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!

You’re going on holiday. Leave an offer with house A, the semi explain your logic, why it’s that price and it’s a one off offer as that’s the money in the pot and unless you win the lottery, you can’t see the pot getting any fuller!!

You will be happy for a quick exchange and completion subject to the necessary checks, and if they say no, they say no.

then you go for the smaller prooerty, but property a looks great size, you can sell up when the children are adults which flies by!

good luck and let us know what you’re doing xxxx

@Nimbus1999 you really need to tell us the age and sex of your children. Without that it's really difficult to advise.

2 boys/2 girls ages of each ages 6-14.

So from that perspective, you could have a boys room, a girls room and your room, no need to share with one daughter. I'd take the smaller house, within walking distance of school, and divide the rooms that way. Means you get some breathing space to regroup over the next few years.

There is need to share because of the age difference and the fact it would make for a more peaceful household my eldest daughter having her own space.

The medium room would be my youngest daughter’s room with all her stuff. I would just sleep there of a night. There are spare cupboards could keep my stuff in landing / boys room. So her room really…. I could always sleep in garden room like someone suggested although wouldn’t like being out of the house and my youngest would end up sleeping there with me anyway!

Out of curiosity, what kind of solution is their father finding? and will any or all of them spend much percentage of their week with him?

I'm only asking if there's any wisdom or lesson to be learned there.

I’m not sure - he won’t discuss with me. Currently renting a 2 bedroom place. He is not buying but I presume he will rent somewhere bigger (although astronomical prices).

You can’t sleep in the garden while small kids are in the house.

I think house B is just too small for 5 people, especially now I can see it only has one bathroom. So A or C. Probably A - end of life kitchen and bathroom are a very moveable feast.

So, with further information, although I originally thought B, I can't see it leading to a harmonious household really unless you had funds to plough into a loft conversion as priority.

While you're away give serious thought to how happy you'd be to live with A as it is and what you'd do for money should a serious need arise. Would you be able to borrow a bit more than you need via mortgage initially? would you be able to service a short term loan or credit card finance if you were in dire need?

House C, initially it sounded like a compromise that you could work around, but £20 a week parking cost is not insignificant.

I would pop a really low offer in for A as @ScroogeMcDuckling says - lets face it it has been around a fair while and they may be desperate to move and you can move quickly, and then go on holiday and have a nice time. Meanwhile your offer could be accepted and would leave you funds to do a bit of DIY - don't forget to look on FB Marketplace for cheap/free stuff - we picked up paint and wood for free yesterday for a project, and to consider if the kitchen cupboards are serviceable to just replace doors and worktop, or something else might have popped up on the market now the sun has shone a bit more?

We bought a house that hadn’t been touched for years with a very low offer. They accepted immediately. So that’d be my strategy, low offer on house A then go from there. Adding space costs way more changing bathrooms etc.

We’re also in a big house which needed way more work than yours, nothing was unliveable with when we moved in, we just made do.

Go for the harmony of space!

@Nimbus1999

So how is he doing .50:50 care with 2 beds? This doesn't make sense.

Aldo what's the split of the equity?

I guess it is the intention to move once the sale proceeds from the house have come through. I hope so anyway. Equity split roughly 55/45 to me.

None of this is my choice, I’ve always been the primary carer and was happy to continue. But he had other ideas. Now we’re both in/will be in unsuitable properties.

I do a very thorough budget for house a. The MSE forum had a good planner. You need to include everything so annual costs like MOT, birthdays, Christmas etc.

House A is much better long term but not if you can't really afford it.
Work that out so you have it clear in your mind.

I also agree about a lower offer. A 5k buffer in your savings would make all the difference and you lose nothing by trying. Set out your position and see if they bite
Do you have a work colleague with a husband in trades or a friend with a decent knowledge of property you could take with you? It is things like electrics and windows that I'd be concerned with. If serviceable, fine.

You can achieve a lot just slapping emulsion over wallpaper. It won't be perfect but it will transform and freshen a space quickly and at low cost.

Are the build in cupboards sound? Again don't be too keen to rip out. It's amazing what a difference painting old 70s brown can make.

Generally ripping out reveals plaster to be patched, cornicing to be repaired etc which adds to costs.

I would discount C. You have enough on your plate and Option B while not ideal, is the compromise I would take over constant running about.

Just a quick update. I’ve had an offer accepted on a property! I’m a bit nervous as it’s the top of my budget again (the same as property A) and only 3 bedrooms this time BUT it’s the same square feet as the 4 bedroom place and is in a much better street / location / desirable postcode. It’s got a really lovely garden, with garage and has been kept immaculately clean and tidy. For now, the boys will share the master room, myself and younger daughter the medium room and my eldest the box room. It’s got loads of potential - not that I’ll be able to afford to extend but who knows one day.

Hope I’ve made the right decision… I guess if it doesn’t work, can always move in a few years.

I saw 3 properties with 2 of my children today and they gave this one a 10/10!

Finally after 2 years of divorce hell our own little place!

Hope you’re very happy there.

Congratulations! I hope you’ll all be very happy there.

With you and two of your children very pleased with it, sounds like you waited for a real winner. Good luck with everything and here's to a happy and peaceful future 💐

fantastic news. Good luck