Moving on up! 🏡

South_coast

I was going to suggest the study could be bed 3 as well. That's the joy of a bungalow (or flat), you aren't tied to keeping the exact same layout

HouseMartin567

I know a lot of people are saying Option 1 but as a FTB I bought a probate property that needed a full overhaul. New kitchen, new bathroom, new boiler, every room plastered, decorating and carpeting throughout, new roof felt and batons. I think the only thing it didn’t need was a full rewrite (just small electrical upgrades). Took 3 years of living in mess and disruption - it was horrible and unsettling!

Also consider the cost of a refurb. Trade costs have rocketed since Covid. If Option 1 (or a similar do-upper) is a consideration, make sure you have a good handle on the refurb costs so you can make a comparison against a more expensive property that just needs a bit of decorating.

Personally, I wouldn’t rule out the dream property of Option 4. You are extremely sensible and although an extra ~£50k on a mortgage is daunting I have no doubt you would smash through it. I think this is your forever home, right? You wouldn’t want to settle with regrets and then want to move again - it’s an expensive game!

Ooh, the looking is exciting though!

Jessy103

Ooo lots of comments, thanks everyone! A lot for option 1. I can understand that, the thought of doing it all up, adding value etc is appealing, but as HouseMartin has said, it would mean a lot of disruption for a long time and a lot of money. For example this is the kitchen, with the boiler that looks just a little bit old 😅 (yes on the left is the only kitchen worktop)
Slm & SC, the study is probably a bit small for a bedroom but the living room is a separate room so could have a sofa bed in to be used for guests. 

I'm not going to completely rule out the bungalow near the primary school, I must stress it isn't directly opposite, but a few houses down. The reason I don't want to rule it out because the bungalow itself and the gardens are ideal for what we are looking for. Work bestie said the drop off and pick up times aren't really a problem as we're at work then, which is a valid point. Still worth a look around if it is still on the market. 

Thanks HouseMartin, I appreciate your comment about smashing out the extra money for the dream house.

DFW, we haven't had ours valued yet. I paid £78k for it. I don't know if its worth more or less now, but in all honesty I'd be very happy to get £50-60k for it, just to move on. We're not relying on the sale of this to be able to buy a new place anyway, it will just be a nice chunk to take off the new mortgage when it does sell. We're lucky in that now I'm earning £30,000 pa and DH is earning £33,000, so affording dream house would be doable, its just a case of if we do want to spend that much. 🤔

It is very unlikely that dream house will be on the market still when we come to buy, so here it is...

themadvix

Another vote for the dream house from me. If you can afford and it’s meant to be your long-term home, go for it. An extra £50k is not a lot in the world of houses… (bear in mind that you couldn’t get a flat near me for much less than £200k - and I’m not in London by any stretch of the imagination). You are disciplined and you don’t have to rush to pay it off (remember to live a little with this mortgage too) - you can do it!

South_coast

Ooh, dream house does look fabulous 🩷!

daisy_1571

I was reading the 4 options and then the comments which are all great for food for thought.   

Option 1 that kitchen is fantastic as its a great size and you aren't taking something out.  You can do the central heating upgrade, decorate if you wish then new kitchen goes straight in.  Meantime,  a couple of trestle tables, boxes underneath and you can live with that till you are ready.  But, main problem is 2 bedroom.   Youve always said 3 bedroom.   So unless you want a lot of work, build an extension, changing walls or whatever to get it up to your desired square footage id say you go into that one with your eyes open - work, mess, noise, builders, planning etc.

Not sure about the large front garden,  smaller back garden.   If its smaller but not small, thats fine.  Large front gets you away from road noise but is work to upkeep and generally not somewhere to sit and play.  As long as back is still good size I wouldn't let front being bigger out me off if u see what I mean.

I grew up with a passage to primary school separating my house and my pals house.  Never a problem back then but laterally parents found it a pain twice a day with so many cars, I agree no child has to use their legs any more.

I'd think much more carefully about the 4th.  You literally wrote 'dream house', you can afford it, it doesn't need much work which means instead of trying to get builders and doing work every evening and weekend, you move in, you both keep doing a few extra scheduled hours at part time jobs you both enjoy and get socking the money away overpaying.  

Why not get moving on it now, get valued and go see it?

One last point, have you looked at which way the back gardens all face, worth checking which way is north as that will dictate where you sit in the garden.

Exciting times!

debtfreewannabe321

Jessy I've done three houses up on the bounce and am on my fourth. Before Brexit, covid, it was cheap as anything to do things if you were handy. These days it's extortionate what we pay for wood, electrics, plumbing and DIY stuff. We've spent on average £30k doing each house...so if option one is a doer upper you'd need to factor that cost in. So may well work out to your advantage to buy the dream house if it doesn't need any work (it looks lovely from the outside!).

Jessy103

Aww thanks you lovely lot! 

Dream house does have everything I'd ever want especially the big gardens for the dogs to run around and I can grow veg! One thing at the back of my mind with the dream house, and you're probably going to think I'm bonkers is a bit of imposter syndrome. We moved into a council house after our dad left, mum worked a lot and then after that we've/ I have only lived in small houses. With me and DH not having kids (apart from boyo obviously, but he's off at uni now) it would just be us two, and I think 'oh I'm just an administrator and a cleaner, I don't deserve to live in a big, nice house like that!' 

Bargainhunter30

My only thoughts, especially if you've never lived in big houses is consider the extra maintenance and maintenance costs. They take so much longer to clean and do the gardening. Consider carefully the space that you will need and use, don't spend thousands extra buying a spare room that will sit 90% of the time empty. Look at the layout and decide how each room will be used and consider if it's worth the extra cost and cleaning/maintenance time.

Don't even give two thoughts to the imposter syndrome, these days you can come from anywhere and buy anything. If anyone turned their noses up would you really want anything to do with them?

beanielou

Absolutely if you can go for your dream house. You won’t regret it. Tell the imposter syndrome to bumble bee off. I think you may be surprised by what your current home will sell for.