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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

2 bed or 3

124 replies

Happilyneverafterrr · 12/08/2017 09:00

Sorry posting here for traffic as tearing my hear out trying to make a decision.
DP and I are buying our first house on a shared ownership scheme. we simply cannot afford to get on the property ladder without doing it shared ownership.
We have savings.. our choices are
1- get a 2 bed, have plenty of spare money to buy furniture etc.. however will 100000% need to get a 3 bed in 5/6 years time.
2- get the 3 bed - this would use all of our savings however our families have kindly offered to help out a little bit. Monthly payments are £120 higher but we wouldn't ever have to move.

The 3 bed seems so much better because we would never have to worry about buying again however £120 extra a month would be nice and I begrudge paying for a room we won't use yet!?

I don't know what to do and am really struggling to make a decision. Neither of us are high earners atall but we are very sensible with our money and don't owe a penny.

Please fire away with your opinions :) Thankyou

OP posts:

teaandbiscuitsforme · 12/08/2017 09:13

I agree with the PP - selling a shared ownership property really isn't very easy so I'd go 3 bed and avoid being stuck in a 2 bed which you have outgrown but can't sell.

MaryShelley1818 · 12/08/2017 09:15

Agreeing with everyone else...Get the 3-bed!!! It makes zero financial sense to buy a house you know you'll have to move from in 5yrs. Moving costs an absolute fortune and is difficult. You have no idea what the housing market will be doing in 5yrs, you might be unable to sell.

Argeles · 12/08/2017 09:15

Definitely get the 3 bed. It'll be so expensive to move to a three bed when you need it (stamp duty, deposit etc), that it's in your best interests to do it now.

lidoshuffle · 12/08/2017 09:16

I know of people trapped in a 2 bedroom, now with children, who can't afford to move on as property prices have risen. Definitely go for the 3 bedroom if you can afford it.

Kardashianlove · 12/08/2017 09:18

Look up how much it would cost in solicitors fees to sell the two bed and buy a 3 bed. Plus another survey, moving costs, then all the other costs (doing one place up to make it sell, decorating the new place), costs just go on and on.

Buying and selling is a million times more difficult than buying your first house.

Also, if the market did go up, you may not be able to afford the 3 bed, as the 2 bed wouldn't have gone up by as much.

If the 3 bed is your long term home, you wouldn't have to worry about the property market as much.

In terms of monthly bill costs, it depends on the area you live in (insurance), council tax band and how energy efficient the house is (heating) so a 2 bed is not necessarily cheaper than a 3 bed.

It does sound as though you want the 2 bed though!

MyOtherProfile · 12/08/2017 09:18

3 bed and rent the spare room out from time to time to make up the financial difference. Saves on 2 lots of moving fees.

NotMyMonkees · 12/08/2017 09:21

Three bed, 100%. Buying and selling is an expensive hassle even without the added complexity of shared ownership. Buy the three bed and work towards buying out the housing association share.

Bluntness100 · 12/08/2017 09:23

Three bed absolutely. It would be a crazy false economy to go two bed at this stage.

MyCalmX · 12/08/2017 09:23

There used to be a property ladder. So you'd buy the 2 bed, pay it down and save to move to the bigger house when you had decent equity and some savings.

But now you are better off buying the 'forever' home because it's an absolute PITA and costly to move.

We are in London and bought a 2 bed. We have 2 dd and would like eventually another room. But the cost now for a tiny fucking box room and a bigger hallway would be at least £250k more than we paid 6 years ago

Our plan was to have left the UK by now so I don't regret the 2 bed as it will be the push we need to leave. That and Brexit

TheOnlyLivingBoyInNewCross · 12/08/2017 09:24

About 17 years ago, DH and I moved from one city to another and bought our "interim" house - a nice, unremarkable small 3 bed which was going to do while we got settled into our new city/jobs.

Guess what? Yep, we're still in it. Housing prices are pretty stagnant, and we now can't afford to move into a bigger place/ more "desirable" location. Fortunately, we like our house and our neighbourhood but the house is not what I wanted my "forever" house to be at all.

Don't get trapped in your "interim" house!

ChazsBrilliantAttitude · 12/08/2017 09:26

3 bed. If you are planning on having a family the extra space will be really valuable. Moving is a cost and a hassle so don't do it move often than you have to.
Also if you a relatively early in your career there is a chance that your income will go up enough to cover the extra cost of the 3 bed in the next couple of years.

ZZZZ1111 · 12/08/2017 09:28

3 bed definitely!

