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to want to spend evey penny we have on a house?

(36 Posts)
TheProfiteroleThief Sat 18-Jul-09 12:24:31

I suspect I am

We have a perfectly nice house, that we just fit in, with a modest mortgage.

I have seen a house I love, nice neighbourhood, nice house (no work needed), about £150k less than at top of market.

If we used all our inheritance, we could buy it and not have a huge mortgage.

Obv running costs would be higher. Perhaps I should stop looking at house porn.

zeke Sat 18-Jul-09 12:38:13

It's tempting isn't it?!

Do you feel that your current house will be going to be large enough to stay in long-term?

Would your inheritance be enough to pay off all of your current mortgage?

We get tempted occasionally but really our house is absolutely fine for us, and has scope for a bit more improvement, too. It is 5 double bed but with pretty small reception space and a smallish garden - but we only have one child and one small dog!

If we move we would consider that a 'luxury purchase' so we have decided it would have to be cash. AKA - we are not moving!

ChasingSquirrels Sat 18-Jul-09 12:39:05

Well, most people use every penny they HAVEN'T got - so you would be at a massive advantage really.
What is your inheritance doing atm?

TheProfiteroleThief Sat 18-Jul-09 12:47:57

inheritance not doing much - interest rates obv pants, but we still sting from the year in which we earned no money and had to live on savings - the fear is it could happen again. And let's face it, it could happen again.

But it is a lovely house...

ChasingSquirrels Sat 18-Jul-09 12:49:38

have re-read OP, was assuming no mortgage, but on re-reading maybe just not HUGE mortgage?
How would you manage if another year with no work?

TheProfiteroleThief Sat 18-Jul-09 12:49:52

It has 2 extra beds, one more bath, utility room and dbl garage, plus larger garden.

alternative is to pay off current mtg (leaving small balance to keep us in the system)

Would leave us with virtually no liquid assets

TDiddyIsaMan Sat 18-Jul-09 12:51:54

TheProfiteroleThief - two years ago, we finished our mortgage and had spare cash. Like you we just foit into the last one but had spent load refurbishing. SO we moved up to much larger house at the top of the market. After we decluttered for new owners we had second thoughts but it was too late :-) We are now making plans to refurbish this one to replicate what we had before!

If we had waited until now we would have saved ourselves a fortune! But it is different for you as it is much more a buyers market now. SO good luck.

I would say have a real declutter first and see how you feel. Make sure that if you do move that you get everything that you want in the new house- make a list and rember that there is always another house to buy so don't chase any house too hard.

TheProfiteroleThief Sat 18-Jul-09 12:53:38

Really good point Tdiddy. We absolutely fit into this house - every child has own bedroom plus we have a playroom. It is not necessary, it is just lovely.

Kitchen is approx size of current kitchen and sitting room together. Has island unit and opens onto garden

<<sigh>>

expatinscotland Sat 18-Jul-09 12:54:54

I'd go for it if I were you!

TDiddyIsaMan Sat 18-Jul-09 12:56:00

Sounds really great, your house. Can you extend it? Orangery? Loft playroom?

belgo Sat 18-Jul-09 12:56:15

I can see why you are tempted.

TDiddyIsaMan Sat 18-Jul-09 12:57:32

Just read post again and saw that your mortgage will not be large. If so then you are taking less of a risk. Private school fees?

TheProfiteroleThief Sat 18-Jul-09 13:00:38

No extra room to extend, loft extension is £££ and would price house out of street, so it is, what it is iyswim.

I coudl really be tempted, but I think DH would be all sensible. Trouble is, if not now, then when? So if not now, then not at all.

Argh! tripping over own philosophy!

TheProfiteroleThief Sat 18-Jul-09 13:01:35

Oh no - so school fees. We are state and proud (with occasional panics and a tutor!), but 3dc are ££££££££ and only one salary

expatinscotland Sat 18-Jul-09 13:03:22

If I ever got an inheritance I'd spend every penny of it on a house.

It's meant to be cherished and enjoyed.

So if that's what this house will bring you in life, go for it!

WynkenBlynkenandNod Sat 18-Jul-09 13:04:24

I'm with Expat, seems fitting that an inheritance provides a dream family home to bring your own family up in.

TheProfiteroleThief Sat 18-Jul-09 13:05:01

I like the fact that we would always remember how we were helped to buy house. There is def sense of obligation to be sensible with it

expatinscotland Sat 18-Jul-09 13:07:15

Well, it is sensible! If I ever had anything to leave my children, which I won't, I'd want them to use it on whatever they felt was going to bring them the most enjoyment in their lives.

A house is something tangible, too.

Why not?

TDiddyIsaMan Sat 18-Jul-09 13:07:22

IKWYM re: 3DC costs!

Can you see yourself staying in either house for the next 15 years?

TheProfiteroleThief Sat 18-Jul-09 13:13:02

tbh - either house would be good for 15 years. I would miss our neighbours terrible though - and good neighbours are worth a great deal aren't they?

TDiddyIsaMan Sat 18-Jul-09 13:19:23

that is right. How does cost of loft (or something else that you would like in current house) compare to stamp duty that you would spend on new house?

Are you proud of/feel good about new house?

Would you like flexibility (finances etc.)to go live/travel somewhere else? Might be worth working out what you REALLY want and then seeing how the house upgrade fits in.

TheProfiteroleThief Sat 18-Jul-09 13:26:06

am looking at areial view of it now. tbh, it is exactly what I want, and would have wanted since I was about 10yo! Of course, that does not mean it is exactly right for DH. He woudl prob prefer more land and chickens or something.

I may go and drive and sit outside for a bit to hear sound levels and sniff air etc. House is empty, so not too stalkery

TDiddyIsaMan Sat 18-Jul-09 13:43:29

DH is my kinda a man- I love chickens and land smile

So this is the one then. Do you need to do any work on it?

TheProfiteroleThief Sat 18-Jul-09 13:48:40

eek - he said to look at it!!!!!!!!!!!!!!!

AppleandMosesMummy Sat 18-Jul-09 13:51:07

I would go for it, this is absolutely the time to spend every penny you have on a house, if you'd asked two years ago I'd have said you were bonkers. The gods are on your side, go for it.

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