to buy or not to buy...

Chelt_chap

To buy or not to buy….

I purchased my current flat 10 years ago when I was single, in this time a partner has come and gone and I now live alone. I am wanting more space and also a garden. I can stretch to a small 2 bed cottage in my local area not much more, I keep on yo-yoing between wanting to move for more space etc and staying put.

I love my current property it is in a great location and is for a modern build in it is a large 1 bed flat. But at the same time I just want some more space.

Also I would like to meet someone and settle down with kids etc, a 2 bed would not be big enough for this and also with a partner (if I meet someone) we could buy somewhere bigger .

If I am tied into my new purchase for a couple of years due to a fixed rate deal and the redemption charges associated with it this would make it unaffordable as would keeping it and renting it out and buying somewhere bigger due to stand duty on second homes.

Under my current circumstance I can afford to move, have significant equity, around 40% of the purchase cost of the properties I have my eye on. They are lovely cottages and will give me the space I want, but having lived in my current home for 10 years I love it too. And what if my circumstances change in the next couple of years…..

Questions, questions questions….

Crashy_Time

Treat yourself, buy the cottage for weekends.

gettingtheresometime

Unfortunately nobody has a crystal ball and tell you what the future is going to be.

In these situations all you can do is make the best decision given the known information.

Make a list of the advantages & disadvantages of moving & staying out and then act on it.

flashg67

Can you look at mortgages without redemption penalties - one less thing to worry about, although 2 years soon flies by!

GDB2222

Chelt_chap wrote: »

To buy or not to buy….

I purchased my current flat 10 years ago when I was single, in this time a partner has come and gone and I now live alone. I am wanting more space and also a garden. I can stretch to a small 2 bed cottage in my local area not much more, I keep on yo-yoing between wanting to move for more space etc and staying put.

I love my current property it is in a great location and is for a modern build in it is a large 1 bed flat. But at the same time I just want some more space.

Also I would like to meet someone and settle down with kids etc, a 2 bed would not be big enough for this and also with a partner (if I meet someone) we could buy somewhere bigger .

If I am tied into my new purchase for a couple of years due to a fixed rate deal and the redemption charges associated with it this would make it unaffordable as would keeping it and renting it out and buying somewhere bigger due to stand duty on second homes.

Under my current circumstance I can afford to move, have significant equity, around 40% of the purchase cost of the properties I have my eye on. They are lovely cottages and will give me the space I want, but having lived in my current home for 10 years I love it too. And what if my circumstances change in the next couple of years…..

Questions, questions questions….

Your reason for not moving is, if I understand correctly:
1. You might have a 2 year fix on the new mortgage with a penalty for early redemption.
2. You might meet some one you like.
3. She might like you.
4. You might decide to have a child.
5. You might actually have the child.
6. You might find the new cottage is too small, once you have teh child. Or, more likely in my experience, the new partner may want a say in the house you live in.
7. You might be under enormous pressure to move again, and this has to be within the 2 years that the penalty applies and cannot be delayed.


You're probably over-thinking this.

conqueror01

How easy will it be to sell the flat* now and in the future... difficult question, but this might be a factor in any decision now.

(*are similar flats selling with ease or not...)

glasgowdan

Buy a cottage that's got scope to extend in future!

Cakeguts

Do you like cleaning, housework and gardening or do you prefer to go out and meet friends in your spare time?

If you have a garden you will have to keep it under control or you will finish up with a jungle that you can't sit in. If there is a lawn you will have to cut it. The bigger the house the more cleaning there is to do. It really depends on how you want to spend your spare time. If you like going out then a flat with a service charge to cover maintenance on the building and gardens is going to be less hassle.