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Craign82
Craign82 Posts: 11 Forumite
in House buying, renting & selling
Hello, I've only recently discovered these forums and this is my first post.

I'm after a bit of advice...
My wife, 2 and 1/2 year old son and I live a comfortable life in our current property. We purchased the house for £250k and have whittled the mortgage down to £143k since 2011. The property is now worth in the region of £430k-£450k, so we have a nice bit of equity sitting in it.
We live in a great area and we are at a crossroads.
The wife is 33 weeks pregnant and moving right now is not ideal. However, a house about 200 meters away has hit the market at an affordable price (£450k-£475k). It is the same floorplan as ours but it has a huge space next to it to extend further down the line. It is also down a quieter road for the kids to play outside when they get older.
We have recently spent a small fortune on getting our house exactly how we want it.

My question is...... do we take the plunge and view/offer for the house we love? Or should we lead a comfortable life paying off the remaining mortgage we have?

We keep changing our opinion. Do we look at it like you only get one shot at life and this new property could help us set the kids up nicely in the future.

Sorry for the huge post but I was trying to get our position over as accurately as possible.

Thanks in advance,
Craig
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Comments

  • luklik
    luklik Posts: 19 Forumite
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    I would at least have a look/view the property first and will consider again later if it is very similar to yours or worth to move to the new one.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    In your shoes, I'd probably hold fire until the kids are bit older - then you'll know what sort of space you might require, and what the local schools will be like at that time. Might want another lounge, bedroom, and extending might be very disruptive and who knows if you'll have another child. Sounds like you've done a great job of paying down that mortgage, so I'd be inclined to keep doing that where possible and consider moving in a few years' time.


    I'd want a bigger garden rather than a quieter road and would want them safely out the back rather than out the front.


    Good luck.


    Jx
    2023 wins: *must start comping again!*
  • Craign82
    Craign82 Posts: 11 Forumite
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    We are going to arrange a viewing.

    It's just the worst timing with the baby due in 7 weeks. If the house hit the market in a year or two it would have been a no brainer.
  • cloo
    cloo Posts: 1,291 Forumite
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    Agree - if you keep changing your mind, have a look and see how you feel. You might find it much quieter and like the light in it etc; you might go in and feel 'meh, it's not worth it'

    You say it has huge space next to it - are you sure that this space belongs to the house? Something worth checking out.
  • Craign82
    Craign82 Posts: 11 Forumite
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    cloo wrote: »
    Agree - if you keep changing your mind, have a look and see how you feel. You might find it much quieter and like the light in it etc; you might go in and feel 'meh, it's not worth it'

    You say it has huge space next to it - are you sure that this space belongs to the house? Something worth checking out.

    Yes it definitely does belong to it. The advert opens with 'With potential to extend to the side'. They currently have patio and a shed in the space and it's within their fence.
    We'll go and check it out I think. Like you say, we may be able to rule it out and then not regret it in 5 years time. If we didn't view it we could potentially kick ourselves as we would have never known. Thanks!!
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
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    You'd need to make sure the "huge space next to" this property actually belongs to the property and can be extended onto it, otherwise your idea's dead in the water.

    Once you've established you own it and can get planning on it, you need to determine whether you have the time, money and energy for this extension project - not every young family does.

    Finally, most houses on the same street and surrounding roads will be of a similar size. Depending on the size of the extension, you risk creating a property which is disproportionate in size to its neighbours and the area: a family sized house surrounded by first time buyer properties for example. This may cause a problem selling it, and besides, every road has a ceiling price, no matter how nice the property. You may not add much value, or even recoup the amount spend on the place, which could be a bitter pill to swallow.

    Personally, I can't believe that merely moving around the corner and building an extension will improve your life as dramatically as you seem to think it will. I agree a new house can improve your life, but if you're keen to move, don't you want to be a bit more ambitious than a few doors away?!?
  • mysterymurdoch
    mysterymurdoch Posts: 139 Forumite
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    What's really negative about your current property?
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    What I want to know is if this property with the potential to extend to the side has so much more to offer than your current property why is it so cheap compared to yours?

    Whenever someone writes either "good value for money" or "affordable price" my immediate reaction is that there is something wrong with it.

    Also I have seen estate agents details with "potential to extend" written on them for properties where I know that you would never ever get planning permission or where the space is too small because there is a wayleave for a gas pipe over it or something.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    First step is to find a buyer.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    Cakeguts wrote: »
    What I want to know is if this property with the potential to extend to the side has so much more to offer than your current property why is it so cheap compared to yours?

    Whenever someone writes either "good value for money" or "affordable price" my immediate reaction is that there is something wrong with it.

    Also I have seen estate agents details with "potential to extend" written on them for properties where I know that you would never ever get planning permission or where the space is too small because there is a wayleave for a gas pipe over it or something.


    Good question.
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