Should I buy a 2 bed house for £130,000 or a 3 bed for £160,000?
I am a single mom with a 1 year old son. If I get the 3 bed I probably won't ever need to move but I might with the 2 bed although it's more than adequate. Im just worried the 3 bed may overstretch me in terms of repayments and energy costs.
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My advice would be to go for the smaller payments. If anything happens (and heaven forbid that it should), causing you to need more free cash or to have less income, then you'll be glad for the smaller house payments and utility bills.
Of course it would be better to have a 3 bedroom house but just think do you I really need it? If you plan to have another kid and are sure that you will have another one go for the 3 bedroom but if you don't go for the 2. Also if you buy a 2 bedroom house you can always do a loft conversion and make another room.
If you can afford the 160,000 house then make sure the 3rd bedroom has an en suite bath. For an additonal 30,000 you should get a huge room with walk in closet and big bath.
3 bedrooms has a much higher resale price and a much larger market.
You have 10% to put down?
You have income that would support that mortgage?
Is your credit in good shape?
Have you been steadily employed for 2 years?
3 bedroom...better deal.