am i doing the right thing?

sgun

I don't think you have messed up - you are just trying to do what you can after a tricky time. Is the cheap house in a nice area? Or would you be moving to a house that is way too small in an area that isn't very nice? I would say if the area is nice you might be able to put up with the cramped space but a 65k house woudn't normally be in a great area.

Its really important for a 15 yr old to have space and peace and quiet to work, they only get to do those GCSE's once.

steampowered

Mossfarr wrote: »

House prices are not "pretty flat" everywhere. Prices are rising and properties are moving pretty quick where I live - for the first time in years!

According to the latest figures I can find on a quick google search, the average UK house price increased in value by 1.7% over the last year but fell by 0.9% in the last month.

http://landregistry.data.gov.uk/app/ukhpi

I'm sure some areas that may be outperforming that 1.7%, and some areas will be less than that or may be seeing decreases.

I cant see anything drastic changing income wise over the next two years.

Could you afford a more expensive house on a joint mortgage, perhaps?

If you can afford a better place if you wait a year or two, then you should do that.

If waiting a year or two doesn't change anything, then I think you should just move now to the best place you can afford - and it may well be that this is a 2 bed terrace that needs a bit of work doing, in which case you just have to make the best of it, a bit of a squeeze but the kids will manage.

The problem with your plan is that you suggested selling the property for a quick buck after living it in for 6 months. This is the bit that sounds a bit unrealistic to me - I don't think you will make much profit after moving costs, mortgage fees, solicitors' fees, cost of doing the work etc. etc.

Jberts

Thank you. Its in a conservation area. The house needs two sash windows replacing like for like which are expensive but we took that off the price of the house and apart from that and the damp proof then my husband can do the rest of the work. Which he says is cosmetic really. So yes I think it is the worse house in the nicer area and it is cheap ... There are four terrace houses in a row and its opposite a church there is another house for sale which is bigger along the same street and that is up for £160000. That is a pretty three bed terrace with garden at the back. Ive looked on rightmove and next door which is a middle terrace was bought for 85000 back in 2008 but this was before crash and this area hasnt quite caught up with that yet.


I think your right in saying its not going to be a money maker...unless we keep it longer. But if we moved into it and saved the £400 a month then maybe a year down the line it would break even or be a slight profit. Also we would have paid a year on the mortgage whereas the the 650 rent is just gone.



Yes with the 15 year old. My plan is to let him have one of the two bedrooms and then the other two have the other bedroom but with some kind of temporary division so they all have their own space. That will mean us having a sofa bed downstairs. There are two rooms but at the moment its all one if that makes sense. Divided by french doors. This way the kids can have their own space and I guess as its the adults who are making this decision and want to do this its us that need to be giving up our room...which im happy to do and will motivate the saving to move on.



Its not ideal but it seems doable and if I can manage for a year or so then yes we could at that point get a joint mortgage.

babyblade41

ooh decisions of which all seem pretty tough

If it were me and where you are living now accommodates all of you well especially the 15 year old and due to sit exams , then stay until exams are over

If in doubt do nowt . A 2 bed terrace for 5 is not ideal and by the time you cost in materials and working on it in your partners spare time I see a recipe for disaster

I've downsized considerably very recently and there is just the 2 of us , strapped for space until planning permission gets granted (conservation area so even to change loo paper we have to ask) it's very stressful ..many arguments and short tempers... factor in an adolescent and you may have the makings of a tsunami

I'd wait, wait until you can afford at least a property that can house all of you relatively comfortably and a long term house rather than a shoe box which on the odd chance you might sell for the cost of your materials

For the sake of everyones sanity think about this very carefully ..regret is horrible

Cakeguts

Are you able to do a loft conversion while you are doing it up? I live in a conservation area and we have loft conversions round here. Often you can do something if it can't be seen from the front so a window in the back part of the roof might be fine? If you could do this you might have a house that was big enough for you all. Basically the 15 year old will want to leave home at some time and get their own place hopefully before the end of the mortgage term.

Jberts

Hi, I think your right its just the front part of the house that has to be the same because the back windows are normal double glazed. Im not sure about a loft conversion...I didn't think of that. Im surprised my husband didnt think of that either because he use to work for a loft conversion company. There isn't much outside space and I suppose I imagine in the future having a garden and a bigger home. Not anything like what i had before because im 45 now and dont want a huge mortgage.


Regarding where I am living now. After we had to move from the larger house because the landlord was selling we are now in a three bed semi but it is tiny. The youngest is in our room and the eldest two have their own rooms. Downstairs the two bed terrace house is actually bigger because this here has an open plan kitchen living room with sliding doors and then stairs into the room. It really is tiny and even here isnt suitable. But at 650 a month its not too bad a price and was what was available as we had to move before xmas as landlord was selling. We are not really gaining anything lifestyle wise by staying in this rented house but we could just keep looking out for a bigger rented accomodation but its so expensive when we have moved we have to pay a month upfront and deposit and although we get the deposit back its usually a few weeks down the line. Deposit for here was 650 but at the last house it was 950. Our landlord here seems nice enough and the house is modern but when he wants to come round he always says things like ive got my own key and will let myself in if your not there. Its not that I mind that but its like a constant reminder that its not really ours and it makes me feel a bit rubbish. Hes every right to come and do repairs or gas checks its just how it makes me feel after having my own home before and then having to sell it. Saying that im not sure how im going to go about getting my deposit back if we do leave as he hasnt put it in a deposit scheme or if he has he hasnt let me know. But thats renting and at the time we came here I was just grateful to have a roof over our heads....I know that tennants have rights ect but once I knew landlord before was selling and gave us notice just before xmas I felt crap again overthinking homeless at christmas...... Of course this was never going to be the case but I guess its all this that has lead me to where I am now and maybe my sense of urgency to get something...anything..that is ours. I do appreciate all your comments.

babyblade41

I think if you over extend ie loft conversion, with very little outside space you will be coming out at a loss....more importantly what is the parking like ?

Jberts

There is no parking with the house, so no drive and single yellow line but four doors down the street is ok to park on and as its only four terrace houses and then a normal road with scattered houses its not been bumper to bumper or busy. Also directly opposite the house there are parking spaces which are public and no time limit or permit. These have always been empty when I have been. It is a small lincolnshire town and although no parking with the property it doesnt seem to be an issue.



When I mentioned loft to husband he said the pitch wasnt high enough and didnt think would gain from doing this. Unless we got there and loved the place but I think it would only be a matter of time before we moved on.

Cakeguts

Jberts wrote: »

There is no parking with the house, so no drive and single yellow line but four doors down the street is ok to park on and as its only four terrace houses and then a normal road with scattered houses its not been bumper to bumper or busy. Also directly opposite the house there are parking spaces which are public and no time limit or permit. These have always been empty when I have been. It is a small lincolnshire town and although no parking with the property it doesnt seem to be an issue.





When I mentioned loft to husband he said the pitch wasnt high enough and didnt think would gain from doing this. Unless we got there and loved the place but I think it would only be a matter of time before we moved on.

I was thinking more along the lines of you moving into the 2 bed to save on rent and also to give you time to save more money towards your eventual home. If you could have got a loft conversion in you could have stayed there more comfortably until you had enough saved. That was the way I was thinking.

Jberts

Thanks. We are going to see the house again next week so will take a better look to see if this is a possibility.