How much would you sacrifice for a bigger home?

[Faith50]

We have long outgrown our tiny home - under 800 square foot. To move to a larger house we would have to stretch ourselves to the hilt. We would have no family holidays/breaks, no take aways, no extra curricular activities for dc, no savings. Dh and I have decided it is not worth the risk and have accepted unless our salaries double, we receive an inheritance or a miracle happens we will be unable to move.

I was depressed for a number of years and our marriage almost ended due to my desire for more space. This was a starter home and 15 years later we are still here.

Has anyone been in a similar situation?

We moved to a cheaper area for a similar sized house. Our mortgage reduced by two thirds while our happiness levels grew.

Because we lived beyond our means for so many years we still have some work to do on building savings but we have security and that gives me much more than living in an expensive area would.

Extend or move further out; they really are your only options

We live in a small (2.5 bed) terrace with one teenage and one junior school DC. Honestly, the house is a little small.

However, the next move up the property ladder would be a massive jump, and I prefer having money in my back pocket for decent holidays and meals out, and the simple ease of knowing we can meet every bill, even unexpected ones, really easily.

We could look at a cheaper area but choose not too .

@Love51 has a good idea- put extra money on your mortgage (or into savings) for a while and see if the simulated new budget makes a bigger house realistic.

If you’re decluttered & organized already, you may need to just accept & appreciate your current home, and focus on the parts you like.

I would never sacrifice any luxuries for a bigger home. But to be honest we don't need one, I'm a single parent of one child so we only need 2 bedrooms.

We live in a first floor flat, 5 rooms in total, no garden or parking space. But we go on 3 or 4 holidays a year and have spare cash for days out, extracurriculars, and to go out for meals if we fancy it.

I am saving to move into a house rather than a flat but it will still only be a 2 up 2 down terrace. I much prefer a nice lifestyle than a big house.

Two bed - two children of different sex. Room not big enough to divide.

Joint income under £100k

Childcare of £1000 a month. Will reduce to £500 in a few years

House has built little equity so we would be almost starting from scratch. We are not young so cannot take out a 30/35 year mortgage.

The cheaper areas in my town are rough council estates - and I mean rough. We live on a very ordinary road of two up two down terraces. The neighbours take care of their gardens and there are no mattresses or bags of rubbish on the road side.

Could you go into the loft?

We're the opposite, a large house and garden but it needs loads of work doing and we simply don't have that sort of money. Driveway, bathrooms, lots of plastering, garden all need £££ spending to make them acceptable. We love the space but I feel frustrated that I can't make it into my dream home.

Yes, we could go into the loft.

thisisnot This would be a nightmare for me.

I would definitely think about going into the loft - 40K would be a lot, lot cheaper than moving and would add under £200 a month to your mortgage. It would be more saleable too then. Maybe your area will gentrify if it's London? Once your children reach school age you'll have a lot more income.

Faith50 I am also intrigued by location too, being hours away form work. DH and I earn under 50k joint both working FT - but have a 3 bed house in the NE. I wonder if location could be your answer.

Build a big shed or extra space in the garden

I would go into loft and possibly build a fancy shed or small extension on the back.
Try and overpay your mortgage and enjoy the financial freedom.

The paradigm of the property 'ladder' and this expectation of moving to larger and larger spaces needed to have died long ago. Reality has disappointed a lot of people and still move don't realise or accept that, really, a person cannot 'just move to a cheaper area/farther out, etc'.

I'd stay put and maximise your space somehow.

We've just had our loft converted into an en suite master bedroom and it was the best decision ever. The extra space is amazing and it's made the whole house feel roomier! Definitely money well spent!

May I ask what sort of house values we're talking about here? And if you've been there for 15 years, how long do you have left on it? Surely after 15 years you'll have tipped the balance in favour of payments going more towards the loan value than the interest.

I completely understand how hopeless things can feel when you feel trapped in a house you dislike, but it does sound like you're catastrophising with the financials.

Isthe big woman here
I definitely wouldn’t downsize to a 1 bed
What if one of you is really ill or needs carers coming in
I honestly think you need two beds to maximise options in later life

I was thinking of a small caravan in the back garden
If garden is secure an older child could have that as their space
My dd is thinking of doing that with her eldest

She sold a lovely watertight Caravan for £200
I don’t know why she didn’t put it in her garden
Probably wasn’t ready to get a crane to lift it over the garage

You could do the attic fairly cheaply and it would make a world of difference. Then in a few more years when the price of your childcare halves you will be in a much better position. Hang tight op. I'm 38 and have realised I'm probably stuck in my council flat on a street that's not particularly nice.

It's been difficult to accept but I've looked at the positives (my daughter likes it here, there are loads of similar aged kids, it's cheap enough that we have some kind of life).

Thanks for the encouragement.

Op I know it's disappointing but just focus on getting your house as you need it and then enjoy the extra cash for holidays and things.

I would have to disagree with a lot of posters on here & say you should move rather than go into the loft or do any other type if extension. You said that the area isn't great & you have a long commute, so why stay any longer than necessary.

If you've been in the same house for 15 years you would have loads of equity.
Apart from the fact you've paid off half the mortgage property prices have gone up considerably over that period of time. Time to push those boundaries & stretch yourself.

We are the same. I bought a 2 bed flat just over ten years ago for no other reason than the 100% mortgage was cheaper than a month rent and deposit up front. I didn't like it and didn't plan to live here long. I now can't afford to move away, as the leap from a flat to a house is £100k more.

If you've been in the same house for 15 years you would have loads of equity.
Apart from the fact you've paid off half the mortgage property prices have gone up considerably over that period of time.

That depends where you live. My house is worth about £100k less than it was twelve or so years ago. But even if my house value had risen considerably (I bought a few years earlier so thankfully I'm not in negative equity like many people I know), all the bigger houses have risen even more.