Would you agree that this house is too expensive?

[eeyores]

DH and I have seen an amazing house. It’s £350K. We do need to upsize due to having another dc. Anyway our current (dhs) income is £3950 a month. Council tax in this area is imo v expensive, it’s £300/12 months. After mortgage and CT and bills, we’d have £1200 for food for family of 5 (one is 6mo), petrol and savings/fun money/ Christmas, birthdays etc. Our current bills and mortgage is £1200 a month and it feels like a lot more for this house (plus all of our savings/equity in this house). Obviously when dc is a bit older I’d be looking to get a job but we can’t rely on that as it’s a rural area and I don’t drive. I’d say it’s too tight but dh thinks it’s fine and worth it. What do you think?

I’d do it once you get a job and know what your combined income will be. I wouldn’t now with you not working and also not able to drive.

No. Short term it's manageable but you only seen to have a vague idea that you may go back to work, with no guarantee your income will increase to give some financial relief. You're probably underestimating the costs of maintenance and utilities on a large property and garden compared to your current home. Look for something in a more convenient location, modern/renovated and easy to maintain.

Step One - learn to drive!

What happens when the mortgage rates go sky high and the council tax and everything else goes up? Won’t manage

Thats really tight. You need to learn to drive first and get a car. Ferrying kids around is hard when you live in a rural area.

You need to drive, we live rurally in a similar sounding place where they are building new houses in ‘executive developments’ (1 acre parcels of land being sold off by farmers!) in random fields with no footpaths to the village, let alone bus stops - not that it would make a difference as the already crap bus service has been cut again.
Village primary has gone from undersubscribed to needing a waiting list and it’s a 12/18 month wait to get into the dentist. GP surgery is closing and being merged into the super surgery 5 miles away.
My point is that even if all the services are available now, rural services are being cut all the time in the name of efficiency and if you can’t drive you may end up isolated. Even if you can, costs will increase from today due to needing to pay more for fuel etc.
Unless you are expecting a significant boost in income your numbers are just too tight to absorb the 10-15% increases in everything that happen year on year

I disagree with many posters as I think you have the clear ability to increase your income in the next few years by you working. I would prioritise driving though as that will increase your ability to work!

Surely there is a middle ground between something like this and a place that is too small? The enormous garden, dressing room, the fact that all bedrooms are doubles, etc. Personally I'd rather move somewhere where I'd have more disposable income and opportunities to save.

Im going against the grain and say move. BUT I would be getting a job of sorts, whether its in the evening or weekends/a night or 2.

I couldn't live in a flat with 3 kids and no garden. The house sounds perfect. Plenty of space and great garden. There are amenities in the village and more a mile away. Id walk the mile if necessary!

Well in that case, go for it. I would. That's the sort of house I've always wanted.

Your lack of transport might be a bit of an issue though, so that's the sticking point, not the money.

lay out what your essential costs and discretionary spending is today Vs what you think it would be with this new house. Sounds like your essential costs are going to increase quite a bit? If you do learn to drive will you need to buy another car and the associated costs of tax and insurance? Is it an old property? If it is then your energy costs are likely to increase as well.

How much are you able to save each month in your current situation and what is your cash emergency fund? Will you be able to protect that emergency fund if you move to this house?

It sounds like you need a bigger property as you have 3 children. Whether this house is the right decision or not is a question to be answered based on the finances. From what you've said so far sounds like your costs will go up quite a lot, your income will remain the same in the short term. How secure if your partner's employment? Do you really want to be taking on more financial obligations?

How will you pay for driving lessons out of the £1200 per month? It’s with learning now before the move.

Being stuck in a small village not being able to drive sounds like a nightmare

Tight anyway but definitely do not move rural unless you drive and you are prepared lessons and cars for your young people as they get older and also need to seek work. It is a massive barrier for them.

That's a seriously tight budget for a family of five...we are a family of four and spending about 1000 a month just on food...let alone petrol and any other extras. What will you do if you have any unexpected costs .. washing machine breaks down, car needs new tyres, school trips, birthdays...? Sounds miserable to me

In this day and age with the unemployment rate being what is, I think it’s crazy to consider paying £2,750 on a mortgage and bills every month leaving a family of five £1,200 for food and everything else (including savings), based on one salary.

It completely depends on the rural area - the sweeping statements on this thread are a bit strange.

I live in the countryside, in a very small town/large village and do not have a car and it's completely fine. In fact the drivable road only extends one street behind my house as it goes straight up ⛰from there so everyone is walking or riding up that way anyway. And then across the road is a train station, market, church, school, doctors, pub etc. It's all in walking distance because in an old town everyone was walking everywhere pretty much. There are lots of villages and small towns like this up north. Old places like this are pretty walkable! It's certainly as walkable as my old neighbourhood in Manhattan, with admittedly fewer cocktail bars.

But yes I agree the budget sounds tight. Nothing is getting any cheaper any time soon.

it’s a rural area and I don’t drive

Dear god, why do women do this to themselves?

It’s too risky and very tight especially with you not in an established career.

Teenagers cost a-lot of money.

Adult children at Uni cost a lot of money.

You are risking everything for a bigger house and you don’t have the income or security of both parents having a career.

Learn to drive first. Get a job second. Increase savings 3rd. Get a bigger house 4th.

I wouldn't do it on one income. It's too much risk relying on one person to finance everything. Anything could happen.

Do you have 3 children?

Even in a well public transport connected area and uber area my DC still needed lifts everywhere. As soon as they were 17 they learnt how to drive themselves!

I think you would find that very tight. You'd have to be very disciplined and stick to strict budgets for everything.

It's do-able, but won't be easy.

I agree with PPs who are advising you to learn to drive asap.

The OP already has three children - that's a constant not a variable unlike the location.

I have a long history of stretching myself on property purchases and it has always served me extremely well so usually I’d be at the front of the queue saying go for it!

But moving rurally without the ability to drive and a future financial impediment to you learning, would make this a hard no for me. You’ll be bored and isolated with too much pressure on your DH

How would you work or get to work from there without driving?
Whats the childcare options like?

Whilst big house and garden sounds lovely.. practicalities come first really... If you havecto drive to work how much more is 2 cars never mind the cost of learning..

You don't need a house quite tgat big so would look for smaller or what you get get somewhere less rural