Help - should we buy?

Emmzi

Emma, you sound like you are working to justify it no matter what (given number of people who have said it is too expensive). You sound like you are going to go with your heart and you don't actually want to be talked out of it.

Doesn't matter what we think

a) what does OH think
b) what does mortgage broker think
c) do you have a bank of mum and dad fallback if times get grim?

Emma18

Emmzi,

No bank of mum & dad! We are just aware that at the moment we are very lucky financially compared to other friends & family - so I guess we are asking ourselves whether we would proportionately be in the same boat as lots of people are, IYKWIM. and therefore no worse off than the average family.

Yes you're right, my heart says 'Yes' for many reasons, but I've always been brought up to not overstretch and always 'play safe' and don't take risks.....the only thing with this is we wonder if we can ever 'better' our situation by playing safe....?

(OH as bloomin' indecisive as me by the way!)

We are definitely swaying towards a 'no' - just want to make sure that we'll do it with no regrets!

Thanks for your thoughts! I know we'll be glad to make our decision one way or another!

Tiddlywinks

Emma18 wrote: »

Thank you all for replies - they make a lot of sense, I can't deny. You mimic what we are thinking ourselves......it just really is probably a once in a lifetime opportunity....!

Do you care what we all say? You don't really seem to be considering the content of the posts where they might conflict with your dream.... still, it is your life, your decision to live with... good luck.

Emma18

Tiddlywinks,

On the contrary - this morning we were all set to phone tomorrow and make another offer......not so now! We have definitely digested everything people have written or we wouldn't have asked your opinions. It's a massive decision what we are doing, I wouldn't expect to make such a decision without looking at all the pros and cons from every angle. It's hard to weigh up between heart and head sometimes - and as you say, it's a dream (but not a totally unattainable dream!) so how could I dismiss it immediately....? - but I think at the end of the day then the head will win.

Sincere thanks everyone

SuzieSue

I think what really matters is your attitude to risk so only you can make the decision. I am very risk averse and would much rather have smaller house and pay off my mortgage earlier than have a larger house. I have paid off my mortgage and could easily get another one and move to a bigger house and and nicer area, but I don't want to. I like being mortgage free. I could also easily buy a BTL and have considered it in the past, but again I don't want to. I am happy with my lot and would much rather be mortgage and stress free now than wealthier in the future. Admittedly, I don't have children so I don't need to think about investing for them, but I think even if I did, I wouldn't want to stretch myself.

hcb42

I think a mortgage of over 50% of your income is completely foolhardy. You simply cannot afford it, and rates are low at the moment.

£500 a month left over is a very small amount. Is that before or after you make provision for long term saving (not holidays).

My mortgage is 22% of our joint income, and we are looking to reduce it so we are more free, should one of us lose job, get sick or anything else.

MrandMrsB

I do know what you mean OP, because we live in an area that is unique and gorgeous, with fewer than 20 houses and half of those have been ruined / are badly built modern houses. Our neighbour bought a very old bungalow along the road, even though they were only in their 60's, because it is the only lovely single-storey property in this area. Once a person has lived here they don't want to move. Mr B fell in love with the place when a friend bought a house here, and fortunately when we decided to get married one magically turned up.

What concerns me about your situation is that circumstances can change through bereavement, illness, unemployment, etc. On the other hand you might be able to buy it for a bargain price. According to a contributor to Money Box (Radio 4 yesterday) property is now selling 30 - 40% less than the asking price!! I thought that info might be useful! So maybe you could try a very low offer.....

Good luck, Mrs B.

hcb42

I dont think property that is unique and in gorgeous areas is going 30-40% below the asking price though, to be fair. Certainly not where I live, which is also a beautiful village.

Emma18

You may be right hcb42. The property has been on the market for over 6 months, has already been reduced by 20k and has had many viewings. I can't believe we are the only ones interested - it looks like the seller is holding out for the full asking price....

hazyjo

There will always be a better house than the one you're in. I don't think a bigger house or nicer street makes for a happier house. It doesn't even sound like that's the case! f you have enough room or could go up into the loft for more room if needed, I don't see why you'd move. If you were in a horrible area, or hated your house, or were all squished into a small 2 bedder and something came up, fair enough.

Don't underestimate the stress on your kids (and relationship!) when it comes to moving. We had the move from hell this year - will a hell of a lot else going on too. We were at absolute breaking point and I'm sure it affected the health of me and my hubby. No previous moves have been like that for either of us. Don't think it won't affect your kids.

If you're in a happy house now and it suits you, I can't stress enough how important that is - especially for the kids.

If converting the loft won't put you in negative equity, I don't see why you'd worry about getting that money back. Do what suits you now.

Please don't take this the wrong way, but is it a challenge you're looking for deep down? Are you somewhat bored or needing something else/adult to occupy yourself with? Maybe supervising works on the loft would be enough... or maybe you could work part time or from home?

Jx