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?

go for A. I had a crushing mortgage for 18 years and it sucks all the joy out of life.

I’d go A. Sorry.
mortgage free would be amazing.

Also, early 40s, don’t underestimate how quickly your life can change which can seriously limit earning power. I assumed my career would kick on at the same trajectory aged 40 for at least the next decade. Reality is that I was widowed a year later, other significant bereavements, plus major caring responsibilities for parents and children has meant I’m lucky to have any job at all.
I don’t want to be the voice of doom, but you do need to consider that circumstances can change, and sometimes without warning.

Mortgage free is amazing but being mid terrace is a huge downside

But it’s not a crushing mortgage, it’s an affordable mortgage.

It’s mid terrace but spacious and the way it’s laid out you wouldn’t hear neighbours at all on one side (slightly unusual - connected via a garage). No way I’m posting dream house. Someone might snap it up 😂

And so she sells and moves to the mortgage free one.

I hear all the caution on the old house. I do worry about fuel bills.

You say nothing about the location of either?

I would always prioritise location

We bought our dream house. I say a little prayer of thanks for it every time I arrive home and look at it. It's just lovely.

However - it has an endless list of jobs that are needed. She's a high maintenance beautiful woman!

Location of both is great

B slightly further from local amenities but not much in it

The single word "detached" would swing it for me.

You want B otherwise you wouldn't have posted. Go for B

Dream house.

What sort of people are you, what kind of lifestyle do you want. How much time would you spend at home v off on adventures.

Pretty sure that would decide it.

I agree you want b and the word terraced would knock it out for me. Too high a risk of neighbour noise and lack of privacy. Living in a detached home with out having to listen to your neighbours cough and fart through the walls and their kids run up and down stairs, is a huge bonus,

The views from dream house B - is there any chance that those views might be swamped by a giant new housing development any time soon?

Do you have or plan to have children?

Does your DP have any preference?

Are you a FTB?

If it really is your dream house (not just bigger and better than the mortgage free one) then I would go for it. You can afford it and if it later turns out you can't you can always sell up, downsize and be mortgage free.

Dream house. Yes you’ll have a mortgage but you’ll be happy with your house. We did it almost 10 years ago. I don’t know if everyone does this, as it’s a tip I read somewhere at the time, but I set up with the mortgage company that instead of paying monthly payment, that same payment was divided into weekly payments. Just doing that shaved 20 years off our 30 year mortgage and we will have our house paid off next May. Anybody that gets a mortgage should do this. We didn’t pay a penny extra.

I love our house but it does need a lot of work still. It’s worth it though.

B - 100%.

I’m in a B house. Almost seven years later I still pinch myself, and the value has absolutely shot up. No regrets at all, the kids have grown up somewhere they are so lucky to have.

Sometimes scary with interest rate increases but we’ve been on the ball and sorted out a new mortgage in the nick of time.