What would you do? Does this sound manageable?

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Fallen in love with a property which is over budget, quite a bit over budget! I need to work out if this is possible or if I need to be more realistic.

For context, the house is a doer upper, it will need a new kitchen, both bathrooms will need to be replaced and things like flooring which are 30+ year old carpets (even in the kitchen and bathrooms). The property is 200sqm. Windows are another big expense as they definitely need doing.

Take home pay is around £4500pcm but should go up to £5000-5500pcm in the next 12 months.

House has been on the market with no offers for 5 months so I’m hoping to put a cheeky offer in and if accepted, the mortgage would be £1300-1500. Bills would be unknown but CT is also extortionate.

Does this sound doable or do I need to find something smaller/ less expensive?

Yes of course, and we are all different! I don't find my life boring though. I have an interesting job, plenty hobbies. Travel a lot. Friends, family.
That provides all the interest I need. But you obviously want something different so in the heel of the hunt you will make your own choice

I find windows really easy to fit but agree, materials have jumped in price. Recently laid a patio and the materials alone cost me £8k!

If you can see yourself raising your children there then go for it.

Don’t underestimate how babies can explode your priorities, time, attention and energy though. So if your reno timeline clashes with your baby timeline you might want to reconsider!

One life. Live it. Buy the house.

Absolutely! I use my entire annual leave allowance to go abroad. It’s amazing and I’m so glad I’ve had the opportunity to explore so many wonderful and not so wonderful parts of the world. I have a very fulfilling life. I’m always on evenings out and weekends away with friends and family. My job is intense and high pressure.

I still find it boring at home when I’m there 😂 it’s become a running joke that I never sit still. It’s just me and my personality. I could go for something smaller/ less of a project but it already feels like less of a project than the one I’ve completed. It’s just more expensive. I can always make more money!

Do you want to spend the next 5-8 years of your life doing diy or do you have other things you want to do? Do you want to spend every penny you have on your house or or there other things you might enjoy spending your money on? Those are the two questions you need to answer! If the answer is yes then it’s worth considering. I have an old house and it needs various big expensive things doing and sometimes I look at my savings and think I could have a campervan or thr holiday of a lifetime with the cash I will need to spend on this place.

Probably yes to both questions. I don’t really value “things” so I don’t tend to waste money. I spend quite a bit on experiences and travel but I have been able to put quite a significant portion of my salary into savings.

I have a campervan - highly recommend it!

Definitely go for it - age is on your side if you can be very sure your job is secure. Pull up all of the carpets and whitewash it. You can always get a lodger in if you need extra income. I’d fix the mortgage for a good 10 years though.

But presumably they are not in a doer upper which will need many thousands spending on it ?

Based on what you have said it sounds like a disaster waiting to happen. Already above budget, sounds like you will need to spend a lot of money doing it up whilst at the same time paying higher bills. You are also banking on a significant pay increase in the next 12 months and having to take a 35 year mortgage.

What in your mind actually makes this a good idea?

Take the “budget” out of it. Does it sound unaffordable? I suppose that’s the crux of the situation. I can actually lend significantly more than I would be even “over budget”. It’s why I asked the question because the banks say affordability is not an issue.

What do you think will end up in disaster? That I’ll not be able to afford the mortgage payments? That I’ll discover something that needs urgent repair and won’t know how to fix it/ pay for it?