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Upsizing from a one bed flat to a house

245

Comments

  • GDB2222
    GDB2222 Posts: 26,686 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    A pregnancy never works out the way you expect. If you think it’ll take a year to conceive, it’s bound to happen the first time you try. And vice versa, of course. 

    We never had the baby in our bedroom. I don’t know if that was a good idea, but it’s how it was in those days. Our oldest is nearly 40!

    We don’t know what will happen to house prices, but a big drop next year is possible. That means the house you want will be cheaper, but your equity in the flat will be much less. I suggest working as much overtime as possible and spending as little as possible, so that you can take advantage of the drop. Otherwise, you might possibly be posting here in five years time that you have not been able to start a family because you are trapped in a one bed flat.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • GDB2222
    GDB2222 Posts: 26,686 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    By the way, I love the idea that a Moto G7 is a cheap smartphone. It’s the one I have, and it’s by far and away the most expensive phone I’ve ever owned. And, £10 a month, indeed! Ridiculously extravagant.

    YMMV, of course. :)
    No reliance should be placed on the above! Absolutely none, do you hear?
  • savvygirl1986
    savvygirl1986 Posts: 34 Forumite
    Eighth Anniversary 10 Posts Name Dropper Combo Breaker
    GDB2222 said:
    A pregnancy never works out the way you expect. If you think it’ll take a year to conceive, it’s bound to happen the first time you try. And vice versa, of course. 

    We never had the baby in our bedroom. I don’t know if that was a good idea, but it’s how it was in those days. Our oldest is nearly 40!

    We don’t know what will happen to house prices, but a big drop next year is possible. That means the house you want will be cheaper, but your equity in the flat will be much less. I suggest working as much overtime as possible and spending as little as possible, so that you can take advantage of the drop. Otherwise, you might possibly be posting here in five years time that you have not been able to start a family because you are trapped in a one bed flat.
    I think that's what makes it hard to plan is you never know. If I was 20 I wouldn't be in such a rush.

    I've got no problem having a baby in our room for a year as our room is a decent size. Lots of friends have done it and it does seem quite common now. And I never thought we would get on the property ladder so we are lucky to have the flat we have and I'm very grateful. 

     If we were to come into some money to be able to increase our equity and have a deposit to upsize now we would do it in a heartbeat. But need to be realistic.

    Yes that's what I'm doing now doing as much overtime as I can whilst it is still available and we can increase our equity as much as poss which is why the first thing I knew we would do when we saved £81 per month on our mortgage every month when we remortgaged was to still pay that off the mortgage. 

    Thank you for your advice. 
  • savvygirl1986
    savvygirl1986 Posts: 34 Forumite
    Eighth Anniversary 10 Posts Name Dropper Combo Breaker
    GDB2222 said:
    By the way, I love the idea that a Moto G7 is a cheap smartphone. It’s the one I have, and it’s by far and away the most expensive phone I’ve ever owned. And, £10 a month, indeed! Ridiculously extravagant.

    YMMV, of course. :)
    Not heard of one of those before I will have a look when I upgrade my phone in January. 
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    savvygirl1986 said:
    GDB2222 said:
    By the way, I love the idea that a Moto G7 is a cheap smartphone. It’s the one I have, and it’s by far and away the most expensive phone I’ve ever owned. And, £10 a month, indeed! Ridiculously extravagant.

    YMMV, of course. :)
    Not heard of one of those before I will have a look when I upgrade my phone in January. 
    How about just not upgrading your phone...?
  • GDB2222
    GDB2222 Posts: 26,686 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I paid £100 for mine, which seemed like a lot. It’s an old model now, and no longer available. 
    No reliance should be placed on the above! Absolutely none, do you hear?
  • ProDave
    ProDave Posts: 3,785 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Combo Breaker
    What worries me is you have £9K in savings but you STILL have credit card debts.
    WHY?
    Why keep money in savings earning almost no interest while keeping borrowed money in the most expensive form, credit cards?
    This does not bode well for good financial management while planning to take on more debt.
  • savvygirl1986
    savvygirl1986 Posts: 34 Forumite
    Eighth Anniversary 10 Posts Name Dropper Combo Breaker
    AdrianC said:
    savvygirl1986 said:
    GDB2222 said:
    By the way, I love the idea that a Moto G7 is a cheap smartphone. It’s the one I have, and it’s by far and away the most expensive phone I’ve ever owned. And, £10 a month, indeed! Ridiculously extravagant.

    YMMV, of course. :)
    Not heard of one of those before I will have a look when I upgrade my phone in January. 
    How about just not upgrading your phone...?
    It is an upgrade for necessity not just to get the latest phone. I don't have an iPhone as they are too expensive I have a Sony phone at the moment but my phone is on its way out its barely charging at the moment and I will be surprised if it lasts until january so a new phone is definitely required. But I've been looking at new deals ahead of time I'm currently paying far too much at £39.00 per month and this is one of the last bills that I've got to change over to a better deal. I always shop around.  I've found a few deals for £17. £10 per month would be even better.

    I've obviously saved on the mortgage and have just saved £12 a month on my broadband so I'm already shopping around on all of our outgoings to make sure we are getting the best deals. There were slightly better deals for broadband but I need a decent and reliable connection as I'm working from home due to covid so this was the best deal for the service I need. Have just done the same with electric too. 
     
  • GDB2222
    GDB2222 Posts: 26,686 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 3 October 2020 at 10:28AM
    ProDave said:
    What worries me is you have £9K in savings but you STILL have credit card debts.
    WHY?
    Why keep money in savings earning almost no interest while keeping borrowed money in the most expensive form, credit cards?
    This does not bode well for good financial management while planning to take on more debt.
    The OP has already answered that. The cards are on 0%.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • ProDave
    ProDave Posts: 3,785 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 3 October 2020 at 10:30AM
    GDB2222 said:
    ProDave said:
    What worries me is you have £9K in savings but you STILL have credit card debts.
    WHY?
    Why keep money in savings earning almost no interest while keeping borrowed money in the most expensive form, credit cards?
    This does not bode well for good financial management while planning to take on more debt.
    The OP has already answered that. The cards are on 0%.
    Thank you, sorry for being critical. It sounds like they are more financially astute than I thought.

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