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Buying New Home, Are We CRAZY?
Swans1912
Posts: 1,658 Forumite
Hi all,
I need an outsiders views on my situation please, thank you
My partner and I are engaged and currently own a house that we bought for £109,995 just over 12 months ago, with a mortgage of £99,500.
We looked at a new build house today and fell in love with the style of the house, weren't amazed by the area but it was OK.
The 3 bedroom house with a SQFT of 1100 with external garage and parking space for a price of £162,995.
We are not expecting to get much interest from the market so would also be looking at part exchange. We are not expecting an amazing part-ex price and expecting the builders to re-look at the guide price.
We've done our budget and with an increase in mortgage etc we are left with well over £600 each month, that is with a very generous shopping budget etc.
Any views? Negative?
I need an outsiders views on my situation please, thank you
My partner and I are engaged and currently own a house that we bought for £109,995 just over 12 months ago, with a mortgage of £99,500.
We looked at a new build house today and fell in love with the style of the house, weren't amazed by the area but it was OK.
The 3 bedroom house with a SQFT of 1100 with external garage and parking space for a price of £162,995.
We are not expecting to get much interest from the market so would also be looking at part exchange. We are not expecting an amazing part-ex price and expecting the builders to re-look at the guide price.
We've done our budget and with an increase in mortgage etc we are left with well over £600 each month, that is with a very generous shopping budget etc.
Any views? Negative?
0
Comments
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Yep, crazy as a crazy fox taking extra crazy pills!
0 -
So you fell in love with a house 12 months ago? And again now?0
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poppysarah wrote: »So you fell in love with a house 12 months ago? And again now?
Agreed however it was within budget, Since then my wage has almost doubled and the partners when up by £10,000.
Been thinking about it all night... if we don't move we need a new kitchen.
Also... the current house is only just big enough for the two of us.... the new house is a perfect size for us plus any family. Trying to justify it aren't I.....
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Oh well, you probably deserve it. Why not treat yourself?
I'll leave you to work out what 'it' is.No reliance should be placed on the above! Absolutely none, do you hear?0 -
You only live once, if you have thought it through properly and the figures all work for you then why not?
If you are asking if it makes good money sense then obviously you know the answer is no right now with the economy and housing market the way it is right now. (This is a money saving forum!)
However, you should probably ignore me, I was just about to delete this response as even whilst typing I was thinking "what the blinkin' hell do I know???"
I read these posts almost daily looking for the answers to my situation.....its never there........but I can always find two people with opposite opinions!!!
( I reckon you'll get an abundance of "you're mad" responses though!!)0 -
Can you afford to buy the new house then start a family and have more outgoings as a result of a baby (or eeek twins,
?) and assuming no disaster befalls, manage on one income if interest rates doubled? No longer half of Optimisticpair
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Just another thought....whats wrong with the house you are in?0
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depends on your circumstances and the price.
everything else is nothing but idle theory"enough is a feast"...old Buddist proverb0 -
You must have saved a shed load of cash with your wage increases - should be easy to upgrade without increasing your mortgage?0
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We looked at a new build house today and fell in love with the style of the house, weren't amazed by the area but it was OK.
Is house in an estate of other new builds? Are they completed and mostly occupied? If you aren't that crazy about the area now, how will you feel about it if it's full of unfinished properties and deserted after dark?0
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