We're trying to get mortgage approval at the moment but because I am only on a temporary contract, only H2B's earnings count. We were initially only looking at 3 bedroomed houses, as we want to be able to stay there for the foreseeable future (getting married next year, no kids yet). However, I feel we may have to compromise and buy maybe a 2 bedroomed house as we reckon we won't get enough of a mortgage for a 3 bedroomed anywhere close to where we are now. H2B doesn't want to compromise as he thinks the market is flooded with 1 and 2 bedroom homes and we'll never be able to get rid of it.
What do you think?
I'd hold out for a 3 bed (minimum) to be honest. At the very least, if you did go for a 2 bed, make sure there is scope to extend. I was never a fan of apartments or townhouses because I just feel they are a temporary measure for alot of people. You grow out of them as such and they don't meet your needs for every stage. We have a 3 bed semi (mansion it ain't) BUT we can make it work and there is room to extend, should the need arise. In theory it could be our forever home. That's just me, ever practical....
I'd have to agree with retiredbride, I would hold out for a 3 bedroom house as I think it would be worth it.
My friend and her DH have a 2 bed house. Great idea at the time as they had no children. Now they have a little girl so they really have a full house now! When her family come to visit they are sleeping on couch's and pull out beds which is grand but my friend has said that she doesnt think they could contemplate having another child until they buy a bigger house. The only problem is that there house is on the market for the last 2 years and they cant get rid of it. Its in a great area, fab house but it is too small.
We have a four bed house and even with only two of us I am glad of the extra room space, for storage if nothing else. We know that this isnt going to our home forever but we do see ourselves starting a family here so will be glad of the extra space.
We rent a 2-bed townhouse and while we love it there's no way I'd buy it. It's in a lovely development but the houses have no scope to extend. If you can't get mortgage approval at the moment can you rent until the time comes that you do?
Anne Cordelia Shirley
We have a three bed semi-d but the third room is a boxroom. Even with just the two of us we're tight for space and we're not hoarders by any means!! We've a baby on the way and even now we're thinking of what we can do in terms of converting the attic/building on because with all the baby stuff storage will be at a premium for us. I've also read its quite difficult to sell on 1/2 bed townhouses because most people want extra space, maybe something else to consider.
We've a two-bed but we've loads of scope to extend - which we'll do next year. I think with teh housing market the way it is, you need to think ahead when your buying your home. You won't be able to up and sell if you had twins next year for example.
We've a beautiful 2 bed detatched cottage in the country, with lovely views of the mountains. Loads of room to extend and got planning permission last December. But.... there's always a but..... Nobody will give us the finance to build it. And they won't now for a long time, hubbys workplace will be placed in either examinership or receivership today, up to the high court to decide....... If we have another child (son is 3.5 yo), which we both want to now (married just over 2 months) It's looking like we might have to sell up and buy a house in a housing estate somewhere, which neither of us want to do, love our house, it's not perfect or full with pretty and expensive stuff, but it's ours. That or hope we have all boys and buy bunk beds!
How much is a 2 bed
How much is a 3 bed
Is the difference between a 3 bed and 2 bed a lot? If you had the difference in your hand right now would it build an extension on to a 2 bed ?
If you buy a 2 bed now in a few years will you be able to afford your mortgage and the extension costs along with the fact you might have a family at this time?
If you waited a year and saved as much money as you could a 3 bed might come into your price.
If you got a 2 bed and saved until you had the price for an extension would you be happy to live in a 2 bed for a few years?
If you widened your search area would you get a 3 bed in your price range with the compromise of an extra 10 - 20 min drive.
Finally don't get too stressed out house hunting , its a hard task and i don't think we ever really get the perfect house unless we build it ourselves. We have to go with the house that ticks the most boxes for us because the house that ticks all the boxes might be way outa our price range. We have a beautiful house and it will be our forever house but the grounds outside will never be finished (not for a good few years anyway) and there are a few problems with the floor and i cant put down tiles but all in all the house was perfect for us.
So find out what boxes are the most important and go with that.
Yes i would buy a 2 bed house if it was in an area that i loved and suited hubby and i's needs both now and in the future but you need to give it a lot of thought ,
I would stay renting and hold on if you can at all or if you have to buy a smaller house then look at something with good scope for extension.
When we were looking to buy 8 years ago now DH was considering buying a starter home and trading up but I wanted a house that if we had to stay put in for whatever reason that although it may not be our dream home that it would have the space for our potential family and we could stay for as long as we wanted. Fast forward 8 years, 2 kids later and we have a lovely 4/5 bed house which although is not our dream home or even our forever home (fingers crossed) we have plenty of space and are happy enough which is just as well as we can't afford to move.
I would agree with your hubby, the market is flooded with 2 bed apartments/houses. Dont compromise, if you can save save save your earnings for a while longer you may be able to bulk up your savings and go for a three bed. We have a 2 bed and was great idea when we'd no kiddies & were dying to move in together. And felt then that we'd be able to move onto a house when the time was right (obviously never heard of negative equity back then) Now we would kill for a three bed semi-d.
I think the advice i would give, is never buy intending to sell in the future and trade up.
We are trapped with major negative equity and cannot move.