To buy the downstairs flat?
My girlfriend, son and I have lived in our small apartment for the last few years. It’s a small 2 bed and has been a good first home for us. Around 350k left on our mortgage. Share of freehold.
We’ve recently been given the chance to consider buying the apartment downstairs. It needs a heavy refurb and redecorate; new kitchen, new bathroom. But it would be sold for a third less than market value because of the refurb and other circumstances and is roughly double the size of our current property. It is also approx £100k less than our current.
What should we think about when we approach this? Initially I had some dreams of buying it and creating a duplex but I don’t think that’s going to work due to rules around mortgages? Do we sell our current flat and buy the downstairs? We both have good jobs and some savings. If I could buy both and rent the top one out I would but I don’t think it’s worth it or an easy thing to do anymore?
Current plan we are exploring is to sell ours, buy it, do it up, enjoy the extra space and sell it in a few years. What have I forgotten to consider? Do we just buy a new property we really love?