I've been doing a lot of future planning over the last few days and now think we can afford to move to a decent sized house in 2.5 years (summer 2021). We currently live in a 2 bedroom flat and there are 5 of us - DH, I & 3 kids. At the moment, my DD11 and DS9 share a room and DD23m is in with us. I really need to split up eldest DD and DS as I think DD especially needs some privacy.
I'm a bit stuck. Even in the best case scenario, no-one is going to lend us enough money to buy a 3 or 4 bed property until we have a bit more equity in the property (took out a 125% Northern Rock mortgage suicide loan 13 years ago), we've paid some other debt down, and we will need some savings behind us for solicitor and moving costs so moving now is not an option.
Waiting 2.5yrs to move means we could afford a bigger property and a 4 bed may be in reach. Obviously I am desperate to move. We are cramped and I'm miserable but waiting and being patient seems to be our only option. However, in the interim period, do we...
- Sit tight and put up with the chaos and try to explain to the kids the longer term plan (to be fair they have never known different and don't often moan but I feel they deserve their own space & privacy)
- DH and I move into the living room and get a good sofabed and sleep there for the next couple of years leaving 2 bedrooms for the kids. This is my preferred option but worry that, shamefully, I'll feel resentful of the kids.
- Sell up and move to rented. This isn't as easy an option as it sounds as renting costs much more per month than a mortgage would for a similar sized property (so our ability to pay down debts and get back on the property ladder is compromised) and we'd also need a large deposit
Moving areas is not an option. We are happy and settled here (albeit cramped), kids are happy at school and DH and I have a good work/life balance.
We can't reconfigure the rooms, our current property is old, walls are very thick and the rooms aren't big enough for sectioning off.
Is there a best case scenario? Will I go slowly mad if my can be a bit entitled 11 year old DD is lounging about in my bedroom and I have even less space than I have now?
Please please no mean comments. I am highly aware of how crap my situation is and how I can't provide properly for my children.