Graz

A phrase often used on the various property programs on the telly...

Do you have yours, or if you aspire to one when do you want to own it by?

I mistakenly stayed off the property ladder until I was a bit older and bought my first house with my now wife. The house we purchased was for quite a bit less than what we could have realistically afforded so we have a shorter term on the mortgage. It was also in need of some TLC and we've had it extended so we've hopefully added quite a bit of value.

Now I don't really want to move any time soon having spent the last five years getting it how we want it. I am however drawn to the idea of being somewhere a bit more rural, in a bigger house, and with land (~ an acre or so). As I now have a two year old and another sprog on its way I think this sort of lifestyle will benefit them as much as it would me. I would have loved to have more space both indoors and out when I was a kid. We always looked forward to the odd weekend at my grandparents as they had big 16th century house in Norfolk with a huge garden, ace messing about on the ride-on mowers when we were a bit bigger

So I'm 41, could probably get together a 25% deposit on the sort of place we'd really like, but would probably need a 25yr mortgage (so I'll hopefully be retiring when we finish paying it!). Is it worth going for broke now? The bit that scares me is job uncertainty, it seems okay for now but you never know. If it did happen I'd probably need to move to find a new job, the 3% stamp duty focuses the mid a bit in so far as not moving often is probably a good idea. I'm also not sure I necessarily still want to be doing this job for evermore but a change of job would generally come with a relocation package.

Thoughts please

ScoobyDoo555

Age-wise, I'm not far behind you.
Got on the property ladder @ 19, so have a very low mortgage now.

My house at the moment isn't my "forever" house. I thought it might be.... kids getting older. Eldest just turned 13, so 5 yrs tops and she'll be off to Uni or something. Youngest 10 next month.
House is big enough for us, but when faced with the question, "Do you see yourself growing old and being carried out in a box?", I could only think to myself "no".

We've pretty much got the location right (countryside), but wrong house.

So we're looking at a "go for broke" once my youngest has left primary school in 18months (so house sale/buy starts in 12 months)...... and then find something as the "final" property.

Not overly worried about the finance aspect, as you never know what's going to happen years down the line - if you did, you'd never do a long-term financial commitment.

tarmac terror

iTrader: (2)

It is a hard one to call, I thought I had my perfect home a number of years ago, however the demographic of the area rapidly changed for the worse, and I sold up and moved on. Next house seemed a perfect fit, in the middle of nowhere, lots of ground, no neighbours etc however my employment circumstances changed, and I was spending 4 hours a day sat behind the wheel of my car. Sold that house and moved to a rented place before the local property bubble burst. We bought our current place in 2008, which I have spent a clear fortune on knocking it into shape and extending, but I'm not finished with it yet. I know I will never see this money back, but it will keep us comfortable for years to come. My kids will start primary school next year, so I think that will keep us here until they finish primary education. You are bang on about the 3% stamp duty, makes it a more considered purchase - I think when we bought this place, the total for fees and tax rolled in at around £11K.

I filled a 7.5T lorry twice when we moved here, and that was without beds and suites of furniture etc. We have so much more stuff now, I couldn't summon the energy or motivation to even think about packing up this house for a move - so on that basis it may be our foever house, like it or not!!!

ALi-B

iTrader: (1)

You know what? I've had arguments with my family and myself over this in the past over this, and I've come to this conclusion...

I hate owning a house.

I know I should be grateful to be so fortune and so on. But. Having all my assets tied into one thing. The cost of upkeep. The chains that it ties me with obligations. The inability to easily move should job/life dictate otherwise. Its such a drain on the soul.

My current home is far from perfect, and not really in my ideal location. However having spent over a year looking around its the best there is at that price (barring the one that got away). But it needs work...alot of work to be ideal (involving demolition and building extensions). And that means pouring money...lots of money into something that won't really increase it value by a proportional amount. And I'm currently at the tipping point of spending this money: The current budget is basically what the stamp duty would be if I did move...assuming that I would move and not just sell up, bank the left over money and rent.

Now I know sods law dictates that the best job in the world will suddenly appear...that's not local (Canada would be nice ). Or I see a better house in a better area appear on the market. Or I find myself marrying Mila Kunis.

Anyhoo, the brunt of its is I'm doing something my heart isn't set into. And that's probably not healthy for my sanity.

So to conclude...IMO you "should" be doing what your heart wants. But don't do it if its going risk bankrupting you, unless you think its worth the heartache.


For me I'd be happy with a large caravan, in a field with a large warehouse for my automotive junk, with no neighbours, within 30mins drive from work and within walking distance of a good pub that serves Batham's on tap....the impossible dream

gpssti4

iTrader: (6)

I almost have my forever house. We've been here 5 years today whilst it's not perfect, it is the best I can reasonably afford. It has enough space inside and a double length heated garage big enough for my two toys, bikes, small workshop area etc. The outside space is limited, but that's a double edge sword; small (easily kept) front garden with parking for two cars and a rear patio for BBQ's hot tub etc. I have nice neighbours and its a 5 minute walk into the town centre. Best of all it's a private no through road so nice and quiet - until I fire up the Scooby, ah bliss!