Bigger rented house?

MERFE

We are currently in a 2 bed terrace house which we rent for 550 per month, with garage on block (of 4 garages). We have retired neighbours who we get along with and I like that other people are at home during the day too as I am home with the little uns! We have been here over 2 years and the landlady has only been round once and that was only to drop off the new contract (now on periodic) apart from if there has been a problem which she has dealt with promtly.

We have just been to see a 3 bed house round the corner and it was a nice house, the couple in it are moving abroad and will be renting through a letting agent because they couldn't sell it. OH is wanting to move straight away but I have reservations. If we give notice now on our house the tenancy will run till 1st january which I think will drop the landlady in it and she'll have problems letting it round christmas as people won't want to move and I don't want to do that. The rent would be 695 per month so alot more but having done a budget we still have 200 per month left to savings and oh is potentially gonna get a better paid job in the next few months (all depends if he passes his class 1 test tomorrow). My concerns are all the letting agent fees, that we have quiet enjoyment at the moment with no inspections every 3 months (how often does it happen that often?), that the house is nicer and bigger but not by much. 3rd bed is tiny but our kids are in cot beds at the minute so take up less room than a single bed even the double bedrooms were smaller than the doubles we have at the moment.
Would we be better off staying here and saving more so if the houses do drop we would have a decent deposit. I always think the difference in rent is so huge but we haven't been able to find a decent 3 bed house to rent for less than 675, we did see one but it was along way from where we are, this one is perfect location.

IveSeenTheLight

MERFE wrote: »

We are currently in a 2 bed terrace house which we rent for 550 per month, with garage on block (of 4 garages). We have retired neighbours who we get along with and I like that other people are at home during the day too as I am home with the little uns! We have been here over 2 years and the landlady has only been round once and that was only to drop off the new contract (now on periodic) apart from if there has been a problem which she has dealt with promtly.

We have just been to see a 3 bed house round the corner and it was a nice house, the couple in it are moving abroad and will be renting through a letting agent because they couldn't sell it. OH is wanting to move straight away but I have reservations. If we give notice now on our house the tenancy will run till 1st january which I think will drop the landlady in it and she'll have problems letting it round christmas as people won't want to move and I don't want to do that. The rent would be 695 per month so alot more but having done a budget we still have 200 per month left to savings and oh is potentially gonna get a better paid job in the next few months (all depends if he passes his class 1 test tomorrow). My concerns are all the letting agent fees, that we have quiet enjoyment at the moment with no inspections every 3 months (how often does it happen that often?), that the house is nicer and bigger but not by much. 3rd bed is tiny but our kids are in cot beds at the minute so take up less room than a single bed even the double bedrooms were smaller than the doubles we have at the moment.
Would we be better off staying here and saving more so if the houses do drop we would have a decent deposit. I always think the difference in rent is so huge but we haven't been able to find a decent 3 bed house to rent for less than 675, we did see one but it was along way from where we are, this one is perfect location.

I think you have answered your own questions.
But to help you for clarity: -

You do not need to worry about the LL. I am a LL and as long as you give the appropriate notice then it will be fine, however you seem to be happy where you are and from your point of view are not really seeing much benefit of moving round the corner.

My advice would be that if you are happy where you are and don't need the extra room at the moment, regardless of whether house prices drop or not you should stay where you are, save the difference, save your OH better paid job difference.

Then I hope you have built up a deposit to find the home you will really love at a price which meets your budget.

Good luck

PasturesNew

It's not just the rent that will be more, but have you considered:
1] council tax might be up a band
2] contents insurance is likely to be more (even though you've no more things, a lot go on number of bedrooms)
3] heating might be more (more space to heat)
4] you didn't mention a garage - car insurance might be a bit more if it's not garaged

I'd stay where I was unless a property came up that made me want to leap at it. If you've reservations now, it will taint your feelings about it from day 1. And if you give notice for 1 January, think how the move will disrupt your Christmas/New Year festivities and family fun.

I'd not do it.

guppy

In addition to the above...the agent will probably want you on six month contracts, with a "renewal" fee every six months. If the LL is abroad, there's probably little chance of persuading him to cut out the agency.

Also, has your current LL increased the rent at all? If not, this might be something to keep in mind. IMO agencies are more on the ball regarding increasing the rent than private LLs with good tenants...

Good luck whatever you do

jay7_2

MERFE wrote: »

the couple in it are moving abroad and will be renting through a letting agent because they couldn't sell it

I'd see this as a risk. They don't want to be in BTL business, they do it just because they've been forced by circumstances. Who knows, maybe they won't like it and decide to put the house on market again... and even manage to sell it. You don't want to move again soon, do you?

kissingthepink

As renting is dead money I always think that if you have to rent for whatever reason, make sure that you rent as small and as cheap a property as possible. Why waste more money than you need to? If you stay put you can save £345 per month instead of £200. It makes sense to stay where you are, especially as you have nothing bad to say about your current home and you like the neighbours.

seven-day-weekend

I would stay where I know I am treated decently and like the neighbours. No contest!

MERFE

Wow so everyone is in agreement, thanks for the responses, gives me someone to help my case with oh. Both properties have a garage and they are the same council tax did check but the fact they couldn't sell it being the only reason for letting did worry me. Also we have not had any rent increase here. We will need a 3 bed eventually for the children because i don't want them sharing forever as we have one of each but they can share for another 1-2 years before they really are gonna need more privacy I think. There are disadvantages to this house too but nothing we can't live with and sometimes its better to be somewhere where you know whats wrong with it.