So we have recently moved back to our home area to be near family with our first child and are looking at buying a home.
One house is 5 bedrooms (1 very small currently used as a laundry room) 3 reception, 3 bathroom, detached on a small but decent land size. Has a river out back but has never known to flood and would have to rise a large height to flood house. Cost 225,000. Needs some decorating to my taste but liveable in. Along a country road. Over 30 years mortgage would be around £650
Other house is a new build 3 bed semi detached. 1 reception and 3 bathroom. Small enclosed garden. 130. Turnkey so can be decorated to my taste, and solar panels for hot water etc. Development of 20 houses. In countryside beside my parents and family. Over 15 years mortgage would be £460.
We are torn should we buy our forever home now (ie house 1) but not have lots of disposable income. Or should we buy house 2 and have spare cash to do as we want. However we may quickly outgrow house 2 so would be looking at moving again in next few years. Alternatively we may never grow into house 1 if we are not lucky enough to have anymore children.
Thinking is if we buy house 2 we don't sell it but when we need to move on we can rent it out. We would hope to save enough money with the lower rent to put down another deposit.
We have just sold a house we were paying 860 mortgage on so would hope to pretend we are still paying that but save the extra.
If you have got this far, make yourself a well deserved brew!!! Any questions to help make your decision ask away. My question is wwyd! We are finding it so difficult to decide.
Oh and another factor is that if Brexit (not looking to discuss it rather than it's a bit of an unknown) does happen to push up interest rates, we would still be able to comfortably afford house 2 but may struggle with house 1 if they were to rise significantly
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Wwyd buy expensive house to grow into or house size needed now
68 replies
birchygoo · 31/05/2017 23:36
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