To move to a more expensive rental? WWYD

[babythreeincoming]

We currently rent a first floor flat with 3 bedrooms (one being used as my partners office) which is £1540pcm. We have two children (3 and 18 months) and expecting our third come February 2024. There is a communal garden, although it is more for "show" and no ball games etc allowed so we very rarely go down to it.

Just viewed a 4-bedroom house which we have fallen in love with. It has everything we need including a large garden, private gates with parking, office does not take away from the bedrooms and we can host family much easier. Only problem is the rental being £2750pcm so a big jump.

Our 18 month old attends a private nursery 5-days per week which totals £1384.50pcm meaning if we went for the new property he would realistically have to come out of nursery. Our 3 year old is not affected as he attends a public school nursery with the funding. We also have other factors such as an increase in Council Tax.

Really struggling to decide what to do and whether it is worth having our 18 month old and a newborn at home for the next little while or stick it out and find something bigger, just not as expensive.

It truly is a dream rental... just not sure if we are daft?!

Surely it depends on your household income (which you don't mention) and if taking the 18month old out of nursery is feasible (I'm assuming you're a SAHM if you could do this?).
It seems like a ridiculous amount of money to spend on rent to me, have you looked at what you could buy?

I personally think you'd be mad unless your household income is significantly higher than your combined costs.

Our income can cover the move and I currently work full-time and will be going on maternity leave in February so can realistically have our 21-month old and newborn. I just don't know if this is worth it for a private garden and more space...

We do not want to buy as we may look to move overseas as the children get bigger so are happy renting for now.

Even if you plan to move overseas, you could still buy now and let the house whilst you’re away and sell if you don’t return. Nearly £3000 is a huge sum of money each month.

So even if you're on maternity leave for let's say 12 months and take the middle child out of nursery......then if you go back to work that child would be 3 and eligible for free school nursery (?) but you'd still have to pay private nursery fees for the baby. So taking nursery fees out of the equation is only a short term fix unless you're not planning to go back to work after baby no3?
Only you can really decide if the extra space and garden is worth it but living in a 1st floor flat with 3 bedrooms, 3 kids and space for a home office doesn't sound great! Is there nothing a bit cheaper that would still offer similar space?

That is an insane amount to spend on rent when that amount would get a good mortgage. Even if you plan to move abroad, it makes more sense to build equity in a property that you can then sell, rather than throw money down the drain renting. Renting is dead money, where as buying means the monthly payment isn't lost, paying for a landlords lifestyle. Look in to saving a deposit and buying somewhere you love just as much as the rental.

This whole situation sounds crazy to be honest.

This is a more money than sense situ here. To be comfortably able to afford the rent of £1540 and the nursery fees is a massive luxury. To then remove your child from nursery which would I'm assuming be temporary to afford another person's mortgage of almost £3000 per month is madness! Buy yourself a nice little property save all the extra money you won't pay out every month for the future move you want to plan and build equity in your own home instead of allowing someone else to benefit from your families hard earned cash. Total madness to consider this amount of outgoings a month in the current climate.

Wow. You don’t mention your incomes but I’m guessing they must be quite high? For comparison my mortgage is less than £400 a month! You could put away the extra money each month and save for a house deposit. Nearly £3000 a month is insane money for a rental. I’m guessing London or south east for that cost. As someone else mentioned what happens when the baby needs nursery, would you be able to cover the costs then? I would consider all your options carefully as that’s a huge amount of money and there must be other houses available with a garden without the huge price tag?

Is there no compromise between the two costs? It seems like crazy money. It's hundreds of pounds above my monthly take home pay.

Talk about first world problems 🙄

I honestly think you need to find a middle ground. It will be a struggle and assuming things don’t go wrong and you need more money. Moving is stressful so I’d personally wait for something a bit more manageable.

Where you currently live sounds more than fine. Personally I would stay put, take your 18 month old out of private nursery, and put the money you're saving into savings accounts for you and your family's future.

Don’t forget from april 2 year olds will be entitled to 15 hours free funding

To me, it makes no sense to spend that kind of money on rent, money down the drain
I would buy and rent it out if ye do move

I stay where you are until 18 month old gets free hours. I'd consider moving after that point. A baby will likely be in with you for 6 months.

Another vote for buy
that’s a crazy amount of money to put on rent

Jeeeez for your flat your in now that's 5 months rent for us 3 bed big house 2 bath huge wrap around garden..I'm guessing you live south

If the rent is more than a third of your current income, then no don’t do it. The rent will increase, it won’t be fixed for the whole of your tenancy, all other bills will be more, and the landlord can always sell so you’d have to move. Sounds nice but be realistic and consider the downsides as well as the upsides.

These threads 😂 it’s as if some posters have been living in a remote part of the Amazon rainforest for three decades and don’t know house prices vary massively up and down the country.

Not everyone can get a mortgage, and to be honest three children in one bedroom sounds awful to me but only you know the affordability and (most key) how easy it would be to find another rental if this one proved unsustainable.

Fuck it, life's too short. If you can afford it @babythreeincoming - do it. It's shit having children in a flat, go for the house!

Not necessarily the south - here in Edinburgh £1540 pcm would be on the cheap side for a 3 bed flat.

Bottom line, can your afford it and live the way you want to, if the answer is "no" forget it.

If you can afford that then buy a house. Waste of money otherwise

We pay similar in mortgage for our house…

I think uk generally hates renting and insists it’s a waste but it has its place. You sound like ideal renters as you don’t want a permanent fix.

i would not want 3 kids in what is essentially a 2 bed.

there was a recent post on here about house vs lifestyle and a lot of people feel similar to me that where you live is a big part of your lifestyle.
with 3 under 5 I would 100% prioritise