Debating on size!

kasperblue

I'm looking for some advice on purchasing my next property with my partner. We have no debt apart from a mortgage and we are in our early 30's with a combined salary of around £75k






We've just sold our home which was a two-bed terrace and we are looking for a bigger home which will probably (and hopefully) be the last move we need to make for a long time.
We really like a 4 bedroom detached home which is right at the top of our budget at £240k as it has all the downstairs space we would need for socialising and having our families over. My other half is quite emotionally attached and loves the house, I also think its amazing but I'm worried that buying a 4 bedroom detached house for a couple (with no plans to have children) is a bit ridiculous?
The house is reasonably priced as its in a good location so it might be a good investment. I've done the sums and we can definitely afford it but its going to be quite a departure from living in a two bed terrace in terms of running costs which I worry would be a waste.
Has anyone else had this dilemma? What did you do?
Thanks

LandyAndy

My first wife and I did this at pretty much the same age as you (we were 28). 2.5 bed semi in Manchester to large 4 bed detached in Wilmslow.

We never regretted it for a single moment even though it was financially a stretch at first.

Like you we had no plans for children.

silvercar

It's fine. 1 bedroom for yourselves, one for junk and second wardrobe, one as a study/ office and one for guests.

shop-to-drop

Go for it!

princeofpounds

Why is 4 bed ridiculous?

1 room each for you (makes sense for wardrobe and storage even if you sleep in the same room)

1 spare room for visitors.

1 room for recreational stuff (study, den, fitness kit, padded cell... whatever you you want).

Wish 4 beds near me were that cheap.

Running costs I get, but if the house is in good condition, you can manage the heating side of things using room-specific valves, council tax you can't mitigate so much.

Johnandabby

Similar situation we had 4 years ago, when we were 29 - we stretched and bought a 4-bedroom detached house even though we had no children. Then ended up working from home so an extra bedroom became very useful, and the wife has a dedicated craft room which she loves.


Even though we weren't planning to have children due to medical issues, things have really improved recently and we're currently trying for our first child - you never know when things may change for you, so really worth taking that extra stretch if you can afford it.

LandyAndy

silvercar wrote: »

It's fine. 1 bedroom for yourselves, one for junk and second wardrobe, one as a study/ office and one for guests.

That's certainly how we had ours arranged.


It's also that bit of extra space in the downstairs rooms, because they have four bedrooms over them IYSWIM, that makes a bigger difference than you'd expect.

Eejay

My MIL bought a newly built four bedroom detached house about 6 years ago. Yesterday, when I jokingly suggested she downsize and give us the leftover money, she said, "I like living in luxury!" Personally I think her house is horrible - the upstairs floors are so squeaky and it's a characterless box on a massive housing estate, but I don't think it's especially weird that she has such a 'big' house (however, it's probably the smallest 4-bed I've seen). The rooms only really get used at Christmas but I suppose they give her an excuse to buy more rubbish at TK Maxx!

If you like the house and can afford it, then why not go for it? I have a friend who lives in a huge house out in the countryside - five bedrooms with three en-suites, a family bathroom and a downstairs loo! She never expected to live in it alone, but unfortunately due to tragic circumstances, that's what happened. However, she now has one guest room, a library (with an en-suite lol), a craft room and a study, so she definitely makes use of all the extra space The dogs even have their own bathroom (for baths after muddy walks), although she couldn't answer me when I asked why they needed a bidet :rotfl:

kasperblue

Thanks for all the positive replies....maybe I should try and stop being so sensible!!

Horseunderwater

Will you be able to afford it at say 7% interest if the BoE puts up base rate?

kasperblue

That's a good point. Technically yes we could afford 7% if our circumstances don't change but it will start to make things a bit tight! I guess the interest rates are only going to get worse than they are right now. Mmmmm.