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Original poster

Stay vs move - need to decide ASAP

29 replies

jamtart30 · 07/05/2019 20:59

We've accepted an offer on our house though no paperwork has begun. There is nothing we like that is affordable. We are currently mortgage free but would require a 400k + mortgage to move up to anything we like.

Pros of staying:
Mortgage free
Huge bedrooms
Could do large kitchen extension

Cons of staying:
Traffic noise
Area isn't that "naice"

Pros of moving:
Nicer area about 1.5miles away

Cons of moving:
Huge price tag

So... I think we're going to drop our buyer.

How much would a kitchen extension cost?

OP posts:

Minnie881 · 07/05/2019 21:31

"Better the devil you know"

If you have no aching reason to move (NEED more bedrooms/bigger garden etc) then save yourself hassle and £££!

Etino · 07/05/2019 21:33

What are the implications for you of living in a not nice area? If schools and safety are compromised I’d move.

FreeTedHastings · 07/05/2019 21:36

How old are you?

HollowTalk · 07/05/2019 21:40

£400K difference! Couldn't you sell and get something with a smaller mortgage? How much impact will that mortgage have on your life?

sansou · 07/05/2019 22:43

Prices are dropping. Sell, move into rented and take your time to househunt. Location, location, location!

Original poster

jamtart30 · 08/05/2019 05:43

I'm 30. Schools aren't an issue as kids are at an independent and it's perfectly safe! However behind us is another line of houses then a bypass.

The next ring on the ladder 1.5 miles away with a posh postcode are at least £1.1m with small rooms. We'd need a mortgage and money to do it up.

I don't know what to do. Our buyers going to start for paperwork to begin imminently.

OP posts:

NowWeAreSuckingDiesel · 08/05/2019 06:06

Silly to move. Stay put!

MeltedEggMum · 08/05/2019 06:08

I live in a very similar sounding situation/location, though not mortgage free! I'd stay put (I am).

Original poster

jamtart30 · 08/05/2019 06:40

We could do a 3m extension along the back of the house (detached) and make a "naice" open plan/bifold door kitchen space. But how much is that? £80k? We're in Surrey.

OP posts:

sandybayley · 08/05/2019 06:44

@jamtart30 - please don't accept an offer if you're not sure. Your potential buyers are being mislead if you're not sure you want to sell.

Coffeeandcrumpet · 08/05/2019 06:47

Why did you put the house on the market before thinking about this?

greenandsilverflowers · 08/05/2019 06:47

I'd stay and it sounds like you've made up your mind. You need to let your buyer know before they are out of pocket.

Original poster

jamtart30 · 08/05/2019 07:38

So there is a house we really like. Ideally would have a kitchen extension too. But it's in a lovely area with colossal garden. Would need £400k mortgage if we got it at asking. It's already got an offer on it so we need to decide today. So stressed!!

OP posts:

Moomin12345 · 08/05/2019 08:05

If you're happy to have a 400k mortgage for such dubious benefits, fair play. I wouldn't do it.

ElspethFlashman · 08/05/2019 08:36

You'd be insane. You're talking half a mill with the extension and the upgrades.

Insane!

Why are you even considering it?? I'm mortgage free and it's the greatest thing in my life, after my family. No exaggeration. I can work part time and still pay for child care. We're not rich but hey, we never have to be! One of us could get sick and be off work for a year and we'd be OK!

It's bananas.

Blankscreen · 08/05/2019 08:59

You sound like us.

We have some road noise The jump up to the next house is circa £400k. U fortunately were not mortgage free and can't afford the jump.

We've do e a kit hem extension which was about £85/90k .

Question is will you price you houze out of your road? We haven't so it's fine.

pinkdelight · 08/05/2019 09:11

It all comes down to how much you want to live in the nice area. At age 30 it's remarkable to be mortgage free and not that bad to take on a 400k mortgage. As your kids are at indies it sounds like money isn't a big problem. If a good house came up in the nice area, would you be agonising or just go for it? It seems, reading between the lines, that you do want to move and it's the sluggish supply of new properties on the market that is making you reconsider. If this is the case I'd ask your buyers to hold out for a month or so while you find a property. If there's still nothing by the middle of summer, then I'd stand them down and wait to sell when there's something you like.

Would the kitchen extension earn its money back if you still go on to sell? We're having one at the moment in south London and building quotes ranged between £50k-£80k (plus kitchen cost etc). We looked at moving but decided to stay and extend but the difference is we do love the area. If I really wanted to live elsewhere I'd have held out. Plus we never got as far as putting our house on the market. The fact that you have suggests strongly that you do want to move, and even if you don't this time, it will come up again. That happened at our last house where we stayed and refurbed but always felt a bit of a compromise area-wise.

downcasteyes · 08/05/2019 09:18

We faced a similar dilemma and decided to stay put and extend. We paid a really great architect to create some amazing plans and while the building work was a nightmare, it has been completely worth it. The extension probably hasn't added as much to the house as it cost, but it has given us a beautiful space that is super well-designed for our lifestyle. The difference doesn't really matter because we're staying here but the area is up-and-coming (lots of trendy bars, restaurants etc have started opening) so house prices are doing OK.

Not having to pay a mortgage means that we can have a very, very nice standard of living and can think about taking on jobs that we want to do rather than being locked into things we don't enjoy. I would shove an £100k extension on your house and do the garden up and really enjoy the financial freedom. Do remember, too, that interest rates may go up in future.

PazRaz10 · 08/05/2019 13:57

Stamp duty on a £1.2m house would be over £53K - keep the money, extend your house!

Original poster

jamtart30 · 08/05/2019 19:54

Well our buyer seems flaky. They've requested to view other properties.... bye then!

I think if I budget £100k with 10% contingency I could make the downstairs fab. Definitely leaning towards staying. Both kids have a 16ft x 12ft bedroom each and ours is 25ft x 11ft which we can't match anywhere in our moving budget. Yes our fourth bedroom is small at 9ft x 8ft but it's ok.

So... extensions... we can go out 3m under permitted development. If we're going to do it I think it makes sense to go out as much as possible. That said, our garden is only 55 x 34ft so that would eat in quite a bit. Would a 2m extension be worthwhile?

As you can tell, I'm driving myself crazy with this. Dh is impartial to both fgs.

OP posts:

Inforthelonghaul · 08/05/2019 20:01

For me I’d stay if the area you’re in is ok and safe with nice neighbours but maybe just not as posh as you’d like. If there are safety or anti social behaviour issues then I’d move.

Your current house sounds like it suits your needs really and I would love to be mortgage free.

mumdone · 08/05/2019 20:19

I would move, if it was affordable to you. Why stay somewhere your semi happy. Plus if you invest in property it will always go up in value, the market always jumps back. It’s a retirement pot...rather then invest in retiring pots spend the extra on the mortgage. No doubt it will pay off!!

Ginger1982 · 08/05/2019 20:23

Why would you want to go from being mortgage free to saddling yourself with a £400k mortgage when it's not a schools issue? Mental.

gubbsywubbsy · 08/05/2019 20:27

I presume you or dh have amazing secure jobs or have had family money ? It's a massive commitment , especially if interest rates go up . 😬

Bluntness100 · 08/05/2019 20:30

Why the hell wouldn't you decide this before you put your house on thr market and accepted an offer?

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