The Three C's - Coffee, Clothes & Credit Cards

Sarahwithlove

So I thought I'd pop on here for some advice and to just write down my thoughts. 

I'm trying to decide if I want to move or stick it out with my current property and just invest some money in it. 

Pros to moving

Move to a house not a flat so more space 
Less maintenance in garden 
No or little work needed to property 
Forever home. 
Could look to rent out spare room for additional income. 

Cons 
Bigger mortgage
Bigger bills potentially 
Moving costs 
Who knows what's happening with economy and mortgage rates 
Bigger house to look after.
Though moving from 2 bed to 2 bed so maybe not really? 
Do I want another lodger? 

Pros to staying 

Smaller mortgage 
Good neighbours 
Big driveway and garden for a flat my size 
Can make it my own if can afford to. 
Location is OK, close to family and shops. 

Cons

Needs new carpets, ceiling in bathroom needs replastering. Window needs replacing in living room, 2 radiators, needs redecorating throughout. Garden and driveway are hard to maintain can't get on top of weeds. 
Damp issue in bedrooms and bathroom needs looking at. 
Don't have money available for all the work so would need to save for it. 
Mortgage deal is coming to an end in June
Service charges 

Im stuck on what to do. I could afford the increased mortgage costs but would tighten my budget alot.

Another alternative is do I remortgage or get a loan for the extra work needed? Money transfer card and just suck it up? That way once work is done I would be happier living in my current property rather than focusing on all the negative. 

I have time off between Christmas and new year and really need to make a list of small jobs to do that week. Then make a start on other Bigger ones and maybe plan weekends to do it. Property would probably sell better anyway if I just freshen up the skirting boards and paint the doors anyway. 

I am much happier with my living room now that I have painted it even if it has that horrid wood chip wallpaper. So will I feel the same about the rest of my flat. Could I accept living here for next say 5 years and focus on paying down my mortgage so I have a bigger deposit at that time. I also wouldn't want to move out of my current area all time my dad is still active and needs my support. So would it be my forever home I move to or would I want to move again in the future. My friends and cousins I see the most all live about 30 min drive away so long term I'd probably want to be closer to them I think. 

Bluegreen143

Looking at your lists I wouldn’t move. You’d spend more on the bigger mortgage than on doing the work I reckon. And when you move you often find your new house needs work done anyway. 

I think if I were you I’d wait, build up more equity and look to move further down the line, especially if you think you’ll eventually want to change area. 

vampirotoothus

Hi first thing I would do is investigate the damp issue. I see you pay a service charge, so if the damp is structural it will be shared by all the properties.
On the note of services charges how much do you pay and how much do they / can they increase by. For me this is now something that needs a lot of thought (personally I wouldn't live in a property with service charges because you don't normally have any control over them or who the building is insured with?. The freeholders make the most of this!
The other thing to consider is do you spend more time with your dad or your cousins / other family, that may help decide location.
Historically house prices have risen more %wise than you can save by growing your equity, so if you are going to do it, I would suggest sooner rather than later. Good luck with your decision making V x

Makingabobor2

I'd stay put and work my way through the diy jobs, as and when you can.  As they say.....better the devil you know.  

Sarahwithlove

Thanks @Bluegreen143 @Makingabobor2 and @vampirotoothus my head says stay but my heart says move. I know logically staying for now is the answer at least and maybe if i do some of the smaller jobs I'll find it easier to live in. Then I can start saving for the bigger jobs. I think I need to get someone come look at some of the jobs that need doing and get quotes. Then I can decide whether or not the cost is worth doing it now or putting up with it until I make a final decision. If I knew I was going to stay here then spending wouldn't be an issue and logistically staying makes sense. Why take on a bigger mortgage if don't need to. If I come into money further down the line due to inheritance then that's different. Or if I get a better paid job which in 5 years is again possible. Who knows. I just like the idea of having a house and maybe it needs to be a future me goal rather than putting myself on a tight budget. I have a nice lifestyle at the moment and I would have to make some sacrifices if I moved. 

Bluegreen143

Everyone’s definitely got their own ideas but I personally don’t believe in stretching yourself to buy a house at the top of your budget, I’d always rather have money to go out, go on holiday or do the other things I want in life. 

