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Original poster

Buying a 2 bedroom house is my biggest regret

103 replies

Helmlover · 16/09/2018 12:14

This thread is by no means to gloat but I would genuinely appreciate some advice on my current situation.

I am lucky enough to live in my own house which is paid for. However it is only 2 bedrooms with no scope to extend (we have already looked into this). I live with my partner and his 2 children stay with us twice a week, who occupy the 2nd bedroom.

The issue is, I would really like a child of my own so therefore we would need to move house. We tried to sell a few years ago with no interest whatsoever. I know that if I tried to sell again I would need to lower the price, but the truth is I’m not prepared to lose 4,5,6 grand as that is a lot of money to me, and have worked too hard to just throw money away.

Can anyone offer any advice on other options? I have thought about renting it out but I don’t know if it’s worth the hassle.

OP posts:
SnuggyBuggy · 16/09/2018 12:16

Is there anything else that might help with the value of the house?

Bombardier25966 · 16/09/2018 12:18

If there was no interest then the price was too high. Someone will always pay at the right price.

Sell up or rent it out. Not sure what else you want people to suggest?

LusaCole · 16/09/2018 12:19

What do you mean by "lower the price"? Would the reduced price be less than you originally paid for it yourself, or lower than a valuation by an estate agent? If it's the latter, you aren't "throwing money away" because you never actually had that money. Maybe the valuation was unrealistic?

Nellyelora · 16/09/2018 12:19

Rent it out and rent/buy elsewhere?

QuestionableMouse · 16/09/2018 12:20

Could you convert the loft?

SnuggyBuggy · 16/09/2018 12:21

Valuations are often unrealistic. I remember when sold my late DGFs house, we all thought they were having a laugh with the price they came up with. We happily sold it for less.

Singlenotsingle · 16/09/2018 12:22

Suggest you check out suitable 3 beds in your area and see what prices they're going for, and remember estate agents always overprice. You lower your price? They lower theirs.

wowfudge · 16/09/2018 12:23

So what’s more important: a few grand or a child of your own? What about a loft conversion - is that a possibility?

It’s all relative because if you live somewhere where the value of your house means £5k is 20% then I can see it’s a big deal. However, if you are not in negative equity - you can’t be with no mortgage - then maybe you need to ask less for your house, sell it and take out a small mortgage for a bigger place.

Original poster
Helmlover · 16/09/2018 12:27

We tried to sell it for the price that I paid for it, back in 2012. But I realise I’m hindsight now that I didn’t get a great deal when I bought it back then Sad

I just wish now that I’d gone for a 3 bedroom house, and then I wouldn’t be in this position.

We looked into getting a loft conversion but someone came out and said it wasn’t really doable (our loft is tiny and you can’t even stand up in it).

OP posts:
7toGo · 16/09/2018 12:28

So you'd rather save 4,5,6 grand than have a child?

safariboot · 16/09/2018 12:28

Your home's value is what it is, whether you sell or not. There's only so much you can do about that.

What's important is that you want a better home. You have to decide if the cost of that, whether monetary or in compromising on other aspects of the home, is worth it.

Bluntness100 · 16/09/2018 12:28

Well you're going to have to give on something. Either you lose the money or you live in over cramped conditions.

So what do you want more?

7toGo · 16/09/2018 12:29

Can't you rationalise the 6 grand that you'd "lose" as £1k rent per year for the six years you'd been living there?

Some threads are so utterly bizarre!

safariboot · 16/09/2018 12:30

But don't let the price that was paid for your current home affect your decision, is what I'm trying to say. I know you don't want to 'lose money' and you rightly regret paying too much, but that's done, it's a sunk cost, it's not relevant to deciding what to do now

Poisongirl81 · 16/09/2018 12:31

where was your partner living before moving to yours?

RandomMess · 16/09/2018 12:32

Realistically you have to get pregnant and then the baby sleeps in your room for at least a year that gives you 2 years to sell up or change things.

Not ideal but all the DC can share a bedroom or you and your DP can have a sofa bed downstairs when his DC stay?

StatisticallyChallenged · 16/09/2018 12:33

You're cutting off your nose to spite your face. It's not like you will be in negative equity as the house is paid off, you'll just need a slightly bigger mortgage on the next place.

Are you really going to deny yourself the chance at parenthood for what is quite possibly an extra £20 a month or so on your mortgage (estimate but it's not going to be much)

Original poster
Helmlover · 16/09/2018 12:36

7togo I don’t understand what you mean. Sorry my thread may seem ‘bizarre’ and apologies I’m not as clued up on these matters as you seemingly are!

My partner lived with his ex wife but they divorced years ago and he moved in with me.

OP posts:
AnyFucker · 16/09/2018 12:36

Real life

Welcome to it

Bumpitybumper · 16/09/2018 12:37

I agree with others in that if you effectively overpaid when you bought your house then you lost the money at the time of purchase, not now when you will sell it for its market value. I know it's annoying and frustrating but there is no way to recoup that money really as any increase in house prices that would make your house more valuable would also increase the prices of the 3 bedroom properties you want to buy too.

Personally I would just cut my losses and move so that I could crack on with having the much longed for child. In the scheme of things this matters far more than losing even quite a considerable sum of money!

LoisWilkerson1 · 16/09/2018 12:39

Would a mezzanine be possible? I've seen it done to make a two bed more appealing to buyers as it offers an extra space for an office or guest bed.

Lindy2 · 16/09/2018 12:41

Rent it out and use the rent income to help you and your partner buy a bigger place together that will accomodate all your children. I'm assuming as you want a child together you will be buying jointly.
It also means that you continue to have the security of the property you purchased yourself prior to your relationship.

LoisWilkerson1 · 16/09/2018 12:41

Google sunken cost fallacy too.

Belindabauer · 16/09/2018 12:42

Google what houses in your immediate area have sold for, this will give you a good idea what your house is really worth.
If you put it on the market for too much it will not sell.
I would rather take a lower price and have a baby.

Shockers · 16/09/2018 12:45

We changed our mortgage on a house we struggled to sell to a buy to let mortgage. We would’ve lost the house we wanted if we’d waited any longer.

Eight years on, we have reliable tenants who love the house (they’ve been in for 6 years), but can’t get a mortgage, due to their circumstances. If they ever do, we’d sell it to them.

Is this a possibility for you?