This is long winded....so I am just going to summarize as quickly as I can!
-DH & I have 500k house, 300k mortgage (large 5 bed home, double garage)
-This is our 4th home, we've done 3 projects (including current house)
-We are looking to move again, due to garden being too small and dark in current house...and loft room we never use (dc are both too small to use it)
-driveway also problem in current house
-my dh would like to buy a buy to let property
we are looking for other properties in our village...
I have found a semi detached that needs gutting for around 200k, with large south facing garden and good driveway.
My plan would be buy 200k house now, whilst still in current home...with interest only mortgage.
I would want to do large extension, almost doubling footprint, and totaling gutting inside. My father/ brothers are in construction, so I think I could do this for around 90k.
My hope would be once building underway, we list our and have 6-9month window to sell it, so we don't have to live on building site with 2 young children.
On completion of current house - we would be left with smallish mortgage on new house, and equity to buy a buy to let (once the dust had settled!)
DH worried that its risky, and that long term I wouldn't be happy in a semi-detached.
BUT this for me would be a life long dream to do something really cool design wise, and long term give us a smaller mortgage, better lifestyle and investment for our kids.
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Property plans....am I crazy?
6 replies
sianyb83 · 01/07/2020 15:53
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