WWYD- buy outright or get a mortgage?

[altiara]

Almost at the point of STB exDH buying me out of our house.
Not a great deal on the market to choose from but potentially could buy outright 3 bed semi or get mortgage for 4 bed detached.
Detached has tiny garden. Worried about dog barking in a semi detached as dog used to detached house. Different in price is 200k.

Not got a lot of people to talk to as don’t want to tell them my budget as it feels huge, but need someone to talk to as still can’t find the right property with a big budget as not much on the market rather than refusing to compromise (IMO)!

What would you do?

Buy outright.

Does your dog know he lives in a detached home ??? or is they code for he’s always barking??

How many are there of you to live in the house?
How old are you?
What is your income like?

Why would a dog bark in a semi, due to not being used to a semi? that makes no sense, unless you are concerned about noises from the other side?

Buy outright.

£200k will buy a lot of dog training! Buy the semi.

Buy outright.

We were 'fortunate' to inherit our house and therefore own it outright. It gives us a lot of financial flexibility. You can save a monthly mortgage payment if you like and you've set yourself up for a great future.

Semi. It will give you much more financial freedom

200k is a massive amount extra just to be detached and have 1 extra bedroom. How many of you will be in the house?

Personally unless you really need the extra bedroom, I'd buy the semi and enjoy being mortgage free.

We had the option and bought outright.

Buy outright.

I bought outright and the peace of mind it brings is unreal. It's small, but it's mine. Every so often I get house envy for something bigger/better, but I remind myself how much I enjoy the bigger disposable income it allows me.

As long as I can cover the utility bills I feel safe. I recently saved up and had a 2 year career break which was bliss. I couldn't have done that with a mortgage.

Can you afford the mortgage? We are about to move to a detached and I can't wait to get rid of our neighbours!

What’s your salary? Is it a safe job?

Personally I’d buy a total wreck outright and do it up. I’d extend with cash earned

What are the short, medium and long term capital gains projections for the properties?

Bearing in mind covid and the mini boom of commuter belt properties could you buy 4 bed detached 35 miles / 30 mins train from the semi and possibly be quids in in 5 years?

Might a mortgage on the semi and £200k outright on a btl be a better bet?

Think about your options and try to cost them op.

Can you easily afford the mortgage?

It's better for your credit rating to have some debt. It's also easier to get a mortgage if you already have one.

Buy outright. And know you can go part time if you need to, or have a cushion for whatever happens.

Throwing everything I’ve got at my mortgage to pay it off ASAP. And I shall breathe so much more easily when it isn’t there any more.

Difficult to say without any details of your income but I would buy outright and then not have to worry. It would be wonderful to have the option to!

I'd wait until after Christmas and see what comes on the market. I'd go for the four bed detached unless it would really stretch your budget.

Wow 200k more than another bedroom and detached, that's crazy! I'd buy outright and be mortgage free, absolutely no question.

Ok, trying to cover all questions.

The dog rarely barks, I’ve just read threads about dogs non stop barking when you leave them. So I’m assuming he might bark if he hears someone in what he thinks is the same house but is locked away from them. Honestly, not sure if I should worry about this or not! I work half office, half at home in normal times and have a dog walker. He just sleeps when I’m here.

Me and 2 kids. Need to stay in the area for school. But don’t need a specific catchment school or anything.

Job safe, 80k + bonus.

Yes I can afford the mortgage, could afford a to borrow more but mindful of wanting to reduce the length of mortgage as well as the cost.
I am in a commuter town with rail links to London.

Not so interested in doing up a property/extending. I just want to move on and buy somewhere that I can make my home with just cosmetic changes. That’s all my head can take at the moment.

It does sound ridiculous that there is a 200k difference between the houses I’m interested in! There are a couple of others in between this price range on the other side of the town, but parking is a bit tight in that particular road and it puts me off. The other area is nearer friends which is why I’m more interested.
The price point I was looking at to buy outright seems to be really popular and houses sell quickly.

How old are you?

I always observe that wealthy people know the value of some leverage (ie borrowing for gain).

if you buy outright would you have less capital left? Either way do you still have an appropriate emergency fund of 3-6 months' expenses in cash?

@Palavah
Am 45, yes would have a decent amount of cash left.

Just going to wait and see what comes up on the market now. The 3 bed I liked the look of has come off the market. Not sold, just off. So will just wait and see.

Detached every time if you can afford it and it sounds like you can on your salary. You and your kids are used to not having to think about the noise you make and you will almost certainly notice the difference having neighbours attached if you've not been in that position for a while.
You've almost definitely missed the boat on stamp duty savings so I'd wait as very few people will be putting their house up for sale at the moment unless they have to.

What age of house are you liking at?

Just that a small 70s 60s bungalow is probably a lot cheaper then a 4 bed cottage

What about waiting for a 70s 3 bed detached in the area near your friends.