Bigger v small property

[Nimbus1999]

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!

B. I was in a similar situation and am glad I made this choice. More financial wriggle room.

I was going to say B was the no brainer, but then saw it is only £50k cheaper than A. A loft conversion these days is £70-80k so you could potentially end up spending more on that than A would have cost (and the prices of the conversion only go up every year). Also doing it with 4 young kids won't be comfortable, if it will be a dormer/hip to gable conversion or anything with an exposed roof.

B will be more comfortable financially but will the lack of space and privacy get you all feeling down/frustrated. It could carry on like that for years. Living room space also seems limited. Garden room is definitely a good idea. But if the kids spend half their week (is that right?) at their dad's then it's not too bad.

I agree that A is likely not an option at all if you're left with £2k savings and an old house...Even if you didn't bother modernising it, it's more repairs and fixes that might add up.

Is moving further away an option? I know you said schools, being close to dad etc but all those things can be adjusted to - a tiny house without enough space is harder to feel comfortable in. If you could find something of B's budget with even one additional room, you'd be much better off.

I think it would cause a lot of unhappiness moving away from friends and the area. Also I work full time so logistically getting the kids to school (currently 3 different schools!) would be tough. I’m aiming for an area where they can all walk / get the school bus from.

There doesn’t seem to be an easy answer.

An option C has popped up! The same house as (B) but with the loft and porch already done and £25,000 more.

The drawback with this one:

(1) 10 min drive to take youngest children to school.

(2) 30 min walk and 45 min bus for eldest. Or I could drop him to bus stop but would have to bring my younger ones.

(3) 50 min walk or local bus/20 min walk or I would have to drop for my 2nd oldest.

Logistically it’s a headache but it is bigger!

Could you post the floor plans for each? It's not just the bedrooms but how well the space works overall.

A big bedroom shared could be cleverly split with IKEA kallax or the bunk beds that go one either side.

Similarly a kitchen you can get a table in gives you another living area which is probably better than a bigger space open plan.

For the loft conversion, is the space currently decent storage? I.e is it already boarded, don't need to alter beams etc? Are you talking dormas to make it useable or sky lights etc.

Does the garden have scope for a summer house or outbuilding that might make somewhere you can escape to?

I'm inclined towards the terrace in better location. The other options both sound like they come with a lot of other stressors but that depends on whether the house is manageable but tight versus everyone ready to kill each other because there are no reception rooms that aren't bedrooms.

Would house A take an offer?

I would and we did go for the biggest house in our budget, many years ago, in some rooms where the carpet has had it, we cleaned the floor with sugar soap, and gloss painted with a rug or two.

i drive past the other house often and I feel blessed that we chose the house we have.

As long as it’s clean, children are messy and break things very easily, which can be upsetting.

Good luck xxxx

House A

House B

House C

House B has a garage also in a block and scope to add garden room.

House B has a separate loo and no wash basin with the loo! Our friends have this. It's not hygienic! All those unwashed hands opening the door.

If you can make it work, C is way better. If you have dc 50/50 then presumably their journey to school is easier from Dad's? B looks very small. You won't cope with A. Plus in B, where are the stairs going into the loft? These must meet building regs and you will lose a lot of space from the first floor which is already cramped.

It's difficult getting 2 houses for 5 people out of a single house. No wonder we have a housing shortage!

I would say A, as b does not have the bedrooms you, so you will need to payout for loft conversion, these can be pretty pricey.

Personally I am not a fan of loft conversions, having had two bedrooms in the roof in a previous home, I wouldn’t want that again, freezing in winter, too hot in summer.

A will be worth more once you have renovated, should you want to downsize in future.

But as PP says, if you really aren’t sure, continue to look, there are lots of properties coming to the market at the moment.

Good luck with whatever you decide.

I’ve looked at the plans for neighbouring loft extensions and they have the stairs going above the existing stairs. Our downstairs WC currently is the same size as the B toilet and we have a small basin - so agree it’s grim it hasn’t a basin and would definitely have to sort that! Might go and look at C today but am apprehensive about the logistics every day.

Are you working from asking prices of all of them? I think I would want to see whether an offer would be accepted on A.

I don’t think B is doable with 4 children and only one bathroom, separate loo or not. So from A or C I’d go for C for the peace of mind factor or A, if they’ll take an offer, for the convenience factor.