As others have said, you'll waste money on solicitors fees, stamp duty, removals vans etc if you have to move again soon. Not to mention the hassle of it all.

beekeeper17 · 12/08/2017 09:29

Not too sure exactly how the shared ownership works but with the 3 bed you'd be paying a bit more off a bigger mortgage each month which sounds better, it all adds up over a few years. Moving costs a lot with stamp duty, surveys etc so if you can avoid that you'd be saving money. And it's stressful buying a house when you have another one to sell, being in a chain can be problematic, and you may find somewhere you really like but can't go for it if you're having problems selling yours.

Three bed sounds like the way to go if you can afford it.

user1499786242 · 12/08/2017 09:31

3 bed! 1 million percent

RedBlu · 12/08/2017 09:32

The reason I am asking if you have children yet, is have you actually checked you CAN buy the three bedroom house?

We purchased our SO house a few years ago and the houses comprised of two and three bedroom houses. Couples or single applicants WITHOUT children were not allowed to purchase the three bedroom houses.

The three bedroom houses were only sold to couples with children or single parents with children. Basically, you couldn't have more than one spare room.

A couple would share a room, so they could purchase the two bedroom and have a spare room but not purchase a three bedroom and have two spare rooms.

They wanted the three bedrooms to go to families.

I thought it was stupid as whilst it is shared ownership, you are still getting a mortgage and buying - it seemed odd that they stipulate what you can purchase - but I checked and it is a pretty widely used policy throughout shared ownership.

We purchased a two bedroom in the end, but I would recommend you check the sq ft of the houses as our two bed is the same sq ft of the three bed - as the three bed just has smaller rooms but more of them - if you get what I mean? We could quite easily seperare our second room to make two bedrooms if needed.

SunnyCoco · 12/08/2017 09:33

3 bed 3 bed 3 bed
Definitely

KnockMeDown · 12/08/2017 09:35

Is the 3 bed in the location you want to be in 5 years from now? I am guessing that the reason for needing a bigger house then will be kids - are the schools good in the area?

And are you sure that if you get the 3 bed you will never move again?

NancyJoan · 12/08/2017 09:37

3 bed. Will be easier to sell, should you ever want to.

You can get furniture etc from friends family/2nd hand to get you started.

ChrisPrattsFace · 12/08/2017 09:37

So with all these advise comments, i guess its a congratulations OP on your new 3 bed!

Gwenhwyfar · 12/08/2017 09:40

"Shared ownership places can be a nightmare to sell for various reasons."

What are the reasons? I would have thought they were a good option for many people these days.

BeyondThePage · 12/08/2017 09:42

As a previous poster says, you may not be allowed to buy a shared ownership 3 bed if you are just a couple.

And as another says - location is more important - if they are both in the same place, or the 3 bed is in a better location, I would try for the 3 bed, but be aware they may have rules about size of family.

Falconhoof1 · 12/08/2017 09:45

3 bed. Moving is hard and 5 years will go by in a flash with you wondering why you didn't get 3 bed for such a small extra amount. I bought a 2 bed for similar reasons. We ended up converting the loft so it's now a 3 but would have been better to stretch ourselves a little bit in the first place.

Quartz2208 · 12/08/2017 09:46

Costs of buying and selling are huge and the selling of our 2 bed to get our 3 was one of the most stressful situations I have ever been through. Take a look in property at the chain threads to see how complicated being in a chain is.

If you can get your 3 bed now go for it. What exactly do you need easing into with the 2 bed?

MimiSunshine · 12/08/2017 09:46

Buy the biggest you can afford now. If you're thinking you'll 'need' a 3 bed in 5ish years time then you're likely to want to move before then.
When you'll have to pay:
estate agent fees to sell the 2 bed
Possibly a fee to the company you share ownership with
Stamp duty on the one you want yo buy
Solicitors fees
Removal company fees
Money tarting up your 2 bed for sale
Money on decorating the 3 bed
Plus any other miscellaneous costs

Just make do and mend the furniture you currently have and go for the house that provides a better long term investment

Our first home is / was (we're still in it) a 4 bed. Some friends assumed I was pregnant, some family thought we may be stretching ourselves. We just wanted to buy the best we could afford with a view to not having to move for 20 years.
Thank god we did because house prices in our area started going up quite quickly and this house would now have cost us £100k more just a couple of years later. The house that some people thought we were a bit mad to buy is now deemed a bargain by those trying to sell and move into bigger houses as their needs have grown

Original poster

Happilyneverafterrr · 12/08/2017 09:47

Wow Thankyou all for your response ! I agree totally with what you are all saying and is exactly what I thought in the first place however family have put ideas in our heads! Same area .. pretty much next door to eachother! Again not much difference in square foot as pp said

OP posts:

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