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Staying put or taking on a mortgage?

2 replies

NotQuiteUsual · 05/04/2023 14:43

We're at the point where we need to make a decision about this. We've got three kids and three bedrooms, so we could really do with a fourth. Small garden, only one bathroom. But lovely neighbours, kids have friends they play out with and I'm five minutes walk from the shops, the kids schools and nursery and ten minutes walk from my work. We're mortgage free, which is great and we love the house. It's big for a three bed and we don't feel like we need more space yet. But there's lots of work that needs doing in the house, we're slowly ploughing through it, but if we move or stay effects how we'll do these jobs iyswim.

Options are stay here, maybe do a loft conversion in the future, maybe make do with three beds. Bit by bit do the work to our personal taste and needs without worrying about resale. There's nowhere for a second bathroom, pitch of the roof means we won't have space even in a loft conversion.

Or do the jobs quickly with resale in mind, put it on the market and take on a mortgage to get the fourth bedroom. It would mean some lifestyle compromises, less days out. But we'd have plenty of space for the kids to grow up and hopefully another bathroom.

OP posts:
SilentHedges · 05/04/2023 15:39

You love the house, you have great neighbours, your kids have local friends, you're a short walk to shops, your nursery work etc is all conveniently situated. Honestly, I'd stay put, and save the expense of moving and put it towards a loft extension and another bathroom, even if it means taking on a small mortgage. I realise your house needs work, but most do, unless you move into something completely new and pay over the odds for that. I wouldn't move.

RollerCoaster2020 · 05/04/2023 16:01

Probably best to stay put, and then explore extensions if possible or another property in one and a half to two years, save as much as you can in high interest accounts, or if you're open to risk, stock market etc. Listen to a guy on Twitter or YouTube called moving home with Charlie. He designs customer relationship management systems for agents and has had thousands of hours with them and vendors and purchasers.

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