1 bed paid off faster versus 2 bed upgrade?

[moneypenny]

hi there,

just hoping for some advice on the following:

i bought a 1 bed about 1.5 yrs ago...the appreciation on the property has been fantastic- i am now in a position to buy a 2 bed....i've got good savings and my salary has increased and so i can qualify for a bigger mortgage....i was going to take the plunge and try to purchase a 2 bed in the same area......however, last night i thought what if i concentrated on paying off my current mortgage in a shorter period, maybe i would do better - my one bed at the moment seems to be appreciating much faster than 2 beds - i am not stretched with my current mortgage - my savings at the moment are PIP and SSIA - doesn't look to me like i would get a greater return by buying a 2 bed though of course i could rent out a room if things in the market got tough- i'm sure you will all advise on a 2 bed!.....i have some other plans re: voluntary work and working abroad/ travelling in my head too so the one bed allows all those possibilities without overstretching myself in eire........

sorry about the ramble - any thoughts would be great.........

moneypenny

 

[Thrifty]

I think you have to do what's best for you personally. There's alot of costs when you sell and buy property- you've also got to take into account stamp duty. The costs of buying and selling would for me be a big factor in staying put if you've no need to trade up at the moment.