Stick or Twist - Looking for some advice on whether to move now or wait

sammo456

Hi,

We’re currently 3.5 years into our first home – a 2-bed extended semi in a nice part of Greater Manchester.

• Bought for £290,000 on 5% deposit in 2022.

• Spent around £15,000 on improvements (boiler replacement, full main roof replacement, garden renovation, replacement flooring, under-stairs storage fitted)

• Current value: approx. £310,000–£320,000

• £267,000 left of mortgage

My partner is 35 weeks pregnant with our first child, and we feel we’ll need a 3-bed property sooner rather than later with the incoming daughter. I’m unsure about fixing again in 6 months for another 2 years - I just don't think the house will be sufficient for that duration of time.

Situation:

• Bought originally with 5% deposit

• To get the space we want in the same or similar area, we’d likely need to buy in the £360,000–£375,000 range

• Likely that we'd be able to get to 10% deposit with equity from house sale

• Have around £11k in savings to cover stamp duty and moving costs.

• Current mortgage payments; £1,300/month

• Could stretch to: £1,700/month max whilst on reduced income

• Joint income (before maternity leave): £63k + £37k

• Take-home: £5,700–£5,900 on bonus months

Our dilemma:

1. Do we list the house now and look to move next year, even while on maternity leave (but before childcare costs kick in)?

2. Or is it wiser to stay put for another couple of years, build up more equity, and then look to move?

3. Do the figures above look affordable? Moving would likely wipe out our savings, but we'd have built a 10% deposit to take with us to the next house with hopefully some change in the equity for some manageable updates.

Any thoughts or experiences would be really appreciated! I'm personally struggling to find the rationale to invest even further in our current home, which has a ceiling value as a 2 bed and where we know we need to move.

Albermarle

Two bedrooms are sufficient for a couple with a small child.

I'm personally struggling to find the rationale to invest even further in our current home, which has a ceiling value as a 2 bed

Well do not invest anymore in it, just live in it as it is and then think about moving if you plan another child.

Moving would likely wipe out our savings

It  is not wise to have no savings/emergency fund.