Would you do this?

stedwell

Thank you so much for all your replies. I could not believe how many there were!! My girls are 9 and 13. They are bickering and arguing and so are we because we cannot have the space we want. They do have their own rooms but one of them is really tiny. Also my older daughter spends hours and I mean hours in the bathroom. (I imagine this will only get worse!) I live on a very good estate where prices are high. However there isn't room to extend in any way. We are detached but with about 10 inches either side and the bottom of the garden is reachable from the house! (Well nearly!) I sometimes feel I am being greedy wanting a better house when other people put up with a lot less than we do but I think what I am trying to do is make my money work the best for me. I have a £50,000 mortgage at the moment. My house is worth about 260,000 so we are in a comfortable position, particularly heading into a recession. I am not a risk taker and if we were to move I would have to add at least £80,000 to my mortagage to cover the cost of moving too. What worries me is the fact it will never be paid off. (We will be too old in 20 years). But i would be lovely to have a house with a hall and room for a table in the kitchen and ..............;)

poppysarah

You need to train your daughter to stay out of the bathroom - that's a horrible habit to get into - could she have a sink and mirror in her room?

Look at the roof space or giving them use of a downstairs room?

If you're not a risk taker then you'd find the whole selling process really stressful at the moment and having to take on more debt seems mad!

In 5 years potentially your eldest could be going to Uni and you'd be stuck with tons more debt and not be able to help her out then when I know you're going to want to.

Learning to get on with people without arguing is such a useful lifeskill that it's worth taking the time to get them to learn it. I don't mean to be patronising by that - I know kids can really argue and fight but it's good for them to do it as it teaches them sticking up for themselves.

Is there a corner downstairs somewhere where the one with the smaller room could have a bit more space? Or look at one of those mega cabin beds that have the desky bit underneath. They're a lot cheaper than moving and there's some nice arrangements you might be able to get to make the most of the room you have.

If they've got too much stuff in their rooms then declutter and give them a bit more space that way.
You could always sit them down and explain why you're not sure moving is such a good idea and that they need to get on better and see if they've got any suggestions for how to make more space in the house you've got. You never know they might have thought of something you haven't!

Best of luck!

stedwell

The roof is not pitch sized so going up is not an option. We have a lounge walk through dining area downstairs that is entered from the front door so not a spare downstairs room. That's why I would so like a dining room or a study! I do agree about the getting on together bit. We are both teachers (There in the open - won't get any more replies now!) so we do do the nuturing relationship bit but room for visiting friends - ours too - would be nice.

poppysarah

Shame if there's no room for a two storey extension - it sounds like you're trying to talk yourself into moving there - big wish list.

You could give selling your house a whirl but these are troublesome times and it'll cost you for a HIP to try the water even. But then the houses you'd like are going to be a big chunk of money on top - unless you rented for a while until prices came down further - that as a plan makes more sense - but again trouble selling right now is the obstacle.

I won't hold it against you that you're a teacher. Some of the most important people in my life when I was teenager were teachers. Now I just sound like a girly swat! LOL

mlz1413

Stedwell you are very fortunate to have a small mortgage and even increasing it by 1.5 times still leaves you well within any LTV figure. BUT can you really afford the extra mortgage payments?

I would set yourself a target to go and speak to a mortgage provider about what the repayments would be on the maximum mortage you think you need. Then put the extra money (that you will have to find every month if you do move) away in a savings account - if you can do that in Nov/Dec/Jan traditionally everyones hardest months then go and look at houses you would like and decide if it's really worth the extra. If you can put away that extra mortgage money for 6 months then you should be fine, but it's not many people who can afford to increase their mortgage by 1.5 times and that seems a awful lot in the current market.

stedwell

I have checked with calculators etc but I will go and speak to somebody qualified before I made any move. The thing is though - by extending the term of my mortgage so much it seems there will be very little change in my payments. That's why I am tempted!

mlz1413

But the interest alone on £80,000 @ 7% is £467pm, regardless of any extended term to repay it.
That's why I said to put the money away in a savings account, most people live to their income you need to ensure you really can afford the increase.

It sounds like you have a really small terrace and want something like a 3/4 bed semi with at downstairs loo, that's not much to ask for and would be ideal if you can afford it. Also you know that in 10-15 years time you can down size again and pay a lump off mortgage - but no one knows what the value of homes will be then so you need to be happy with any financial arrangement you make.

mummyfrugal

Hi Stedwell....

If I was you I'd stick where I was and try and make the best of what I had. Its far less risky than buying and selling at the moment and if you make some well planned improvements it may help (maybe an extra shower or sink area), and maybe a bedroom fit out to make the most of the space in the tiny room, they do these fold out beds that look cool.

I am the eldest of 3 daughters and believe me, we used to fight like cats and dogs screaming and shouting at each other - we lived in a two bedroomed end terrace. No offence meant here but if your daughters have their own room with their own privacy when they want it then they are doing well!!!

Instead of wasting money moving up into a house that will take longer to clean, cost more to heat, more council tax, more bills, and probably won't stop your daughters arguing (no offence again intended)..... I'd spend the money you have spare on having a good time, some holidays and trips out etc. - far more enjoying than all the decorating you will do when you move into the bigger house....and then all the decorating you will do when you downsize again...phew!!

All the best, and have some fun!

Incisor

Stedwell, if you extend, you are just backing yourself into needing to move until after your girls are gone and as your plot is so constrained, even if you could do it, then you would end up with a quite unattractive property AFAICS.

You are looking at moving - and you are possibly unusually thinking 1 step beyond that. The idea stacks up for me because of the time scale in the new house, provided you can afford the new mortgage. You may have problems selling and you may have problems buying from someone who understands the difficulties of selling - but if you don't sell low and buy high, you should be OK. If you can stand the hassle of renting, you may be able to make the move via rented - which will enable you to buy and sell chain free - it should give you a powerful advantage when buying. Plus the interest off you equity should go a long way to your rent, allowing you to save a bit in the meantime.

karenj

Are you thinking of doing this for you and your wife, or for your girls? If it's for the girls, then it seems you are 'giving in to them', i.e. by giving them more space for them, at your expense.

There are 10 years between me and my sister and we lived comfortably in a 3 bed semi, 1 bedroom was a 'box room', but there again, we both had to abide by rules set by our parents.

If I were in your shoes, I certainly wouldn't think of extending a mortgage by a further 20 years if you only have 5 years to run on the present mortgage, for the sake of what? As other posters have said, in a few years time, both girls will either be off at Uni, working, looking to 'rent with friends' or may be even abroad, so what will you have gained except further debt? And what thanks will you get from your daughters?

Sorry to sound so harsh, but in reality it is true. When your daughters are old enough to appreciate money, they too will probably be glad you didn't do it.