1 Million Pound House - Could we do it?....

sparky.shark · 5 January 2008 at 2:42PM

Thanks to everyone for their involvement so far. I have already got a lot to think about.

There may be an alternative and that’s to build the loft giving us some extra room. Although I'm not to fond of this idea as I believe one should move to bigger accommodation then spend it on something that the building wasn’t really designed for.

But this is so low I doubt the planning people would allow it to be increased in height and the cost would be huge I would imagine.

How do these people become Millionaires couldn’t ever dream of it.. don’t get me wrong I'm happy as is. But you have to say wow and well done.

Off shopping now.

Strapped · 5 January 2008 at 2:44PM

If you only need 6 beds you could almost certainly do it for less than £1mn. How about this one for example (very nice part of sussex, good commute):

http://www.rightmove.co.uk/viewdetails-8513358.rsp?pa_n=1&tr_t=buy

dolce_vita · 5 January 2008 at 2:48PM

sparky.shark wrote: »

How do these people become Millionaires couldn’t ever dream of it.

Owning a house that costs £1m doesn't make you a millionaire, by the way.

To be honest I think this thread is a wind-up so I won't be replying again.

fc123 · 5 January 2008 at 3:16PM

The neighbours to my fathers place did this many yrs back.
The house was huge (10+ beds) and full of tenants when they purchased it in the sixties (he drove a blk cab) and, like my dad, the tenants funded the purchase. They had 4 kids....there was tragedy etc in that one was widowed in her 30's with small kids plus other stuff.
In the end all 3 duaghters lived there with their kids etc. and grandkids too.
They arrangement suited them all.
They didn't want to change it at all.

They are in their early 70's now and decided to sell last year.....many reasons but the main one was inheritance tax issues (I'm no expert and they did take advice) plus I think the maintenance costs may have been a contributory factor to the decision.
Basically, when they died, the cash left over after the tax take wouldn't have left enough to buy everyone a home each.

They sold for £1.3 million to an investment banker....i peer over the wall when I visit...this guy knows how to spend...so far he has shelled out £850k on the interior.....but because of the economic situation he is waiting before spending more...the "grounds need" landscaping for example.
There are now 4 people living in this huge house.

FWIW......is the £140k income safe??? Even if it is, an 800k mortgage is scary.

Norma_Desmond · 5 January 2008 at 3:42PM

Putting all the monetary problems aside for a moment, I would just like to say think very carefully about sharing with family for any length of time let alone permanently.
Our house is very old, very rambling and very large and when my parents moved in whilst they were house hunting in this area a couple of years ago, we thought it would be fine.....house plenty big enough for us all to have our own self-contained space, we all like each other, no-one with anti-social habits(!) etc. etc.
How wrong we were. Within a week DH and I were crawling up the walls because Ma and Pa couldn't help commenting and complaining about every aspect of our on-going renovations/lack of floor coverings/noisy boiler/draughty windows etc. and they even started waiting up for us when we went to the pub to escape them in the evenings.
After one hell of a row they moved into rented accom. and have now bought a property and LUCKILY we are all the best of friends again; but it could easily have soured my relationship with them for a long, long time.

sparky.shark · 5 January 2008 at 5:44PM

dolce_vita wrote: »

Owning a house that costs £1m doesn't make you a millionaire, by the way.

To be honest I think this thread is a wind-up so I won't be replying again.

I meant people earning massive sums of money.

It’s no wind-up!

However, “Strapped” has come up with some options that are worth looking at, especially if the commute is do-able.

Although, reading the comments and the strain and affordability it may cause I am starting to go off the idea. I think I need a good long chat with the whole family and will discuss your comments.

As I said it is an idea we have been talking about and that’s why I posted it to see A.) if it was possible B.) the caveats of doing so C.) your experiences.

hermanmunster_3 · 5 January 2008 at 5:50PM

from experience - on that salary (140k) most I have ever borrowed was 270K and that was only for a short period of time - about 6/12. 1/3rd was repayment =- rest interest only. I had 3 houses and 2 lots of council tax (3k+).
Deinitely wouldn't want to borrow that much for any longer than 6/12 - OK still had some money left at the end of the month but felt a bit hairy..

duchy · 5 January 2008 at 6:03PM

My concern with three incomes (brothers) would be what happens if one or more lose their jobs or cannot earn for some other reason. I'd also be asking what each brother's current domestic situation is -if married then what would happen if a divorce happened and a settlement needed to be funded-if single-what if they marry and for a variety of reasons may not want to continue (or be able) to live on the house. Honestly I think it's all a bit of a minefield.