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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:
Angelil · 16/09/2018 12:46

Sofa bed for the two children who visit twice a week? Eventually they will get too old to share so not exactly a long-term solution but might do for now?

SoyDora · 16/09/2018 12:47

It depends how much you want a child really doesn’t it? Do you want one enough to lose £6k from what you paid for the house? If so then sell. If not, stay put. Not really anything else to suggest!

Sugarpiehoneyeye · 16/09/2018 12:48

Any room for a conservatory ?
I agree with a sofa bed for the children.

Original poster
Helmlover · 16/09/2018 12:49

Shockers- renting it out is seeming like a viable option. Do you feel renting to be a hassle in any way? Do you make much profit after taxes, insurances etc?

OP posts:
stellabird · 16/09/2018 12:50

Consider yourself fortunate that you already own a house before you have your child. Many on GN would love to be in that position.

If you paid too much for it years ago, that doesn't mean someone else has to pay too much for it now ( to somehow make it OK in your eyes). You now have a partner with (presumably) a second income, so if you sell you will both have to take a mortgage and purchase a suitable house. Isn't that what people do when they want a bigger house ? Welcome to the real world.

cestlavielife · 16/09/2018 12:50

Lower the price compared to what ?
What you paid is largely irrelevant.
Just look at what you can get with equity and a new mortgage with your dp.

DianaPrincessOfThemyscira · 16/09/2018 12:51

Well, you can regret and wish you'd gone with bigger as much as you like, but it's not going to change your situation is it?

What stands out to me is that you'd rather not have a child than 'lose out' on £6-7k? Which says you can afford that loss but won't? Also your choice of words seems to indicate you own your house outright rather than mortgaged which makes your thinking even more unfathomable to me.

Don't cut off your nose to spite your face.

C0untDucku1a · 16/09/2018 12:51

If your house is paid for and you now have a partner surely the money you ‘lose’ moving to accomodate his children will be made up bu his contribution to the new mortgage?

Jasquers · 16/09/2018 12:54

I bought a 2 bed house in 2007, a month before the property crash! Only way I could get rid of it was by part exchanging it. Still lost a heap of money but at least I was rid of it and into a lovely new home

LeftRightCentre · 16/09/2018 12:58

Your house is paid for, how are you losing money? If you're currently cutting off your nose to spite your face over '4,5, 6 grand' don't have kids! They cost a shocking amount of money.

llangennith · 16/09/2018 12:58

Sell yours for whatever you can, get a mortgage and buy a bigger house.

KnotsInMay · 16/09/2018 12:58

So:
You tried to sell a few years ago.
But not recently.
You want a child but renting your house to pay for bigger ‘isn’t worth the hassle ‘.

You aren’t putting a lot of wellie into this, OP! Discuss with your DH and put together a plan, follow it energetically.

(Hint: now you are in tne property ladder, if your house has dropped in value since you bought, so will 3 bedders, so you will be able to buy a 3 bed cheaper than you would have done had prices risen. You will just be putting the current value of your 2 bed house, at whatever level, into your 3 bed house)

Huskylover1 · 16/09/2018 12:59

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

Off topic but....Eh? He moved out of the marital home, and straight in with you? Were you OW?

The idea of you and him making a new baby, and ousting his existing children on to a sofa bed, doesn't sit well with me. AT ALL. It would be a smack in the face.

If you sell for £6k less than you bought it for, it's irrelevant, because the 3 beds in the area will have come down in price as well.

Given that you have no mortgage, and are still young, you are in an incredible position compared to most. Just sell up and move.

AnotherEmma · 16/09/2018 13:00

What about your partner’s finances - presumably the mortgage and deeds for this house are in your name only, and if you moved you’d buy somewhere together? Does he own property (or a share in one) or have savings? How do his earnings compare to yours?

If you have a baby, would you like to take maternity leave, give up work or go back part-time? How would you and your partner manage finances and bills?

