Downsizing to save money?

Maiti85

Hi, so our letting agency has contacted us today as the landlord wants to put our rent up by £100 per month (it's reasonable and I'm surprised he hasn't done it sooner tbh). However, this has sparked a conversation between me and DH Re saving for a deposit for a mortgage. We have 2 boys (4months and 3years) and I suggested downsizing to a 2 bed flat for the time being (we're in a 3bed house) to safe some money.
So Wyoo this? Feasible as a means to an end? Or absolutely no way? Any other suggestions on saving?
Thanks. 😊

hazyjo

Are you in debt? Are you saving for something in particular? Would your boys have to share a room? My friend, her husband and son who's now early 20s all rent a one bed flat. They have a sofa bed.


There have been similar but far more compromising threads on here - a two bed flat isn't too bad IMO. Depends how much it saves, and what you're going to do with that money, I think. If it won't make that much of a difference, I'd stay put.


Jx

SailorSam

How much better off are you going to be by downsizing. How much will you be able to save.

getmore4less

if this is a temp move look at area as well.

you want the move that saves you the most money.

so cheaper rent.
try for lower bills(no good getting a cheap drafty place)
Shorter commute/walking/cycling
drop TV packages.
don't get a home phone contract.

etc,

Maiti85

Well, the plan is to downsize temporarily, for about 2 to 3 years to save for a mortgage.
I looked at it and we could potentially save £300 a month on rent alone. Kids are only little so I don't think sharing for a few years would be an issue. However, it's the hassle involved in moving as well...

asus1987

so essientially this will save you 6-10k over this perios- minus any moving fee's etc, Have you thought of saying to the landlord, you are saving for a house with the aim of 2-3 years to have one, would they consider not increasing youe rent, or only increasing it by £50, ( and stay where you are?)

csgohan4

Bare in mind children's costs will only increase year by year

Going4TheDream

Depends how much you can save versus how much you can compromise your lifestyle .
I think its great to want to save the extra money but I would want to fully consider the impact on quality of life before making the decision. Where would the kids play outside on a nice day, likewise where would you dry your laundry. would you really manage with one less bedroom as the kids grow? How would be it be to get all children/buggy and shopping up stairs if in a 1st floor, what about noise if you were on ground floor with people above being noisy. Would you go stir crazy not having an outside space? all perhaps small things on their own but quite a difference all put together

MistyZ

Maiti85 wrote: »

Well, the plan is to downsize temporarily, for about 2 to 3 years to save for a mortgage.
I looked at it and we could potentially save £300 a month on rent alone. Kids are only little so I don't think sharing for a few years would be an issue. However, it's the hassle involved in moving as well...

We were in a two bed flat when our kids were small, it was fine. Sometimes it's not your living conditions per se that are the problem, it's the thought of being stuck there without options for the future. So if you really can see your savings mounting up that would motivate you to make the best of it.
I guess you really have to be realistic about your lifestyle, with little kids a longer journey to work or lack of local shops, parks etc. could be miserable. But I reckon go for it as long as you plan carefully.

missbiggles1

Going4TheDream wrote: »

Depends how much you can save versus how much you can compromise your lifestyle .
I think its great to want to save the extra money but I would want to fully consider the impact on quality of life before making the decision. Where would the kids play outside on a nice day, likewise where would you dry your laundry. would you really manage with one less bedroom as the kids grow? How would be it be to get all children/buggy and shopping up stairs if in a 1st floor, what about noise if you were on ground floor with people above being noisy. Would you go stir crazy not having an outside space? all perhaps small things on their own but quite a difference all put together

Plenty of flats have gardens, just as some houses don't.

marksoton

So many factors to consider. Do you both work? Childcare costs?

What constitutes a decent deposit where you are?

You have a 3 year old so school is imminent in less than 2 years.

The list goes on...