Stretching selves to buy a bigger house...why??

squirrelchops

Hi, I just wondered how many people admit to over stretching themselves financially to get a bigger house becuase they want it rahter than need it??

It is just something OH and I have been discussing. We were watching a houe buying prog the other day and a couple with grown up children wanted a big 4 bed house which would have still been mortgaged when they could have had a 2 bed and significanlty reduced mortgage.

I don't 'get' it. OH and I have agreed that we won't join the 'must keep upgrading and upgrading to a bigger and bigger house' way of thinking if we don't have need to.

Or are we just being smug for now and we will get caught in this rat race??!!!

Any views on why people go into huge debts for a big house when they dont need it woiuld be both interesting and honest. Thank you

poppysarah

I'm a firm believer in living well within your means.
I'm not a miser but know how to live frugally. As a result I don't have a mortgage. Have never had one.

When I think how I could have bought new clothes every week, gone out three or five times a week, and supped latte like it was water, I don't feel sad at all. My life is very complete!

lynzpower

I actually think there are 2 sorts of home owners.( aside form BTL etc)

Theres the people like many of you out there who think carefully about what you want in a house, buy it, and then stay in it as you are happy there, so why change.

Theres others like me who really dont like getting stuck, that likes to move, and likes the "adventure" of living somewhere new. Im 32 and Ive moved 37 times, albeit many with my parents, who moved for a vaietty of reasons. ( bought houses to do up & sell, moved to get into better school, moved to be nearer the motorway for dads change of job etc)

As soon as I bought my flat really I was ready to sell it and sold it just over 2 years and thats the longest Ive lived anywhere. I may be the extreme here though! My parents have now stayed for almost 10 years in the last house ( downsizers) but they redecorate constantly.

I also think that the whole property !!!!!! thig has a lot to answer for now everyone wants to "put their stamp" and theres this feeling that "everyone" always a new "project" . Anyone can suddently "convert" and "extend" the fact this has become such common parlance in the media, with property really being in the forefront, there is a feeling that homes are more than they were its what it says about "you" rather than jsut somewhere to live.

Loads of factors really to consider society wide about "property" and how this has really changed over the last say 15 years.

vegasvisitor

This is possibly a bit like the other side of the coin....

We've paid off our mortgage, also have a deposit that we could put down on a bigger/better house, but we've just not done it yet. Almost did last year but it didn't work out with the purchase on the house we liked.

I sort of feel like we should upgrade rather than collect money in the bank for the 'future'. Who knows what we'd spend it on. We're 35 so plenty of time to pay of a mortgage if we move. I sometimes wonder if we should bother though, all I want extra is a bit more space (only a little more), and a flat garden and possibly a conservatory. We're an upper quarter villa so we can't stick a conservatory on our own unfortunately.

kriss_boy

poppysarah wrote: »

I'm not a miser but know how to live frugally. As a result I don't have a mortgage. Have never had one.

When I think how I could have bought new clothes every week, gone out three or five times a week, and supped latte like it was water, I don't feel sad at all. My life is very complete!

I think you need to find a balance.

Im frugal with some of our expenditure, taking advantage of free trials, credit card rewards and cashback websites. I haggle all of our bills and shop around for other essentials buying second hand where appropriate.

On the other hand I have a mate whose wore the same jumper every day Ive seen him for the last 10 years (not joking!) and I reckon he could do with spending a bit of money on himself from time to time!!

lincroft1710

Bigger house usually means : bigger council tax bill, more to clean, more to heat, more to light, more to decorate, more to maintain. The increased expense doesn't stop with higher mortgage payments, that's just the start of it.

GDB2222

I think that people still have a worry that house prices are going to steam ahead like they did up to 2007. In that case, you can see why they might stretch themselves now because they fear they will not be able to afford what they need later on. so it is fear rather than greed that makes many people overextend themselves.

A couple on their own probably only need one bedroom for themselves. On the other hand, if they expect to start a family, they may want to plan ahead. Likewise, the couple with grown-up children may want to be in the position to invite the children plus their own families to stay. So they could easily justify (to themselves at least) the need for a four-bedroom house.

kriss_boy

GDB2222 wrote: »

A couple on their own probably only need one bedroom for themselves. On the other hand, if they expect to start a family, they may want to plan ahead. Likewise, the couple with grown-up children may want to be in the position to invite the children plus their own families to stay. So they could easily justify (to themselves at least) the need for a four-bedroom house.

My girlfriend and I are 25/26 in a 1 bed semi, so we want to upgrade in the next 2 or 3 years for a number of reasons.

The fact that there are properties on the market at a fixed price up to 20% cheaper than they were last year is one heck of an incentive to move sooner rather than later!

But like many other people we are playing a waiting game.

GDB2222

lynzpower wrote: »

Im 32 and Ive moved 37 times

I may be the extreme here though!

I do not think many people here will even come close.

morg_monster

I know what you mean, OP, but your example doesn't seem to be a very good one... I know my parents could downsize to a 2 bed house and get rid of their mortgage but if they can afford the mortgage on their current house, why would they need to? They like having a house of that size, they're used to it, they have filled it with stuff, yes they could save money if they did downsize, but that isn't what's important to them at the moment.

My friend's parents downsized from a 4 bed detached house to a 2bed bungalow once their 2 kids left uni. They didn't HAVE to, financially. Now, however, with both kids married and with kids of their own, the whole family can't get together in the one place, one family always has to stay in a hotel for christmas etc. My friend absolutely hates it and her parents wish they were somewhere bigger, but don't want to move again now.

Anyway who's to say what someone WANTS or NEEDS? As a couple, all we NEED is a 1 bed flat, well actually just a studio really! But we WANT to live somewhere with a bit more space, it's certainly not a "need"!!

Edited to add - wow I typed that REALLY slowly!!! lynz's post was the last one when I started...

kriss_boy

morg_monster wrote: »

Anyway who's to say what someone WANTS or NEEDS? As a couple, all we NEED is a 1 bed flat, well actually just a studio really! But we WANT to live somewhere with a bit more space, it's certainly not a "need"!!

You could say that about most things though, fact remains that if people can afford something then fair play to them for buying it.

If someone held a gun to my head and said you must live in a 1 bed Id say "er ok, please put the gun away".

However I really do need a bigger place.... I want my own pool table you see