Lulabelle's MFW Diary

lulabelle1

Thanks for posting folks, lovely to "see" you!

I'm going to think about what you've said GG (and Ed) - some great advice and definitely something for me to think about. Thank you!

Will be back soon with with my thoughts (ramblings)....

lulabelle1

Back again with my ramblings.....

So, after much thought and consideration, we're planning to buy a new house and rent ours out.

It should make the new house purchase a bit more straight forward with not needing to sell our property. By renting ours out, it will potentially be the equivalent to having two B2L's. On the downside the yield will not be as good as having two smaller properties, so we may end up selling it anyway (once we've moved out) and then using the equity to fund two B2L's and some savings.

Financially we will take back the OP's that we have made to fund a 20% deposit on the new house and leave the equity in our current house.

We'd love to just be content and stay where we are, but we've had itchy feet for a few years, so we've decided we might as well get on with it.

We've found a new build property close by to where we are at the moment and we love the plot that it is on - open space to the front with a "village" green, large pond and park area. Whilst it's not my dream house (which is to live much more rurally and have a lovely garden backing on to countryside - a girl can dream!) it's a perfect home for raising two young boys and I love the idea that the boys can just walk out the from door and be able to run around and play.

It won't be ready to move in to until Dec/Jan (it's just mud at the moment) so it gives us some time to save money towards the movings costs, decoration, furniture etc. Also plenty of time to hash our some new financial goals etc etc.

Long term I don't think we will OP either of the mortgages/properties, but will try and save some money in order to fund another B2L. Ideally I'd like to think that we could try and have 3 B2L's by retirement age all paid for so that we can use the rental income as our own income without needing to pay out on any mortgages.

So, once we've saved enough to fund 3 X B2L's, we can look to start saving and OP'ing the mortgage of the home we will be living in.

Hmmmmmmm - does that mean I can still be on this forum?

Lula xx

lulabelle1

Fed up of the rain..... The boys are happy enough to play with friends etc but it would have been nice to have one or two day trips.

We have tickets for Woburn Safari Park (Tesco club card) but I think we will keep for them for the Summer holidays as it's so much nicer there when the sun is shining, plus we'd be able to take a picnic. Any picnic this week would result in a very soggy behind.

DH will take the boys to visit some relatives today (we're useless at visiting) and I'll be working....yawn.

Tilly_MFW_in_6_YRS

Hi Lula, just catching up. The new house sounds great and it will be exciting for the boys to make it home

Definitely sounds like a good idea to save the Woburn tickets for later - hopefully the sun will return this year.

Enjoy the peace this afternoon when the boys go off visiting.

Best wishes Tilly

lulabelle1

Ok, I've taken the first step and I've updated my signature.....

We've taken back the OP's from our current home and they are currently banked. The OP's will be used to pay the deposit and stamp for the new house. So, our mortgage on this house is back up to £139k. Eeeek.

I anticipate that we will be having a mortgage of £249k on the new house, this gives us 20% equity and means we will get a better deal on the mortgage. Eeeeek Eeeeek.

Seeing the figures in my signature is slightly scary.

lulabelle1

Money Saving things that I've done today:
-Removed electric garage door from the list of planned extras for the new house, cost £530 (prob per door, so potentially nearly £1,100)
-highlighted "upgrade to stainless steel switches/sockets" in red - do we really want to spend £800 to have them s/steel instead of white? Further discussions reqd.
-highlighted "upgrade to full tiling in bathroom/ensuite" in red - do we need the walls to be fully tiled or would the wet areas suffice? Cost for both rooms is £1,100, further discussion reqd.
- Deleted text to friend suggesting lunch today before sending.
- Made do with a white onion for the dinner receipt rather than the red onion as it would entail a visit to Mr S and probably some additional spends.
- Off to do a revised meal plan..... Money Saving Styleeeeeee!

HelenDaveKids

Welcome back Lula. X

lulabelle1

Thanks Helen!

Off to London shortly with DH and the boys.... Planning to go to the Science and Natural History Museums, Hyde Park if there's time and it isn't raining and then early Dinner at an American Diner type place.....

lulabelle1

Survived London..... only just.

This was the first time in two years that we all did a trip to London again... I don't think it will be repeated for at least another 2 years.

We visited the natural History Museum. Skipped the Science Museum and spent some time in the Princess Diana play area of Kensington Gardens. Boys loved it in there and enjoyed it more than the museum etc.

So, lesson of the day - next time I think it's a great idea to take the boys to London, I need to remember that it isn't and take them to the local park instead.

Money Saving - we didn't go in any gift shops, in fact no shops at all. We did eat out, but we limited it to one drink each and no starters or desserts!

Went to look at the new house plot last night on the drive home from the station - Hated driving round the narrow new estate road to get to the plot, all of which had cars bumped up the curbs.

Also - the house that's end of what will be our garden seems to look bigger every time I see it. Not sure whether it's just silly cold feet or genuine things that will irk me and be a problem going forward.

We have a month or so to consider it as the reservation at the moment is just an early bird as it's too early to move forward with an actual res, solicitors, mortgage etc.... we have around 4 weeks before it's proceed able, so time to consider.

gallygirl

lulabelle1 wrote: »

Went to look at the new house plot last night on the drive home from the station - Hated driving round the narrow new estate road to get to the plot, all of which had cars bumped up the curbs.

Also - the house that's end of what will be our garden seems to look bigger every time I see it. Not sure whether it's just silly cold feet or genuine things that will irk me and be a problem going forward.

We have a month or so to consider it as the reservation at the moment is just an early bird as it's too early to move forward with an actual res, solicitors, mortgage etc.... we have around 4 weeks before it's proceed able, so time to consider.

Sorry Lula but that alone would rule it out for me.I won't even buy a small btl on a street that has cars like that .

Remember the mantra - location, location, location.