big or small????

[AugustaProdworthy]

if you had a choice would you buy somewhere that was easily affordable and needed no work but which you know is too small and you would outgrow or would you buy something bigger that needs work (non urgent) that you could see yourself living in forever??

[jaynebxl]

Definitely the latter, especially if it is non urgent, I'm all for space!

[wendybird77]

I think it depends on what kind of person you are. We've just moved out of too small and into 'forever'. The space makes a huge difference to our quality of life, but we are stay home a lot, entertain in, people. If you are a go out a lot person, then maybe smaller with more money available for going out.

[UnexpectedItemInShaggingArea]

Definitely the latter, unless it was too financially stretching.

We did C - bought a small place and built an extension when we could afford it.

[NotGoodNotBad]

Bigger. Moving house is so expensive and stressful, the less you have to do it the better!

[AugustaProdworthy]

Thanks, I think the faff and cost of moving will lead to the bigger option but.... What happens when interest rates rise? Will they? When?? Am I over thinking it?

[jaynebxl]

Is the bigger one going to be a struggle financially? If so then maybe the first option after all.

[jaynebxl]

And if you are worried about interest rates falling you can always go for a fixed rate mortgage. The rates are bound to go up at some point... They have been phenomenally low for years now.

[Mandy21]

Depends what stage of life you are at. When we bought our first house (as a young couple), we bought a small, cheap house (with nothing that needed doing other than decor etc) that we knew we'd quickly outgrow if and when we decided to get married / have a family. But given that we were in our 20s, we had no intention of doing that. We had enough money to pay mortgage, have nice holidays, never got into debt, didn't have to put too much money into it, we just really enjoyed our life and loved the house (for the lifestyle it gave us if you see what I mean). If we'd have bought something more expensive, we would have made more money (this was when house prices were going up) but it was something we could afford and still live ifswim.

[Yfronts]

I'd maybe go for something that I could afford now but could extend when I could.

how much will you struggle with the larger pad? Could you rent out a room or get some kind of income from it?