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Sparklepop | Buying a cheaper property - good or bad? |
My boyfriend and I have a budget of £200k for a property. We've decided to buy an apartment for £140k and put £40k into the mortgage straight away - meaning our monthly payments will be cheaper. We'll be left with about £15k for home improvements and a few treats for ourselves, etc.
We really like the idea of down-sizing and freeing up more money every month. But everyone around us is telling us we should be climbing the property ladder - not going down backwards!
What do you think?
Additional Details
Thanks Cherrypie - definitely no kids on the agenda though! Just me, my boy and my 2 cats! ;-) |
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* Ruby * ? *
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No I think it is a VERY good idea! You don't want to be hard pressed on your mortgage, seriously. And free money is great! You can have fun decorating and have more holidays :) Smaller mortgage = more holidays ! And what is more important to you - the quality of the house, or of your life? |
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Dustin Hamilton RE
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Hi, Dustin Hamilton here, try not to get too bogged down by 'what other people think'...
..you have to live your life on your own terms, no one elses.
If you feel better about downsizing...then listen to your gut!
no one has the 'crystal ball out there' - you could 'move up the property ladder' and a economic crash happens where the value drops by 1/2 - who's right then????
Live your own life,
Dustin Hamilton |
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Spiny Norman
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You are doing the right thing. You have the investment of your property without overstretching your finances. The old days of stretching your finances to the maximum are gone. My Wife and I moved down a property to refurbish and move up the ladder and that worked very well indeed!! |
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squirrely
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A lot of people use property as their main financial investment - so, for them, it doesn't make sense to move down, since they might not be investing the money in other ways.
My partner and I just did a big downsize ourselves and now we are much more free to make other investments, instead of just property. |
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sweetshady
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do what is right for you - if you want to downsize and free up some money then why not?! i would do that if i could! house prices and the housing market are so unpredictable anyway. at least you are on the ladder! you need to live somewhere that you will be happy, so go with your instincts and dont let the thought of making some money in the future dictate what you choose to do now! good luck! |
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Cherrypicker
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I can't see anything wrong with downsizing. It is a good time to buy but a poor time to sell. I am assuming that you have sold a property to acquire £200k? My only caution is that you might start a family and an apartment might not cut it.In Leeds, where I live, the city centre is full of brand new apartment complexes and the bottom really has fallen out of this mode of living. Investors are faced with negative equatity for the first time in a long time. Good luck with your plans. |
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fultonh59
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Just make sure to get a good home inspection done by a pro. |
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stanthemansmum
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You have to do what is right for you. If there is just the two of you what is the point of wallowing around in a large 4 or 5 bed house and paying extra heating/council tax bills etc. to run it?
Life is for living now. As long as you have a happy home in which to live, you will be lucky and have a good life. Don't bother about keeping up with the Jones' use some of your money to have a great holiday/travel and see some of the world or do something you have always wanted to (my big want is to see an active volcano in eruption - possibly Hawaii!) use your money to live! I know so many old people who are not able to get around now but have thousands saved in the bank - and the majority wish they had used their money to travel, do the things they enjoy as they now regret it so much! What is the point of being the richest corpse with the biggest house in the graveyard? |
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Badwolf
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Firstly i cannot see whats wrong with downsizing and saving yourself some money, you don't say what you are down sizing from.
Yes a lot of people who buy will buy bigger as they get older rather than smaller but as long as your happy then that's fine.
You don't want to go buying a more expensive house if the property prices are going down your going to end up with negative equity which you do not want. |
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KathyS
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Is this the studio? I don't recommend buying a studio for 2 people to live in. |
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Daisyhill
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I dont think you should see the £15k as something for treats...I think that you should do the improvements on a tiny budget and then invest what is left over....towards a second property when you are ready...otherwise there is little point in doing what you are doing apart from the cheaper payments. |
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Natalie Cd
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get yourself an interest only mortgage keep the 40k in your back pocket say you lost it with an irish trackside bookie then sign on and get social to pay the interest only payments. Seems to be the fashion. |
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