Poor house purchase decision

PasturesNew

Keep the house, get in a nice quiet and agreeable lodger, then use the lodger money to rent a room in a shared house "where the action is" and go there at weekends and when you need the action.

Going to/from work is something you do 5x a week - the fact you're close to work means a stress free and easy commute, a lovely morning, back home early. And - minimum commute costs.

Having in a lodger and using that money to rent a room in a shared house "where the action is" means you keep your options open and everything flexible.

You've just made a big decision, buying a house. Now the fear sets in - it's NORMAL. Buyer's remorse can come at any stage. Because of the work going on you've just had a delayed reaction to home-owning.

Make the lovely house your home. Go OUT to party.

blizeH

Thanks Pastures, that's a good shout but I can kinda go and see my girlfriend most weekends if I wanted (although we take it in turns) so I already have a place to stay for the weekends I think actually what you said makes a lot of sense though for sure, I'd kind of have the best of both worlds then, although in the long run (maybe in a year or so) I would like to make the move permanent which is why I'll do my best to keep preparing for that time, and will try to save as much cash as possible for when the time comes!

The lodger idea is a very good one too, financially, and a couple of my friends really want to move in, but not quite sure I fancy it right now, wouldn't rule it out though...

tawse57

blizeH wrote: »

Yeah it does seem a little off posting all of that here, seems quite cynical and honestly maybe a little bitter (even insulting) too. You may be right, I don't know, but right now I'm really happy (and optimistic, which is rare for me!) so couldn't care either way.

Not sure I should have to explain my reasoning here, but I was very close to moving to London (or Bristol) before anyway, since there's so much to do and I'm a huge Chelsea fan (would love to go to every game) but decided I liked my job too much to leave it right now, but without a doubt, if I lose my job for whatever reason that I will not want to live here. I need to prepare for that possibility.

Not cynical, not bitter - have a gorgeous emotionally intelligent and physically stunning partner - but if you take it as being insulting then so be it.

You have misunderstood my post, have read things into it that you want to see and which are not there.

I told you that your girlfriend might be the love of your life and the two of you might be together for decades to come... but it is highly unlikely isn't it at your age... and you sound like a man who, at that point in the thread, was talking about going to London to chase after his girlfriend... Only now you come out with all the stuff about loving Chelsea and wanting to be in London yourself.

Go and learn the lessons yourself.

GDB2222

25 is not really that young, you know.

blizeH

tawse57 wrote: »

have a gorgeous emotionally intelligent and physically stunning partner

Same here dude, aren't we the lucky ones?

But again, I have no idea what it has to do with this thread. Thanks so much once again for everyone's advice and feedback by the way, have decided to continue saving instead of overpaying and just see how things pan out. Will be spending many a weekend in London to get a feel for the place too.

PasturesNew

GDB2222 wrote: »

25 is not really that young, you know.

It is, but you don't realise that until you're 40.

mark5

PasturesNew wrote: »

It is, but you don't realise that until you're 40.

Your giving your age away now PN!

PasturesNew

mark5 wrote: »

your giving your age away now pn!

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blizeH

Sorry to bump this old thread, but due to various circumstances (including uncertainty now surrounding my job) it is looking increasingly likely that I may have to move at some point in the foreseeable future.

I want to be as prepared for this as possible, and honestly I think it's looking quite likely that I'll either be doing a) or d) since I'm not a huge fan on the idea of renting (would rather take a gamble on the housing market, silly as that may be! plus if I like it I won't have to worry about moving any time soon) so with that in mind, I'm wondering would my best option be to pay off my mortgage as much as possible, or to simply keep on saving for a potential deposit for another house?

Sorry if it's a silly question, just I want to be as prepared as possible, I've managed to spend a lot less doing my house up than intended so have money left over, and if in just under a years time having £30k less on my mortgage would be more beneficial to me than having £30k more in savings then that's what I'll go for...

BitterAndTwisted

If you've got money to spare over-pay your mortgage by as much as you can afford. It doesn't make sense in a falling market to set saving aside if you think you're going to sell up in the near future AND EVEN THINKING OF TAKING ON A SECOND MORTGAGE IN THE CURRENT ECONOMIC CLIMATE IS JUST MADNESS!