I'm in a bit of a quandary at the moment. I bought a 1 bed flat with a balcony nearly three years ago. Since then I've got a dog and flat living is trickier. There is a 1 bedroom house for sale with a courtyard that has just come on the market. It's £60k more than my flat but my bank has said that they would agree the extra lending needed and provided I got the right price for my flat, it is just doable but would stretch me.
I feel the house is pretty good value - it's on the market for a price somewhere between a 1 bed flat and a 2 bed flat in my area and I think has the potential to increase in value. The house is also freehold so not tied with leasehold - I had to cough up a not unsubstantial amount last year for repairs. The house is also nearer to family who look after my dog when I need to be in the office (although it’s currently only a 15 minute walk from my flat).
A move was not really on the cards for me atm as l still have 2 years left on my fixed rate so I can just about scrape the fees for selling/buying but it would be tight. I'm also concerned about potential rate changes on what is fairly significant borrowing. It's only me purchasing.
On the flip side, the bathroom in my flat needs to be done if I don't move and the cost of that pretty much equals the stamp duty costs. The house needs r work but it is small.
I realise my flat is not yet even on the market so this could all be moot point but I keep hitting 50/50 on all my thinking points and have no one to bounce off!
Any thoughts or advice would be appreciated.