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Original poster

Conundrum- replies appreciated

27 replies

Fritilleries · 09/04/2022 16:32

We have a 3 bed semi ex-council, renovated, big garden and lovely big rooms. Nice enough area but we want a more modern kitchen as it's not been updated since we've been here. We also want a garage.

Houses in short supply. To upgrade it would cost almost 350 - 400k for our area.

Do we move regardless when prices are ludicrously high?

Do we renovate the kitchen and stay put? Partner said we would move and that kitchen didn't need doing as we were planning to move...

House is mortgage free after lots of overpaying and being frugal.

Feel like we keep going round in circles.

We have a toddler.

Anybody got thoughts? I love idea of a new house but the prices costs of moving really make me nervous.

OP posts:
pilates · 09/04/2022 16:42

Renovate the kitchen and stay put and review position in a couple of years

PattyMelt · 09/04/2022 16:57

Agreed just get a new kitchen and wait.

Obelisk · 09/04/2022 17:00

Think about where you want to be for school applications in a couple of years.

Original poster
Fritilleries · 09/04/2022 17:04

@Obelisk

Think about where you want to be for school applications in a couple of years.
He'll start next September '23. Shock
OP posts:
ApolloandDaphne · 09/04/2022 17:13

Do the kitchen and stay for a while longer.

Friedappletart · 09/04/2022 17:16

I'm with them, do the kitchen.

titchy · 09/04/2022 17:24

I don't understand why you say it'll cost £350k to renovate when it's already renovated and just needs a new kitchen and garage built? Confused

Ohhgreat · 09/04/2022 17:24

It all depends if you're happy with your catchment school.
If you are - stay and do the kitchen.
If you aren't- move and start the process NOW.
If your child starts school Sept 23 applications will be based on where you live Jan 23. That gives you 6 months from now to sell your house, find another, and move. Given the current market, you need to get on it!!

Ratatoo · 09/04/2022 17:28

Wait. It's a terrible time to buy

Original poster
Fritilleries · 09/04/2022 17:42

@titchy

I don't understand why you say it'll cost £350k to renovate when it's already renovated and just needs a new kitchen and garage built? Confused
350 000 for a new house....
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Original poster
Fritilleries · 09/04/2022 17:43

@Ratatoo

Wait. It's a terrible time to buy
Elaborate?
OP posts:
TheNameOfTheRoses · 09/04/2022 17:45

Renovate.

Lost of talk about the housing market suffering in the next few months due to the energy prices ‘issues’ and people wanting to downsize to reduce their heating bill….

TheNameOfTheRoses · 09/04/2022 17:47

By that I mean that many people are expecting the houses, esp bigger houses, to loose their value.

Original poster
Fritilleries · 09/04/2022 17:50

@TheNameOfTheRoses

By that I mean that many people are expecting the houses, esp bigger houses, to loose their value.
Makes sense. The thought of costs going up and having a massive mortgage isn't one I like.
OP posts:
HighlandCowbag · 09/04/2022 17:53

Fuck moving and taking a massive mortgage unless the area is terrible. Do the kitchen, even an extension. Make the house you have the house you want it to be.

parietal · 09/04/2022 17:58

As suggested above, primary school cachements are you most important consideration. Move only if you need to for school. Otherwise stay put.

Original poster
Fritilleries · 09/04/2022 18:05

@HighlandCowbag

Fuck moving and taking a massive mortgage unless the area is terrible. Do the kitchen, even an extension. Make the house you have the house you want it to be.
Is there any point to an extension if costs won't be recouped?
OP posts:
123walrus · 09/04/2022 18:05

I think you need to do the following calculation:

A) the value of your current house plus the cost of renovations

B) the cost of the kind of house you’d like to buy.

What’s the difference between those two numbers? How much £ would it cost you each month as a mortgage? And is it worth it to you?

Original poster
Fritilleries · 09/04/2022 18:14

@parietal

As suggested above, primary school cachements are you most important consideration. Move only if you need to for school. Otherwise stay put.
Three local schools, all fine.
OP posts:
Original poster
Fritilleries · 09/04/2022 18:14

@123walrus

I think you need to do the following calculation:

A) the value of your current house plus the cost of renovations

B) the cost of the kind of house you’d like to buy.

What’s the difference between those two numbers? How much £ would it cost you each month as a mortgage? And is it worth it to you?

Useful. Thanks.
OP posts:
Calmdown14 · 09/04/2022 20:07

In a similar position. We love our house. Good position in small village we wouldn't move from.
Terrace but great neighbours. Downstairs bathroom which is small but we put in a toilet upstairs. Huge garden unusual for a coastal village and much bigger than any other we'd get here.
We renovated the kitchen and changed layout to make better use of space. Extension didn't stack up financially but rejigging things made it work for us as we now have a kitchen/diner through to a sitting area and separate lounge.
We've possibly spent more on it than we'd see back ( values low here so 160-170k) but it would be at least another 100k to make a decent step up. Knowing we can pay this off before kids reach end of primary is worth more to us.

I'd really consider how you make best use of the space you have before giving up such a good option

Original poster
Fritilleries · 09/04/2022 20:28

@Calmdown14

In a similar position. We love our house. Good position in small village we wouldn't move from. Terrace but great neighbours. Downstairs bathroom which is small but we put in a toilet upstairs. Huge garden unusual for a coastal village and much bigger than any other we'd get here. We renovated the kitchen and changed layout to make better use of space. Extension didn't stack up financially but rejigging things made it work for us as we now have a kitchen/diner through to a sitting area and separate lounge. We've possibly spent more on it than we'd see back ( values low here so 160-170k) but it would be at least another 100k to make a decent step up. Knowing we can pay this off before kids reach end of primary is worth more to us.

I'd really consider how you make best use of the space you have before giving up such a good option

Really appreciate your reply. Cake
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Original poster
Fritilleries · 10/04/2022 12:01

Thanks all. We're taking your advice and staying put. Looking at remodelling the ground floor so going to investigate contractors.

OP posts:
cruisecrazy · 10/04/2022 15:09

A wise decision. The money you save by not moving will go a long way towards an extension. Good luck.

Original poster
Fritilleries · 10/04/2022 15:26

@cruisecrazy

A wise decision. The money you save by not moving will go a long way towards an extension. Good luck.
Just need to figure out what to do and how to sort. Guess I'll be searching the threads on here!
OP posts: