Buyers- are u buying for current or future circumstances?

sterl1ng

Currently in 1 bed looking at 2 beds should we start family in couple of years though a small part of me cannot help by paying extra 40k for an extra room (though hoping to get lodger) might be bit waste given not living in the now but more future?

HiToAll

We bought for the future 6 years ago before we had children or ever thought about having children. Bought a 3 bed semi for just the two of us which we are still in now. Have another on the way in a month or so so will be moving again probably at the end of the year/start of next but was worth having the extra rooms at the start so didn't have to move more often.

Desperado99

Well, yes but.......... you don't have to use it/not use it as a spare bedroom in the meantime, it could be an office/study or as is the current trend a 'man-cave'

martinsurrey

I bought what I thought I would need in the mid term, but could make use of now.

and yes that includes a man cave, which is under constant threat by a barrage of excess shoes and handbags (not mine btw)!

HiToAll

Yes we had one as an office and one as a spare bedroom/xbox room. Sadly all that has gone now and i now sit in a nursery with a small desk in the corner.

sterl1ng

So my first thought was nursery for second bedroom but then office for OH in meantime but now thinking good idea to get in lodger (have never done that before so goodness knows how we get on) as be good to chuck in more money to mortgage

Perelandra

An extra 40k would cost an extra £6,000 over three years in interest at 5% (roughly!). How would that compare with the cost of selling and rebuying when you wanted to start your family? (Stamp duty, buying fees, moving costs etc).

Also, would the extra £40k put you under financial pressure?

princeofpounds

Since when is one extra bedroom a waste? It's not a particular extravagance to have one flexible space. It will also save you some money if you don't have to move for one extra child, although of course it's a bigger mortgage.

If it's well within your means, I'd encourage you having one spare room.

sterl1ng

Perelandra wrote: »

An extra 40k would cost an extra £6,000 over three years in interest at 5% (roughly!). How would that compare with the cost of selling and rebuying when you wanted to start your family? (Stamp duty, buying fees, moving costs etc).

Also, would the extra £40k put you under financial pressure?

Not really but obviously if 1bed I'd be much more comfortable but only down side is moving again onto potentially higher prices for two bed in say 5yrs time. London prices don't generally decrease

R_P_W

Buy a two bed if you can afford it!

Edwardia

My mother was a bit of an amateur property developer when I was a kid and she felt two things were important, location and max space for the money.