When we bought our first house 5 years ago, we bought it with the intention to eventually extend it. It was your typical 2 up 2 down semi-detached house. Most of the other houses on the street have either stuck a conservatory on the back or extended. When we first bought the house we needed to basically take it back to brick and start again. J was around 4 months old when we bought the house. Whilst we renovated, we stayed with my parents, which meant that J wasn’t around any of the dust. D spent so much time at the new house that he missed out on so much of J being small. Fast forward 5 years and we now have 2 children and are running out of space.
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Our original mortgage rate was ending recently so we started looking at getting a better rate for our mortgage. In the last 5 years, the housing market has increased meaning we have a good amount of equity tied up in the house. This meant that we could have possibly received a better rate because of the LTV. The problem we had was that when we first took our mortgage out I was employed working fulltime. Fast forward to now and I’m Self Employed working part-time. We have ended up staying with the same mortgage company for now but still managed to save £100 a month, compared to staying at the standard rate they would have put us on.
With regards to extending the house we need an extra bedroom and an extra room downstairs, mainly so we can put all the toys away in it and shut the door on it all at night. Although we originally planned on extending the house, now it has come to it I don’t think I would be able to live in the house with the children whilst we extended. We have family who are in the process of moving out of the area. This is has got us looking at house prices out of our area and we were shocked at how much more house we could get for the money. Even though our house has raised in price this also means that the houses around us have also raised in price. When you think about what we paid for our house compared to what my grandparents paid for their first house it’s unbelievable. You can click here to find out an estimate on what your house had made since you bought it.
For now, we have decided to stay where we are until C starts nursery. Once C is 3 and gets funded childcare we may consider moving somewhere else, not necessarily in the area. At the moment I am out of the house from 8.30am- 9.45m doing school drop-offs and childminder drop-offs before work. The thought of an hour commute isn’t something that bothers me that much any more. Hopefully, if we move out of the area C will go to the nursery at the same school that J is at. This will free up time to do drop-offs in the morning. Unless by some miracle we manage to find a 3 bedroom house nearer to school within our budget I can’t really see another option at the moment.
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