Am I mad thinking this or...

20vt-rs

Hi all,

Need a check on my sanity please

Currently living in a 3bed semi, happy there fair amount of space but garden isn't that big, our little-un could do with some more run-around space though!

Completely un-planned we drove past a new development yesterday and popped in, to our surprise we both fell in love with a house there and it ticks all the boxes. Closer to both our work places, closer for main routes and good schools that side of town (We both have always said we weren't going to move again!)....

But now we are thinking about it, current home is 50% LTV and mortgage free in approx. 12 years. To move we'd be doubling our borrowing and back up to 25 years (Unless we look into HTB maybe as an option to keep affordability down and Overpayments up).

Both late 30's, so if we do it this will be the last time.

Scary doubling mortgage and going back to 25 years after paying hard for 13 years.

Are we mad to do this? I am usually sensible!!!

Is now a bad time to be buying a new build? Also need to look into the HTB a bit more I think, we have around 25% deposit with equity in our home for the new place it we did it and savings to move.

Head buzzing right now with stuff! :think:

arbrighton

Are there parks etc near to where you are now?
What are schools like where you are?

Would you prefer more space and a shorter commute but bigger mortgage payments or being closer to being mortgage free and comfortable?

bouicca21

You are but a stripling. I took on a big new mortgage in my mid forties. Never regretted it. Better house, better area. Mind you I personally am not keen on a new build.

It's all down to what you want out of life. Mortgage free in your forties means spare cash for other things. A bit more struggle now might pay off longer term and soon ease out - salaries likely to go up? Promotion prospects?

Would you always regret not taking the chance? The answer to that is the answer to your dilemma.

headachesrus

It may not need to be 25 years tho. Littlun won't be little forever, when he or she is ready to fly the nest you could downsize and probably be mortgage free at that time.

Pixie5740

It's easy to get seduced by a show home. Search for reviews for that particular builder as many people have been left angry and disappointed when they eventually get the keys to their new build. Then again some are really happy with their new homes.

I don't think you're eligible for HTB with a 25% deposit. Have you looked at older properties in the same area?

I don't think you're mad for considering moving, just do your homework first.

pinkteapot

You're not mad at all for considering moving, but...

Think carefully before buying a new-build.

Is it detached? If not, look carefully at the design and which rooms adjoin your neighbours, as new-builds aren't renowned for their sound-proofing.

Look on Rightmove at what you can get second-hand for the same money in the same area. You'll often get more for your money by not buying brand new.

Look at the showhome VERY critically. They often use under-sized furniture to make rooms appear bigger (eg small double bed instead of normal double). They're very glitzy and designed to make you look over practical concerns. Eg is there a cupboard that your ironing board will fit in? Storage in new-builds is often an issue.

Not mad at all, but do your research carefully.

giddypenguin

Also with show homes everything is usually 'upgraded' so those fancy glass panel doors, cosy carpets and granite worktops will all cost you much more over 'purchase price' of the house.

Also to mention with new builds is how new is the area? Does it have a reputation yet? How close are you to shops and parks (our new build development is 6 years old or so, and still no parks in walking distance due to a balls-up with the council taking over the land) - not a problem when we moved in, but now with a LO it is a pain to get into the car just to play on some swings!

You may also find it difficult to find a buyer of your current property if completion date is not fixed.

However, fancy house, better schools, are all big pros, along with guaranteed fixtures/fittings etc means low maintenance costs for the next few years...

Jon_B_2

pinkteapot wrote: »

You're not mad at all for considering moving, but...

Think carefully before buying a new-build.

Is it detached? If not, look carefully at the design and which rooms adjoin your neighbours, as new-builds aren't renowned for their sound-proofing.

Look on Rightmove at what you can get second-hand for the same money in the same area. You'll often get more for your money by not buying brand new.

Look at the showhome VERY critically. They often use under-sized furniture to make rooms appear bigger (eg small double bed instead of normal double). They're very glitzy and designed to make you look over practical concerns. Eg is there a cupboard that your ironing board will fit in? Storage in new-builds is often an issue.

Not mad at all, but do your research carefully.

Depends on who builds it. I've lived in a Barratt and a Bovis and have no issues with neighbour noise as the houses are built in the traditional style. Some builders use pre fab wooden units which conduct a lot of noise.

I think new builds get a lot of bad rep, I've not yet lived in a bad one.

Cyberman60

I'd say if you can afford it then do it. Houses are the best investment and interest rates are so low !!

NB: I'd check that the house is in a Tory area for the lowest council tax. I did and I'm now on one of the lowest council taxes in the country.

Is there a supermarket nearby or railway station ? These can also add enormously to the value, up to 15% according to recent reports. I have a station and supermarket within 150 metres. :T

20vt-rs

Thanks for the feedback and info guys, very much appreciated. There probably is an element of being seduced by the show-home here

As for schools, parks etc, there is a park 5-10 minutes walk away up a path that is there already, and schools there are good. The high school I attended is 15mins walk away and is a good school. Its a nice area, this is a new part on it's own, separated from other houses by a trainline, but the other side is a well established area with good rep.

Train station 10min walk and 1 min drive from major road links. I travel a lot for work and once I get off the M/way it's another 25mins. This would be 2-3 which is a bonus!

Tesco and Sainsburys 5min drive away too...

Looking at a detached, so hopefully no noise issues! The builder is Redrow, not having moved for 10 years I am clueless as to what are good and bad. But seeing other friends houses and new estates that I know, I don't have a good impression of some, this estate looked nice and not packed in either yet. I know it's tricky to tell fully as it's not complete, but initial impressions were good.

Will definitely see what else we can get for the money in the same area, and use as a comparison.

One thing we've just thought about is our cat, he's also part of the family and had him since 6-weeks, he's 4 now and not sure how he'd handle a move. Sounds silly perhaps but is a worry, where we are there are fields nearby which he loves, and this side there are main roads close by... Hmmm.

wiltsguy_2

you only live once.....