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AIBU?

To be considering this

48 replies

toffeeapplejam · 03/05/2015 08:09

Here is my complicated situation - I own a (small!) house outright and I part-own a one bedroom we flat with my brother. I am living in the latter at present.

WIBU to, when I have a family, rent somewhere rather than buy a house with a mortgage?

I am thinking that since we have the security of a house that renting might allow us the flexibility of renting somewhere we might not be able to afford. Also, it might be easier to adjust our living arrangements as needed.

The main thing(s) I worry about are being moved around a lot, not being able to decorate and have pets and feel it's 'ours.' What do you think? :)

OP posts:

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Charis1 · 03/05/2015 08:11

If you own a small house, why not live in it and save the money that you would spend on rent, to spend on enjoying family life?

toffeeapplejam · 03/05/2015 08:13

It isn't in an area I want to live long term. I bought it when I was working there but I don't want to raise a family there.

Selling it wouldn't buy a home in an area I do want to live :)

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BallsforEarrings · 03/05/2015 08:16

It would depend, if you are relying on the rental income to pay the mortgage on the house then could you survive any 'void' periods financially and still cover all outgoings?

Charis1 · 03/05/2015 08:17

Well, it is up to you, but if you can afford a mortgage, it normally costs significantly less than rent. That sounds like a contradiction, but you know what I mean!

GloGirl · 03/05/2015 08:18

Yanbu if you can make the figures work. Do what you want

toffeeapplejam · 03/05/2015 08:19

There isn't a mortgage - I own it outright.

At present therefore I don't pay rent or a mortgage on the flat and have a small rental income on the house but obviously I can't raise s child in a one bedroomed flat long term.

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shewept · 03/05/2015 08:20

If you don't want to live in either property and buying one where you want to live isn't an option, or selling the house you own and putting the money into a house where you do want to live also isn't an option. I would rent.

But private renting is unstable and you may find yourself moving a lot. If you don't mind that, then rent. You may struggle to get somewhere that takes pets. I also hated the fact that I couldn't decorate as I wished or change things i wanted to. Renting was not for me.

But it doesn't sound like the problem is imminent (you say 'when' you start a family so i am assuming your aren't pg), so wait til nearer the time to decide.

toffeeapplejam · 03/05/2015 08:21

Glo - I was really asking for input from people renting long term or who had experience - I wasn't asking permission!

Charis i do know what you mean! It's because I wouldn't be able to save up for a deposit so a mortgage would entail selling the house I own outright. I'm a bit worried about this.

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toffeeapplejam · 03/05/2015 08:23

This is largely what I worry about shewept- but people seem to make it work on here?

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regularbutpanickingabit · 03/05/2015 08:24

If you can get together s deposit then I would buy a place rather than rent. It is shocking how expensive rentals are compared to mortgages. You could easily pay £800-1000/month on a mortgage for a 3 bed on the outskirts of London that would cost £1400-1800 in rent with little security.

shewept · 03/05/2015 08:25

Yes some people are happy renting. Lots are not.

It really depends on you and whether you will be ok, if say, the LL decides to sell the house at the end of the first year. I have seen lots of threads where people have found themselves moving every 1-2 years. Some people happen to find something more stable and permanent. It can be a bit of a lottery.

BallsforEarrings · 03/05/2015 08:25

Of course an alternative would be to sell it and use the money for a deposit a house where you want to live with a mortgage to pay the higher price.

Of course you must have considered that too though!

toffeeapplejam · 03/05/2015 08:28

I have but I don't think I'd get a mortgage as my income isn't high!

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shewept · 03/05/2015 08:30

Also on a monthly basis, mortgages tend to be a lower amount. If you own a property you will have a good deposit so a low mortgage payment. When having a child, that can make it easier especially if one of you will be a sahp or reducing hours.

Oliversmumsarmy · 03/05/2015 08:30

Could you not mortgage the house you own outright using a BTL mortgage and use that as your deposit on a 2 bed flat/small house in the area you need to be?

shewept · 03/05/2015 08:32

If your income isn't high, can you afford the rent in the place you want to live?

How close are you to planning a family?

Are you pg? Do you have a partner? if so whats his income? Is this something you are doing alone? or are you planning a longtime in the future?

NotNob · 03/05/2015 08:33

We bought a house in a rough city area; fine as a working couple, not so good for raising a family. One year after buying, the market crashed; we're still in negative equity. Aftet having DC1 I was desperate to move back to the country where I grew up but selling the house wad not an option.

We rent the house to tenants (can be stressful, would recommend a fully managed service) and we rent in an area we love. It's expensive to rent, there is a shortfall between the mortgage and the rent we receive but I couldn't live there with a family. I love our rented house.

I would say go for it, especially as there is no mortgage.

NotNob · 03/05/2015 08:34

Sorry for typos!

BrieAndChilli · 03/05/2015 08:34

It sounds like you aren't in a relationship at the moment as its all 'i' and 'me'
There's no need to make any decision until you actually are pregnant, your partner may also have a property which combined with yours is enough to buy the family home you want,
Just wait and see when the time comes
I wouldn't recommend renting I you have any other alternative. We rent as I hate it even though we are able to stay here long term (been here 6 years already) we are allowed to redecorate (within reason, as long as we paint it magnolia again when we leave, we've never had an inspection etc but I hate not having my own home

Iwouldratherbemuckingout · 03/05/2015 08:42

I've been renting for 2 years now, and was lucky enough to find a landlord who let me bring my cats. He is an excellent landlord - I really couldn't ask for better, I am very lucky and am very happy in my house.

However, the decorating thing drives me cuckoo, and I am desperate to have a bath rather than just a shower and other things, and as my situation has changed i'm buying and leaving my lovely little house.

It can work, but it is restrictive, I must admit that given you say you can afford a decent rent, I'd look at what that rent would convert into mortgage wise, and if you sold the house you own outright what the combination would get you, and also options or different mortage terms.

It all depends what it is that's worrying you about selling your house really.

Iwouldratherbemuckingout · 03/05/2015 08:43

Oh yes - the inspections! I HATE them. I understand the need for them but HATE being inspected.

6LittleOnes · 03/05/2015 08:44

I'm in a rented property, I have had to move twice in the last 18 months, the first time it was a struggle to find somewhere near to the kids school so we had a hours walk each way, luckily the one we are in now came up so we moved again. We only get a years tenancy so if the landlord decides to sell we will have to move again, we are not allowed to decorate and we have an inspection every 3 months with the letting agent. I wouldn't recommend renting if you can avoid it

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shewept · 03/05/2015 08:47

I hate inspections to. Especially since our agent could never do a time we were there. I was convinced they were snooping so used to book time off work when they were coming and surprise them.

They would also arrange a day, I would assume they had been that day then they would call and say they never made it so needed to come another time. I was sure they had been. It became a joke, every 6 months.

When we moved out they tried their best to keep the security deposit, whilst they ignored the fact that the basement was out of bounds for months due to mould.

toffeeapplejam · 03/05/2015 09:01

Thanks, a lot to think about. It's unlikely I'll have a partner; if I do decide to have a baby it'll be a lone decision hence why I have to think of the things as if I'll be alone.

I don't know about a BTL mortgage - aren't they quite strict in the criteria? Finances for me tend to be a bit haphazard as basically I have 4 jobs but they are all zero hours!

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Collaborate · 03/05/2015 09:42

Consider the fact that when you sell the properties that you don't live in (and that will eventually apply to your present home) you'll pay Capital Gains Tax. You'll also pay income tax on the rental income. Compare the cost of buying a place (where you want to live) over the long term to the cost of renting somewhere. Go with whatever works best for you.

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