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Original poster

Loft conversion or pay off mortgage?

64 replies

Scout2016 · 01/06/2020 08:45

This is very dull, sorry, but wondering if you could share your wisdom and experience. Our mortgage term ends later this year. We could pay it all off and still have a decent cushion financially.
We are a couple in a 3 bed house with our DD. She is 4 and is in the box room. Spare room is used for working in and guests, as well as laundry drying and storage. We probably have people stay every couple of months at least. When my parents and sister stay at same time sister is in the living room on the sofa. My family and most of my friends live a distance away so too far to see in a day and obviously I miss and want to see them without always going to them. They often bring their OH and / or kids too. I'm guessing DD might want sleepovers when older.
We are thinking DD will definitely need a bigger room soon. But I don't want to have no spare room. Box room isn't really usuable for guests but could be a work space. We looked at getting the loft converted but it's a huge expense for rooms that would only be used as bedrooms a few times a year. And being mortgage free really appeals. We can't do loft and a chunk of mortgage. We aren't high earners so won't have this much again for ages, if ever. We could get 2 rooms up there but would loose the box room for anything much more than storage, maybe a desk. So we'd go from 3 bedrooms to 4 decent sized ones.
So, for anyone not bored to tears already, what would you do? Thank you.

OP posts:
4amWitchingHour · 01/06/2020 10:41

How much mortgage would you need to take on for a loft conversion? Would your repayments be pretty low? How long would it take you to save for it?

If you're planning on staying in the house for a long time I'd do the conversion now and get the benefits of it, and hopefully it won't be too long before you're close to being mortgage free again.

thenamesarealltaken · 01/06/2020 10:47

You've 20 to 25 years still of mortgage term. So, you don't really need to pay it off. What would you spend the money on instead, if not extending?
But, my approach would be to pay off mortgage and what you usually pay, put into an account and save for conversion. So if you save £500 a month, you'll have £30k in 5 years when your daughter is 9. In the meantime, no disruption to your lives. Also, should there be financial issues, you'll be ok for a while.
Your daughter doesnt need a larger room really - so many children share small rooms. But it'll be nice for her to have that from 9 or so.

BlueCookieMonster · 01/06/2020 10:58

If I was me, and I knew I could afford the repayments without too much issue I’d do the loft extension.

Original poster
Scout2016 · 01/06/2020 11:34

Wow, mixed views. I'll try to answer....

Husband very against idea of asking DD to move out when guests come.
Have considered sofabed but mum's disability rules that out I think. She'd be in agony....

OP posts:
Original poster
Scout2016 · 01/06/2020 11:38

We wouldn't have extra debt for he loft, we have the sum already. There isn't anything else we would spend it on.
We don't really have space for a garden room I think, it's all odd space if pointy bits. But will look into it as may be wrong.
Paying off mortgage and then saving the money we would have spent to do the loft in a few years seems to be winning.

OP posts:
70isaLimitNotaTarget · 01/06/2020 11:51

Would the loft extension be for guests? You could have a lovely bedroom + showeroom and toilet ......but it's more stairs to climb for your Mum

Or if you and DH are planning having this, you'd be on a different floor to your DD.

Or wait a few years and she'll love the loft room Grin

blue25 · 01/06/2020 11:53

I’d definitely pay the mortgage off.

Original poster
Scout2016 · 01/06/2020 12:09

Loft would be guests and office space when no guests. Stairs is definitely something that we need to consider because it's possible that in a few years mum won't be able to get up the all on bad days, so DD being old enough to go on a separate floor would be preferable. Thanks everyone, think we are going mortgage and saving up route. Knew posting on here would be helpful, thanks!

OP posts:
francienolan · 01/06/2020 17:22

If it were me I'd pay off the mortgage and then save what would have been the payments. Especially considering the current state of the economy.

mudpiemaker · 01/06/2020 17:28

How big is your garden? Could you have a garden office/spare room with a shower room inside it? That way it would be single storey for your Mum, a private space for any guests, plus it would probably be cheaper than a loft conversion.

