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Original poster

Wwyd buy expensive house to grow into or house size needed now

68 replies

birchygoo · 31/05/2017 23:36

So we have recently moved back to our home area to be near family with our first child and are looking at buying a home.

One house is 5 bedrooms (1 very small currently used as a laundry room) 3 reception, 3 bathroom, detached on a small but decent land size. Has a river out back but has never known to flood and would have to rise a large height to flood house. Cost 225,000. Needs some decorating to my taste but liveable in. Along a country road. Over 30 years mortgage would be around £650

Other house is a new build 3 bed semi detached. 1 reception and 3 bathroom. Small enclosed garden. 130. Turnkey so can be decorated to my taste, and solar panels for hot water etc. Development of 20 houses. In countryside beside my parents and family. Over 15 years mortgage would be £460.

We are torn should we buy our forever home now (ie house 1) but not have lots of disposable income. Or should we buy house 2 and have spare cash to do as we want. However we may quickly outgrow house 2 so would be looking at moving again in next few years. Alternatively we may never grow into house 1 if we are not lucky enough to have anymore children.

Thinking is if we buy house 2 we don't sell it but when we need to move on we can rent it out. We would hope to save enough money with the lower rent to put down another deposit.

We have just sold a house we were paying 860 mortgage on so would hope to pretend we are still paying that but save the extra.

If you have got this far, make yourself a well deserved brew!!! Any questions to help make your decision ask away. My question is wwyd! We are finding it so difficult to decide.

Oh and another factor is that if Brexit (not looking to discuss it rather than it's a bit of an unknown) does happen to push up interest rates, we would still be able to comfortably afford house 2 but may struggle with house 1 if they were to rise significantly

OP posts:
Kokusai · 01/06/2017 07:37

Isn't there anything in the middle?

Does the new build have a big kitchen diner + reception or is the kitchen quite small? Would it be possible to exten in the future?

House 2 would be much cheaper to run and look after, but I think it sounds a little tight unless it's got a good kitchen/diner.

Nospringflower · 01/06/2017 07:51

Yes i am saying something in the middle. Which one do you love? I would choose that as it sounds like you can afford both?

Original poster
birchygoo · 01/06/2017 09:13

Unfortunately nothing in the middle as that's what we are after is a 4 bed. So we can have a study, spare room for guests and baby room and ours. We have been looking since Jan and absolutely nothing for 4 beds. Houses just don't seem to be coming up or moving. Really diff experience as my house in SW sold in a week!!

We are currently with my parents in a 2 bed. So we really need to move out. It's getting tight for space.

Ive outed myself to anyone who knows me anyway so here is link to houses

www.propertypal.com/house-type-23-ballyblaugh-meadows-newry/330179
www.propertypal.com/10-benagh-road-mayobridge-newry/425710

Someone asked about insurance for bigger house with river - it's 25 quid a month and flood sites don't say it floods or a risk

I think I'm leaning towards smaller house

OP posts:
MissDuke · 01/06/2017 09:28

I wish you hadn't posted links haha the big house is beautiful!!!!! I wonder if there is anything else in between? New builds don't really add value, would there be an option for an older house that you could extend if needed etc? Personally I would never choose a new build, I hate that the gardens are so small and the houses are on top of each other and that building work continues after you move in. Also you can be quite stuck for a while as prices often dip slightly when it is no longer 'new'. That is a particularly cheap part of NI you are looking at, I really think it is worth taking your time to look around more?

To those who repeatedly groan at the prices elsewhere compared to London...... at the end of the day it is a choice. Some prefer the convenience of living there and think it is worth living in a tiny box as a return - the rest of us prefer to live in a bigger home and garden in a quieter area but without those conveniences. Make a choice and own it, I don't see the point in complaining. The rest of us carefully choose areas we can afford Smile

Riderontheswarm · 01/06/2017 09:29

If you are hoping for more DC I would go for the bigger house. It is lovely btw. Otherwise you will want to move again. But only go for the big one if you can comfortably afford it including when you are on mat leave, if you go part time etc as it would be annoying having to work full time just to service a bigger mortgage if you wanted to go part time for a while when your DC were small.

PhuntSox · 01/06/2017 09:33

The detached house, every time!

MissDuke · 01/06/2017 09:33

Have you looked a bit further north, Banbridge etc?

Original poster
birchygoo · 01/06/2017 09:38

Missduke, I have. We originally were supposed to get a house outside banbridge and it has fallen through. We can't go to far either side of this area though due to work commute and childcare.

Only 4 beds they have came up are in the town and we want to avoid the towns and return to the countryside now we have a kid. The big draw to the smaller house is it's where I grew up so I know it's a fab area to go up in. Other house is only10 min away but I do also know it's a good area.

OP posts:
LizzieMacQueen · 01/06/2017 09:38

So your options are

Over 30 years mortgage would be around £650

Over 15 years mortgage would be £460

That's a big difference.

MissDuke · 01/06/2017 09:42

Ahh tricky for you, that would be a limited market but I totally understand where you are coming from! Aw give the smaller house a go then, it is still big enough for your family and will be a lovely place for your children to grow up as you say Smile A 30 year mortgage hanging over you would just be awful!

