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Spend a little more?

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  • Spend a little more?

    Hi,

    I am a first time buyer with no partner or children, I have been given approval for a mortgage in principle.

    I have seen 2 houses in the same street that I like, one is a 3 bedroom house with 1 lounge and the roofspace is floored, lights and a window, its part double glazed (front of the house) and is going for £70k (ratable value £78k) which is what I want to spend comfortably. The other is a 4 bedroom house with 2 lounges and an en suite in the master bedroom going for £80k (ratable value £97k). Basically for an extra £10k on my mortgage I get an extra bedroom ensuite plus an extra lounge, fully double glazed. Should I buy the better house and stretch my finances by approx £100 a month or go with what I wanted to pay originally?

    I wanted to wait until next year to buy but phoned my bank about the mortgage to see if I could get one. I have some debt I wanted to clear up first but the houses in the area seem to be selling quickly, should I wait until I clear my debts or buy a house while their still there?

    Any thoughts or feedback greatly appreciated!
    Thanks,
    David

  • #2
    Re: Spend a little more?

    It's simply a matter of what you think you can reasonably afford. You also need to bear in mind possible increases to interest rates in the future.

    In the meantime, am very impressed you can find a 4 bedroom house with 2 lounges for just £80k.

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    • #3
      Re: Spend a little more?

      Thanks Brian, I think I will wait until next year and try to stick to my initial budget.

      That house is a bargain =)

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      • #4
        Re: Spend a little more?

        Wow that second house sounds like a dream. Well at the end of the day it all depends on your budget and if you can afford it. Think realistically and not above the clouds. If you're happy with either one then really its just the money and makes the decision for you.

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        • #5
          Re: Spend a little more?

          It is as simple as what you think you can reasonably afford....if u have budget then go for it..

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          • #6
            Re: Spend a little more?

            Look for more houses online. There are so many sites selling houses. You will have more options then.

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