Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

If you were me, would you move??

8 replies

Daydreaming · 19/02/2011 20:23

What I think I really need is a life coach to help me with all the big decisions I am trying to make in my life, but as a start I thought I would see who you think... Grin

So I live in North London is a pretty expensive area. I have a decent sized two bedroom flat in a really lovely street. It's only DD and me, so objectively we have enough space. But what I would really love is to buy a house. The problem is (and I know everyone has this problem in London !!) that it would mean taking on a much bigger mortgage. Before anyone tells me that I should just move to a cheaper area, let me say that I have no family in the UK and so as a lone parent to a small child it's important for me to be fairly close to work. Also, I have had a fairly difficult few year and I don't think I could face moving to completely different area. Ok, so after that long intro, here are the pros and cons - you be the judge:

Arguments in favour of staying in my flat:

  • lovely street
  • nice flat
  • I can manage the mortgage without any problems
  • have quite a lot of savings to cover mortgage if I lost my job/got sick, etc.
  • I could sell my flat for about 500,000 but to buy a house only a bit bigger than my flat, I would need to spend 750,000 (plus stamp duty)
  • buying a house would use up all my savings plus some money from my parents

Arguments in favour of buying a house:

  • my flat is very nice but in an old building and so we have to be very conscious of not making too much noise and no jumping/dancing out of consideration for neighbours (they have complained in the past)
  • so would love to be in a house with no one below us to worry about !
  • a spare bedroom for my family when they come to visit (currently have to sleep in the living room)
  • outdoor space
OP posts:
Guildenstern · 19/02/2011 20:24

The obvious question is: can you afford the bigger mortgage?

lalalonglegs · 19/02/2011 20:30

I would stay put and spend a couple of thousand putting decent insulation beneath your flooring so you can make more noise. (Investigate monarboards which are very good for impact noise.)

Outdoors space is always a bonus but it's not really worth #300k (the amount you will have to pay in extra mortgage, stamp duty and estate agency commission plus legal fees). Enjoy what you have and put your family up in a hotel - it will be infinitely cheaper and more comfortable for you all.

Original poster
Daydreaming · 19/02/2011 20:33

Yes, I would be able to afford the bigger mortgage, but only just (I would be borrowing the maximum the bank would be prepared to lend me).

The biggest issue for me is not even the extra space, but having garden (even if small) and being able to jump about without worrying about neighbours !!!!

OP posts:
QuoteCode · 19/02/2011 20:35

If it were me, I wouldn't move, or not yet anyway. If there's no "pull" like a new job or a push like more people living with you, I would enjoy having enough money to be able to eg have a nice holiday or do great outings, rather than worry about the mortgage.

Or could you & your parents invest in a wee holiday home on the coast somewhere? Might give you a change of scene, outdoor space etc and not at London prices.

lindsell · 19/02/2011 20:41

Would you consider a garden flat? That would give you outside space and your dd would be able to jump as much as she liked! Some conversions mean that you get the lower ground and part of the ground floor and would likely be much cheaper than a house.

Or would you be willing to move a short distance away, as I'm sure you know in London prices can vary considerably by street.

Otherwise I think I'd say stay put for the moment as the huge extra cost and worry of not having any savings/huge mortgage as a single parent if you were to eg be made redundant or something would, in my view outweigh the benefits of a house (and I'm def a fan of houses over flats usually but the cost/benefit here doesn't seem to work)

NonnoMum · 19/02/2011 20:45

How old is your DC?

If they (banks) are prepared to lend you the money, then it must be affordable in this climate. They won't lend money to just anyone...

Good luck...

Fiddledee · 19/02/2011 20:48

schooling not a factor?

Original poster
Daydreaming · 19/02/2011 20:58

Thanks for the comments.

Yes, schooling is a factor. DD is in reception and I am very happy with the school, so that's another reason to stay in the general area...

I guess I should go and see some places and that might convince me that my place is no so bad !

Lindsell - your advice is good.

QuoteCode - yours too. (except holiday place would not be that useful as I work full time and any holidays I usually overseas to see family)

If I was British and had family in a lovely village outside of London then that's where I would move and all my problems would be solved...

OP posts:
New posts on this thread. Refresh page