If you want a child together I suggest you discuss these things as well as the impact on your pension and future earning power. You would be wise to consider marriage for legal and financial protection.

I think the house question is minor in comparison to that. You could move house but whether it’s worth it depends on the relationship and whether you are on the same page regarding finances and marriage.

SilverBirchTree · 16/09/2018 13:01

People are being very rude to the OP. She has said herself that she isn't adept at these matters. To many people a home is just a home, and money is for paying bills. There's really no need to act superior just because you have a slightly better grasp of investing and finances than a stranger on the internet.

Huskylover1 · 16/09/2018 13:02

I "lost" £11k, on the last house I sold. I sucked it up, because there was a house for sale in a different town, that we fell in love with...it was closer to DH work, had a sea view, and houses rarely come up for sale. If you really want something, you have to make it happen, and sometimes that means taking a hit.

NoSquirrels · 16/09/2018 13:03

Presumably you’ll need a mortgage on a bigger property? So stop thinking of it as “losing £X” and start think of “needing a mortgage for £Y”.OK, £Y will be a bit bigger than you’d ideally like, but not by much really, and you’ll have moved and be enjoying more space and hopefully a baby too.

You’re cutting off your nose to spite your face. If you were in negative equity and COULDN’T move that would be one thing, but you CAN move. Just do it!

DaphneClark · 16/09/2018 13:03

If you rent your place out you will be taxed on the profit (the rent). The taxman doesn’t care that you will be using the £ to rent elsewhere, they don’t care what you do with your income, just that you pay tax on it.

Sell and buy the house of your dreams op. It doesn’t matter if you lose a bit, you had to live somewhere and would have “lost” money in rent if you hadn’t bought.

Just move. You now know more about the housing market, buy wisely.

StarShapedWindow · 16/09/2018 13:03

Well you have a lot of options, you could make 3 beds to fit the second bedroom - have a look at Pinterest, there are some amazing designs to fit more beds into a tight space. You could rent out your current home and rent a bigger place for yourselves until you’re ready to sell your current home - I did this for a few years because I got pregnant with my first child right before the massive financial crisis of 2008! Or you could cut your losses, lose a few grand and move into a house you really want. Lots of choice!

ourkidmolly · 16/09/2018 13:04

Check your privilege is the phrase that comes to my mind. What a problem to have!
Just take a 6k loss and buy a house with your partner. Surely he can take on some debt to facilitate his growing brood?

Bluesmartiesarebest · 16/09/2018 13:06

Can you move to a cheaper area so that a 3 bedroomed house somewhere new is the same price as your 2 bedroomed one?

WorraLiberty · 16/09/2018 13:06

I'm not really seeing the issue here.

As the youngest of five children, my parents just put a partition down the middle of the biggest bedroom (which was actually quite small) and stuck another door on. We slept in bunkbeds.

My road has mainly 2 bed houses and that's what lots of families have done.

SilverBirchTree · 16/09/2018 13:06

Firstly, i don't think it's fair to put the step children on a pull out sofa. How old are they?

What's your partner's plan and financial situation? If you buy a larger home will you buy it together?

Do you resent that you have to buy a larger home to accomodate his children but he is not contributing? How serious is the relationship? How many children are you planning to have?

Hard to advise you without more information.

RossPoldarkfan · 16/09/2018 13:06

When you buy a house it is pot luck whether prices rise or fall. My house has fallen in value a lot in the last year. I'm selling and have to take less than those who sold a couple of years ago (a much bigger drop than yours). It is what it is, if you want to move you just have to accept it.

Bluntness100 · 16/09/2018 13:07

Yeah I'm not getting the point of this either and you don't need to be adept with financial matters or selling to make a decision here.

Sell house. Lose money. Move to bigger house. Have kid. Live comfortably.
Keep house. Have kid, keep money. Live like sardines in a can.

And I agree, where's your partner in all of this? Why's it seemingly like your responsibility.

🤷‍♀️

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