How do you decide?!

Scotnut · 2024-05-12T18:23:08+00:00

Back story…. I was a stay at home mum with a wealthy partner…. I left and have a sum of money from my settlement that I am using to purchase a house…. I’m now on a very basic salary…. But have been managing to pay £600 in rent for a tiny two bed and have been able to still do decent amount of fun things if always being very careful with money. I’ve found a bigger house I love in the catchment area of the affluent school which my boys attend however, it would mean taking out a mortgage of £100k. The monthly payments would be around £550 so within what I was paying and the running of the house works out about £150pcm more. It gives us the space we so desperately need but I don’t know whether to risk it or to just stay in a smaller house in a crappier area so I can be mortagageless….. help me decide 😩🫣

TiredCatLady · 12/05/2024 19:31

In the grand scheme of things (and in the current market) a £100k mortgage isn’t all that much. As long as you can afford it of course. What are the pros?
Better area
Bigger house
Closer to your DC school? (And in catchment for a good school it sounds)
If you love the house and can afford it then it seems like a no brainer.

Toomuch44 · 12/05/2024 19:36

I'd get a decent survey, to ensure nothing unexpected comes up that you're not expecting. Might not be easy now, but it's a better house for your family and long-term it'll be yours and you won't be paying rent in old age. Also, no one else to answer to if you want to do anything.

Twiglets1 · 13/05/2024 08:06

Once your children start at a school you no longer need to be in catchment for it, you just need to be close enough for them to be able to get there. So I’m not sure it’s worth you paying the premium to be in catchment of an excellent school?
I still think you should buy somewhere but maybe could find a cheaper property not in catchment but still close?

Ariela · 13/05/2024 10:18

I would go for it as it's affordable, will become more affordable once interest rates drop/you get promotion /better pay at work. The big advantage is a) you'll have space for the then teenagers as they grow up and you need more space (you say 'desperately need' ! So don't compromise! If you choose to move again from a smaller property you'll have EA, solicitors fees as well as stamp duty) and b) once your kids have left school, etc and you want to downsize or move elsewhere for work or whatever, you'll have a more readily sellable house due to catchment, whatever the state of repair - I have a friend has found just this. They were debating spending a few £k - kitchen worktops and new bathroom as a min - to get the house immaculate to sell as they're relocating to be nearer elderly parents now the kids have left home, but the EA said put straight on market, and she had offers for more £ than other properties in the same road that were sold earlier this year including two already done to a higher standard, because apparently it is 'the' desirable catchment road that everyone wants to live on. Looks like she's moving in a few weeks now, rather than next year, as new buyer has child starting secondary and wants a place at the catchment school rather than the allocated one, hence trying to move in before the summer holidays!

BoudiccaOfSuburbia · 13/05/2024 12:35

Now that you are back in the workplace is there a chance that your salary will increase over the years? As your childcare commitments decrease as your Dc grows older? As you gain experience and professional development? Are there promotion opportunities?

If you can afford it I would go for the space and the house you love and in an area that facilitates a friends network for your dc.

Outnumbered99 · 13/05/2024 14:06

How old are you, how much would you miss being able to do fun things if the roof/windows/bathroom/boiler suddenly need a few k thrown at them and whats likely to happen to your salary/working pattern in the coming years?

Original poster

Scotnut · 13/05/2024 17:00

Twiglets1 · 13/05/2024 08:06

Once your children start at a school you no longer need to be in catchment for it, you just need to be close enough for them to be able to get there. So I’m not sure it’s worth you paying the premium to be in catchment of an excellent school?
I still think you should buy somewhere but maybe could find a cheaper property not in catchment but still close?

I keep thinking I should and then a semi clad very dirty women walks past carrying a bong and I really don’t want to keep exposing my children to this….

OP posts:

Original poster

Scotnut · 13/05/2024 17:01

Outnumbered99 · 13/05/2024 14:06

How old are you, how much would you miss being able to do fun things if the roof/windows/bathroom/boiler suddenly need a few k thrown at them and whats likely to happen to your salary/working pattern in the coming years?

I can go full time eventually and certainly add more hours when the boys can make their own way to school. I’m 45 😩😂

OP posts:

Original poster

Scotnut · 13/05/2024 17:04

Ariela · 13/05/2024 10:18

I would go for it as it's affordable, will become more affordable once interest rates drop/you get promotion /better pay at work. The big advantage is a) you'll have space for the then teenagers as they grow up and you need more space (you say 'desperately need' ! So don't compromise! If you choose to move again from a smaller property you'll have EA, solicitors fees as well as stamp duty) and b) once your kids have left school, etc and you want to downsize or move elsewhere for work or whatever, you'll have a more readily sellable house due to catchment, whatever the state of repair - I have a friend has found just this. They were debating spending a few £k - kitchen worktops and new bathroom as a min - to get the house immaculate to sell as they're relocating to be nearer elderly parents now the kids have left home, but the EA said put straight on market, and she had offers for more £ than other properties in the same road that were sold earlier this year including two already done to a higher standard, because apparently it is 'the' desirable catchment road that everyone wants to live on. Looks like she's moving in a few weeks now, rather than next year, as new buyer has child starting secondary and wants a place at the catchment school rather than the allocated one, hence trying to move in before the summer holidays!

Thanks for this! We have lived in a tiny house for the last 3 years and literally can’t get away from anyone. It’s causing massive conflict because my 13 year old keeps barricading the bedroom door on his brother just to get some space x

OP posts:

Twiglets1 · 13/05/2024 17:08

Scotnut · 13/05/2024 17:00

I keep thinking I should and then a semi clad very dirty women walks past carrying a bong and I really don’t want to keep exposing my children to this….

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Fair enough, I can understand your reasons for wanting to move to a better neighbourhood