What Would You Do--big House Big Mortgage,or Smaller House And Small Mrtge?

advent1122

You are still fairly young. The bigger the house the bigger the increase in value.

Havent you heard.
There is going to be a massive property crash in the next 2 years and everyones house will lose 40%. (C) Daily Mail - March 2001.

sukey13

You obviously have your heart out for the big one. So go for it. There are always enough rooms to stick bunkbeds in one and get a lodger in if the going gets tough.

I agree with Aunty Jean that in 10 - 20 years time you will be able to downsize and end up with no mortgage.

Always aim for what you want you can always make more money. Have you/partner asked for a pay rise lately. You don't get what you don't ask for.

In regards to them not finding anywhere, getting a move on, etc. You could buy the house and rent it back to them in the short term - 'til they find or sort out where they are going to. Or you could get to exchange, agree less money than the normal 10% and delay completion until they can move on.

At least that way you are secure with the fact you won't lose out on this opportunity which only comes round once in a blue moon.

careless

Good luck with what you have decided but remember that if your children are not yet 6 or 7 they will get MUCH more expensive - school trips, learning an instrument, cubs fees and trips, swimming lessons, orchestra courses, sport clubs etc etc. You can say no but what's the point of that so you can have a nicer house? Sorry that sounds a bit aggressive and blamey but it's not meant to. What I mean is you should work these things out before you take on a huge mortgage so you know what's ahead. Also factor in some interest rate rises too. We stretched ourselves to take on our mortgage without realising how much things can change and with hindsight, we wouldn't have done it. I would advise you to budget carefully and realistically first. The costs to downsize are huge if you decide to change your mind later.
Best of luck.

Sparky29

I'm sorry if you like it but the first house has no "kerb appeal" to me and would depress me coming home to such an unwelcoming property. Needs a visit fom the 'House Doctor'. That wouldn't be worth the two weeks abroad every year for fifty weeks of misery.

Obviously house two is much better but that is why it costs £55K more. Hard decision to make but I would go for the nicer property and struggle for a bit until your husbands wages make it less painful.

lilyann1

You're defintely right about the house needing the House Doctor,it also needs Kim and Aggie and Ground force!!!!
Alot of work and we are prepared to do it, but gradually and i think it needs doing before we even moved there!!!
The bigger house is much more money but we are going for it and just hoping
the vendors get a move on soon

AuntyJean

advent1122 wrote:

Havent you heard.
There is going to be a massive property crash in the next 2 years and everyones house will lose 40%. (C) Daily Mail - March 2001.

They have also been saying that for the last two years. I can only see prices stablising, not crashing but that is purely my opinion.

advent1122

They have also been saying that for the last two years. I can only see prices stablising, not crashing but that is purely my opinion.

Read it again...


We really need a "being sarcastic" smiley.

AuntyJean

Guessed from the date of the article it was a sarcastic comment but in effect it was also a valid one as no-one can guarantee what is going to happen and is something that should also be taken into consideration. I personally went in for a BTL despite all the negatives and am glad I did so. Can't say value of property has appreciated in a year but hope it will overall in next 14.

immoral_angeluk

Smaller house/mortgage definately.