How far do you push yourself when you buy property?

[Participant]

I'm in the position where I want to move my family into a bigger house with land, but to get the house we want, i.e. significantly better than our current house, would mean stretching the monthly budget.

I'm aware that there are a million different variables to this question, but as a general principle I was wondering if people subscribed to this view of stretching yourself to the limit for your main home, with the expectation that affordability will (should) become easier in the future with payrises at least of inflation (hopefully), but with the mortgage bill staying flat (the debt is not indexed).

We're comfortable at the moment so would be sacrificing disposable income, but in exchange for a bigger house with some land in a slightly 'posher' area. We'd never need to move again.

I guess this goes against a fundamental principle of finance, being to avoid owing other people money as much as possible!

 

[Participant]

Interesting thoughts. I'm stuck between staying comfortable with plenty of disposable income, vs. accepting some sort term pain for our dream family home and investing in my children's inheritance.

I would say I hear more people talk of regret at not upsizing when they could, than regret at doing so.

The interesting thing is that I could afford to borrow a lot more than bank websites are saying they'd lend me. I don't know if they're super cautious with their online calculators (under promise / over deliver approach), but I could swallow hundreds more in monthly payments than they appear willing to lend me, though most do say to call them for a more detailed conversation.

 

[Participant]

Im going to go for probably 40% next house, if she/I didn't want kids, I would consider 50%+ (would probably have to if I was south of Birmingham
)

We've been looking at places like Binton, Norton Lindsey, Wolverton, Henley, Claverdon, Wooton Wawen, Aston Cantlow. Basically anything detached with land is north of £700k.

South Warwickshire seems to have gone crazy recently. **** broadband in most of these places too, but oh so pleasant and free of riff raff :0