Big step upwards?

Pinklepurr

Just after some advice from others in a similar situation.

Currently live in a smallish 4 bed detatched and would like a more spacious 4 bed detached but to achieve this, we would have to almost double our 126k mortgage, AND plough all the equity (currently around 150k) in our current home into the new place. There just seems to be a vast difference in price to jump up to the next size property and as much as I would like a larger home, the figures scare the living daylights out of me!

Do we just go for it and think of long term happiness (and huge mortgage) or do we just settle for our current home which is adequate.

Any comments please?

Spendless

What's the reason you need more space? Is it a growing family. Do you have too much clutter and creating space could be done? Is extending instead an option?

Pinklepurr

We have two children and they're growing up so we wanted bigger bedrooms for them and more family living space plus a bigger garden. We don't have lots of clutter. We've considered an extension but it will take up about a quarter of what is already a small garden and a loft conversion, although possible, will not increase the space on the ground floor.

golly99

I know what you mean and it's quite right to be cautious. Any chance you could maybe find a 3 bed which you could extend to a 4 bed and save money that way? We have a modern 4 bed, only 2 of us but not much difference when we looked in our area from a 3 bed-4 bed so got one thinking of the future. Would like a bigger garden and bigger rooms, but also scared of taking on too much debt and the dreaded property crash predictions everybody seems to bring up every year! Would need to spend approx another £100k to get something much bigger with a bigger garden. Currently decorating the house so if we do decide to sell eventually it should be reasonably well maintained and attractive to buyers!

Good luck in your decision!

Spendless

What's your 4th bedroom currently used for? Could that be utilised in any way. Would putting a conservatory on the house/summer house in garden give you more space that you ned, How old are your children BTW?

silvercar

whether you go for it depends how easy you will find paying the new mortgage. we reached a similar point and decided to go for it. We really look forward to summer now as the garden is so much bigger than the old one. Also the children now spend more time out doors as they have room to play.

If you are going to be broke doing it I wouldn't bother, especially as children seem to become more expensive as they get older.

Having done it, we are happy with the decision we made.

mustrum_ridcully

Ask yourself will a larger house, a larger mortgage and less disposable income really make you happy?

Pinklepurr

Thanks everyone!

I can't help but wonder whether we are perhaps being a bit greedy in wanting more, after all, many people would give their right arm to have the sort of house we already have. More space would make us happy, but less disposable income and having to watch every single penny would not! I am hoping that we will know when the time is right.

Ems*Honie

We faced the same choice (although we were in a 3 bed terraced cottage) we spent a very long time looking for a detached bungalow (with a large garden) that we can extend. At the moment we have 4 rooms and a huge garden full of oaks and conker tree's, but the wait for planning is really scary. If we do get planning it will take over a year to do the work because most of it will be done by ourselves. (I draw plans for a living and hubby is in the building trade so it does work out cheaper for us)

I would say to look for comprimise, buying to extend may be the longer harder route, but it should save on the pocket