My sister has a garden office which looks like a lovely summer house. She overlooks a river! It is stunning.

mudpiemaker · 01/06/2020 17:29

That was meant to also say then you can move DD into the current office and still have a mini office in the house.

riddles26 · 01/06/2020 17:42

As many others have said, depends on job security and size of mortgage but I would look at value the extra space would add to your daily lives. From how you describe, I would go for loft conversion because DD will have a decent sized room that is hers, you can have a dedicated office space and provision for guests. Also, mortgage interest rates are rock bottom for now and if you were to save, you won't get anything on your savings so makes better sense to take the debt while rates are low.

This is all on the basis that job security is no issue and you don't struggle to pay the mortgage

Settlersofcatan · 01/06/2020 18:14

Our kids have always been on a separate floor to us (after 6 months obviously) so I wouldn't worry about that

intheningnangnong · 01/06/2020 18:57

As long as your finances stack up, build and borrow. You can never have too much space.

CottonSock · 01/06/2020 19:00

I did the loft. Almost finished. I do have 2 kids though in a 3 bed

QueSera · 01/06/2020 19:06

Personally I would pay off the mortgage. Then save what you were paying in mortgage (plus any extra if you can) to save up for the loft. How long do you think it would take to save up for the loft?
With coronavirus and impending economic problems, I would choose to be mortgage-free if at all possible. The loft is a luxury that can come later. Just my opinion.

atilathehut · 01/06/2020 20:33

I would pay off the mortgage and put DD in the bigger room. I would never have a permanent member of the family in a smaller one in order to save a bigger one for a house guest every couple of months. They can sleep in airbeds in the living room if they need to

Zenithbear · 01/06/2020 20:40

Pay off the mortgage. I would never prioritise providing extra space for guests over increasing our financial stability.
Plus I agree that your dd should have the bigger room.

fartyface · 01/06/2020 21:52

I think the loft wont be worth it because your elderly family will struggle with the stairs soon. I'd make improvements downstairs where possible.

Porridgeoat · 01/06/2020 23:22

Give DD your bedroom and put a caravan in your driveway for guests

Porridgeoat · 01/06/2020 23:23

Or pitch a glamping tent in the garden

Murmurur · 02/06/2020 00:17

The loft room is not going to be ideal for either guests or your DD. How about a redesign of the upstairs space? Move some walls to even up the sizes of the bedrooms, get a Murphy bed or studybed to make the office/guest room space work really well, maybe build in storage if it's lacking. You could do some major changes and really optimise it. It wouldn't be for no money but it would be a fraction of the cost of a loft conversion.

(Don"t worry about DD having sleepovers. DC inevitably seem to end up having slightly more friends than they have bedroom space for, no matter how big their rooms are. Living rooms are fine for sleepovers.)

wehaveafloater · 02/06/2020 07:09

Look at air b'nb locally before you decide. If you put your family up for two nights 6 times a year I would imagine this will be much cheaper than a loft conversion.

Porridgeoat · 02/06/2020 07:14

I wouldn’t take on the debt to house guests. Get mortgage free first

WombatChocolate · 02/06/2020 08:16

It sounds like your house isn't big enough for your needs. As your DD grows, it will only feel more squashed and the issue will become worse. You really need your DD in a bigger room - so she either needs to go into the spare room am doing ove out when guests come or you need a loft conversion.

I'm a big fan of being mortgage free, BUT I think that if the loft would add 5 or 8 years or mortgage that is okay as you would still be free very young....it's not necessary to be mortgage free before 40 if you haven't achieved the house you actually want.

I know what you mean about it seeming a lot of money for a room which is a guest room....but perhaps it will be more than that and if it allows your DD to be in a bigger room all the time, it delivers more than that.

Of course you could become mortgage free and then have another mortgage/loan for loft later or save up and do it.....but if you're going to do it, you might as well get on with it and have your DD enjoy the bigger room and allmor you get the benefit for 15 years of her childhood rather than just 5 for example.

If you were 50 and she was 15 I might say something different.