Buying my first house way larger than I need today

snickersbars

I was in a similar quandary a year or so ago and went for the 3 bed house as a single person option. I've enjoyed having the downstairs space of a 3 bed house, and can get a bit of extra income from short term lodgers in the bedrooms I don't need - plus the flexibility to have guests stay over. Other than the added space to clean, no regrets so far.

AlexMac

I agree with buglawton

buglawton wrote: »

Buy high as you can the first time and you will make as few chancellor-enriching stamp duty payments as possible. ...I bought detached 3 bed as first house while single and let rooms out to workmates for years.

And long term, if your experience is similar to mine, I hope you'll find that property is the best long-term investment. You won't benefit from the crazily high House Price inflation of the late 20th Century and 'noughties, but if you strap yourself for the mortgage costs it will be like an enforced tax-free saving scheme.

Or even buy something to which you can add value; a do-er upper (if you're handy) or potential for an extension, if you are in an area where the uplift in value will exceed the build costs. (our £18k garage conversion to create a new habitable room probably added £60k; but not all areas justify that or an extension) Or try for the cheapest property in the best street you can afford.

On the other hand, a home is for living in, not a savings plan, and luck- being in the right place at the right time - plays a big part. We never consciously set out to make money, but have progressed from a £10k wreck bought in 1975, to well over a million quid in equity, with a bit of sweat and good fortune...

Go for it!

peterhjohnson

It's good to plan ahead BUT you can overdo it. When you start to plan very long-term it can start to reduce your options and you are more likely to be wrong

ThePants999

My wife and I faced a similar dilemma. We did know that we wanted a study, and ideally a guest bedroom, but bought a 4-bed house when we only needed two. What swung it was that:
- house buying is extremely expensive (and stressful)
- the further up the housing ladder you are, the more you benefit from house price increases
- you can always find a use for space

We owned that place from 2007 to 2016, and I'm still satisfied it was the right choice. House price inflation exceeded our mortgage interest rate throughout, so buying a more expensive house than we needed earned us more than it cost us even without accounting for the five-figure costs we'd have incurred if we'd moved again in that time.

caprikid1

I bought a 3 bed when I was single, so I am with the OP go for it. If the new partner wants a house together you can combine and get something great or rent it out. I also had a couple of lodgers, made living on my own more fun and gave me cash to go out, win win.