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?

I used to live in a lovely period place but we needed more room. I was resistant to our place because it’s not period, and I still yearn for it sometimes, but actually value having more financial freedom a lot more.

If it’s not forever, do you have to love it?

That's interesting @Binkybix. I am coming to terms with the fact a "beautiful" (in.my eyes) house really isn't the be-all and end-all. DH and I both feel we should love it though. It may not be the house we get carried out of, but it needs to last us until the kids have flown the nest - 20 years+?!

I can see that too!

To be fair, for various reasons things were very tight the year after we moved and living that made me stressed (I’ve always worried about money).

We live central London so choice was ‘don’t move and be cramped’ or ‘move and go less pretty’, so not quite the same as you.

Who knows?! I hate big decision.

This sounds like a lot of financial pressure for an extra 400sq ft.

What if your DH loses his job? Or is sick?

You have the choice to be more financially comfortable/stress free than this new house would leave you. 400sq ft more will be nothing when you children are at school, primary or secondary.

Don’t get carried away with the bubble hype. Sit tight. Sounds like your home is also your major financial investment. There will be other houses. You could do a whole lot worse than tidying away a travel crib each morning. You’ve got it easy in terms of housing requirements, you only have two small children.

Wait till you go back to work. You’ll be out of the house more, you’ll have saved more, you’ll have more money coming in.

Could you possibly de clutter and sort out the house you live in now!? It sounds like a lot of hassle to go through just for 400sqft if I’m honest.

@7salmonswimming / @youngandfree - yes, on paper, it's an awful lot of hassle for 400 sq feet. But the cost of this 'dream' house aside, we're absolutely certain we need to move! DD's room wouldn't even fit a single bed, we have no hallway or downstairs WC, our pram lives in our living room, our bins have to be dragged through the house, and our front door opens directly onto a main street. We can't extend any which way so staying here is just not feasible. We'll sell and rent if we can't tie up a house purchase soon.

We moved from 500-550 sqft to 950 ish, it was life changing and brilliant and we are not moving again!! I'm expecting my third now and very happy to stay put!!!

Sounds ace @DustyDoorFrames! 400 sq feet extra would be 50% extra space for us - life-changing indeed!

Sounds like you want this house. With two under two and not working at the minute you will be spending an awful lot of time at home and I would value space over extra money (so long as still comfortable, don't do it if it means you'll be hard pressed as the kids will get more expensive as they get older).

Almost all our friends went through the whole "pretty house" fantasy when buying the "forever" home. But we've all ended up buying 60/70/90's houses because of the space and often on estates with good schools, practical parking, cheaper bills etc. I grew up in an ugly 70's house so wasn't as bothered, but DH still has a piece of his heart in the idea of a Victorian terrace. Just keep an open mind and don't discount something that could work well for your family.

Older nice house, what are they fuel bills like.. ?

@wishiwas19again - yes, we really want this house! DH is actually negotiating today, and I'm thrilled. You're so right - I'm at home loads at the moment so probably do overvalue the style of home. We have looked at modern houses - one came up yesterday actually - a 90s 4-bed with loads of room, garage, driveway, fairly decent garden and near a great school (same town). It's £50k cheaper too. DH and I both looked at it on Rightmove then just looked at each other and said "nah". I truly, truly appreciate all the input on this thread but have come to the conclusion we have to buy something we love, and deal with the financial consequences!!

@randommess... fuel bills look to be around £150 pcm. Manageable.

I wish you well with your negotiations.
Putting it all down here, has clearly helped you know what is right for you.