Houses

[cambridgefox]

17 minutes ago, Izzy said:

Dilemma time.

We've lived in this house nearly 20 years but it's just too small now that the kids are growing up.

Plan was always to pay the mortgage off in 10 years (at 55) then kick the kids out and cruise to retirement.

But we desperately need more space and have done as much as we can with this pad. The thought of moving to a bigger house with a bigger mortgage that I'll be paying til I'm 70 fills me with dread.

Such a difficult decision.

It is.

We were in the same boat,although a 4 bed in all honesty it would make a good 3 bed.

moving into Cambridge is nearly impossible as property prices are ridiculous.Once you move out you struggle to return,I know my kids might be moving out soon but wanted something spacious.

We just didn’t want to change our lifestyle and we’re prepared to stay.

Luckily I got a once in a lifetime opportunity to purchase some land 1/3 acre at half price and we are building our own.

 

[ozleicester]

5 hours ago, Izzy said:

Dilemma time.

We've lived in this house nearly 20 years but it's just too small now that the kids are growing up.

Plan was always to pay the mortgage off in 10 years (at 55) then kick the kids out and cruise to retirement.

But we desperately need more space and have done as much as we can with this pad. The thought of moving to a bigger house with a bigger mortgage that I'll be paying til I'm 70 fills me with dread.

Such a difficult decision.

How old are the kids?

Will one of them be moving soon?

Considering how much you pay in moving fees (taxes, estate agents etc) could you not build a room (adults retreat) out the back, maybe use it as an Airbnb in the future?
Again lookingat the fees youll pay, perhaps you could take a holiday away from the kids every few months?

 

 

[Costock_Fox]

10 hours ago, Izzy said:

Dilemma time.

We've lived in this house nearly 20 years but it's just too small now that the kids are growing up.

Plan was always to pay the mortgage off in 10 years (at 55) then kick the kids out and cruise to retirement.

But we desperately need more space and have done as much as we can with this pad. The thought of moving to a bigger house with a bigger mortgage that I'll be paying til I'm 70 fills me with dread.

Such a difficult decision.

It is a dilemma but wasn’t it meant for the ‘Should I throw the kids out?’ Thread?

[Strokes]

All moved into our new house, not entirely a great experience but the end result is pleasant enough. Really happy with the plot and build quality, although the customer service has been pretty shabby. I could sleep for a week after this weekend 

[adejo92]

On ‎28‎/‎07‎/‎2019 at 23:15, Strokes said:

All moved into our new house, not entirely a great experience but the end result is pleasant enough. Really happy with the plot and build quality, although the customer service has been pretty shabby. I could sleep for a week after this weekend 

Glad everything has worked out well. Congratulations. 

[Milo]

On 12/07/2019 at 19:59, Izzy said:

Dilemma time.

We've lived in this house nearly 20 years but it's just too small now that the kids are growing up.

Plan was always to pay the mortgage off in 10 years (at 55) then kick the kids out and cruise to retirement.

But we desperately need more space and have done as much as we can with this pad. The thought of moving to a bigger house with a bigger mortgage that I'll be paying til I'm 70 fills me with dread.

Such a difficult decision.

Dilemma indeed, mate. 

 

You don't really want to be saddled with a mortgage til you’re old and doddery (older and dodderyer*)?!

 

Have you looked at moving a bit further out - kids are young enough to adapt to a move. You could effectively ‘swap’ your current house for a bigger version with maybe nothing but fees to pay. Might be a slightly longer journey into work is the compromise, rather than another 25 years of payments?

 

The other option we explored was to buy a second property - rent it out for 15 years to pay off the mortgage on it and then dump the kids in it for them to live in/sell/rent or whatever they want to do. 

 

 

 

 

 

 

 

 

*it’s a real word @Buce, honest...

 

[Rob1742]

On 13/07/2019 at 01:45, ozleicester said:

How old are the kids?

Will one of them be moving soon?

Considering how much you pay in moving fees (taxes, estate agents etc) could you not build a room (adults retreat) out the back, maybe use it as an Airbnb in the future?
Again lookingat the fees youll pay, perhaps you could take a holiday away from the kids every few months?

 

 

Fees aren’t that much. 1% estate agent, £1000 solicitor, extensions would cost a whole lot more. 

 

But I agree an extension, done properly can add a whole new dimension to a property.

