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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

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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

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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

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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

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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

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

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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

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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

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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

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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

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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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