DO WE MOVE

[IndecisivelySally]

Help! We’re going round in circles but would like an open opinion 🤦‍♀️

We’ve been in our current house for 3 years. We bought it quickly without much thought to the future when we found ourselves unexpectedly pregnant whilst renting. So wanted to buy whilst we had a deposit!

It’s large enough downstairs, but essentially a two bedroom with a study (the third room isn’t large enough for another bed) we’re now at the point where we’re thinking of adding to our family, however just know that once that baby (🤞) is on the move, this house will be too small for a family of four and 2 year old dog.

The question is; do we stay here and renovate when we can (patio doors, new kitchen, garden upgrade) and deal with the bedroom situation e.g kids sharing for a couple of years/space saving cots etc. We haven’t the money just to spend on this; we’d have to take our loans/finance. Then have to move eventually. We also don’t particularly like the area.

OR we’ve been looking at a couple of new builds near us in a better area, near family, friends, fields and parks. Walking distance to schools etc. with the space and mod cons we’d want. But risk paying a high mortgage with rates at they are with a lengthy 35 year term?

for ref this would leave us with about £650-£700 disposable income a month.

We’re 29F and 27M. 2y/o and 1y/o puppy.

what I’m scared of essentially is not having any money to make memories, but equally, you spend most of your time at home so why not be happy with it 🤦‍♀️

opinions please!

Have you checked to see what size mortgage you will get? Also how does the £650-700 disposal income compare to what you have now. Have you worked out what you could save on. I would be inclined to move.

What would the disposable income need to cover?

It would need to cover fun days out, nights out, meals out, clothes, make up, gifts. The 650-700 is what’s left even after I’ve budgeted for food shop and fuel, all bills, dog food, nappies/wipes, and minimal savings.

more or less the same I’ll be honest! With some equity we’d pay off credit card/loans! Also saving some equity to cover another maternity leave (🤞)

Just to add, we’d stay in this new house a long time, at least until kid/kids are settled in a primary school! (Never say forever, but I don’t see us needing another house with our future plans!)

I'm lost here, you are asking if you should move to a larger, better property in a better location , but (shock , horror) it will mean getting a bigger mortgage.

Isn't this what every young couple does??? Of course you move , you're young, you will (in theory) earn more in 10 years and can pay down the mortgage quicker than the term , switch or whatever.

Location is everything really when you're growing your famil, as the enviroment they grow up does have a huge impact, so grow them in the nicest place you can afford.

I would probably move (and indeed we did the same) but new builds often have a premium, do you have other options?
Have you considered childcare costs?

You could stay and put the children in together sharing whilst they’re younger and move when they’re older or you could do it now to save you the hassle

Just about covers it!👍

Better to move before you outgrow your current house otherwise you could easily end up making a rushed decision (again).