Which house

[iosv]

I’m 34 which I think is relevant.

I have only 60k left on my current mortgage. House is worth 270, small two bed.

I had an offer accepted for 480 in a nicer area, detached 3/4 bed with ample parking and two bathrooms.

Im being encouraged to go for it and I feel I should as i can downsize in future but I’m so wary of making my mortgage payments over double. It’s not a case of not being able to afford it as such it’s more nerves as to not being as financially secure… sort of starting over again from when I bought the two bed?

any thoughts?

If you are single I'd say it's not worth it.

If you have 6 kids then more room would be useful!

In different circumstances I'd say go for it. With the huge global recession we're just entering, I'd hold on. The next few years are going to be severe.

Do you have a partner? Kids?

Do you live alone op?

Live alone, it’s more a view to investment and current house is v small but nice

If you need the space then move if you don’t, then I’d stay where you are.

we live in a small house, we could do with a bit more space however with the cost of living crisis and the cost of petrol, gas, electricity food etc I’m quite glad we have stayed in the smaller house.

we know a few people who have pushed their money to get a bigger house and are now struggling.

id rather have no mortgage to pay.

I think at the moment it’s not just your personal circumstances that you should be thinking about.
house prices are topping out. You might be buying at the top of the market and it could crash in the next year or two. They may not, but it is something to consider.
Interest rates are going up, could you afford increased payments if they go much higher?

if you are in secure employment with promotions on the horizon you may be able to ride out any major changes in the market, but timing can be everything when you are making a significant purchase in a volatile market.

I moved from a teeny tiny 2 bed (well 1.5 bed) to a detached 3 bed as a single 30 year old. I loved the space and the peace. A recession then came along (2008) and no one could move even if they wanted to. By the time the recession ended I was living there with a husband and 2 DC and very glad I hadn’t been stuck in a teeny house.

Can you afford it with rampant inflation and high interest rates? Is your job likely to be secure through a recession?