 

Just on the upheaval. I would put an extension as more of an upheaval rather than an actual house move.

 

With a house move you are in charge, it’s your job, you can plan it. But builders and tradesmen are the most awkward people ever to deal with. They work when they want, they bullshit and it’s a whole new level of pain discussing anything with them. 

 

I have a plumber and electrician that are amazing, but others are a whole world of frustration at a level unimaginable. 

[Izzy]

24 minutes ago, Milo said:

Dilemma indeed, mate. 

 

You don't really want to be saddled with a mortgage til you’re old and doddery (older and dodderyer*)?!

 

Have you looked at moving a bit further out - kids are young enough to adapt to a move. You could effectively ‘swap’ your current house for a bigger version with maybe nothing but fees to pay. Might be a slightly longer journey into work is the compromise, rather than another 25 years of payments?

 

The other option we explored was to buy a second property - rent it out for 15 years to pay off the mortgage on it and then dump the kids in it for them to live in/sell/rent or whatever they want to do. 

 

*it’s a real word @Buce, honest...

 

Mate, if I had my way I'd move back up to Leics tomorrow. I reckon our 3 bed terrace down here is probably worth the same as a 4 bed detached back home.

 

Problem is the wife has just landed a decent job down here and the daughter is finally settled at her school. I can work from any base but it would be too much upheaval for the rest of the family.

 

I really can't stomach the thought of a bigger/longer mortgage so we'll probably have to stay put and just manage. I like the idea of renting out a second property but being self employed it's not that simple getting a second mortgage as I'm 'high risk' I suppose. 

 

It's a dilemma but in the grand scheme of things it's a bit of a first world problem really. Should just shut my moaning, be grateful for what we've got and get on with it really..

[kenny]

40 minutes ago, Izzy said:

Mate, if I had my way I'd move back up to Leics tomorrow. I reckon our 3 bed terrace down here is probably worth the same as a 4 bed detached back home.

 

Problem is the wife has just landed a decent job down here and the daughter is finally settled at her school. I can work from any base but it would be too much upheaval for the rest of the family.

 

I really can't stomach the thought of a bigger/longer mortgage so we'll probably have to stay put and just manage. I like the idea of renting out a second property but being self employed it's not that simple getting a second mortgage as I'm 'high risk' I suppose. 

 

It's a dilemma but in the grand scheme of things it's a bit of a first world problem really. Should just shut my moaning, be grateful for what we've got and get on with it really..

My suggestion is that you get yourself an Architect (or similar) to come and view your property which is normally free and discuss what the options for extending are. A good one will want to know your budget and not what you have seen in Grand Designs magazine as this will be the driver for what is worth drawing up.

 

Typically loft conversions (particularly in the south!) are the most cost-effective solutions to gaining extra bedrooms and are fairly easy on terraced houses. Its also worth talking to your neighbours and seeing what they have done with their properties to maximise the potential.

 

Many in your situation are choosing to extend as the value increases in southern property have effectively 'trapped' you into your current house as the upgrade is too big an increase in the mortgage.

 

[Izzy]

1 hour ago, kenny said:

My suggestion is that you get yourself an Architect (or similar) to come and view your property which is normally free and discuss what the options for extending are. A good one will want to know your budget and not what you have seen in Grand Designs magazine as this will be the driver for what is worth drawing up.

 

Typically loft conversions (particularly in the south!) are the most cost-effective solutions to gaining extra bedrooms and are fairly easy on terraced houses. Its also worth talking to your neighbours and seeing what they have done with their properties to maximise the potential.

 

Many in your situation are choosing to extend as the value increases in southern property have effectively 'trapped' you into your current house as the upgrade is too big an increase in the mortgage.

 

Thanks mate. We’ve already bolted a small conservatory on the back and also converted the garage into living space. The back and front gardens are so small that we’ve got no room to extend further.

We thought about the loft but I think it needs to be a certain height and ours is too low.

We’re just gonna have to gut it out for another 8-10 years until the kids fvck off I think.

[kenny]

2 minutes ago, Izzy said:

Thanks mate. We’ve already bolted a small conservatory on the back and also converted the garage into living space. The back and front gardens are so small that we’ve got no room to extend further.

We thought about the loft but I think it needs to be a certain height and ours is too low.

We’re just gonna have to gut it out for another 8-10 years until the kids fvck off I think.

