What would you do?

[lostindreams]

I bought a flat 2 years ago. Instantly regretted it and wished I could move asap. My fix is coming to an end soon and now I need to decide what to do. The thing is I'm also nearing 40 and am still single. Slowly coming to the realisation that if I want to to have kids I might have to do it alone. If I stay in my current place I will have enough in savings to do this although the flat is way too small for me and a baby. Obviously this is a fallback plan - still hoping to meet someone!

So, should I sell now and try to move to the area I want to live in (which has become more achievable with the drop in house prices although that might mean my place is harder to sell)? If I do this, I will have to spend most of my savings to get a better place. Although, I'll be able to borrow more without any dependents too. Also if I move to a nicer area, my flat will be worth a lot more in the long run.

Or stay put and know that I'll have the cash if I need it to have a baby on my own if it comes to that? Realistically I wouldn't try to do this for another year or so. I have never really liked the flat I'm in (I was buying on my own and just bought what I could afford which was not much) and would like to buy somewhere where I know I'll be long-term.

Do you work in an area where you will be able to continue to bring in enough cash to service a decent size mortgage if you move?

Is your current flat absolutely teeny?

Sell and move.

You can't live for the 'what-ifs'. I would sell now and move somewhere you'll be happier. You say yourself you could possible borrow more at a later date if you need to.
I don't want to sound negative but we can't predict the future and you don't even know if you can have children. What if you stay in your flat which you hate then find out children aren't an option and you could have moved a couple of years ago.
Really you have to decide what your priorities are.

Look at it this way, you can stay in a place you hate until you start a family/meet someone., while your savings achieve nothing% interest. Then move.

Or you can move now to somewhere you love and enjoy it, while you start a family/meet someone at your leisure.

I'd move!

Interesting! Was not expecting the replies to be so unanimous. Super, my salary has gone up since I bought my flat so I could borrow more and yes, it's teeny.

notagain, my priority is to have kids or at least try. Like you said I might not even be able to but I would like to be in a financial position to at least see if I can. But you're right, I am making a decision based on a very hypothetical future!

I think getting a mortgage on a bigger property will be easier now at your young age and with no dependents.

My bank wouldn't lend if we would still be paying past the age of 69.

Ah, hadn't thought of that! Not sure I'd consider 39 as young though :)

It's all relative! Servicing a 15 year mortgage is not something I would recommend if it could be avoided.
Although we will pay less interest...
Also getting life insurance to cover a mortgage is cheaper the younger you are.

Should also add there are 2 flats in neighbouring blocks up for sale now that still haven't gone under offer. Been up on the market for around a month. Probably overpriced, which means if I sold I'd be lucky to break even.

I think in your shoes I’d move.