The Edcawber Principle

edinburgher

That's a good point SL and one that I try to keep in mind while re-mortgaging. That said, as we still owe c. 86% of the amount originally borrowed, there's little risk of us paying it off any time soon!

When speaking to the mortgage broker, I tend just to ask them for the lowest monthly cost over the fixed period of the mortgage including fees and all other charges that we're likely to incur.

Suffolk_lass

That was very much our focus too when our Son was Miss E's age. We did round our payments to the next £50 up so there was a miniscule (initially) overpayment every month, and at that time, interest rates were beginning to fall so we kept the monthly payments the same, even when they were adjusted by rate falls. We were amazed at how much we had actually paid off after such small changes, when we moved to a much larger house, about 6 years on. I would be interested to hear your deliberations between moving and extending.

Our experience of moving has always been grim, with gung-ho cavalier removers (including Pickfords, who were supposedly the best at that time). And lying buyers and solicitors. A deeply unpleasant experience - every time, with us twice moving within a month of Christmas.

In comparison, I always thought I would prefer extensions or remodelling but we were treated to the inimitable pink dust process (everywhere, including in creases in your skin at its worst), and on one occasion, some builders no better than cowboys (although their marketing and sales department was clearly where they focussed their efforts), at one point going awol for 6 weeks with £45k of our money in their bank. Not happy. I think it may have been the last time I consistently slept through the night - About 17 years ago now. The costs also spiralled to the point where having been through all the pain we had to sell and move (here). So we moved to an area we wanted to live and took the commuting hit. Far enough away to be lovely but close enough for work.

Location.... etc

edinburgher

SL - wrote a mammoth post but fell asleep and the computer ate it! :eek:

Moving vs. extending

Current area is quiet (bar the odd bit of drunken ****hole behaviour in summer), safe and accessible. DD's school is at the end of the street, we have plenty of shops and services. Plot/garden is relatively large for the area, but all the houses are boring pebbledash boxes. Could nearly treble the floor space of the house without falling foul of planning legislation. Currently 3 beds, one public, one bathroom.

Extending would seem to be more cost effective (we owe c. £160k on a house that's probably £230k ish, but could only borrow another £50k or so if we stay put). £50k would not pay for a decent sized extension, perhaps a single story rear extension for a kitchen/diner and a new kitchen and toilet.

We'd like 4 beds or 3 beds and two publics, a shower room, utility room and large kitchen diner. To do this, we'd need to add a bedroom/public, the shower and utility rooms and double the size of the kitchen. This would be expensive, low six figures minimum and we'd probably need to level the back garden to do so. Even with greatly improved cashflow, £50k will be very hard to save up. We're not the most patient and I can't see us saving for 6 years to extend.

Moving would get us the modern house experience (i.e. 3/4 beds, utility, 1/2 publics, 2+ bathrooms), but would add £130k onto our mortgage and would have us in a more remote area (say somewhere like the **** end of Newton Mearns, great school but 3 miles from a station). Moving to Glasgow would be an option, but schools aren't great and DD is showing all the signs of being a clever child

So extending would be perhaps £20-30k cheaper, we could theoretically have slightly more space, the layout would be a bit wonky, we'd have to put up with the upheaval and the current area is better.

Put like that, it sounds like we should move, but it seems like a big upheaval. We like DD's school, although I'm sure that at 4.5, she will have plenty of time adjusting to a new school?

£88.20 paid off a CC.

edinburgher

£927.54 paid off a CC, Mrs E no longer has a balance

beanielou

edinburgher wrote: »

£927.54 paid off a CC, Mrs E no longer has a balance

Well done to Mrs E
Is her new job going well?

edinburgher

beanielou wrote: »

Well done to Mrs E
Is her new job going well?

Yes Beanie, she feels like she's making herself useful and is getting to know the lay of the land. I think she finds it a little lonely as she's a solo practitioner in her office, but that's pretty common for information workers. She's a sociable sort, I'm sure she will get to know more people in time.

Happy Hogmany!

beanielou

edinburgher wrote: »

Yes Beanie, she feels like she's making herself useful and is getting to know the lay of the land. I think she finds it a little lonely as she's a solo practitioner in her office, but that's pretty common for information workers. She's a sociable sort, I'm sure she will get to know more people in time.

Happy Hogmany!

To you too

edinburgher

I remember Hogmany when I were a lad as a drunken and slightly depressing excuse for one final drinking session to see out the old year. I greatly prefer the newfangled version, with lots of hugs, quiet time with my wife and daughter and maybe one or two drinks before making it to bed seconds before the bells, waking up clearheaded the next morning

We went to visit friends last night, a nice wee evening surrounded by babies and preschoolers. All going a bit mad, but we had fun (and a Chinese takeaway) :drool:

DD had a lie in this morning and we're aiming for a quiet day. I might go and get milk in a bit, but that will be the extent of the craziness.

Laundry put on, meter readings sent and £349 paid off a CC :T

Happy new year all!

biglass

Happy New Year!
Just a query re your housing thoughts and hope I don't sound cheeky:p
Why do you want such a big house with just the 3 of you as I recall you're not planning any more children? It's an awful big wishlist with a considerable mortgage to go with it!
If I was young,like you,I'd advise foregoing the big house
and savings for your daughter and do her the biggest favour in her life by moving into the catchment of good schools in areas such as Clarkston,Bearsden or Milngavie,even Bishopbriggs. An excellent education will serve her more in her life and she will benefit from the friendship of peers with families of similar values to your own.And I'd advise not leaving it too long to move schools for her sake socially-everyone remembers the new kid in school.
Hope you don't mind me being so forward!
I wish you all the best for 2020

edinburgher

No offence taken biglass - we're already in Giffnock - but you can barely swing a cat in our house!

In essence, a 4 bedroom house is a 3 bedroom house unless you absolutely have to have the rooms (small bedroom 4 becomes space for computer(s), storage and a desk for work/children to do their homework at. So basically we'd end up with a spare bedroom. I don't think that's wildly demanding. We've never been able to have family members or friends stay over, or even to host a meal beyond a casual buffet where all the weans drop food all over the living room carpet

We're not big travellers, we don't have expensive hobbies and don't have a flash car. It would, however, be nice to feel like we had plenty of space for entertaining that we feel is left to everyone else to do.

That might sound silly, but cooking and spending relaxed time with friends and family is a big deal for us.

All we're looking to add beyond potentially a bedroom is is an extended kitchen diner, another bathroom and a utility.

I know it's far too early to see how it will pan out, but another bedroom (or public) would allow DD to have some private space if she chooses to stay with us through university/early career.

First world problems, eh?