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Original poster

Tell me ive done the right thing.

40 replies

malificent7 · 17/02/2021 08:12

Just bought a bargain 4 bedroom semi...a bit smaller than id like...not my dream house but we are first time buyers on a budget and i did love it when i looked around.
We will off most of it with a huge deposit leaving us with a very small monthly payment.
I would like to go bigger eventually and it is lovely, a bit dated wallpaper but we will redecorate.
Dd rekons we should have gone bigger and paid more each month but i am a student with no job although dp has a stable job. I will hopefully get a job as have interviews.
I have been right to go for a safe bet/ cheap mortgage for now whilst unemployed with a view to upsizing later on? We are desperate to get out of our tiny rental.

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Original poster
malificent7 · 17/02/2021 08:13

Its bigger than tiny rental i should add....its just a bit modest.

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HerMammy · 17/02/2021 08:15

I’d hardly say a 4 bed semi is a bit modest!
How many ppl is it for? Most folk start out with a one bed flat.
Only on MN 🤷🏼‍♀️

Purplewithred · 17/02/2021 08:15

its important you go for something you can manage financially and that works for you. It would be madness to overstretch if your employment isn't secure.

Atalune · 17/02/2021 08:17

What’s the location like?

Do you think It will hold its value/increase?

BluebellsGreenbells · 17/02/2021 08:18

Not only employment, you may want children which are a huge financial drain.

You can make a profit if you add some value without out pricing the area.

We live in a 4 bed amongst 2/3 bed properties so have a ceiling price.

Proudboomer · 17/02/2021 08:19

I think you have done the right thing.
An affordable mortgage on a house you can add value to by updating is an ideal start on the property ladder. I don’t know anyone who has bought their forever home on first purchase many don’t even manage to buy a semi detached house but start off in flats or small terraces.
And unless you have a small tribe of children to house a four bed semi will more than met your needs.
And all this is before you start thinking about what COVID and the aftermath is going to do to the economy and job market.

Persipan · 17/02/2021 08:25

Not meaning to sound combative, but I'd be delighted to be able to afford a four-bed semi, however 'modest', so as a first time buy it sounds like a more than adequate start for you. Sticking to an amount you can definitely afford is always a good idea, and particularly in the current uncertain times it seems sensible. I know people get really drawn into the idea of a 'forever home' but in reality you'll want and need different things at different stages, and this sounds ideal for right now - plus you loved it when you viewed it, so I bet you'll enjoy living there. Congratulations, and I hope your move goes well!

isitjustlockdown · 17/02/2021 08:27

In my opinion you have made the right choice. Stretching yourself financial is risky and ruins your quality of life due to the added strain of meeting commitments.

In the nicest possible way I would tell DD to shut it, it's easy for her to want more when she isn't the one responsible for paying for it.

Lazypuppy · 17/02/2021 08:30

I suppose it depends for how many people? Ome 4 beds are tiny, with just lounge and kitchen/diner downstairs but 4 bedrooms upstairs so they are top heavy, and probably should have just been 3 beds.

Others have seperate living space downstairs and bigger rooms so feels in proportion to the upstairs.

Its bigger than your previous place so that is a positive.

We went big and expensive on monthly payments but thats because we don't want to move again and so we can now spend money on our house and not qorry about resale value etc

FindingMeno · 17/02/2021 08:37

Of course you have done right!
Private rented is not the place to be if you have any choice, and stretching any budget (mortgage/ loans etc) not a good idea with rocky times ahead post-covid.
Housing security is something you cannot put a value on.

Original poster
malificent7 · 17/02/2021 09:25

Thank you for the feedback....it also has planning permission already for an upstairs extension but id like to save the money for my ' forever home.'
Pros...downstairs study so dp can work from home, drive big enough for 3 cars, modest garden but 3 times what we have now with a lawn. We will convert downstairs store room to toilet/ shower room. Small conservatory leading to decking . Perfect for summer ...
Kitchen is tiny but nicely done and utility room sp wbite goods/ laundry can go in there.
One bedroom is boxroom but non resident sdd is happy with that.
Tbh i am excited to repaint and put our stamp on it.

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Original poster
malificent7 · 17/02/2021 09:27

So white*

I think i just got a lovely feel from it...a familiy own it with young kids and you can feel that it has been loved which makes a difference.

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FindingMeno · 17/02/2021 09:50

Wishing you happiness in your new home Flowers

Sammiesnake · 17/02/2021 09:55

What a strange post. I thought the average U.K. family live in a 3 bed semi? Why would a 4 bed semi be too “modest” for a first time buy?

PragmaticWench · 17/02/2021 09:56

It sounds like a really sensible choice and as you get a job you can save for your next place, meaning you can put a larger deposit into the next home and pay less overall on a mortgage.

MadeForThis · 17/02/2021 09:58

I would definitely have done the same.

RaininSummer · 17/02/2021 10:18

Wishing you happiness in your new home but I do agree that 4 bedrooms, a drive for 3 cars, conservatory and garden isn't a modest first time buy at all.

mogtheexcellent · 17/02/2021 10:31

Sounds lovely to me. Your dc and step dc will grow and move out then that would be the time to move to your forever home.

I'm actually jealous as it sounds lovely!

Original poster
malificent7 · 17/02/2021 11:12

My dd...bless her...wants a champagne lifestyle on a white wine budget...i think instagram is to blame!
Ive told her to work hard at school or marry well if she wants a sprawling country pile. She wants to be a stockbroker or a lawyer so she should be ok!! Different thread i think!

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Original poster
malificent7 · 17/02/2021 13:35

I think dd just wants to growbup in a bice big house like some of her friends...she is becoming aware of social inequality ...i do feel for her...id love a bigger house but not right now.

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JaneNorman · 17/02/2021 13:38

You are absolutely doing the right thing, particularly in the current economic environment. Your daughter needs to learn the value of money!

Original poster
malificent7 · 17/02/2021 13:48

Quite JaneNorman...unfortunately she has no clue! I grew up in a similar semi and dad still lives there...it's lovely and as its a 60s house its bigger than many new builds.

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Crazzzycat · 17/02/2021 17:00

It’s your DD that wants a bigger house?! 😮 My DS went through a similar phase, although he wasn’t quite as outspoken as that. We just explained to him that you can only spend your money once. So if there’s a big mortgage to pay, there’s not going to be much money left for treats, holidays, fancy phones, nice clothes etc. It took him a little while, but he did manage to get his head around it in the end!

I think you’ve absolutely done the right thing. In my opinion it’s much better to live in a more modest house and have enough money for fun things and some peace of mind, than live in a dream house and having to scrape by 🤷🏻‍♀️

oreo2020 · 17/02/2021 18:58

What? In which universe is this house modest? I am in a tiny 3 bed terraced (suburban London). Stop moaning Grin start painting Grin

Original poster
malificent7 · 17/02/2021 19:24

I agree ...thank you all.

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