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Which long term property option would you go for?

(28 Posts)
EyeStye Tue 04-Apr-17 21:14:03

I've inherited a flat (would rather have my mum than the flat but there we are). I have no pension and thinking it could provide a decent investment for DC's uni fees and pension income and/ or maybe to get the DC on the property ladder in later years. It gives good rental income and is in an amazing location that will hold its value.

We are currently very overcrowded as family of 5 in tiny 2 bed house now but absolutely perfect location and room to extend. We have 3 DC and have only one small living space as have given the other (small) reception room to eldest DC who has got to an age she wants her own space.

Options are
1. Extend current house but will only get one extra bedroom so 2 DC will always have to share plus still little room for guests. However will keep perfect location walk to school and train station.
2. Use our savings to upsize a bit and remortgage the flat. This will give enough money where we might just get a small four bed to fit all the DC in but it will probably be a house that has a lot of compromises especially location so would need a second car.
3. Sell both and if we stretched ourselves could get what would probably just about be a perfect family home but would lose the income that would allow me to work more part time and the pension and nest egg for DC.

I do know I am very lucky to have all of these options!

MadgeMak Tue 04-Apr-17 21:31:12

How old are your children?

EyeStye Tue 04-Apr-17 21:44:55

They are 10, 7 and 3.5.
10 and 7 yr old used to share but now the 10 yr old has her own space as she was getting really stressed out with mess caused by siblings and wanting privacy getting changed etc and the younger two share. Their bedroom is quite big and we keep all the toys in there as the lounge is so small.

MadgeMak Tue 04-Apr-17 22:17:02

It's a tricky one, but I think I'd extend as the perfect location is so important. Live with it for a couple of years then reassess and if not working do a combo of selling current home and remortgaging flat to buy a bigger place. Hopefully by adding value to your current place you wouldn't have to take too much equity out of the flat, as having that cushion in years to come shouldn't be underestimated. Hedge your bets basically, and don't put all your eggs in one basket.

EyeStye Wed 05-Apr-17 17:13:45

Thank you yes it's a good plan with regards to extending I just hope it increases the value of the property enough so it's not a waste of savings that could be used to upsize. I don't think it would be but larger properties seem to be going up so much in price here I'm worried about getting priced out as the gap gets larger between what we're in now and what we want if that makes sense

Bumping for more comments smile

Allthebestnamesareused Wed 05-Apr-17 17:56:06

2 would be what I choose

lazydog Wed 05-Apr-17 17:58:42

Option 1 for me.

Kiroro Wed 05-Apr-17 17:58:43

1 or 2, not 3.

Astro55 Wed 05-Apr-17 18:21:13

If you sold both to buy a bigger place - and knowing the rent would have gone on Uni fees etc - then the reality is you will have to sell and move again to release the money for uni and pension

Moving costs thousands! Solicitors removal costs stamp duty etc adds up!

So I'd look at extending the perfect location house because it will add value - keep the rental income in a separate account!

Kids share! I shared unil I moved out its not a big deal

EyeStye Wed 05-Apr-17 19:25:39

Astro55 There's a possibility when all the DC are older I could massively increase my income if I go back to working full time in London and save enough for the uni fees. We would need to downsize though for pension provision. Plus I am not sure I want to work full time, I took a step back a few years ago and could still step up again but I would like to be around for primary years if possible and my youngest will leave primary when my eldest starts uni!

So perfect big house would come with family time sacrifices as I'd have to work more to not need to downsize later on. Interesting no one has opted for option 3 yet!

heffalumpshavewrinkles Wed 05-Apr-17 19:41:08

Definitely option 1 for me too. Have you looked at either going into the loft to make it a 4 bed or at least reconfiguring to layout to give you 3 singles and a double?

flapjackfairy Wed 05-Apr-17 19:46:27

Definitely option 1 for me to
Your kids will be grown before you know it and you will be left with a large house where you may not even want to live,and i agree there is nothing wrong with kids sharing. .

heffalumpshavewrinkles Wed 05-Apr-17 19:47:41

Having said that we are thinking of doing option 3 then down sizing when we retire. But I'm happy to increase my hours at work whereas it sounds like this isn't right for you?

EyeStye Wed 05-Apr-17 20:24:59

We've just been looking at property porn for option 3 and whilst it's so tempting I am risk adverse and don't think I could bring myself to stretch us so much it would be at top of mortgage capacity.

Loft isn't a possibility, we could possibly have less living space and bedroom instead as extension would give extra bedroom and extra reception room and I will look at splitting one of the larger bedrooms to two singles.

For those with kids sharing does the eldest always get the own room as perk of being the eldest? I feel it's a bit unfair eldest will get own room for 8 years from age 10 while middle child won't get one until she's 15 and eldest goes to uni ! Or how to ensure fairness ?

