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Original poster

Bigger v small property

97 replies

Nimbus1999 · 21/05/2024 20:12

We’re talking small scale here - terraced v semi detached.

So I have a low budget so not much in my price range. I’ve found a couple that could work and my options seem to be:

(A) Buy a semi-detached at the top of my budget. Bigger property and enough bedrooms for everyone. Mortgage and running costs will be more. The semi needs significant modernisation (same family been there for 50 years!). After the move, I’ll have about £2k in my bank and I can’t afford to save monthly. I do get an annual bonus that could use for renovations (although would take many many years to cover all the work!).

(B) A much smaller terraced property without enough bedrooms but scope to extend into loft. A lot cheaper to buy and run. Would have savings left after the purchase. Other than painting to freshen up a bit (and loft conversion one day!) no major renovation works needed. Could muddle through with the bedroom situation.

Would I be mad to chose option (B) rather than (A)? WWYD?

I’m divorcing with 4 children and we’ve reached a settlement (which unfortunately isn’t enough for a suitable house).

Also, would be down to me to do/pay for renovations. I don’t have any family etc who can help (although might be able to rope some friends in!)

Thanks!

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Reallybadidea · 21/05/2024 20:17

It doesn't really sound as though you can actually afford to buy house A though. Not if you are using almost all your savings and will have nothing left over after bills each month. It sounds very risky. What if there are urgent repairs that need doing?

Sprig1 · 21/05/2024 20:18

B. Absolutely.

Original poster
Nimbus1999 · 21/05/2024 20:18

Forgot to add - same area / distance to school / work.

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Original poster
Nimbus1999 · 21/05/2024 20:21

Reallybadidea · 21/05/2024 20:17

It doesn't really sound as though you can actually afford to buy house A though. Not if you are using almost all your savings and will have nothing left over after bills each month. It sounds very risky. What if there are urgent repairs that need doing?

I wouldn’t say anything is “urgent urgent” but things like it has very old fitted cupboards in the bedrooms which would have to be ripped out as my children need to share, the bathrooms, windows and kitchen are very old and at end of their life. I mean, you can use them but they seriously need updating. New boiler though so that’s a plus!

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Tupster · 21/05/2024 20:21

Personally, I'd go for A because of the "enough bedrooms for everybody" comment. I haven't seen the houses, of course, but I'm assuming the house is dated but liveable.
I think with 4 kids, having the space will be invaluable and everything else can be done as and when cheap and cheerful.

Original poster
Nimbus1999 · 21/05/2024 20:22

And then just the normal stuff, carpets in whole house are old, needs plastering / painting etc

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Original poster
Nimbus1999 · 21/05/2024 20:23

Garden is (B) is bigger.

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Original poster
Nimbus1999 · 21/05/2024 20:25

It’s such a tough one!

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Bs0u416d · 21/05/2024 20:25

Definitely B, you will thank yourself for the security of not stretching yourself to the max and renovations/loft conversions can come in good time. What you need now is stabilty and a place that you can feel secure in. That space might not be ideal but you can have it looking and feeling like home in no time. If you think you'll have 2k spare after moving into house A then in reality you'll likely have none and a hosue that needs a total update after 50 years is a) going to cost a fortune b) will rob you of any security and c) take an awfully long time to feel like home

martinisforeveryone · 21/05/2024 20:27

Don't under estimate the costs of replacing windows, kitchen and bathroom. The past few years this kind of thing and the expertise needed, has shot up.

Is there really nothing else on the market at all? If you can wait, I'd keep looking.
If you really can't wait, I'd go for B. You'll have enough on your plate sorting out four children without the big financial and renovation burden.

Sunnyandsilly · 21/05/2024 20:30

Neither sound ideal. Realistically the loft extension will never happen. So all sharing bedrooms will be very difficult. It’s better to live in a house that needs cosmetic modernisation rather than be all on top of one another, so if it is just these two, I’d pick the larger one.

Original poster
Nimbus1999 · 21/05/2024 20:36

Our family home is sold and our buyer is chomping at the bit to get in. Plus current mortgage is killing me. My budget is low so there doesn’t seem to be many options…. I’ve been looking for ages. Also worried if interest rates drop soon, more people will be looking so I’ll have higher competition.

Of course the other option is to rent a tiny place but think I’ll never get back on the property ladder then.

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WitchyWay · 21/05/2024 21:06

Option B. When a single parent, I think security is the biggest priority and will give you all peace of mind.

Lots of siblings share space and lots of people have dated properties.

Original poster
Nimbus1999 · 21/05/2024 21:37

Size difference is 75 square metres v 111 square metres. This

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MuchTooTired · 21/05/2024 22:55

If you can stretch to it, I’d go for house A. We’re a family of 4 in 80sqm, my kids are only 6 and I know we’ll ideally have to move once we near the teenage years as it’s just not big enough for them adult sized plus their friends. When we bought it we said merrily about doing a loft extension if we can’t afford to move, but I don’t see us ever doing that!

