Move, improve or do nothing until fixed rate ends??!! Help!

[PussinJimmyChoos]

Having a bit of a house dilemma here! Now that DS is a toddler, we are starting to feel we would like a bit more space etc.

We have a fixed rate until end of 2010 but we can move the mortgage to another property if we want, but everything has to be done to precise dates or we would have to pay a the redemption penalty and then claim it back from them (I don't get this but apparently it is so!!). Our payments would go up by about £200 a month which is manageable but only while we are in the fixed rate...if we come out of it and interest rates are higher, we would really struggle.

So, DH suggested we just invest in this house to make it the house we want and not move at all ie, knock through the kitchen to what is currently a pokey and separate dining room to make a kitchen diner and change the cloakroom in to a downstairs loo and sort the garden out. This would be cheaper than moving....it wouldn't increase the house value by that much due to ceiling prices for the area/credit crunch etc but if we are doing it up to live in for the long term, then it wouldn't matter.

Or...we could just stay put until near the end of fixed rate term and just assess the situation and move then....

What do you think?

[whomovedmychocolate]

Okay, well how are you planning to fund the improvements?

Changing a bathroom will cost you a few thousand, knocking through (assuming it's not a supporting wall) isn't that expensive - probably a grand) - depends entirely on whether you are going to do it or get someone else too.

Personally I think the property market still has some shrinkage to go. So it doesn't make much difference really - your house will be worth the same in two years or less, but unless you are moving area the new house will be the same.

May I suggest you start by a thorough declutter and reassessment of how you use the space in your house - perhaps your problem is not that your house is too small but your stuff is too big?

Sorting the garden out can be bloody expensive btw. So far we've spent about £25K on the pond and garden and I've only done about half what I want - but it's a long term project and obviously my garden may be more extensive than yours. But if you are just tidying up cheaper obviously.

Loft conversions can be worthwhile though.

[PussinJimmyChoos]

Ahh - thanks dearie...I do value your opinion you know.

We would need to move the boiler upstairs and sort out the soil pipe before we knocked through to the dining room - the bathroom is in the middle of the house and so the soil pipe runs right downstairs to behind the boiler which is smack bang between the kitchen and the dining room...weird set up and a waste of space imo!! So, that would be pretty pricey...no need for a new bathroom as that was done two years ago, but would like to change existing cloakroom into a bathroom but the meters are in there so not sure how that would work out - getting them moved etc

Would be funding it with a loan probably...no point adding it onto the mortgage as it would cost more in the long run....

Agree re the garden - latest quote was 5.5k and we just want a tier levelled out/new fence etc to make it friendly for DS!!!

[whomovedmychocolate]

Could get a saniflo instead for the soil pipe issue, but actually tis not as horrid as you think. We replaced all the tanks and the oil heater, you get a 30% govt grant if you get an energy efficient one btw.

You can put the extended pipes under the floor if you have floorboards, or through conduit. We have a concealed conduit in the ceiling in the studio flat, we've also recessed pipes to recycle heat from the computers upstairs into the downstairs bedrooms (if you think creatively about it you can do some pretty cool stuff cheaply).

Boilers were traditionally put in the space between kitchen and dining room in council houses (don't know anything about your house dear but anything from the 50s or 60s tends to be like this) and it's not that much of a biggie to shift it.

Hire a rotavator and do the levelling out yourself - tis a lot of fun and cheap too. In terms of fencing, it's not that hard actually, you can do it yourself. Probably a lot cheaper. Have a look at Wickes and even if you get someone else to do it, source the stuff yourself (it's much cheaper).

[PussinJimmyChoos]

House is from 70's..not ex council lol!!

We need more than a rotivator for the garden - need a mini digger, skip and a retaining wall built. Tbh, its too much for DH to do and he's snowed under with work cos his boss committed suicide so he's had to step up to a management role....plus neither of us are DIY people. He did do the fence with BIL in the summer, but one panel got blown down in the winds and its just looking very sorry for itself! lol!!

Would it be worth getting an architect in to draw up plans and get a quote and take it from there you think? I kind of like the idea of making this house how we want it as I do love it...

[whomovedmychocolate]

Don't be snobby with me missus. I live in a house which is four hovels knocked together. Of course now people think it's a des-res (but quite honestly I am tempted to try and flog it to the japanese tourists who come to photograph it on a regular basis - not least today when we are flooded again )

Architects can be expensive. But if you are prepared to pay a few hundred to get an idea it might be worthwhile. A decent builder will do some sketches and have a freebie discussion with you about what could be done.

Mini diggers are such fun! Shame you aren't doing it. I'm learning dry stone walling and rebuilding the entire garden walls over the next few years (with built in seats etc). I'll do a few hours a week. It will take farking ages but it'll be amazing when it's done.

Have you actually considered having a clear out first?

Also get a few estate agents in, say you are considering selling but have £10k to invest in the house first, where to spend it.

Got any piccies so I can have a squizz and suggest things?

Have you seen my old garage btw, converted into a flat. We were in Move or Improve this month . But you've seen the flat on the website right?

[PussinJimmyChoos]

Well, we did get an E.agent in and she said don't do anything to it...just spend the money on your next property...she has a point but the problem is the hassle of moving, the increased mortgage payments - especially when we come out of our fixed rate and feel the pinch of interest rate increases....well, they could go down but you have to err on the side of caution don't you...

Or, should we just stay put, not do anything and just reassess in 2010...its not that far off really is it??

[lalalonglegs]

You can make the house better for your needs but what about the area - how are schools, amenities etc? I would always suggest staying put if the area is right for you for the next few years.

[PussinJimmyChoos]

Haven't really checked out the schools yet...thing is, its close to mine and DH's work, easy distance to shops, doctors, supermarket, nursery. I feel safe here as well which is priceless imo....

I really can't make up my mind!