philgr

I’m trying to decide what to do about my house, with just having our first child 10 months ago, we are rapidly running out of space so these are the options that we are considering

Option 1
Stay in current house and extend and add conservatory
Pros
Cheaper, Very Small increase to mortgage to finance extension
Can do up the entire house, from top to bottom, how we want
Near to all good schools for daughter
Good, quiet area
Good neighbours
Good size private garden
Can maintain savings
Wife does not have to go back to work & can concentrate on looking after daughter

Cons
Have to totally gut the house and start again
Not Detached
No option for double garage, no chance to do kit car project

Option 2
Purchase a house with better potential to extend
Pros
Option to change the house over a longer period of time
Chance of double garage for future kit car project

Cons
Probably not in as good area
Schools options for daughter possible not as good
Its going to cost a lot more against option 1 and possibly not gaining that much
Will have to some savings to do improvements to new house
Larger mortgage

Option 3
Purchase existing larger detached house
Pros
Larger house, more bedrooms, and living space
Possible Double Garage
Less Built up areas (maybe)

Cons
Very Large Mortgage, including spending most/all savings
Wife will have to return to work
Will end up spending money on house, changing to own taste
Schools options for daughter possible not as good
Possible have to change lifestyle that we are accustomed to finance large mortgage (much less disposable income)
Depleted savings
Possible have to part company with the STi8 to help finance

Option 4
New Build
Pros
Get to choose what we want, how we want it
Everything brand new

Cons
Very Expensive, massive mortgage
Will use all savings
Wife has to return to work
Avail plots of land very expensive, poor locations
Schools options for daughter possible not as good
Possible change of life style that we are accustomed to finance large mortgage (much less disposable income)
Depleted savings
Possible have to part company with STi8 to help finance

Thoughts please, any one been in the same situation??

Phil G

boxst

Hello

I took option 3.5: New house, but not built myself.

Six months later and it was an interesting decision. Having a really hard time coming to terms with the fact I can't go out and buy what I want, have to watch food bills etc.....

It WILL get better, but it makes you worry about losing your job all the time, and the short term no-cash is a killer.

Steve.

Steve vRS

Where my wife can teach her!

Steve