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?!

I wouldn’t do it based on those numbers. That increase in rent would make a massive difference to you and I wouldn’t take my child out of nursery to do it.

Will your 3 year old get nursery funded if one of you isn't working?

Where do you live? We own a 4 bedroomed house like the one you describe and out mortgage is £700pcm.
if you can afford the move then yes absolutely, can’t imagine living in a flat with no outdoor space with kids but also if you can’t, Maybe a move out of the area so you can rent what you need without the insane price tag?

Ha ha ha, where I live you’d pay £1350 for a 2 bed flat so it sounds reasonable to me and I live very much up north!!

Yes because she will be on maternity leave.

Of course yes, I was thinking op was giving up work indefinitely.

@Sundownmemories wow, were do you live? We live in a 5 bed and it’s just under £2300 mortgage.

Why is it either a flat which is too small for you or a house with a gated driveway for twice the price?

Are there no houses somewhere in between?

If you do rent the house & afford it by taking the 18 month old out of nursery, what happens when you go back to work & baby needs childcare?

£33k per year on rent, and you'd have absolutely nothing to show for it at the end.

Given your DC will be small for a few years and thus not be too fussed about space, I'd be inclined to stay in your current home saving the difference on the higher rent for a good few years before buying somewhere abroad, or in the UK if your circumstances change.

This is slightly misleading...
A proportion of mortgage is "wasted" on interest in any case.
On top of that you will likely have a fairly hefty stamp duty on a 4 bed house based on that rental amount.

If OP wants to move in 2-3 years that is very punative if you look at total cost to change.

Then on top of that if the market sucks when they want to sell they might be stuck with even more costs.

Don't get me wrong generally I'm in favour of buying but OP plans to leave the country shortly and they need space now now.

To all those saying but don’t rent seem to forget about a deposit! If OP had a spare £80k down the sofa she would probably seek a mortgage for a similar property but life isn’t like that for a lot of people.

Rent the house. 3 kids in a 2 bed flat and no garden is hard work. Or your dh needs to give up his office/study.

I’d never spend that much on rent. Just buy somewhere, so you have your own home. You may move abroad, but you may not!

You’re going to have to move as you are going to need more space - is there a compromise?

As a jump first, panic later kind of person.. I would go for it!

If one or both of you works from home, will that still be doable with 2 babies at home? Will you find yourself having to keep the two of them quiet all day, or more likely, trying to stay out for most of the day?
Will you be able to get the nursery place back when you need it? How will you manage with childcare for the new baby once you go back to work...it might be that a nanny works better than individual nursery fees for 2 or 3 of them. My understanding vis that free nursery care isn't actually free because of added extras and not being able to get the hours you actually need. Might an au pair be a solution at some stage? How much room do you actually need, both now and going forward.
I'd be researching all of this before committing to such a high rent. There must be plenty of cheaper but also satisfactory sized houses available.

Can you not find a cheaper 3 bed house with garden to rent? £2000 -£2200 a month? So you at least get the massive improvement of a private garden and parking. Maybe with a separate dining room to use as an office?

Baby will be in with you for sometime (and then in with 18 month old?) and you could put 3 year old and 18 month old in together when hosting family in the meantime. It’s not a permanent thing if you’re planning to move abroad within the next few years.

Then at least you could afford to keep 18 month old in nursery for a few mornings/days a week which you will probably find extremely helpful, especially if they enjoy it, so you’re not having to plan days out/activities for them to keep them occupied with a newborn/young baby in tow.

Thanks all! We have decided to go for it 🎉

We couldn't afford to buy this kind of property and it truly is perfect for us until we decide what we want to do with our lives and where we want to end up.

Our 3 year old isn't affected thankfully and we will just drop our 18 month old to two full days with the option to increase again (will see how it goes with the newborn).

I'm going to start maternity earlier and use some holidays to enjoy unpacking slowly and nesting 😆

I know we seem utterly bonkers to most but hey we are happy and I guess that's the main thing. For context we are in Scotland as I know many thought we were down South! House prices are pretty crazy here.

Honestly I’d seriously consider looking at how much a mortgage would be on something like the house you want. I know you’re planning to move abroad eventually but I’d either rent it out (covering the mortgage) so you’re keeping a base in the U.K. or sell it and use the equity to find your move. By spending that amount on rent you’re basically throwing £33k per year down the drain, if you don’t move abroad for 3 years that would be £99k 😳

Awesome! You do you. A change always feels good!

People on this thread need to understand that although their mortgages may be small, this is irrelevant given house prices and mortgage rates today. In expensive areas, rent can be half of what you would pay if bought an equivalent property, and would then just be ‘wasting’ money on interest payments instead. Some people are finding it’s better to rent, especially if they can’t stump up a massive deposit (£50-100k) and put more money into savings instead.

From sept 2025 all children from 9 mths will be entitled to 30 hrs free childcare if both parents work

@Baba197 has that been extended to Scotland??

Why are people typing about their tiny housing costs in comparison? What’s the point? I hope you enjoy your new peaceful and spacious home op.

People saying it’s a crazy amount to rent and they should just buy obviously haven’t tried to buy recently. I am in the process of buying a house and my mortgage payments will be higher than my rent was because of interest rates. We’re in the fortunate position where we can afford it on a 2 year fix and when/if they come back down after that we will be in a great position. But buying isn’t necessarily cheaper. Buying isn’t for everyone, it’s your own choice based on your own circumstances. If you can afford it (sensibly and with a good buffer) then do it!!