Original poster
birchygoo · 01/06/2017 09:43

Massive diff Lizzie Sad

Head says smaller house
Heart saying bigger

Head says smaller pay it of asap rent it use rent towards a new bigger house.

I know if we take smaller house we will need to move again as we had a similar size house in SW and we're starting to outgrow it as we could have been doing with a study for dh work. In smaller house it would just be in with spare room making it cramped. Then if we are lucky enough for another kid we have no spare room or study.

Although we could just put up an insulated shed and put study in there and chuck kids intogether if a spare room needed

OP posts:
MissDuke · 01/06/2017 09:52

I was going to suggest the shed too! Or would you consider renting until something more suitable comes along?

I love your idea of renting out the new build when you can afford to move on but I worry that you will struggle in the interim if you were already outgrowing a similar sized house.

LizzieMacQueen · 01/06/2017 09:54

What age are your parents?

Do they have a lovely big house?

Any scope to buy their home and get them to downsize to the 3 bed new build.

StephanieAteMyLunch · 01/06/2017 09:57

You have got to think where are you going to stash all the toys/coats/wellies etc in that new build.

We bought our forever house, converted a double garage into a playroom and have a bank of wardrobes for storage for coats/toys/hoover etc. Because originally there was nothing. Exactly like the hall in that new build.

New builds tend to lack such things.

Original poster
birchygoo · 01/06/2017 09:58

Miss duke I hear ya, my concerns as well. We don't really want to rent as it's dead money but also to rent the small house is 600 so we might as well buy the expensive house at that.

Lizzie, my parents are in a small 2 bed semi detached. At the min the 3 of us are in their bedroom and they are in my childhood box room

OP posts:
pinkdelight · 01/06/2017 10:05

Big house is gorgeous. And the mortgage is still a lot less than you've been paying - and an absolute steal for a house like that - so I don't see that you need to choose the smaller house based on being frugal. I'd find it tough to choose a small new build if I could afford the dream. Wouldn't be too keen on mowing those lawns, but otherwise it's a no-brainer to me. Although obviously an in-between option might help.

randomsabreuse · 01/06/2017 10:12

I'd go for the bigger one - moving costs money, stamp duty will likely increase and having a separate study and guest room makes life so much easier if you have frequent visitors - normally our guest room is just that and it only needs a quick hoiver plus change of bedding and it's good to go.

I would definitely think long term for houses if at all possible.

Yy to the pp mentioning storage for boots, waterproofs, bikes. Storage is a real issue with most new builds I've seen and there is limited space to add storage as all the nooks are already in use.

Decent porch non-negotiable!

Rosehips · 01/06/2017 10:45

BIG HOUSE BIG HOUSE BIG HOUSE

I might be biased as I'm living in my number 1 atm, big garden for kids to run round all summer, big play room for kids to run round all winter...

If you don't buy number 1, I wouldn't buy the new build I think you'd outgrow it quickly and then find it's depreciated when you come to sell in a few years.

Original poster
birchygoo · 01/06/2017 11:12

Ok another question ....

If we were to go big house, what would you offer taking into account it's on market a year. However I don't think owners are in a rush to sell as they have tenants (who are friends) in

OP posts:
MissDuke · 01/06/2017 11:21

Do the sums and work out what you can afford. Heating and furnishing that big house will be ££££ you need to work out what you can afford and work back from there to what you are prepared to pay.

trixymalixy · 01/06/2017 11:39

I would go for the big house!

ImperialBlether · 01/06/2017 11:59

I wouldn't go for the big house. That difference in mortgage could double if the rates change. It sounds as though there's a good community there for your child, and you live near your parents which is useful. You have three bathrooms, so great for guests and for when your DC are older. It's rentable, too.

You don't need such a huge house as house 1. It's too expensive for you, too big for you and will cost a lot in upkeep. The solar panels on house 2 make it even more attractive.

MiladyThesaurus · 01/06/2017 12:11

I'd go for the big, detached house over a semi-detached off-plan new build every time. The rooms in the new build are not very big and will feel smaller with the low ceilings (I live in a second hand new build so I'm not just anti-new build). There are also the snagging issues with an off-plan new build (some of my neighbours are still fighting with the developers 4 years after buying their house over big things like the balcony not being watertight and leaking into the room below). The developers finished the last house on the estate nearly 3 years ago and still haven't finished the roads or landscaping - which means they haven't been adopted yet.

I'd probably still pay the 840 on the mortgage, and reduce the term on it but that's assuming that you still have a reasonable amount of disposable income paying that.

NapQueen · 01/06/2017 12:32

Now youve posted links Ive completely changed my mind

House one the biggie is lightyears ahead! The semi is rooms adjacent with next door rather than stairs adjacent so that would put me off.

Puffpaw · 01/06/2017 12:38

Oh god, the big house is gorgeous, go with your heart. I'd start at £200k and try to get a feel for the vendors bottom line. Good luck!

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