Rent or buy?

HappyMJ

You need to do a rent/buy calculation. More expensive houses tend to be cheaper to rent (as opposed to mortgage and maintenance costs) as there is less demand to rent them. It's also highly likely a more expensive property will be subject to stamp duty. You might find the difference isn't that much. Have you thought about renting out the property you own and using the rent payments along with a small supplement from your income to rent a larger property?

mummyroysof3

peachyprice wrote: »

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.

But some people manage to rent and live in same house for a long time that's why it can be both good and bad lol

aliasojo

I think you need to work out what the least of the evils would be for you personally.

What would be worse for you....struggling for space but secure...or having loads of space coupled with the risk of uncertainty and no guaranteed security?

That's the thing, we're all different so different things will be more/less important to us compared to others.

mummyroysof3

HappyMJ wrote: »

You need to do a rent/buy calculation. More expensive houses tend to be cheaper to rent (as opposed to mortgage and maintenance costs) as there is less demand to rent them. It's also highly likely a more expensive property will be subject to stamp duty. You might find the difference isn't that much. Have you thought about renting out the property you own and using the rent payments along with a small supplement from your income to rent a larger property?

ATM we are looking at all the options tbh and going round in circles which is why I'm grateful for some outside opinions. Extension would cost £40-45k ish and would cause some downsides. Buying a 4 bed would double our mortgage and then we stuck if we struggle. Buying would mean moving out of our village as there isn't anything to buy suitable.

CharlieRabbit01

peachyprice wrote: »

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.

My parents have lived in the same rented house for 10 years. My OH and I also rent and we have only ever had to move once because our landlord was selling every other time was our own choice.

you can get long lets as well.

mummyroysof3

They way I'm looking at it is that either way our housing costs go up but renting we have a lump sum of money in bank from sale to either save and buy at a later date or save for emergencies. Moving a lot would not be great obviously but if we struggle with high rent we would just have to move back to something cheaper ie a 3 bed so no better off space wise but if we buy something bigger its not so easy to downsize if we struggle then. Renting we would get no housing help due to lump sum in the bank but without it we would.

GwylimT

Have you thought about finding a three bed house to buy that has three large bedrooms? You could always turn the largest bedroom into two separate bedrooms.

princessdon

You need to consider all options fully. Is there equity in your home? Benefits will be affected by this if needing HB. Also many landlords won't take on HB. Are you prepared to risk moving with a disabled child?

If you spend your equity on rent and this is needed to rent then the chances of a deposit will be less if you ever want to own in the future.

I'd be tempted to rent your house out, rent elsewhere for a short time before I gave up the security.

hgotsparkle

If I were you, I wouldn't leave your owned house for a rental.I'm currently renting and I am so desperate to buy and get a mortgage!

CharlieRabbit01

A better place for this would be house buying and renting forum.