Agreeing house purchase budget

[PinkPrettyAndPointed]

Dh wants to go top of our budget and I'd prefer to go lower. How do you decide?

Top of our budget would mean 10 year mortgage (I'm 46) and with large but doable monthly payments. My lower budget would be 2 year mortgage.

The house I'm thinking of is in the location we like, good size block, not a fantastic layout but workable, needs a bit of TLC and won't ever have the wow factor.

The house dh likes most definitely has the wow factor, not in an area I'm particularly fond of (even though it's a lovely area, it will be a longer commute to school etc) and would be a bit of up keep (that would of course fall to me to do 🙄)

Sounds like you disagree on a lot more than cost.

Does it 🤷

It is just the budget, honest 😊.

I'm massively risk adverse and he's not. Usually we balance each other, but the cost of houses in our area is making me nervous about paying too much when life is getting more expensive.

Can you go back to basics and agree the parameters? The area and budget are pretty fundamental I think.

And paying a mortgage for 8 more years! Is he offering to cover that!!?

Why do you want the mortgage paid off in 2 years?

Why not just shelve it for 12 months. The house with wow factor will probably be quite a bit cheaper if you wait?

Surely the best approach is to agree a budget you’re both happy with then look for houses within that budget, rather than both find completely different houses at wildly differing prices then argue about which one to buy? Neither of them sound like great options to be honest.

Why wouldn't you?

It sounds like You haven't found a house you both like- so keep looking

When you would prefer a nicer house? And can afford a longer repayment term?

I agree with this.

people have different priorities. I will be paying my mortgage until I retire at 60 (maybe sooner if I start to overpay once the renovation work is done). But I love my house - it’s exactly what I have always wanted in the perfect area for me. It makes me happy just beIng in it.

mother people do t feel this way about housing and that’s okay too.

if you are taking on a bigger mortgage for longer you need to live the house - it needs to be worth the sacrifices. If I had stayed in my old house the mortgage would be paid off by now. I would drive a nicer car and have more savings. Don’t do it for a house you don’t love.

I think there is probably a compromise in there.
A 2 year mortgage is pretty short (can you even get them for that sort of time - i know I was told that my mortgage for under 50k would be hard to remortgage for).
The location and size need to work for both of you.

I didn't think a 2 year mortgage was possible

We have sold our house and getting desperate. If we weren't under time pressure our search would be much easier!

The only houses coming on to the market are ones needing a bit of TLC, or high end. It's really a strange market. If we hadn't sold I'd definitely be waiting for the market to settle.

I'd like a low mortgage because I've been mortgage free for 5 years and it's the best freedom. Buying a massive expensive house seems wonderful, but I'd have to love it, as that's where I guess I'd be spending most of my holidays for the next 10 years 🙂

We think maybe we'll look at renting for a while (although that market is also crazy)