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A house - but is it the right time? WWYD?

6 replies

CoffeeMummy · 15/08/2012 20:31

Right. Help needed before I approach DH about a property for the nth time and get the usual despairing response Hmm Grin

I'm becoming slightly obsessed with a house we viewed recently but put aside as we're not yet in the best financial position to move. We've got a rather small search area, so we occasionally view to keep an eye on the market and see what's out there.

It's a doer-upper - needs all new windows, new central heating, probably re-wiring and all new decor.

However, it's got loads of space - the upstairs is vast and very adaptable - it's even got room for the music studio/rehearsal space DH yearns for. We really liked it because it was 70s and quirky and quite 'us'.

But as I say - we're currently rather skint - however I'm just about to start a new job which will hopefully increase our monthly income by (I think) about 50%. And we have a good deal of equity in this house and a comparatively small mortgage.

It's price is currently ok, but I reckon it'll come down - and in fact I noticed tonight it's already dropped by 10 000 - this is why I'm having a dilemma!

Would this be a good deal? Or a total money pit? Do we take the plunge at this point when our income's just about to improve - or will we not see the benefit of another salary because it'll all go on a new house?? Should I be trying to convince DH this is The One or should I just hold my horses? I reckon to buy the same size of house already 'done' would definitely be out of our price range - we'd be looking at a massive morgage increase.

If anyone's had a similar experience or got good advice, I'm ready to hear it! I'll give some figures too if it'll help. WWYD?

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buggyRunner · 15/08/2012 20:33

Your mortgage may take ages if you're about to change jobs. I'd go for it- cheeky offer etc. However id arrange a viewing with local contractors to see what work will cost etc

CoffeeMummy · 15/08/2012 20:39

A cheeky offer it would have to be! And I would certainly love to get an idea of costs - have never done any serious work to a property before so we're guessing wildly at costs - DH (who IS prone to dramatic exaggeration and no expert) said 100k?! I reckon it might be more like half that - at least for the most immediate work. Any good estimators around?

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CoffeeMummy · 15/08/2012 21:43

Shameless bump. Thoughts anyone?

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ApuskiMcClusky · 15/08/2012 21:48

Re mortgage and starting a new job - we've just got a mortgage based on a job I hadn't started at the time - they wanted confirmation of the job offer plus to see the contract to confirm there was no probation period. So it can be done!

CoffeeMummy · 15/08/2012 22:02

Actually I'm not too worried about the mortgage - I spoke to our provider a few
Months ago about increasing when we considered a different house and they seemed quite willing to give us more than I believe we would need for this property - although of course nothing was signed and sealed.

I'm sure it would still take time to sort that though - and sell our property too. That could work in our favour in terms of allowing time to improve our bank balance - or the other property could be Sold in the meantime...Envy

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CoffeeMummy · 16/08/2012 09:47

Bumping for any advice from the morning crowd. I realise this is a bit of a vague 'what if' sort of a problem, it's hard for folks to give an opinion. But if you have a view on Good opportunity vs Not perfect Timing I'd be happy to hear it Smile

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