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. You can always extend your own property if DC2 needs more space.

How is two adults and a baby in a two bed going to be difficult?

Serious question as we raised DC1 in a two bed South London end-of-terrace with no issues at all.

How much would legal fees be (buying and selling) if we did so in several years time, after buying this house?

Do it! Having a third room downstairs is so, so useful once you have a child.

Do it.

Having a child can be very expensive especially in terms of the hit to (usually) one parents wages/childcare bill.

My childcare bill is only £100 pm now, but the amount my mortgage company is prepared to lend me has dropped like a stone (I'm a single parent).

Get on the housing ladder now, it will give you some breathing space, don't worry about boilers etc, that's what credit cards are for if the worst happens.
Don't worry about the hypothetical 2nd child, you may have a non-sleeping 1st chikd and never have sex with your DH again but seriously it's very hard to plan when you don't know where life is going to take you, so just put the offer in (don't over-pay!) and take what the EA says about the place being very popular with lots of offers with a good pinch of salt (unless you know they are telling you the truth)

I'd usually always encourage buying but it sounds like this house wouldn't be a long term option. The costs of moving, stamp duty, solicitors etc can really add up and potential doing it all over again in only a few years seems unwise.