A is already at a reduced price (25-50k under asking price) so I don’t think they’d go any lower. B it’s selling for going rate (and others have sold recently for that price) so not sure they’d reduce. Not sure about C, def could offer less.

What’s more important? Space or the kids being independent and being able to get to friends / school without relying on lifts / having to take them every day. I’m just conscious that it is only me.

My head is going to explode! I have an ill timed holiday tomorrow so think just going to forget about it for a week and then revisit when I get back…. If they’re still there.

Actually a holiday is probably well timed, it’s not a good idea to make decisions amid such confusion.

Can you imagine returning home to any of these houses?

I am a solo parent - in very different circumstances, but the principle is the same in terms of it's all on me.

With anywhere you buy, I think you have to look at it as 'can I deal with this place as it is, rather than as it could be if I had a load of money I don't have and am not likely to?'

I would worry about the finances with House A. It's much the preferable house, but unless your annual bonus is enormous, you will realistically never get even the most basic renovations done - so if you buy it, go into it with eyes open that it's probably staying largely as it is, for a good long while to come. The bit that really worries me is having only £2k left in the bank after buying it - that's a tiny buffer that could easily be eaten up by a couple of unexpected moving costs. If you do buy it then I would very strongly advise that for at least the first year, your entire bonus just go aside as savings to give you some sort of fallback money. Is there any chance you could shave even another 5 or 10k off the price?

House B, realistically the loft extension may be beyond your reach. It might not be if you went quite basic with it. I definitely see the appeal of the location and price and would be swayed by those.

House C the logistics will drive you mad. The 'as it is' part with this house is where it is; you'll never be able to change that and it will be a huge drain.

Best of luck - and enjoy your holiday!

It's really annoying when someone asks A or B and most people then say "neither is suitable". Only the OP knows her exact circumstances, I'm sure she'd love a detached 5 bed villa with an acre of land but she's being realistic about what she can afford.
I'd go with A. Less space, but more peace of mind by having more money and it's very liveable already. Don't underestimate the cost of putting in new kitchen/bathroom etc.

I absolutely agree with you that Mumsnet can lean towards expectations that aren't going to be realistic in all circumstances, and get a bit pearl-clutchy about not having those things even when they clearly aren't possible but I don't think it's completely unreasonable to propose waiting for something more suitable if there are big cons to both A and B. In particular, I'd say that a 3-bed terrace with a separate dining room would give a lot more flexibility than a 3-bed terrace with just one living/dining space, and it's not wild to think that something of that kind might come up.

Incidentally, House A was the larger, more expensive one and House B was the smaller cheaper one.

When I bought a house as a single parent my number one priority was getting the children to school quickly and easily because it cut down so much stress. I’d discount a house, whatever the size, if it made the school run more difficult.

@poshsnobtwit as pointed out, you've got your houses in a twist. That aside I don't think any of us who are saying none are suitable are being unrealistic at all. Once the OP has purchased, she's going to have to live with it and whether it's a dilapidated property, a house that's far too small, or somewhere not convenient to daily life, those things are going to have a big impact.

No one here knows which is the best compromise for the OP, but all of these options have their own particular big impact problems. It just might be that one would come for considerably less money due to the specific situation of the vendor, or that another, more suitable property may just pop up any day now. We don't know the area, what's typically available or how the market is, what we do know is that houses A and B both require significant investment, one more pressing than the other maybe, and that making C work logistically is troublesome.

On the face of it, if these were my only three possibilities, I'd opt for C if I could possibly make the logistics work.

This was my no 1 criteria with house searching too - the children must be able to get to school easily. I have stuck with that but I think because I’m feeling a bit more desperate now, I’m starting to be swayed by the larger / further away ones. But maybe I should stick to my initial feeling!

I forgot to factor in my work - in option C I would have to drive to the train station (A and B I can walk) so that’s £20 a week parking cost.

@Nimbus1999 if everything's the same when you come back from holiday it sounds like you're giving yourself a choice between

A space for all in a dilapidated house with some financial peril

B a tight squeeze on top of each other in a more comfortable home with £ cushion

What does your gut say?

Are there any companies who could give you a fair estimate for a fully costed loft conversion on B? including planning and building regs