Again in the south, many loft conversions are being carried out that wouldn't be viable or considered in the midlands.

 

You need 2.1m for a loft conversion to pass building regulations. This would feel 'low' but when used as a teenagers bedroom its fine. Typically, you would install a flat roof dormer to the rear elevation for the full width of the house to generate the room required.

[Izzy]

3 minutes ago, kenny said:

Again in the south, many loft conversions are being carried out that wouldn't be viable or considered in the midlands.

 

You need 2.1m for a loft conversion to pass building regulations. This would feel 'low' but when used as a teenagers bedroom its fine. Typically, you would install a flat roof dormer to the rear elevation for the full width of the house to generate the room required.

Thanks again mate. Any idea off the top of your head what you’ve suggested would cost? Just the basic ball park figure would be good to know 

[kenny]

1 hour ago, Izzy said:

Thanks again mate. Any idea off the top of your head what you’ve suggested would cost? Just the basic ball park figure would be good to know 

Typically £25-40k, hence its not worth it in Leicester!

 

Douth south, your returns to add another bedroom would be much higher so its worth the spend.

 

If you advise whereabouts you are i'll check if I know any Architects in the area that would be of help to you.

[Izzy]

6 minutes ago, kenny said:

Typically £25-40k, hence its not worth it in Leicester!

 

Douth south, your returns to add another bedroom would be much higher so its worth the spend.

 

If you advise whereabouts you are i'll check if I know any Architects in the area that would be of help to you.

Thanks again fella, really appreciate your help.

I'll speak with the bread knife and if it's something we decide to pursue as an option, I'll send you a DM for potential Architects

Cheers

[chinna]

On 13/08/2019 at 12:10, kenny said:

Typically £25-40k, hence its not worth it in Leicester!

 

Douth south, your returns to add another bedroom would be much higher so its worth the spend.

 

If you advise whereabouts you are i'll check if I know any Architects in the area that would be of help to you.

Leicester is very similar now to the south/south east, any extension to create extra rooms will make the value of the property go up. 

Edited 15 August 2019 by chinna

[kenny]

2 hours ago, chinna said:

Leicester is very similar now to the south/south east, any extension to create extra rooms will make the value of the property go up. 

It will, but the build costs have shot up so much you are lucky to get your money back. Single storey rear extensions are costing £30-40k and 2 storey side extensions are £100-120k. This may work in Market Harborough but probably won't in any of the areas inside the ring road.

[Tommy G]

10 minutes ago, kenny said:

It will, but the build costs have shot up so much you are lucky to get your money back. Single storey rear extensions are costing £30-40k and 2 storey side extensions are £100-120k. This may work in Market Harborough but probably won't in any of the areas inside the ring road.

This is all based on large m2 extentions I presume, you are quoting 100-120K, based on a 2 story extention at £1,800 a sq m2 you are looking at a 65m2 extention, thats huge, Adding another bedroom on the back isn't in that league as much smaller. 

 

Moving house typical costs

Est agent £1k

Solicitor £2k

Moving costs £1.5K 

Stamp duty £10K 

 

Roughly could be 15K, that could go a long way to adding an extention. I'm going through the process at the min and have done the maths, rough idea of the cost and got an est agent to value the property based on plans and I shouldnt nearly double my money in terms of money spent vs house value increase

[kenny]

3 minutes ago, Tommy G said:

This is all based on large m2 extentions I presume, you are quoting 100-120K, based on a 2 story extention at £1,800 a sq m2 you are looking at a 65m2 extention, thats huge, Adding another bedroom on the back isn't in that league as much smaller. 

 

Moving house typical costs

Est agent £1k

Solicitor £2k

Moving costs £1.5K 

Stamp duty £10K 

 

Roughly could be 15K, that could go a long way to adding an extention. I'm going through the process at the min and have done the maths, rough idea of the cost and got an est agent to value the property based on plans and I shouldnt nearly double my money in terms of money spent vs house value increase

Unfortunately, Labour and material costs are spiralling. The materials are being most effected by the ever increasing Building Regulations and the demand for raw materials in China. During our build, the cost of insulation increased by 35% throughout a 9 month build.

 

We built an 80m2 extension (2 storey) and were pleased to keep the cost below £120k as we are in the industry. Our neighbours built a 25m2 rear extension for £25k as their father was building it for free.