Im assuming house A is dated but otherwise sound, and admittedly coming from a gung ho position of giving diy a crack (YouTube videos are great!) so that’s what I’d pick!

Talipesmum · 22/05/2024 00:07

How old are your kids? How doable is it to share bedrooms? Loft conversions are really expensive these days - we got ours done about 4/5 years ago and it was 50k (terrace, dormer conversion, it’s brilliant) but a year or two later and neighbours are looking into it, and it’s practically doubled in cost.

So if you can manage ok, I think I’d go b - o prefer security. But don’t do it if you’re kidding yourself about loft extension potential that you may not be able to afford - at least with shabby old place you can paint it yourself and put nice rugs down, and treat the nasty fitted cupboards as an opportunity for kids to stick pictures all over them.

Belfastmumof2 · 22/05/2024 00:21

You wake up tomorrow and one of them has been taken off the market.

Which one did you think of first when you read that? Did you think oh not that one!? Does it give you and answer?

CherryBlossom321 · 22/05/2024 00:30

B. It’s a no-brainer.

KievLoverTwo · 22/05/2024 00:41

B.

But is there an option C? Quite a few terraces have a dining room that could be repurposed as a bedroom with a bit of creativity. Loft conversion costs are out of control these days.

Kitkat1523 · 22/05/2024 03:15

B ….every time

VioletPickles · 22/05/2024 03:49

Doesn’t sound that either are ideal. I’d keep looking, poss expand your area a bit? Loft conversions are extortionate and it’s unlikely to happen. Id be tempted by A and do diy. I have 5 children and would choose space every time.

Maplelady · 22/05/2024 04:10

Option B. It sounds as though A could quickly become unaffordable if something unforeseen happens. It sounds like you have enough on your plate without the stress of potentially living in a house you can’t afford. I’ve been there myself and it was awful. 2k can be gone very quickly if your car fails the MOT, there’s an unexpected roof/electrical/boiler problem. If your salary increases you have the potential to remortgage to get extensions done in the future for B. Running a house on one salary is hard. I’m sure your children would rather live in a smaller house with a mummy that’s managing financially than one stressed out of her brains worrying about money. Good luck!

Original poster
Nimbus1999 · 22/05/2024 06:16

Maplelady · 22/05/2024 04:10

Option B. It sounds as though A could quickly become unaffordable if something unforeseen happens. It sounds like you have enough on your plate without the stress of potentially living in a house you can’t afford. I’ve been there myself and it was awful. 2k can be gone very quickly if your car fails the MOT, there’s an unexpected roof/electrical/boiler problem. If your salary increases you have the potential to remortgage to get extensions done in the future for B. Running a house on one salary is hard. I’m sure your children would rather live in a smaller house with a mummy that’s managing financially than one stressed out of her brains worrying about money. Good luck!

This is what I’m worried about. I don’t want to be a stressed out Mum (it’s been a rough couple of years). I want our new home to be a happy and peaceful place. I’ve had to seriously cut back now because I’m paying the massive mortgage so they’ve been going without things and I’m constantly counting the pennies. So a bit of relief from that would be great and a bit of extra ££ month to month. But equally, it’s not going to be stress free if we’re all on top of each other with no space 😭. The garden is big enough you could add a garden type room for extra living space / study area so that would help (and I’d be able to do it straight away). I thought £50,000 for the loft but stressing now I’ve underestimated. How can it be so expensive now 😭. Without the loft, (B) would be a deal breaker I think. The 2nd and 3rd bedrooms are only small (and I won’t have a room) will have to share with my daughter. Maybe I need to get some quotes, but without drawings it’s hard to be accurate.

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BonifaceBonanza · 22/05/2024 06:24

Ok OP you didn’t really give enough information in the first place.

So option B has you sharing a bedroom in your forever home? No this won’t work of course except for a year or so if you have a very young child.

Is there any reason you can’t have 2 children per bedroom? Or 3 in the master, 1 in the box and you take the middle sized room? Or the other posters suggestion, you take the downstairs reception (not the living space).

If any of these is possible then take the smaller house and continue saving. You don’t know what the future holds but perhaps you’ll be in a position to move again.

If you can’t do any of those things then the house isn’t suitable except as a short term stop gap. You’d be better renting and continuing to look.

LizzieSiddal · 22/05/2024 07:11

It sounds like neither are ideal. I wouldn’t want A because as others have said you’ll be stressed about money. B does sound too small.
looking at the moment and until the last 7 days, there was very little on the market. This week 4 houses have come on sale which could be contenders, so maybe in the coming weeks more houses will come on in your area? (Agents have said everyone has been waiting for their wet gardens to dry out!)