I must be mad!!! **UPDATED**

[Tink78]

DH and I are seriously thinking of selling up and moving back in with my parents for 1 year so we can save up lots of money so we can buy a house back in Milton Keynes (Stony Stratford to be specific).

We are looking at having to pay abour £175 for a 3 bed semi there, but it's a lovely old town and I grew up there too and we both love it.

We only live in Wellingborough as the houses are so much cheaper here than in MK, but we are realising that location is key, not the house size or type, but we cannot afford to sell up and buy anywhere in MK, so we need to save loads and the only way is to move back in with my parents.

They are up for it and don't mind.

I know it will be tough, but I really think we are going to do it!! EEK!!

Got 2 valuations on our house today and they were both the same.
Got 1 more tom evening and then going to see a mortgage advisor on Sat morning and then I think it will be all systems go if we decide to go for it.

We still need to give upstairs a fresh lick of paint and de-clutter but I reckon we might have the house on the market by end April, early May.

Scary huh! But it will be worth it in the end!

**UPDATE**

Mortgage advisor visit went brilliant, we will have no problems getting the mortgage we want, and with the money we will make from this house, we should only need to move in with parents for 6-12 months rather than minimum of 12 months.

We have written a list of jobs to do before we put the house on the market and we should be ready to do that by end of April.

Yippie - am nervous but really excited.
Stony Stratford is a wonderful place and I can't wait to live there again.

 

[Minniespal]

Karen ~ It will surprise you how quickly a year goes in. Then you will have lots of money saved to buy your house. Good Luck

 

[Tora Millypoops]

Instead of paying all those estate agent fees why don't you rent out your house in Wellingborough for the year, that way you'll have money coming in and as prices appreciate, you'll have a bigger asset when you come to sell.

 

[wils]

We are looking at having to pay abour £175 for a 3 bed semi there

WOW is that all! I could sell up here and buy a street

Seriously it sounds like a good plan if you can bear it (and as previously said a year will fly by) My best friend moved home after Uni and her other half moved in with the family when he relocated down south. They were able to get a good deposit together and felt it was well worth it when they eventually bought and moved out!

Good Luck and please keep us informed

 

[Miffy2003]

Me too Jo, £175k only gets a flat down here!

Karen - I think the renting idea is a great one. Also, although house prices are pretty stable at the moment, if they did rise you might find any money you had saved could be swallowed up by rising prices which would make a year of living with your parents all for nothing

 

[Englands Disney Gang]

If you go for it....just remember a year is not a lifetime and will go so quickly and you will get your dream location!!...Good Luck

 

[angel659]

Hi Karen,

I think its a good idea. My sil have moved back in with thier parents and will hopefully move out again soon once they have all thier money sorted. The only draw back is they miss thier privacy other than that they are happy.

 

[Hilary]

I think the renting idea is a great one. Also, although house prices are pretty stable at the moment, if they did rise you might find any money you had saved could be swallowed up by rising prices which would make a year of living with your parents all for nothing

Your sale price is based on today's market, but who knows what might happen to the market by the time you want to purchase, a year down the line? Okay, it's possible prices will come down in a year, but it's far more likely they'll go up. Will the cash deposited in an account increase as much as the value of your current property? Oh, for a crystal ball!

Good luck with whatever you decide

 

[Claire L]

If you do think about renting remember you need to seek approval from your mortgage company and any rent would be classed as unearned income! Have friends buying and they looked into renting the house out, as still with parents, and in the end found it to be more hassle than it is worth literally as the rent wouldn't cover the mortgage etc!

Hope all goes well.

Claire

 

[SammieG]

Hey.. I grew up in Stony Stratford too!! I lived there from 79 - 91 (on horsefair green)
I love Stony ..
Living with your parents isnt too bad - we did it when we were waiting for our house to be built.
Dinner on the table every night, ironing, and someone doing my laundry! It was great

 

[UKDEB]

Take a look at the average house prices for Milton Keynes.

The overall trend is up. Nationally, house prices rose by 1.4% in February and the average price is now £173K - 5.5% higher than in February, 2005. Many commentators are predicting a similar increase this year.

 

[Tink78]

Thanks for all the info.

Hadn't thought about renting it out for the year, but we wouldn't get enough rent back to cover our mortgage each month so I don't think it would be worth it for us.

We are off to seek mortgage advice tomorrow morning, so they might be able to give us a bit more to think about.

Luckily we both get on really well with my parents, altho I know it will be hard sometimes.

 

[mandymouse]

It sounds like a good plan Karen, Good Luck with your advisor and you'll be surprised how quick a year goes

 

[ely3857]

Good Luck but rather you than me!



Jodie

 

[Tink78]

Bump - updated info!

 

[Cyrano]

Hope everything works out Karen

 

[wils]

Great news - when it gets tough just remember to focus on the end result

Good on you - too many people (myself included sometimes) whinge about their situation but don't even try to do anything about it

 

[Ware Bears]

Good luck Karen, that year will soon fly by!

 

[SammieG]

Cool! Great news Karen! I go to Stony Stratford at least twice a week! I will wave to you!

 

[Tink78]

Cool! Great news Karen! I go to Stony Stratford at least twice a week! I will wave to you!

Where abouts did you used to live on Horsefair Green?
I could only see low numbers when I was there at the weekend visiting my parents.

Will defo have to wave back at ya when you visit SS!