To Extend or not??

Wavey

Morning all,

We have just had a new arrival to the Wavey family. 4 months and doing great!
My issue is the house has already started to seem too small.

Should we extend or not?

I have 50% of the cost of a decent extention in the bank.

Both of our jobs are as secure as they can be being private sector.

Is now the time to take advantage of desparate builders and extend the house?
Or is now the time to save like you never saved before?

Any opinions?

Wavey

smelltheglove

Sure why not? I am of the believe that if the people with cash do not spend we will stay in recession for longer.

My advice to you is this, just like what my sister is doing now she is buying a new house, work out a loan and repayment that you can afford if you were to survive on just one wage. i.e. if you can afford 70k on both and 50 k on yours and 40k on your wives go with the 40k, trust me, my husband lost his job a while back and its not a nice experience wondering where the money for the bills will come from so play it safe.

Gillo

Wavey wrote: »

Is now the time to take advantage of desparate builders and extend the house?
Or is now the time to save like you never saved before?

Love the Karma there, yes why not. No job is totally secure but if you take out payment protection on the amount you borrow you're sorted.

Builderfromhell

Is now the time to take advantage of desparate builders and extend the house?

An unfortunate choice of words. Builders are desperate like many others. Trades people are having their houses re-possesed etc. Lot's of small builders didn't make fortunes during the boom.

I do, however, agree that now is a cheaper time to build as prices for trades people and materials have come down. Also, builders are building much quicker.

dudara

Moved to Accomodation & Property

dudara

the_syco

Builderfromhell wrote: »

Trades people are having their houses re-possesed etc. Lot's of small builders didn't make fortunes during the boom.

I do, however, agree that now is a cheaper time to build as prices for trades people and materials have come down. Also, builders are building much quicker.

Just don't pay it all in advance. Pay by sections (every third, maybe), as they can go bankrupt pretty damn easily.

How Strange

the_syco wrote: »

Just don't pay it all in advance. Pay by sections (every third, maybe), as they can go bankrupt pretty damn easily.

+1 Very good advice

Wavey

Thanks for the advice folks.

Good idea with the payment protection there.
I think I will wait until the spring before starting the ball rolling.

I guess the first step is to get some drawings done and go from there.

Thanks,

Wavey.