Buying my first house way larger than I need today

g000444555

I am a first-time buyer looking to buy a 4+ bedroom house. I only need one of the bedrooms today because I am single at the moment, however, I am thinking to buy the bigger house because I can afford it and because it could serve as a family house should my situation change down the line.

While I am single and don't need the rest of the three bedrooms I could still utilise them by renting them out. I have shared a house with other people while I was a student and I don't think it would be an issue. Worst case scenario I will have three spare rooms for occasional guests and my house will be an occasional party place.

Would you agree with my approach or would you advise otherwise? Is there anything that I should think twice before going for the bigger house? I know that a lot of people are upsizing and downsizing depending on their situation, however, my thought is that a house needs a lot of investment in terms of time and I would rather go for the bigger house saving myself from the hassle of upsizing in the future.

Skiddaw1

If you can afford it, why not? As you say, you can get an income via a lodger or two and as you've lived in shared houses you know the pros and cons. Could be rather fun actually.

g000444555

If you can afford it, why not? As you say, you can get an income via a lodger or two and as you've lived in shared houses you know the pros and cons. Could be rather fun actually.

That's the kind of a reassuring answer I was looking for! Thank you.

Skiddaw1

Only issue I can think of is whether you'd need an HMO license if you have 2 or more lodgers. Sure someone more knowledgeable than me will be along soon....

elsien

And a cleaner.

G_M

See

* Lodgers: advice & links for landlords & lodgers

If you plan for 2+ lodgers, also research HMOs.

https://www.birmingham.gov.uk/info/20175/private_housing/476/houses_in_multiple_occupation_hmo


Housing Act S 254

Mojisola

g000444555 wrote: »

I am a first-time buyer looking to buy a 4+ bedroom house. I only need one of the bedrooms today because I am single at the moment, however, I am thinking to buy the bigger house because I can afford it and because it could serve as a family house should my situation change down the line.

Don't do it just for that reason - you may find a future partner would prefer to start a life together in a house he/she has some input in choosing.

If you want the larger property to bring in money now through lodgers or you see it as an investment or just the kind of place you want to live in now, that's a different decision.

steampowered

I think you should buy a house that meets your needs for the next few years.

It doesn't make sense to buy a 4-bed house just because you might need one in future.

You might want to live somewhere else for any number of reasons - e.g. to pursue job opportunities, because your partner wants to live somewhere else, to get into a good school catchment area etc.

Davesnave

I don't recall my wife-to-be being too upset when she learned I had a 3 bedroom house, but perhaps they were different times.

I'm not complaining either, but all she endowed me with was a rusty Fiat and a border collie!


When we moved on, neither of us really got the house we wanted, but often one settles for the best of a medocre bunch and focuses on other things.

Mickygg

It’s a tough one. I bought first house 2 beds, second house 3 beds and then third house 4 beds. I was in different minds on each in different circumstances and with a Different partner in each.

You could get together with a lovely partner who doesn’t like your house choice!

I say buy for now but with room for some growth so a 2 or 3 bed. Buying 4 beds when you currently only need 1 seems excessive. Having lodgers comes hand in hand with issues.

scottishblondie

I bought a 4 bed house when I lived alone as it had the location and amenities I wanted. I didn’t require 4 bedrooms, but ended up with a study, a craft room and a spare room. After I married and had a baby we were glad of the space.