Buy a house now or later?

[AwkwardPaws27]

We bought our flat nearly 3 years ago, paid £153000, have about £136000 left on the mortgage. Had it valued at £225-230k. DP wants to sell now & buy a house but I'm thinking we should stay here a few more years, maybe overpay on the mortgage or save for our wedding, & buy a house when we actually need the extra space eg when we have a DC. What are your thoughts/experiences?

[namechangedtoday15]

For me (and it is very personal, depending how stable your jobs are, your attitude to finances, the market in your area, your future plans) its better to stretch yourselves now as in my view (certainly where we are) prices are only going up and you may fund in 2/3/5 years whatever that you can't afford the jump, or that children arrive & your income goes down and you wouldn't get the mortgage you need based on affordability.

But you need to do your sums / research. Think about future childcare costs, potentially part time hours etc to make sure you can afford it.

[Astro55]

I'd agree - if the next home is 20% higher now - it will still be 20% higher only more money!!

Plus if you have children your income drops and having a child is taken into consideration for a mortgage -

If you can overpay now - you may as well buy a house and pay the extra as the investment generally increases

Depends on area etc job security and future plans

[SquinkiesRule]

I'd buy bigger before you have kids and need the space, overpay on that mortgage and then you will be more secure when kids arrive and your income doesn't stretch as far.

[wowfudge]

Do it now. Interest rates won't go any lower and it's unlikely house prices will plummet. I agree with pps you should stretch yourselves now.

[Astro55]

As a side note - it's harder to sell flats piled high with cots high chairs and prams - hardly says 'spacious'

[AwkwardPaws27]

We have a friend (who we've house shared with before actually) who may be interested in renting a room so I'm thinking that might be an option - I'm worried that we are going to feel that all our income is eaten up by living costs.

[Astro55]

It will be when you have a baby!

Maybe decide the things you'd like to do before a house move then?

House share is a good idea - keeps costs down over pays the mortgage and you get the bigger house

[BumWad]

I would definitely do it now.

That's a great increase in value on a flat in 3 years!

[AyeAmarok]

That's a very impressive increase in 3 years!

I'd do it now.

[notangelinajolie]

Do it now. Your mortgage application/afordability check will take a bashing when you have kids in tow and only one income. Plus much easier to rough it buy a doer upper when you are a couple - children will make your choice more restricted.

[SillySongsWithLarry]

Is the flat big enough to raise a family in? I have had the same dilemma but I chose to keep the flat and raise a family in it. The children are fine growing up in a flat and I'll be mortgage free before they are grown up and in a position to help them massively as adults. If we took the leap to a house the mortgage would go on another 20+ years and we would be so poor in the meantime.

[AwkwardPaws27]

It's one bedroom so sadly not big enough long term. I think I'm just a bit scared by the idea of a 30 year mortgage 😯