House lost 50% value, outgrown house, can't move, any options?

ACG

Having a house reposessed and bankruptcy in NI, I do not think you would be getting a house in 2-3 years. You would need a pretty substantial deposit.

I would say you have 2 options:
1) Build an extension,
2) Save up a deposit for a new property (10-15%) and let out this property whilst you purchase a new one?

moneyistooshorttomention

saverbuyer wrote: »

There's this little known part of the UK .Goes by the name of Northern Ireland. Easy place to forget about, I try to forget about it pretty often and I live there.


Prices here dropped 60% since 2007.

Ah that explains it. Thanks for letting us know.

moneyistooshorttomention

When you say you've outgrown the house - does that mean its a one-bedroom house and there isn't a 2nd bedroom to put your children in? Your two children could share a bedroom for some years still before they reach "got to split them age" (assuming they are opposite sex??).

What size is your house?

How many bedrooms does it have?

How many reception rooms does it have? - is it two reception rooms (ie one is a potential bedroom if the house is only one bedroom). If its a one reception room house, then is it a reasonable size through lounge type of reception room and could maybe have a partition wall put up to have a small sitting room and another bedroom?

People I know had two children whilst living in a 2 bedroom house and the 2nd child turned out to be opposite sex and hence they had to have a 3rd bedroom, so they put a partition wall up in the biggest bedroom and created one for the girl and one for the boy and took the smallest bedroom for themselves.

Don't even go there re bankruptcy....that wouldn't be fair to other people to owe them money permanently.....and it would affect your ability to get some jobs/make friends with some people.

ViolaLass

Going bankrupt affects your ability to make friends??!

Bonfire_Bride

ViolaLass wrote: »

Going bankrupt affects your ability to make friends??!

Possibly....interesting theory!

Brock_and_Roll

At the end of the day the OP has to do what is best for the kids - if a bigger place is desperately needed and the only way to get that is to go bankrupt then rent for 6 years or so, then so be it.

Home ownership is not the be all and end all (especially in Northern Ireland!)

amnblog

TiredDad wrote: »

Thanks all for replies. Considering bankruptcy as we hardly have any savings - been told we could be in and out in 12 months and buying a house again within a year or two. Not sure of truth of that.

4 years would be more accurate

Maelwys

ACG wrote: »

Having a house reposessed and bankruptcy in NI, I do not think you would be getting a house in 2-3 years. You would need a pretty substantial deposit.

I would say you have 2 options:
1) Build an extension,
2) Save up a deposit for a new property (10-15%) and let out this property whilst you purchase a new one?

Would letting out the property whilst renting a bigger one be another option; if they end up needing to move before they can save the full deposit?

I'm good friends with a married couple who own a small house in North West Belfast, but rent it out in order to cover the mortgage payments, and themselves live in a bigger rented house in East Belfast...

It would mean the OP not building any equity in a second house once prices begin to climb again, but might get them access to a bigger place sooner. (Assuming that they can cover the mortgage/rental payments OK!!)

moneyistooshorttomention

ViolaLass wrote: »

Going bankrupt affects your ability to make friends??!

Bar a darn good explanation as to why it happened (ie 100% not the persons fault in any way) then yep.....there are people who wouldn't be interested unless it was provably not the persons fault/choice in any way.

ViolaLass

moneyistooshorttomention wrote: »

Bar a darn good explanation as to why it happened (ie 100% not the persons fault in any way) then yep.....there are people who wouldn't be interested unless it was provably not the persons fault/choice in any way.

Would not being friends with such judgmental people really bother you?