Elderflower
Registered User
- Messages
- 22
Have our apartment up for sale but our next decision is tricky one.
So far we have come across 2 houses were are interested in. But 2 very different options.
Net cash after sale of apartment: 225K
Combined salary of 125K
Mortgage approved (AIP) for 425-465 K
Age: 30
Liquid shares: ~60K we are willing to sell if needed.
Option 1.
Turn Key B3 home, asking 695K for 3 bed plus side "granny flat".
- Could rent out the granny flat and have this help us comfortably pay of the mortgage.
- Location is not our ideal and i fear we would always be aspiring to another location.
Option 2.
Fixer upper, asking 625K for 3 bed --> barely livable and needs work. A lot of potential. Our dream location.
- Its energy rated G, big garden, huge but run down garage with rear access.
- We have no experience or know where to start with this type of project.
- Would happily rent out a room to a student to help pay mortgage in future.
Are we mad to consider the Fixer upper, are we pushing it on our salaries at this purchase price. Fearing it will be a money pitt for the rest of our lives.
Any advice greatly appreciated.
Thanks in advance.
So far we have come across 2 houses were are interested in. But 2 very different options.
Net cash after sale of apartment: 225K
Combined salary of 125K
Mortgage approved (AIP) for 425-465 K
Age: 30
Liquid shares: ~60K we are willing to sell if needed.
Option 1.
Turn Key B3 home, asking 695K for 3 bed plus side "granny flat".
- Could rent out the granny flat and have this help us comfortably pay of the mortgage.
- Location is not our ideal and i fear we would always be aspiring to another location.
Option 2.
Fixer upper, asking 625K for 3 bed --> barely livable and needs work. A lot of potential. Our dream location.
- Its energy rated G, big garden, huge but run down garage with rear access.
- We have no experience or know where to start with this type of project.
- Would happily rent out a room to a student to help pay mortgage in future.
Are we mad to consider the Fixer upper, are we pushing it on our salaries at this purchase price. Fearing it will be a money pitt for the rest of our lives.
Any advice greatly appreciated.
Thanks in advance.