We would qualify (based on income and the equity we have) to move to a house worth at least £350,000 now but we’re staying put in our wee house which cost us £155,000 nine years ago. It’s a three bed and so we have no spare rooms (because of having two kids) but we fit in it perfectly and I’m not going to move to get a fourth room or more living space and end up never able to afford holidays or fun. Life is for living in my book, not for sitting at home in your giant house because you can’t afford to go out!

Sarahwithlove

Bluegreen143 said:

Everyone’s definitely got their own ideas but I personally don’t believe in stretching yourself to buy a house at the top of your budget, I’d always rather have money to go out, go on holiday or do the other things I want in life. 

We would qualify (based on income and the equity we have) to move to a house worth at least £350,000 now but we’re staying put in our wee house which cost us £155,000 nine years ago. It’s a three bed and so we have no spare rooms (because of having two kids) but we fit in it perfectly and I’m not going to move to get a fourth room or more living space and end up never able to afford holidays or fun. Life is for living in my book, not for sitting at home in your giant house because you can’t afford to go out!

Thats so true. I can't remember when I last went on holiday and at the moment it's something I could budget for going forward. But in a house I wouldn't be able to. 

Bluegreen143

Some other good rules of thumb I’ve seen to help decide if you can afford to upgrade your housing- would your fixed costs (that’s bills, groceries, car running costs and subscriptions) be over 60% of your net income? If so you’d likely feel squeezed. 

Another rule of thumb I’ve seen is to take your mortgage payment, council tax, utilities cost and an estimate of home maintenance and see if that figure is under 30% of your gross monthly income (before tax). Again the idea is if it’s higher you usually feel your budget is tight. 

Justcrackingonwithit

I've just joined the forum, although I've lurked for ages and I always enjoy reading your diary.  
What a dilemma, its so difficult to know what to do for the best isn't it?  I've just bought a house by myself for the first time, and I was agonising over it for ages, and looked at so many houses.  The house I went for needed/needs work and I'm in the process of having some of this done.  Finding tradespeople can be a nightmare, but word of mouth, asking friends and family, people at work is a good starting point.  I have really stretched myself to my absolute max, and it was something I really struggled with as I now have debt and no emergency fund, but, I love my house so much, nothing compared to it.  So I'm working hard, saving hard and living frugally to try and get myself back on track  It's worth it all when I walk in from work and think, I love it here.

I think your plan of tackling some of the smaller jobs yourself sound a good idea, see if you can do those, and get help if needed and it might help you fall back in love with your home, and then give you time to save up for one last move maybe? My bathroom isn't particularly nice and I'd love a new one, but just can't afford it.  I've given it a really good clean, and added some nice accessories and bought nice new towels and it's given it a facelift, and it doesn't seem so bad now.  I'm also a plant addict, so I've added some plants and it feels a much nicer space, so something to think about.  

Good luck, what ever you decide to do x

Sarahwithlove

Justcrackingonwithit said:

I've just joined the forum, although I've lurked for ages and I always enjoy reading your diary.  
What a dilemma, its so difficult to know what to do for the best isn't it?  I've just bought a house by myself for the first time, and I was agonising over it for ages, and looked at so many houses.  The house I went for needed/needs work and I'm in the process of having some of this done.  Finding tradespeople can be a nightmare, but word of mouth, asking friends and family, people at work is a good starting point.  I have really stretched myself to my absolute max, and it was something I really struggled with as I now have debt and no emergency fund, but, I love my house so much, nothing compared to it.  So I'm working hard, saving hard and living frugally to try and get myself back on track  It's worth it all when I walk in from work and think, I love it here.

I think your plan of tackling some of the smaller jobs yourself sound a good idea, see if you can do those, and get help if needed and it might help you fall back in love with your home, and then give you time to save up for one last move maybe? My bathroom isn't particularly nice and I'd love a new one, but just can't afford it.  I've given it a really good clean, and added some nice accessories and bought nice new towels and it's given it a facelift, and it doesn't seem so bad now.  I'm also a plant addict, so I've added some plants and it feels a much nicer space, so something to think about.  

Good luck, what ever you decide to do x

Thank you. I did the kitchen and bathroom when I moved in so they just need a freshen up in terms of paint. Most of it is decorative stuff. 

Bigger jobs are bathroom ceiling, damp issue, carpets and garden/driveway. But I may just get a gardener as cheaper option for garden instead. Then its deweeding the driveway which is very big, fits 3 cars on it.