House move advice - what would you do?

[LaurenW95]

I’m hoping this is the right thread…but I am looking for some opinions on mortgage/house. And before anyone says, I know this is a decision only I can make but I’m really interested in hearing other people’s views.

I’m late 20s and looking to buy my second house on my own. My first house I bought early 2022 (again, on my own) and couldn’t be picky due to the market at the time.

I’ve soon grown out of the two up two down house I bought, partly due to wanting more space but also because I feel isolated from family and friends where I live. If I could turn back the clocks I’d have stayed in my hometown and bought a slightly bigger house…but hindsight is a wonderful thing!

Anyway, here’s my ultimatum…

1. I buy a slightly bigger, modest house that’s comfortably within my budget BUT I risk wanting to move again in 3-5 years time if I’m not completely satisfied.

2. I buy the kind of house I want, that I’m happy with for the longer term (hopefully) and could either rent out or move a partner in if I meet someone. I also appreciate the more I stretch myself now, the more likely I am to see an increase in profit, and therefore equity, in the future. However, it feels like a big risk to do this on my own.

My job is pretty stable, I’ve been there almost 3 years, and I can easily make the increased monthly payments at current rates, but it still feels like a risk to do option 2.

So my question is, what would you do?

Could you get a lodger if you did 2?

Bigger/more expensive house.

Moving house is a hassle so why go through all that for a move in 3-5 years.

Bigger house but make sure you get income protection in case of long term sickness.

I’d do 2

aa I’d go for3/4 bedrooms and room for an extra bathroom. Then rent a room for a while to pay extra off the mortgage “ just in case” but also to decrease the lian

Thanks all for the feedback - I think I’ve been leaning towards #2 anyway but with risk comes doubt I guess! Always interesting to get an outside perspective :)

Why keep paying stamp duty? If you have to move again in three or so years, the money you'd have to pay to buy and move might be fairly close to the increase in mortgage payments if you skipped a rung on the ladder.