Help us decide - buy this house?

[Houseornot]

We need to decide by tomorrow latest as the vendors have already had a few offers.

Speaking to Mumsnet, hoping for some objectivity as we are truly stuck and I don’t have a gut instinct either way.

A lovely two bedroom semi detached house has come up for sale nearby us. It’s in a lovely village, safe area, very quiet street, overlooks fields. Schools are great and excellent transport links not too far away. The price is really reasonable and would be only about 20% of our total income in repayments.

We have been looking for long enough though to know a house like this does not come up very often and it’s priced to sell as the vendors are moving to another part of the country.

I’m hesitant though, because it’s pretty much the same size as our rental (equally nice area but more built up). Our rental is a new build which keeps the heat in very well, low running costs and if there’s ever a repair it is not our problem. Housing association so extremely secure. It does not feel like we would be gaining space apart from one room downstairs, and we would be paying about £300 a month more than we do now.

We have a baby on the way so we are keen to get on the property ladder, but also don’t want to rush the decision.

Drawbacks:

• £300 more a month than now (although, we will never get a mortgage for as cheap as our current rent is) but is it the right time to take on a big financial commitment just as I’m headed for maternity leave and slightly reduced income?
• Smaller upstairs and one bathroom and toilet
• Boiler is 12 years old
• We would almost certainly have to move if we want a second child as the 2nd room is very small

Positives:

• They would lend us more before baby is born
• Three rooms downstairs; so baby could have a playroom
• Being on the property ladder
• Not having to move house with a small baby
• Everything about the location

A part of me thinks if we don’t do it now, we won’t do it. DH is wondering though if we don’t hold out and pay a bit more for a new build, perhaps with one extra room, so we can stay there for longer and not have to worry about the stress or costs or moving. There are also often incentives with buying new builds that we could take advantage of, and a 10 year structural guarantee.

Also aware rates might come down a bit more.

Thoughts appreciated!

Do it.

Do it

Do it

Buy it and if it’s really not the right one then you can sell when you need to

My instinct tells me you might only live there for a few years as the upstairs is too small. The three rooms downstairs sounds great but if the second bedroom is small and you do have a second child it's a lot of hassle to have to move again.
However, you say it is priced to sell so maybe you'd make money quickly and it is worth it?
I would rather be on the property ladder now than wait. One bathroom and toilet is fine. The boiler could last several more years - mine is about 18 years old and still going but I have got boiler insurance.
Location is really important so if you love the location you'll probably be happy?

Can you not stretch to a three bedroom?

Two adults and a baby in a two bed is going to be difficult.

If you currently can’t afford a bigger more future proof house then buy what you can afford now. You’ve got to put out your mind “well we’ll be paying £300 a month more” because you will be gaining equity.

The only slight caveat I guess is if you could save that £300 how long before you’d be in a position with a bigger deposit for a bigger house? Or is it not the deposit but the mortgage which would be the issue? Plus you can have good intentions of saving £300 a month but realistically would you?

Could it be extended to make a three bed in a few years?

We recently bought following twenty years of renting. Our push was the threat of being evicted at any time due to a crap landlord. The house is a wreck, it's not big enough as it stands but NO ONE can take it away on a whim. We can do the place up and can sell it on but we are no longer at the mercy of a landlord.
In your shoes I'd buy. You can then sell when you're ready.

Are there bigger houses available in the area but maybe just not in the very nice area/overlooking the fields which might be cheaper if located in a less desirable area?

It sounds lovely. Personally I'm not fond of new builds (too small), I've also heard that they depreciate when you buy them (blows my mind, but there you go) so I definitely wouldn't want to be the first purchaser.

I can't decide for you, I can only say that, in your place I would buy it. If you do decide to sell (DCs 2, 3 and 4 arrive) from what you say you would sell it easily.

Good luck whatever you decide.

You WANT to get on the property ladder,
so DO IT !!!

and maybe in years to come you could convert the loft ?

and as other posters have already said, and I have seen from other posts, buying a brand new new built seems to be like a brand new car - you don't get back the same money as the minute you buy it and live in it it becomes a 2nd hand new build.

this property sounds ideal and I think you will be lucky if the owner accepts your offer, so don't dither !

If you're pretty sure you'll want a second child I'd stay where you are and put the £300 a month you'll be saving into an account for a deposit on a three bedroom house two or three years down the line.

Can you extend? Up or sideways?
A new built often has very limited storage we found
Ensure you can afford a new boiler in a couple of years. The sell price should have taken that into account.
A playroom downstair is really useful, no clutter in the living room and can double as a den later or you could even think of swapping the main bedroom and keep the children upstairs.

What are the extension opportunities? Is there an internal garage you could convert? Or a conservatory that you could re-roof and make into a proper room? Could you go up into the loft? Could the second room work for 2 kids if you have bunk beds? I guess all you would need would be their clothes and books in there if you have a playroom. Any scope for a downstairs room to become a bedroom?

lol😂

Of course you should buy it - I cannot understand why you would be asking. How do you know that you will have you offer accepted though?

The trouble with that plan is that the OP will have taken a salary hit by then and has already explained that it would be harder to get a mortgage. Besides, at the moment, they kiss permanent goodbye to every penny of rent they pay.

Far better to get on the property ladder now.

Buy it. Every bit of rent money has gone - you'll never see it again. Put that money into your own home, rather than one that someone else owns.

Your first home doesn't necessarily need to be your last, remember.

We don’t know it would be but the estate agent mentioned since they want to move quickly first time buyers will be appealing, and we’re going to go slightly over the guide price.

In that case get your offer in tomorrow first thing (assuming you have already got a mortgage offer ready to go). You have nothing to lose and everything to gain.

That's what I thought. How few people should live in a 2 bed house??

I think you'd be looking to sell again within 2-3 years to accommodate a second child. The estate agent, solicitor and moving fees (twice) are really not worth it in that space of time - you're talking £15-20k to do this twice (it costs more when you're selling). You would be far better either finding a 3 bed now that you like (compromising on other things like decor) or waiting and saving your £300 a month.

It all depends. In general 2bed for a one child family is enough but DH wfh permanently and I hyprid. We need more space for this especially as DH has daily long telcos.

So, he got a broom cupboard and I got a corner in a guest bedroom as our bedroom is too small to set up a fixed desk with 2 monitors.

Buy it if you can.

Declutter and go minimalist.

It's perfectly possible for a couple with 2 little children to live in the sort of property you described.

Move to a 3-bed in 5 years time.