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Original poster

How far are you willing to stretch yourself for your dream house?

53 replies

Boobz · 16/10/2015 16:36

I have seen a house I really want.

It's not quite the right time to move, we don't quite have enough money, the mortgage payments would be a stretch and I am in between chemotherapy and surgery so it's not ideal in terms of my focus either!

And we live in Italy, so it's not really easy to sell/buy from afar.

But oh I want it! Is there a magic fairy service who can do everything for me who I don't have to pay a huge amount to that will just make it happen? (find me a mortgage, do up my house to sell which is currently tenanted, sort solicitors out etc?)

My (very rich through hard work but also through London property) uncle has always said to stretch yourself as far as you can to get the best property as it always pays off...

Dream House near West Dulwich

OP posts:
Original poster
Boobz · 19/10/2015 11:09

Ok so maybe if we live in Forest Hill...

Forest Hill Town House

OP posts:
bigTillyMint · 19/10/2015 13:59

That's a decent house and well located for Forest Hill Station, and not too far from Honor Oak Park.

this one is in a great location but needs a load of work!

this one is in a good location, but I think you are more interested in sq m than location?

bigTillyMint · 19/10/2015 14:01

how about this one?

PacificMouse · 19/10/2015 14:06

I would never 'stretched' myself like this tbh.
When we bought our property, we decided that the morgtage should be manageable on one salary.
I'm very glad we did because in the 15 years we've been there, I had a job, then was on ML, then made redundant and a SAHM and then worked again only to develop ME....

It's all very well to stretch yourself BUT you also put yourself in a much more vulnerable position with maybe the need to move out of your 'dream home' at some point.

TalkinPeece · 19/10/2015 14:12

Just for perspective,
This house
www.rightmove.co.uk/property-for-sale/property-52371668.html would leave lots of money for train fares to London Grin

bigTillyMint · 19/10/2015 14:18
Grin

We didn't stretch ourselves when we bought (in London) over 16 years ago. I thought renting our old flat out as well as buying our forever house would be too much of a stretch. How wrong could I (and most of our friends) have been? But who knows what the future will bring?

Original poster
Boobz · 19/10/2015 15:06

Big Tilly - yes I saw that first one but it's already over our budget so we wouldn't have any money left over to do it up!

Second one is nice but too small - we really want to get to around 1800+ sq ft (but would take a hit on that to get into Herne Hill)

Last one I'm not particularly fussed about the outside or kitchen.

Pacific - I suppose you are right, but I think I have spent too much time this last week house hunting and am now set on moving and am too excited to think rationally! I won't stop working due to children, so it would have to be death (we have life insurance to cover the cost of the mortgage) or illness which is a bit more tricky - I suppose if one of us became too ill to work we would have to sell up and buy something smaller/less grand.

We can't buy too far outside of Zone 1 Talkin as kids will be at school in South Ken so can't do mega commute! But it does look fab!

OK so this is silly now as we can't afford it but THIS would actually the best of all worlds - good size in perfect location. Problems: About £150k over budget and about a squidge too small as I think they've included the cellar in the sq footage.

Bang on where we would like to live in Herne Hill but too pricey

OP posts:
QforCucumber · 19/10/2015 15:12

oh I love dream house hunting - this one in the village I grew up in but can never afford is the one DP and I keep looking at
www.rightmove.co.uk/property-for-sale/property-54547823.html

sadly we can never even dream.

As to your original question OP we didn't stretch too far for our current home, DP was self employed and so we made sure I could afford the repayments on my own salary for up to 6 months in case he ended up out of work for some reason. I believe it is dependent on the life you could lead at such a stretch.

bigTillyMint · 19/10/2015 15:22

Wow, that is a gorgeous house, Q, though the décor would have to go!

That is a nice area, Boobz, though not great for transport!

silversixpence · 19/10/2015 15:51

This one just came on in Forest Hill near the Horniman.

BoboChic · 19/10/2015 17:46

Boobz - I am fascinated to know how you have secured places at the lycée in South Ken so early in the day?!

OnePlanOnHouzz · 19/10/2015 18:39

Oooh the days of cheap borrowing are surely coming to an end ? Don't over stretch yourself IMO ...

Original poster
Boobz · 19/10/2015 18:56

Hi Bobo - no guarantees yet, but that's the plan.

OP posts:
BoboChic · 19/10/2015 19:32

But you might "only" get Camden or Wembley - which might change where you want to live?

Original poster
Boobz · 19/10/2015 21:02

Have PM'd you Bobo.

OP posts:
Original poster
Boobz · 20/10/2015 14:35

I think that one is a little further out than we would like from the station at Forest Hill silver - but then I don't know the area that well so could be wrong... it does look rather grand though and would leave us some spare cash to do it up inside... I love the double fronted look too.

OP posts:
Original poster
Boobz · 20/10/2015 14:36

bigtilly - Herne Hill Station is just 5 mins up the road, or Brixton tube is 15 mins walk, so not that bad transport links surely?

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bigTillyMint · 20/10/2015 14:58

Hmm, more like 10mins to HH? Though maybe quicker the back way. I wouldn't mind walking to Brixton that way during the day, but not after dark. It is close to Brockwell Park though, and that is my favourite parkSmile

Original poster
Boobz · 21/10/2015 08:21

I don't think my friend feels threatened going the back way after dark (she lives on Mayall Road) but will ask her.

It's all a bit academic - I just don't think we can afford the size/style we want for the budget we have (sad face). I think I will have to be happy with Forest Hill.

If we can get someone to give us a mortgage - struggling on that too given my expat status!

OP posts:
Original poster
Boobz · 21/10/2015 08:22

I don't think my friend feels threatened going the back way after dark (she lives on Mayall Road) but will ask her.

It's all a bit academic - I just don't think we can afford the size/style we want for the budget we have (sad face). I think I will have to be happy with Forest Hill.

If we can get someone to give us a mortgage - struggling on that too given my expat status!

OP posts:
Original poster
Boobz · 21/10/2015 08:22

Sorry for double post!

OP posts:
bigTillyMint · 21/10/2015 16:07

It's been a long time (like 20 years!) since I walked that way so I guess the gentrification has had an effectWink

sparechange · 21/10/2015 16:16

What about between Streatham Hill and Brixton? There are some lovely roads of the edge of the Telford Park conservation area?

We looked at this place, and it was stunning. And about 3,000 sq ft for the same price as a 3 bed terrace on a road in HH or Balham

www.zoopla.co.uk/property-history/18-tierney-road/london/sw2-4qr/29681374
Nothing currently for sale on that road, but possibly worth seeing what you could find near by

Original poster
Boobz · 22/10/2015 16:28

Spare - I'd buy that house in a shot if I could, but all 4 bed houses in that area are too expensive now - all 1.2m or more which is about 150k over budget.... the only one within budget is smaller than our current houses at 1212 ft!

2 years has made a huge diff in prices....

OP posts:
sparechange · 22/10/2015 17:26

That's a shame. When we looked, there were 3 houses on Tierney Road, all on at £950k and all without offers after months.
I've just checked the sold prices and one was taken off the market and then relisted 18 months later for £1.2m
It was a hell of a lot of house for £900k so I'm not surprised the prices have shot up.

Have you totally ruled out SW16 postcodes? What about the roads south of Streatham Hill towards Balham?