We live in a 3 bed flat with 2 dds aged 10 and 7. It's a 3 bed, but we live in it as a 2 bed, because it doesn't have an eat in kitchen, so one room which would be a bedroom is a dining room/music room/office. The girls share a room.
We have the opportunity to buy a disused room next to our flat, which we could knock thru and make into another room. The council has quoted us £40,000 to buy it. Plus we will need to knock through, add heating, flooring, legal costs, so at least another 10 grand. Add another 10 grand for all the other stuff that needs doing in the flat, we would need to borrow 60,000.
The repayments would be £300 a month on top of our current mortgage, council tax etc.
Of course, nobody else can really say whether we can afford it, but I would appreciate any thoughts. Having an extra room would mean girls could have a room each, and we could use one of their bedrooms for guests when my parents come. At the moment, we have a blow up mattress in the dining room for guests, which is less than ideal.
But an extra £300 a month for the next 25 years seems like loads. DH is 45 and I am 42: we'll be 70 and 67 before we pay it off.
It's certainly cheaper than moving to a bigger place would be, unless we moved out of London, which I don't think we will.
Any experience or perspectives on this gratefully received!!
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Should we go into more debt to enlarge our flat??
17 replies
temporaryname99 · 22/04/2016 13:22
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