My husband and I have found our ideal home, perfect area, amazing schools, but the problem is we have lost a lot of money in our current home.
We only have 2 beds and would love to give our son a sibling in the future so another bedroom is a must, plus the schools arent great where we are.
So pulling savings, an amazing mortgage advisor and help from parents is meaning we could just about break even on the move possibly a thousand on credit cards, but our monthly spend would go up somewhat...and we'd need to pay back money before saving for another baby...
I feel like there's no right answer but I can decide whether We should go for it and try to do the best for our son, but out pressure on ourselves financially. After all bills and minimal savings we'd have £600 per month left.
Personally I don't think pushing yourself to the financial limit is doing the best for your son. 2 beds is fine for 2 adults and 2 children, better than a lot of people have. Sounds like a move in the future is something to work towards, but savings, parents, added credit card debt to do it now when you only have one child...I wouldn't.
I agree with winter. I would stay put and work towards being better able to afford the move. You currently have one child, even if you had another there would be a good period where they were both able to share. In your shoes i would work on that ad hoc spending, get a good budget working, as in tried and teste and proven workable over a year or two! And save like billio. No point breaking even, increasing monthly outgoings, stretching to financial limit, borrowing off family and on credit cards for something that whilst nice, isnt actually necessary yet and you can manage just fine without.
All makes sense and to be honest I keeps swaying so not sure on anything!! I'm thinking of looking to quote for a loft conversion to extend the life of this house - could pay for that by saving loads and no increase in mortgage payments! I just keep debating as we can get this house through help to buy so it's a much better house than we could ever afford on our own!
I usually have a good handle on spending but a few months ago we let ourselves go as we lost out in another move! We decided to relax for a bit and then this came up!!
Well its certainly not impossible and people have taken bigger risks. It would just unsettle me to have no cushion after having had it for some time. And i suppose if family were offering to help with the purchase but now dont need to, they would be able to help with any unexpected expenses? Do work on that budget though and start accounting for all that "disappearing" money each month. You could find you are a fair bit more comfortable than you imagined if you can rein in that spending.
Thanks - me and the hubby are both on a spending ban - with every expense written down and accounted for! I'm not sure what otehrs have but �600 a month after all bills seems do-able. especially given that we are still putting a littel bit by and have salary increases and potential overtime...