AIBU to buy the house I’ve fallen in love with

[Summeryjustice]

I have the choice between two houses in the same town:

A - Modern, brilliant condition, big garden, but terraced. 3 bedrooms. I’d be mortgage free if I bought it.

B - Dream house. Old, detached, enormous garden, views. Also 3 bed. Would be paying off mortgage for 20 years plus.

Houses are similar size but obviously there’s a massive price difference. Me and DP are early 40s with secure jobs. Would we be crazy to buy the dream house?

I'd buy the dream house, no question. Being mortgage free in a terraced house you don't love isn't all it is cracked up to be. If it doesn't work out or you can't afford it down the line then sell it, but at least try it first.

House B will inevitably cost quite a bit more to maintain and heat. When I imagine living there I feel a mixture of joy because of how lovely it is and pressure because of the responsibility/money/work. It’s in good nick but it is old. Unfortunately we are under pressure from our buyers so can’t wait for an in-between option.

I'd go with B, no question

B.....but vv tempted re mortgage free especially now...no b...always b... (Sits on the fence)

A) and do nice things with the spare cash.

Another vote for B, but that's because to me, my home is everything. I could manage without holidays etc no problem, but I do love a beautiful (old) home.

B. Honestly the difference in my quality of life and enjoyment of my home since moving to a detached house is immeasurable

A - mortgage free. Do not underestimate the quality of life that is gained by having no money worries, no drains on your time and energy.

If you want a view or character property, that's your holiday rentals sorted.

Personally I would go house a only because house b will start as a dream but you wond be able to enjoy it you will be constantly stressed trying to work all the time to ensure u can keep up with running costs and mortgage where as house a yes its not a dream house but you could life your dream life ie travel retire earlier then u could with house b etc. That's my personal choice but you need to think what will make u happy in 5 years not what makes u happy now

We bought a modern house back in 2000 and paid off the mortgage immediately from the sale of the previous one. It was a no-brainer - which allowed us to give up work with me at 49 and partner 51.

We've lived abroad (not working), spent years travelling and having the time of our lives. No mortgage for 7 years allowed us to amass considerable savings.

Given the perilous state of interest rates, I wouldn't take on a new mortgage right now.

OP How would you feel it the dream changed to sold STC would you see it as a sign or would you be devestated?

I’d go for A, having lived in an older house all our disposable income went on repairs and getting it up to a nice standard, now in a newer house our quality of life has improved so much. Only changes we made we a couple of things to add a bit more colour.

I think as well an important factor is the lifestyle each house will give you - think others have alluded to this.

A twenty year mortgage in my forties isn’t something I’d want to take on though.

I’m a big believer in if you want it, can afford it, buy it. However, I’ve been mortgage free for two years and I can’t put a price on the peace of mind that brings in the current climate.
So my heart says buy the old house but my head says go for mortgage free.

B. No doubt.

@LeeHarper5 you’ve summed up the dilemma!

We're a similar age and are just taking on a mortgage to get more of a dream house when we're currently mortgage free. The enjoyment we'll get from a nicer house will be worth the money.

One thing though- current house has an enormous garden which was a big attraction when we bought but has just been a millstone and totally unnecessary as we only use a tiny portion- maybe be sure you want the upkeep that comes with this! I'm relieved to be massively downsizing the garden.

Be practical about house B, get a full survey and take a builder there. I’d personally go house A, my dream is being mortgage free! Think of the freedom.

Have you factored in any works that will need doing, or likely need to be done in the near future on the old house? Would it be more expensive maintaining it and running it? The mortgage cost sounds affordable but it could end up as a big money pit compared to the new house.

B - now's the time to be pushing yourself!

Now is quite literally, the worst possible time to ‘push yourself’ financially 🤦🏼‍♀️

I would go with house A. The dream house may not remain that once it’s eating up all your time and money. A lovely home that you own outright is a MASSIVE thing to have. We’re heading into unprecedented times economically in this country and personally I think you would be foolish not to take that option. It’s your life and I’m risk averse, but people stretching themselves on credit to live the dream and have Instagram-able property is the kind of crap that’s left thousands facing ruin now. It may not be fashionable to live securely and within your means but it gets my vote!

Go low-ball on the house you love.

Do you have the time or the inclination for the massive garden? Honestly? Or the money for a gardener?

I "settled" for the non-dream house.
I will always miss the one that got away.

B.
We were in a similar situation, our A choice was semi-detached, 3 bed, nice gardens and one parking space and we'd be mortgage free in 5 years. But B was 5 bed, detached, big gardens front, back and sides and we have a 16 year mortgage. I'd regret losing our house if we had chosen A

I am after just leaving a rental a 3 bed detached old cottage. Fucking hated it. Everyone who came round was like oh this is so cute it's like something out of a film. Would love to live here i be like yeah come live here if you want and you grow to hate it. Yes it had fab views and big gardens, but it was a cold damp miserable house. Cost a fortune to heat. Had a big stove in the living room but was awkward to carry in logs and coal as halls were narrow plus door a bit away from loving room. Living room was tiny, if had friends over very little room to sit. Codensation on the windows every morning and a horrible tiny shower in a room that was cold even in the middle of the heatwave. Was a pain to clean too. If you had of asked me your dilemma a year ago before i moved in i would have said Option B but now i am option a all the way. I am now in a fairly new build and my god the difference is unreal, The heat hits you as open the front door . And i have yet to put the heat on (Which am so grateful now that gas and oil prices are through the roof). It has a small garden but its manageable and can enjoy it in summer. Plenty of room when people come over. Also electric bills pretty good so far. Plus option A no mortgage - This wins big time

We went for the dream mid forties a few years ago, fabulous decision I love it here. If you don’t go for it it will always be the one that got away .