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Original poster

Is this a really bad time to be buying a bigger house?

40 replies

Dancerinthedark01 · 18/10/2021 09:34

We've been dithering for years and have now reached a point where we need more space - pretty desperately - although we've got so used to managing small space that we could carry on for longer ...

We've got a buyer and found a house to buy. The whole process has started. But I can't help feeling that this is a really really bad time to be doing this.

The UK and world is on the edge of recession surely. Interest rates are about to go up. Inflation etc

I'm worried that we're forking out an extra £200,000 on top of the price of our house and a few months after we've done that everything will tumble down.

OP posts:
dinkydino123 · 18/10/2021 09:47

Sadly it is very difficult to know. We held off on buying last year as we were waiting for the market to cool but that hasn't happened, it's just got worse! We have decided to go for it as we've found a house we really like and don't want to put our lives on hold for something that may or may not happen. If you can lock into the low interests rate now for a good amount of time (we are on 5 year fixed) I would say go for it as you will probably ride it out. Good luck!

AMistakePlusKeleven · 18/10/2021 09:53

I sold/bought at the start of this peak. Our house is estimated to have gone up £40k (more than 10% of the price) since December. I wouldn’t buy right now, I don’t think it’s sustainable and the market can’t keep going up.

Original poster
Dancerinthedark01 · 18/10/2021 09:53

Thank you - it's the same for us really in terms of waiting. And the kids are getting older. They'll have left home if we wait any longer.

Like you say it also keeps getting worse.

OP posts:
Original poster
Dancerinthedark01 · 18/10/2021 09:56

I'm also worried that if we wait until this recession starts that we'll find it hard to sell our house/buy a house/move altogether.

Is that a possibility?

If people can't get mortgages? I don't know. I've never lived through a crash. They say now that a crash will never happen again. But we all know that's a lie.

OP posts:
Hungry675tf · 18/10/2021 09:56

We had similar concerns but went for it anyway. We wanted to move 18 months ago but covid happened. I'm thankful we have managed to move, and have locked in to a 5 year fix on as low an interest rate as we could get (1.5%). It is as safe as we could make it

MarineBlue33 · 18/10/2021 09:57

The UK market is generally strong. If you have seen a place you like and can afford it with some good margin,then definitely go for it.

UtterlyUnimaginativeUsername · 18/10/2021 09:58

If the kids will have left home if you wait, do you really need to move?

Luckytattie · 18/10/2021 09:58

I would go ahead
:)

RedMarauder · 18/10/2021 10:02

If you are planning on living in the house for 10 years plus then just go ahead with the purchase. No one can predict the future.

BigWoollyJumpers · 18/10/2021 10:06

You are not buying to invest, you are buying to live in a home for a number of years. Possibly even until you retire! Go for it now. You have a buyer, you have found a home, you may regret loosing the opportunity. Even if prices/rates are volatile for a while, they even out over the long term. We have bought in the past at top rates, been in negative equity, paid 15% interest on a mortgage in our early twenties, and had a huge mortgage in our 40's. It has paid off, and we have now been here 20 years, have no mortgage, and will probably be here a further 20 years.

Original poster
Dancerinthedark01 · 18/10/2021 10:20

If the kids will have left home if you wait, do you really need to move?

Very good question. We live in a two bedroom house with a teenage boy and girl. There's literally nowhere else for me and Dh to sleep as it's a very small terraced cottage.

We should have moved years ago but stuck it out because of schools and the location. We love it too. Got plans done to add a box room but amazingly we'd have to reconfigure the whole house and with Brexit etc it's going to cost as much as moving. Seriously! The value added to the house wouldn't be half of the cost of the rebuild.

Plus I imagine when they're older the kids will want to visit ... they won't do that if we live here. We're in a crazy situation because this house is fine and manageable, bar the bedrooms.

OP posts:
Original poster
Dancerinthedark01 · 18/10/2021 10:20

Oh - and the loft is so low we can't extend into that either.

