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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask what you’d do (buying house situation)

52 replies

Houseconfusion2023 · 23/04/2023 00:05

Details - there are probably more, happy to clarify, don’t want to make it too long or to drip feed!

Live in a fairly LCOL area.

Combined salary £60k, based on one FT and one PT. Potential to raise this to £70k+ within the next year.

Low outgoings currently, bills come to about £1100 per month. Currently live in ex local authority flat, low mortgage etc, hence low outgoings.

Pensions in good order.

Home too small for needs, so need to move.

Ownership status confusing but under advice of lawyers so don’t need advice on this aspect - our parents took out a mortgage for us 10+ years ago, they did not actually financially contribute to this, we have paid this for 10+ years so the equity is ours. This equates to £50k-£75k (upper to lower estimate) - this was because we were very young and we were worried about applying for a mortgage at that stage, no financial issues.

Options:
-stay put til market stabilises (least favourite option)
-move to “doer upper” at bottom end of budget, have large budget for renovations, sell within a few years.
-move to “doer upper” at mid point of budget, renovate slower and to a less high spec, sell within 5 or so years.
-move to ready renovated house at low-mid end of budget, stay put for 5ish years. Lots of compromises.
-stretch ourself to top of budget ready to go home, be paying £££ for 25 years.

WWYD?

OP posts:
Original poster
Houseconfusion2023 · 30/04/2023 11:22

Stemmingthetide · 30/04/2023 10:13

@Houseconfusion2023 move to an affordable doer upper that meets current needs and with the most potential e.g. worst house on a good street.

You are right there is a balance and moving to forever home in 3 steps rather than 2 - current house, new house, forever home, makes sense.

That is exactly what I said to my partner!

I think we have settled on a property. It’s actually on our street! It’s been freshly renovated so it’s liveable; even though some renovations aren’t to our taste (for example it’s carpeted which isn’t really suitable for us as we have a dog) - kitchen and bathrooms are nice, it’s in a REALLY good area for the price (it’s a great street - it’s got houses ranging from 4 in a block council flats to sandstone villas at £1.5m+) three bed semi, good garden, in school catchment we want, and many of the neighbours have extended so planning permission would hopefully be granted if we choose to extend.

It’s going on the market on Tuesday at offers over £225k, valuation of £240k, we can go to £250k.

OP posts:
Stemmingthetide · 30/04/2023 11:27

@Houseconfusion2023 Sounds good, you only know if it’s achievable if you go for it.

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