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Stay or go?

(11 Posts)
FlyingJellyfishInTheAttic Sat 04-Nov-17 13:16:15

We have two up two down terrace and currently getting quote to convert attic. Our house worth around £170k.

Looking to move anytime in next two years as might have another dc in two years. To get a three bed house with two reception rooms and kitchen diner would be about £275-£300k.

Feels like there's uncertainty in the market. Current house is ok for next two years once conversion is done. When conversion done should be worth £200-210k (based on similar in area)

My question is would it be better to sell as it is and buy bigger house now or just conver attic and see what happens with market? Would hate to pay a lot now then house prices drop but equally don't want to risk being priced out.

JoJoSM2 Sat 04-Nov-17 17:15:31

I’m not sure about getting priced out. But you’ll be out of pocket if you convert the loft as you’re probably spend more than the 30-40k uplift in value. And you’ll have all the inconvenience and stress of getting it done.
I’d probably move to a bigger house that needs work. That way, even if the prices fall, you’d have added value through the work done so it might all balance out.

Angryosaurus Sat 04-Nov-17 17:18:10

I would just move when you plan to move. If prices drop, you get a bigger house cheaper. If they go up, you gain more equity in your home. Don't see what a loft conversion gains you if you're not planning to stay 5+ years

BackforGood Sat 04-Nov-17 18:45:39

I wouldn't do a loft conversion if planning to move. All the stress and aggravation and then you won't even get your money back in all likelihood (from your figures). Forget the conversion and move sooner, or make your current home into something you want to live in for the next 10 years.

FlyingJellyfishInTheAttic Sat 04-Nov-17 19:29:28

Thanks all. The reason for doing attic is have dss and dd with a 10 year age gap. We are unsure of whether to deffo have another dc together. Is it worth waiting for the quote to come through and then deciding or just to move now?

FlyingJellyfishInTheAttic Sat 04-Nov-17 19:30:25

If we have no more dc current house works with attic conversion.

HipToBeSquare Sat 04-Nov-17 20:05:21

We had the same dilemma and have decided to sell. The effort and cost for such a short term solution in your case wouldn't make it worth it.

FlyingJellyfishInTheAttic Sun 05-Nov-17 09:02:23

Thank you. Will look into selling. House needs tidying up/ fresh lick of pain smd have a week off in Jan so will go to estate agent then.

FlyingJellyfishInTheAttic Sun 05-Nov-17 12:33:46

They have quoted £19.5k. Does this sound ok or is it still too much and not worth the stress?

keepingbees Sun 05-Nov-17 12:59:55

Unless it’s going to massively increase the value of your house, which from what you’ve said it won’t, I wouldn’t do any major work to a house I didn’t intend staying in for the foreseeable.
Aside from the money there’s the upheaval and the mess, and you wouldn’t get the benefit of it if you then moved.
House prices are definitely slowing, so you could even end up out of pocket. I say either move now, or do nothing for a bit and see what house prices do.

FlyingJellyfishInTheAttic Sun 05-Nov-17 15:16:51

Thank you. Talked to dh and agree selling is right. Should we get a buyer for ours then apply for a mortgage and look or get the mortgage and new house sorted first then sell ours? Never been in a chain before so find it confusing.

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