Just seen the house of my dreams online and am seriously thinking we should buy it. But am paralysed with fear about moving and taking on a bigger mortgage.. help me decide?
Current house is big enough, but only just. And with 3 teenagers who are unlikely to be leaving home for years, we are already trying to think about how we will change things to fit. We have 4 beds, but the 4th is tiny, so the two youngest share. This is not always a happy situ. I work from home so use the 4th bed as an office. Husband also wfh at the mo, this is likely to remain a thing perhaps 2/3 days a week. He works in our bedroom.
The new house has 5 beds, so all kids could have own rooms, plus an office. It also has bigger receptions and a great garden & is perfectly placed for the younger ones school. But it would nearly double our mortgage. I think we would be ok, but only just, and everything would be about counting the pennies, which isn't ideal just when the kids are at their most expensive. We are mid forties and would need to take mortgage back up to 18 years to make it doable. But because of the stamp duty drop we could afford it, which we couldn't have previously.
I guess I'm just wondering if this is the wrong time in life to suddenly have to cut back on everything, and if by staying where we are and having more expendable cash we would be happier? Also obvs need to take into account economic situation in general, tho we both work in sectors that are not currently affected by Covid and are less likely to be.
Wwyd?