2 bed v 3 bed

[Bashitcrazy]

Ok, need some opinions please!!!! We have already offered on a 3 bed house, have a mortgage in place - ready to go. But have been told that the vendors onward purchase has fallen through. So whilst we are waiting to see what happens we are starting to look again at 'no chain' properties.
A 2 bed house has recently come on the market, which looks perfect. 10 minutes away from work. Whereas our current house is 40 minutes from work.
We have a 14 month old, and hope to ttc another as soon as we have moved.
We cannot afford a 3 bed in the town that we work in unfortunately. The original plan was to buy a 3 bed, then hopefully in 5 years or so we maybe able to afford to buy when I'm earning more etc

Might you be able to extend in a few years time?

I guess so, I suppose it depends on how much ££ we have at the time.

When you say "our current house" do you mean the one you've been planning to buy, or the one you're living in atm?

I wouldn't get a 2-bed unless you can definitely turn it into a 3-bed by doing a loft conversion or extension. Otherwise you will just have to go through the expense and hassle of moving all over again in a few years' time when you're sick of the lack of space.

Ah sorry it's the house we were hoping to buy. How would I know if there's room to extend?? It does have a large back garden so thinking we could extend here?!
The plan was always to move again in 5 years time anyway to be in the town we work in. So this wouldn't be a problem.

As I understand it, the 2-bed is in the town where you want to be a few years down the line? I think I'd sacrifice a bedroom for being in the right location straight away. You'll have an hour extra at home every day because of the shorter commute and you can settle in the town where you want to be. It should be a bit less of an upheaval in 5 years' time.

And you're child will be at school by the time you move again so it's better to be in the right town sooner.

Personally I would prefer a loft conversion to an extension. To be sure you could get a builder to view the property with you and confirm whether it's possible to do a loft conversion and/or extension. If it is I'd definitely go for the 2-bed. If not I'd hesitate.

The 2 bed sounds much better for you - better location.

As long as the 2 beds are good sizes you can have two children sharing for quite a few years with no dramas.

Would there be potential to go into the loft?

Personally I'd go for the three bed. Two kids, inc a small baby in one room is doable, but not ideal, and you will struggle with over night guests.

Thanks for the advice! I still have my heart set on the 3 bed to be honest. It just worries me that the vendor is still looking for something to buy. I don't want to hang about forever!

Well the vendor could go ahead with the sale and either get a short-term rental or stay with family/friends. So if you're worried about waiting too long you could try putting some pressure on.

Depending on what the rental market is like, I think buying a house that you will definitely want to sell within five years is risky. Property transactions cost a fortune and there is no guarantee of a favourable market when you do want to sell - you need to be prepared to be stuck with it for the long haul if necessary. Have you done the maths on renting and planning on your big purchase in five years.

I would move to the area you want to be in now. Much less upheaval in the future.

Not if the house they move to is too small!