Should we stay or should we go?!

[MusicMother]

Hi all,

I would really appreciate your advice as I’m totally stuck!

We own a 1 bed + box room top floor flat in the city centre. We bought it 2 years ago, the market has slowed and it’s possible that we will sell for less than we paid.

We are expecting DC2 in 2 weeks and the flat is just too small. However, after mat leave I plan to leave my job to work with my husband in our business. This means this year is the last one we can use my salary to apply for a mortgage.

Right now, we can't afford anything in our chosen areas (near to our business) or near to a primary school as good as our current catchment. The options I am toying with are:

1. Stay in our current home, hope that the business becomes more profitable with both of us working in it and accept that if the business does not go well then we will be stuck there for at least 3 more years.
2. Move to something more suitable but less desirable. Estate agent is pressuring us to put it on the market next week, doesn’t see a problem with fitting viewings round newborn and ELCS recovery!!
3. Remortgage our home to a larger mortgage that we can then choose to port at a later time, in the hope that we will have been able to save more and move to a better area?

I would be so grateful for any advice/ better ideas!

Many thanks 😀

@DustyDoorframes great to hear that you managed well in 50sqm! I agree, ceiling is very high so it never feels that musty but we would definitely put in an opening skylight if we stay.

Is there a part-time in both camps option, if you would like to keep some salary?
Eg- DP works on the business 4 days, 1 day childcare
You work in your old job 2 days, in the business 2 days, 1 day childcare.
Or some other combo of days- could involve taking on a virtual PA or farming out the invoicing to a service or something too. Remember to include pensions, sick pay etc in your thinking.
Or... just go for it if it's the exciting thing that will get you out of bed in the morning!

Haha, hopefully get me out of bed in the morning as opposed to up all night worrying! Definitely right to keep p/t in mind, thanks @DustyDoorframes

Heh, yes, that's the trick isn't it!
It sounds like your flat does give you options though. You'll get the balance!