Hi all, i would like to get some advise on the below. we are living in Ireland. we are a family of 3. myself, DH and DD (11 YO). We bought a house in 2016, a detached house in a small development in a semi rural area, 12 km away from our work. 250k mortgage is still pending.
There is a secondary school near our estate, however we are planning to move to the sub urban to get into a good school. we are thinking to buy a new build detached house (price ~500k).
we dont want to sell our current house as it has lot of positives like downstairs study room, sun room, not over looked west facing garden, converted attic, big car park area, overlooking big green area etc....
Standard of the secondary school and the age of the house are the major concerns( built in 2004) meaning energy efficiency is not great, C rated house.
We are thinking of letting this house and buying a new build detached house to be in the catchment for the good secondary school. However we are in dilemma because of the steep price of the house, east facing garden, no study/sun room/attic and garden is over looked by row houses. I like the kitchen, living room and utility layout though. The new build is in a posh area.
Currently we are able to save 2500 pm. if we buy this house we wont be able to save that much, we may be saving 1000 pm.
My DH is now saying he is confused as to buy the new house with the steep price, east facing over looked garden etc. also we will be having two mortgages if we buy the new house.
I am a foreigner living in Ireland, dont have anyone to guide us on this.
WWYD if you are in my situation? Would you live in the semi rural set up and close out the mortgage or would you take a chance and buy the second house too? Has any of you moved to a different area for schools and paying two mortgages? would east facing garden bother you? our current house is west facing and we get lot of sun from south into our dining area and sun room as we have green area to the right side of the house too.
Any advise/ suggestions are welcome!!!
Sorry for the long post and thank you very much for your advise on this.