OP posts:
TuftyMarmoset · 18/10/2021 10:37

1 - if you think interest rates will rise just make sure you are on a fixed rate deal. You can do that whether you stay or move.

2 - you only need to worry about negative equity if you are going to sell in the short term. But as you are talking about your DC visiting as adults it sounds like you are planning to stay there for the long term, in which case negative equity is a) irrelevant and b) unlikely.

You can’t have opposite sex teenagers sharing a room.

AMistakePlusKeleven · 18/10/2021 11:10

@Dancerinthedark01

If the kids will have left home if you wait, do you really need to move?

Very good question. We live in a two bedroom house with a teenage boy and girl. There's literally nowhere else for me and Dh to sleep as it's a very small terraced cottage.

We should have moved years ago but stuck it out because of schools and the location. We love it too. Got plans done to add a box room but amazingly we'd have to reconfigure the whole house and with Brexit etc it's going to cost as much as moving. Seriously! The value added to the house wouldn't be half of the cost of the rebuild.

Plus I imagine when they're older the kids will want to visit ... they won't do that if we live here. We're in a crazy situation because this house is fine and manageable, bar the bedrooms.

Taking this into consideration I would take the risk, it will massively improve your family’s quality of life with two teenagers and if you’re happy to wait it out and not planning to move again you could wait out a crash.
randomsabreuse · 18/10/2021 11:12

Move unless you're likely to need to relocate. 2 teenagers, 2 bed house can't be fun at all and it will massively improve everyone's quality of life!

Original poster
Dancerinthedark01 · 18/10/2021 11:14

Yes - I think this is our only option.

The teenagers don't actually share a room at the moment. I sleep with DD and DH sleeps in bunkbed with DS.

They can't carry on doing that for much longer either! So yes. We have to move. We really have no option.

OP posts:
TheYearOfSmallThings · 18/10/2021 11:17

If you need the bigger house and you can afford the bigger house, I would go ahead.

Prices may falter or they may continue to increase, but if you are planning to stay in the new house for many years all that matters is whether you can pay the mortgage.

Franklin12 · 18/10/2021 11:20

I would definitely move. Your DH cannot sleep in a bunk bed!

Life is just too short. Get a fix on your mortgage though for 5 years plus.

You only have to see Location Location Location and such like to see that there are tons of people who think they know more than the EA's and the market.

Who wait and wait somehow thinking that some twit will come along and pay top price for their house (but of course there will be a bargain price for their next house) or who have a huge list of requirements a mile high.

OneRingToRuleThemAll · 18/10/2021 11:24

We are in the same position and in the process of moving. We can't predict what will happen in the future, but it gives us the space we need for the now so we are going for it.

TuftyMarmoset · 18/10/2021 12:42

Definitely move! Even if you did lose money it would be worth it for your DH sleeping in a double bed with you and not in a bunk bed!

Cindi85 · 18/10/2021 13:19

We are planning on doing the same in the new year and I have the same reservations as you OP! It feels like a scary time to be upping the mortgage.

dartingtonday · 18/10/2021 13:55

I definitely agree with your thoughts on the economic outlook. The picture looks bleak and the interest rates are set to rise. We are also looking to buy a bigger house and have similar reservations but our situation is a bit more complicated.
In your position, your current house is clearly too small for the size of your family so I would get on and move for a much better quality of life as long as you think very carefully about the affordability of the mortgage with future potential rate rises.

Classica · 18/10/2021 14:00

You definitely need to move. It's crackers that you're sharing a room with your daughter and your husband is sharing with your son. That's meeting no one's needs.

Unless you're planning to sell again in a couple of years time it doesn't really matter if prices drop.

meow1989 · 18/10/2021 14:08

We recently moved to a house over 150k more than ours was worth so have increased out mortgage considerably. We locked in 1.49% for 5 years so feel quite safe. For us it's a long term house at the right time (moved pre ds starring school, a bit nearer dh work..).

I think in your situation I would go for it

ineedaholidayandwine · 18/10/2021 14:11

In your situation i would move. You cannot share with your children long term, it's unfair on all of you, you all need personal space.