home which is slightly too small for our family as the kids are getting older. We're considering buying a slightly larger home which is significantly more expensive but our dream house of sorts. We'd still be able to save for retirement and college for the kids. We wouldn't be able to do private school, country club, or trust funds for the kids. I realize we're very lucky and this is a good problem to have but still a difficult decision. Middle of the road option is to buy a less expensive house but there isn't any great ones on the market and we risk having to change our kids elementary schools.
Any thoughts or words of wisdom ?