 

The construction industry is at the point of collapse as a result of spiralling costs and it will rely upon people not being able to afford to move and will therefore want extensions regardless of the value it adds to their house.

 

You are quite correct that the above costs need to be considered but in my experience a well-thought out extension will typically add the same value to the property that will be spent. A poorly thought out one will struggle to return the investment. At the end of the day, if people are happy in their homes then the value is irrelevant.

[chinna]

6 hours ago, kenny said:

It will, but the build costs have shot up so much you are lucky to get your money back. Single storey rear extensions are costing £30-40k and 2 storey side extensions are £100-120k. This may work in Market Harborough but probably won't in any of the areas inside the ring road.

I don’t know what the cost involved are but a neighbour a few doors away did a dormer for 30k. We did a single storey small 2.4m x 9m in 2004 for 20k that was without the kitchen but including windows, plumbing and electrics. Just needed the kitchen flooring going in.

Then in 2005 we did a small double storey. Both floors 2.2m x 6m. This was everything windows, Plumbing, electrics, just needed painting and carpets in for 30k.

 

I see a lot more dormers being built rather than the traditional rear back and double storey side.

Edited 15 August 2019 by chinna

[Rob1742]

On 13/08/2019 at 09:13, kenny said:

My suggestion is that you get yourself an Architect (or similar) to come and view your property which is normally free and discuss what the options for extending are. A good one will want to know your budget and not what you have seen in Grand Designs magazine as this will be the driver for what is worth drawing up.

 

Typically loft conversions (particularly in the south!) are the most cost-effective solutions to gaining extra bedrooms and are fairly easy on terraced houses. Its also worth talking to your neighbours and seeing what they have done with their properties to maximise the potential.

 

Many in your situation are choosing to extend as the value increases in southern property have effectively 'trapped' you into your current house as the upgrade is too big an increase in the mortgage.

 

As well as an architect, the best thing I ever did was get in an interior designer. He has building qualifications too, so on a new build I did, he designed room sizes around what our needs would be as well as furnish them. 

 

I have had extensions previously thinking I knew what I was doing, design wise they looked fine, but then years later my interior designer picked them to bits and I understood why.

 

He wasn’t cheap, but it isn’t just about colour charts and interiors, it was about flow of the house. 

 

He was that good i would never move again without him having a look at a prospective property and discuss how we could utilise it properly.

[Innovindil]

So I got my house on a 5% mortgage at 3.8% fixed for 2 years. We're closing in on the end of the 2 years so I've been looking at remortgaging, getting offers from barclays (who we're with now) for £100 less a month over the same term. 

 

Is this normal? Is it because there's more collateral in the house? Seems odd. Wonder if I can shave some years off it to make it the same as what we're paying now so I don't get jibbed by the early repayment fees? 

 

Anyone knowledgeable can give me some advice please? 

[HappyHamza]

I lurked on here for ages before finally signing up. Ages and ages ago somebody talked about which new build developers were most trustworthy in terms of the quality of their builds. 

 

Can anybody give a bit of direction now?

[m4DD0gg]

4 hours ago, HappyHamza said:

I lurked on here for ages before finally signing up. Ages and ages ago somebody talked about which new build developers were most trustworthy in terms of the quality of their builds. 

 

Can anybody give a bit of direction now?

Easy one, none.

 

Quality put into new builds is appalling.

[kenny]

5 hours ago, HappyHamza said:

I lurked on here for ages before finally signing up. Ages and ages ago somebody talked about which new build developers were most trustworthy in terms of the quality of their builds. 

 

Can anybody give a bit of direction now?

Davidson's are good, but pricey. Jelson always look dull but are generally solid.

 

Otherwise go for an independent developer

[Unabomber]

19 hours ago, HappyHamza said:

I lurked on here for ages before finally signing up. Ages and ages ago somebody talked about which new build developers were most trustworthy in terms of the quality of their builds. 

 

Can anybody give a bit of direction now?

Generally nothing wrong with new builds people just seem to jump on the media bandwagon. However I do work in the construction industry so deal with buyers/QS daily so have a bit of insight. Personally I wouldn’t buy a Persimmon home they are by far the worst. The smaller regional house builders do a very good job, the likes of Lioncourt and William Davis are brilliant. I would also trust the other national house builders as they do have to build to the regs and are checked by the NHBC and numerous stages of the build.