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Would you rent or buy in this situation?

(3 Posts)
SquashedInTight Tue 24-Oct-17 22:18:21

And if buy, would you borrow much?

We are relocating, with two children and a small dog. Our jobs will remain a substantial commute away until we can move them (although mine is very part time) and we will need family babysitting while this is the case. Our family live further from the coast than we wanted to be, so ideally we would stay near them for a couple of years then move 30-40 min away. We had offered on a house 30min away (because it was a great house..) but there are problems with the sale and I think it will fall through.

So.. which option to choose?
1) rent near family for six months to two years and try to pick up a bargain house just before/after brexit.
2) buy a cheaper house (one to do up so we would at least not lose money) near family with up to 40k mortgage and pay it off asap. Then sell in a few years (probably at the all time property low!).
3) buy a nicer do it up house for middle of the budget (we would still have 50% equity) that is where we want to be long term, put up with the extra driving and plan not to move for 10+ years.

It might be worth adding that the houses we REALLY want, we can't afford. But we could get a nice one that needs gutting and make it into a lovely house.

CloakandDaggerNameChange Tue 24-Oct-17 22:26:49

Could you go for option 3 but rent it out, rather than living in it, while renting a place near family?

Bluntness100 Tue 24-Oct-17 22:31:21

You shouldn’t step off the property ladder and you’ve no idea what will happen to house prices. They could gallop away from you, and rent is dead money, at an average of say 1k a month you’re looking st spending between 6 and 24k. Then if house prices escalate, you also lose. That’s a huge gamble.

Buy. And buy one you’d be happy to stay in. Don’t gamble on s crash or end up someplace you are itching to leave, fortunes change, buy as good as you can.

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