IAteSomeofthePies Wed 05-Apr-17 20:42:20

Option 1 for me!

Are they all girls? Although I am the oldest of the children in my family I always had to share with my sister, the youngest. My brother had his own, smaller room. Although I didn't like it, this split made sense to me. As I am an American, I continued to share all the way through university. The vast majority of people in uni halls there share. Mine were mostly a series of 10ft x 12ft rooms shared with strangers. That is a valuable life lesson in getting along!

EyeStye Wed 05-Apr-17 20:54:39

Yes they are all girls ! I don't mind them sharing in principle and quite like that they have company (I'm only child) but I just can't work out how it can be fairly done ! The older two want their own rooms, and the youngest is very girly while middle is into Spider-Man etc so there's a clash on room decoration! At present i also put one down in our room and carry them through so they don't disturb due to different bedtimes!

The sharing at uni seems crazy to me!

IAteSomeofthePies Wed 05-Apr-17 21:10:14

Yearly room rotation? The old chestnut of 'life isn't fair'?

10 seems young to me for being able to insist on privacy while getting changed (at least from same sex younger sibs, obviously some privacy is required.)

Though it would cause a revolution, the oldest two may be best suited for sharing as far as bedtimes go, needing to get schoolwork done, etc.

Sharing at uni definitely isn't great, but you get used to it. Though I did have one roommate who repeatedly had sex on the bottom bunk while I was in the room.

EyeStye Thu 06-Apr-17 07:30:27

Am aghast at your room sharing experiences at uni! As someone who likes my own space a LOT.

Yeah oldest two shared until very recently but oldest is quite mature with body development and just started her periods! 7 yr old is young for her age, actually she's still 6, not 7 for a few weeks, and a bit silly about nakedness and teasing the oldest! I said 10 and 7 as I always describe them with 3 yr gap as there is 3 yrs and 3 weeks between them and 10 yr old has just had birthday.

They actually get on loads better since they stopped sharing and I've found middle child camping out on eldest's floor quite a lot.

Oh I don't know! I don't want to do all the extension work just to move as I think it would still be too small for us especially with teens. I've got a week booked after Easter to do a massive declutter with a view to possibly putting it on the market so I'll see how i feel after the declutter about keeping and extending!

beargrass Thu 06-Apr-17 07:45:41

I would probably go for 1 because of course, the one thing you can't change is the location. Running a second car will be a constant cost but extending will be a one-off. There will be disruption but it will be time limited and all the other hassles such as changing schools and doing more driving won't come into it.

Moving will incur stamp duty fees so it would need to be really worth it. Also you need to factor in capital gains for the flat eventually if you sell that.

MsJolly Thu 06-Apr-17 07:54:05

As your kids get older you will want more living space, as they physically get bigger plus need space to study/friends/watch utter crap on TV etc so would either extend or search for another house that would fit your future needs whilst not over stretching to financially

MsJolly Thu 06-Apr-17 07:54:15

You not to!

Msqueen33 Thu 06-Apr-17 07:57:21

We're in a small four bed terrace so all kids have their own rooms however they aren't huge. We need more space but for a bigger house in our area we need another (I kid you not) 150k. But we love our location and don't worry too much about money. I would extend if I were you. Location is important. And moving is expensive. Check out doing your loft.

shovetheholly Thu 06-Apr-17 07:58:15

Are you sure you would only get one more bedroom if you extended? There may be all kinds of ways to reconfigure your space that would give you a bit more room - maybe talk to a decent architect and see what they can suggest? Unless you're in the spatial disciplines yourself, they can "see" things about your house that you won't have even noticed! (In most people's minds, mine included, having an extension is just unimaginatively shoving a lump of brick onto the back of something - when actually there are often a lot of different ways of rejigging space).

Kiroro Thu 06-Apr-17 09:19:08

Unless you're in the spatial disciplines yourself, they can "see" things about your house that you won't have even noticed! (In most people's minds, mine included, having an extension is just unimaginatively shoving a lump of brick onto the back of something - when actually there are often a lot of different ways of rejigging space).

+1

I've been watching 'the house that 100k built' and they are always slightly tewaking the design to get a much better space

EyeStye Thu 06-Apr-17 09:29:34

Loft is a definite no as its a bungalow with a double apex roof so very low loft height. I will definitely talk to architect. Really we need 2 bedrooms a loo a utility and another living space area haha! Not asking much! Although we have a big garden and one option for teen living space would be a garden cabin.

Here's the current layout if anyone is interested! The store/larder space has been knocked out already to make a dining space in kitchen and I don't really want to move the kitchen as its only 2 yrs old. DD1 sleeps in the dining room.

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