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Original poster

Buying a house: wanting to keep a very large amount of savings

53 replies

Sky0012 · 30/03/2024 16:19

wife and I are in the process of looking for a house. We are in our early 40s with 2 primary school aged children. Our financial situation isnt great: we have a joint income of £80k and a deposit of £300k (after selling our previous home).

we are looking at a certain area where house prices are around £550k to £600k for a 3 bed house.

We have viewed a house on the market for £615k, it’s ideal but needs a lot of work to make it liveable - at least £40k.

I’d like to stick to buying a house around £550k to £600k mark which doesn’t require any work, as I’d like to keep at least £36k in savings.
I am the main earner but have suffered from health issues, so i really think we need to have a large savings pot. My wife thinks different and has her heart set on this house. It’s started to cause a lot of tension between us.

OP posts:
StormingNorman · 30/03/2024 17:14

If you are worried about your health and long term earning potential, you are right to want a safety net. I hope you can find a house you both like.

SignoraVolpe · 30/03/2024 17:01

When poverty walks through the door love flies out of the window.

You can't afford the house.
It's a joint decision.
Look at more houses.

Lampy123678 · 30/03/2024 16:41

Sky0012 · 30/03/2024 16:19

wife and I are in the process of looking for a house. We are in our early 40s with 2 primary school aged children. Our financial situation isnt great: we have a joint income of £80k and a deposit of £300k (after selling our previous home).

we are looking at a certain area where house prices are around £550k to £600k for a 3 bed house.

We have viewed a house on the market for £615k, it’s ideal but needs a lot of work to make it liveable - at least £40k.

I’d like to stick to buying a house around £550k to £600k mark which doesn’t require any work, as I’d like to keep at least £36k in savings.
I am the main earner but have suffered from health issues, so i really think we need to have a large savings pot. My wife thinks different and has her heart set on this house. It’s started to cause a lot of tension between us.

It sounds like the house your wife has her heart set on is completely out of your budget and no matter how much you love a place, that will wear off in time. Have you tried sitting down together and making a list of pros and cons?