How would you deal with our lives? Sell then rent or stick?

kvec1507

Hey everyone

Im new here, dont think i've ever posted.
I would really like some help from some savvy people as im getting so depressed with our circumstances.

We own a 50% shared ownership property. Its lovely and the value has increased a lot since we bought. We now have 2 children and the property no longer fits us and with have no safe garden for them. I spend a lot of time and money taking them out as we hate being at home. They are boys and need to run and cycle etc.

So we got into a bit of debt after our first child but with the help of stepchange are in a great situation now paying back creditors and with one CCJ. We should be debt free in 4/5 years If we sold our flat all our debts would be cleared with the extra money its gone up by.
We could then only just afford to rent somewhere about the same size nearby but hopefully with a better lifestyle for the kids. We couldnt afford to buy and with the CCJ noone would lend us money anyway.

So do we sell and rent or stick it out until the kids are older and I could possibly earn more?

Pixie5740

In your situation I would just stick it out. My experience of renting is having to move every 6 or 12 months which is PITA, I can only imagine it's worse if you are having to constantly move children and find somewhere within certain school catchment areas.

With a CCJ you might find it difficult passing credit checks for renting.

Tixy

So would renting somewhere cost as much as your current combined mortgage / rent & DMP payments?

And that a rented property that you could afford would still be a bit small but perhaps have a better garden?

questionss

I would stay.

No safe garden? Is there any garden - how can you make it safer?
Kids do need to run and cycle - how far from the park are you, it doesn't cost to take kids to the park, on a nature trail, mini beast finding expedition, treasure hunt etc

Forgive me if I'm wrong but it sounds to me like you want an easier way to pay off your debts without making massive spending changes and to be left with more outgoings - it seems like a high risk strategy as you won't have changed your habits as much and debt could increase again. If you are certain that your habits have changed then obviously there's less risk.

pinkshoes

How much would rent be?

It would probably be 6 years until someone will lend to you again, so if you are renting in this time, would you be able to save a deposit up?

What of house prices go up?

Would the housing association allow you to rent your property out so you could rent elsewhere?

kvec1507

Thanks everyone for replying.

I'l try and answer all the questions in one.
The rent would be about the same as our mortgage/rent/dmp payments.

The garden we have is a huge communal one that is lovely but i have to go out with them down stairs, through a gate and we can't have any play equipment out there.

Our spending habits have definitely changed and we're even finding that we're plus money at the end of each month which is huge for us.
I would never ever get a credit card again because it feels so good to have things under control.

I try to convince myself itll be ok to wait the 4/5 years to be debt free then move on but even then we still wouldnt be able to buy anywhere only rent as we wouldnt have a deposit or long enough left to get a mortgage.

It would be brilliant if we could rent the flat out as it would command quite a high rent around here but to be honest A2 aren't the most helpful of people so shouldnt think we' be allowed to especially as we still only own 50%.