Rent or buy?

mummyroysof3

ATM we live in a 3 bed with a cheap mortgage which means that it would be £100-200 more per month to rent a similar 3 bed. We want a 4 bed but can't find something we both like to buy that we could borrow enough for and wouldn't double our monthly payment. We are thinking of selling up and renting but I feel uneasy about it.

Looking for opinions please, do you prefer renting or owning?

Gigglepig

How badly do you need a 4-bed?

Do you have any space that could serve as a temporary "bedroom" if you put up a curtain or room divider?

peachyprice

I think you would be mad to give up the security of owning your own home for the uncertainty of renting. Could you really live knowing that after the first fixed tenancy period of 6 months/1yr your landlord could give you 2 months notice to leave?

Is there any way you could extend or convert the loft in your existing house?

Also how old are your children? Is lack of space going to be a problem for the next 2, 10, 15 yrs?

notanewuser

I thought you were going to extend your current house.....?

https://forums.moneysavingexpert.com/discussion/4690327

aliasojo

Owning! Without a doubt.

I personally need the peace of mind that comes with the increased security owning your own home gives you.

I'm renting presently and feel as if I'm in limbo. I don't feel this is my home and I don't feel I can put down roots the same way I could with our own home.

mummyroysof3

The children are 4 6 and 8 so things are only going to get more cramped IMO. We have looked at loft and extensions and its a hell of a lot of money and wouldn't be happy with what we would end up with anyway. Giving up the cheap house and security of it worries me but we aren't happy here. Renting is more flexible but that could be both a good and a bad thing plus its more expensive.

Gigglepig

Unless the children have special needs, why can't they share?

Smithy7876

Like others have said I would always stick with buying instead of renting.

If extending is not going to work for you can you look for a new house a bit further afield? Or just wait it out I guess.
Failing that get Kirsty and Phil in to help :rotfl:

mummyroysof3

Youngest does have special needs and he currently shares with eldest and its not fair n him being disturbed at night and not being able to leave his toys out cos room not big enough and me and youngest could step on them in the night.

peachyprice

mummyroysof3 wrote: »

Renting is more flexible but that could be both a good and a bad thing plus its more expensive.

More flexible is one way of putting it. :rotfl:

I have a friend who rents privately, her she has 3 boys 12, 8 and 4. She's on her 4th house since the 4yo was born and has just been given notice to leave. She lives in a perpetual state of being half unpacked.

mummyroysof3

We couldn't borrow enough to do the extension needed and it would mean we would lose our parking round the back and the smallest room may end up smaller...so really not an option