WWYD? Very expensive house in perfect location!

[Skylucy]

I guess this is just another version of the old "house or location?" dilemma, but any opinions would be greatly appreciated!

We've been househunting since Feb, and viewed 40+ houses. We live in a beautiful but tiny cottage very centrally in a naice suburban London commuter town. DH works full-time in London, I'm at home with 2 under 2. We have a very manageable mortgage and a lovely life. But....we desperately need more space!

We saw a beautiful period house today in a fabulous central location (same town). It's not without compromise (no parking, one bathroom, no utility, generally small) but is beautiful, has good-sized bedrooms, a big garden and potential to extend.

We loved it, but it would stretch us every which way financially. We'd have £10k left in savings (and would need to buy all furniture), our monthly cash would shrink by £400, and we wouldn't be able to save.

Would you go for it?

Is your income likely to increase soon? How much cash would you have each month?

Sounds like a lot of compromises. I wouldn't consider a house with no parking with young DC.

If it ticked every box, then yes I'd consider it.

will any of your savings go towards moving costs, solicitors, estate agents and all that stuff.. what area are you looking in, what's your budget.

No. It's small, you'd have to extend, but you won't have the money to do the work so you'd be stuck in a too small house with no chance of improving for years.

Income wouldn't increase for a long while...I won't be working for at least 2.5 years (when baby can go to nursery). If I worked before then, any earnings would just pay for childcare.

The remaining £10k will be after moving costs/surveys/fees etc.

Parking is a contentious subject here! We don't have it now - apparently 50% of houses here don't have it. Yes, I would like it...I currently can't do a "big shop" because I can never get shopping and kids safely out of the car! There are lots of shops (and schools/station) within walking distance though.

I would try and hang on where you are and save like mad until the children are at school and then look for somewhere bigger. With a bigger cushion behind you it will be a more comfortable move

I say don't go for it. Sounds like too many downsides just to have a house that's period and beautiful.

As others have said, I'd it ticked all boxes except one or two, then maybe. But there's a lot it doesn't have for you, plus stretching you financially. And you can bet there are unexpected costs on the horizon, as you can never know a new house properly. A new boiler, a new appliance, etc. and suddenly you're struggling for money.

I would stay in your lovely small house. Order shopping online and try and declutter and use space saving solutions as much as possible. Yes you need room but until you are back out in the workforce you don't need the pressure financially. That would be my gut feeling anyway.

Ah you're all so...wise and sensible!! And right, gah.

Unfortunately we do have to move ASAP though, as our house only has one small double room and a tiny single, so the baby is in a travel cot with us that we have to fold down every morning! We can't extend either sadly.

Bleugh to no parking. Been without it in the past and won't be doing it again if I can help it.

Is there a slightly cheaper area nearby where you can get more house for your money?

Are you happy to post a link?

I would move if your DH has a secure job and do your shopping online. Can you post a link?

Who does a weekly shop any more?! Unless you need to drive each day to work/school, I wouldn't let parking get in the way of a great house in a great location

If you're on facebook, try the house talk facebook group for ideas on how to accommodate 2 kids in a small room - some really great ideas. Might tide you over until you find 'the' house!

Try a cheeky offer??

Don’t stretch for a house that will still be too small. Is it? And even if it won’t be immediately, think honestly about whether it will meet your needs for a good decade, because you’re not going to be able to save to move again for a long time. Happy with the secondary school? What if you get pregnant with 3rd child?

If it’s the family home that will work for you for a good long time then it can be worth a stretch, rather than moving to an intermediary house and then the ultimate one. Saves fees and stamp duty. But only if you have a back-up plan for emergencies, such as good insurance cover in case of illness etc.

Do you really need to live so centrally, within the town you’re in? If so, why, school catchment?

@RandomMess Try a cheeky offer??

Yes to this, properties aren't shifting are they?

Absolutely! So it has 3 decent bedrooms? Worse case scenario if you don't get PP you could put a conservatory on for more downstairs space.

Do you know the area well enough that it is the perfect location?

Are you already under offer?

No parking? No thanks. You only have to read some of the parking threads on here!

As much as the house sounds lovely I don’t think you are in a position to buy it, rather than a central location and charm you really need to think of comfort and space for your growing family which unfortunately means probably a less charming house but with more space, if the one you love is already too small and you can’t afford to extend for years with a growing family, I think the charm and character might wear a bit thin, it’s probably the right house but at the wrong point in your life, keep looking I say.

We loved it, but it would stretch us every which way financially. We'd have £10k left in savings (and would need to buy all furniture), our monthly cash would shrink by £400, and we wouldn't be able to save.

Hardly sounds like 'scraping by'
When we bought our current house, we had to borrow from the dc's savings accounts, - we certainly didn't have £10K 'spare' after moving
You don't need furniture straight away. Even when you get it, you can pick it up from freecycle, or cheaply from a charity shop or the local paper or gum tree or facebook sites.

No parking sounds awful to me, but if it is what it is in your town, then that is a bit of a red herring. IF you love the house, you'd be daft not to go for it if it is that affordable.

Yes, we're under offer - our buyer is chain-free and we're just negotiating the exchange date.

We've looked at quite a wide radius and actually had an offer accepted on a bigger house 3 miles away, but the vendors are showing no signs of moving!

The draw of our current town is strong though. We're super close to grandparents and every primary school is great, and we like the local secondary. DH likes to be able to walk to the station, and we're spoilt for choice for walkable amenities/parks/ children's activities. We've been here 7 years so know (and love) it very well.

The house in question is by far the best we've seen of its type here. There's no point in making a cheeky offer - I guarantee it will sell this week, and at a higher price than the asking price. They had an open day today and it was very busy indeed. Our town is a property bubble - if it's period with a good-sized garden it'll sell within days. (Hence my desperate reaching out for advice!)

Thanks @BackForGood - I was hoping to hear others' experiences of making a big move.

The house is 400 sq feet bigger than our current house, and crucially gives each child a decent bedroom (and there's a box room) so it would be fine for a few years, then perhaps we could extend into the garden or into the loft. I would love to post a link, but I'm just a bit wary because of how competitive it is!

So why have you got cold feet about it?

You know the area including schools, used to not having a drive..