to go smaller to own a home?

[DropItLikeASquat]

I am trying my hardest to say for a home of my own (ours, mine and the kids).
I currently private rent at eyewatering (relative to my low income) cost each month and I hate that I am spending such a huge chunk of our money on someone elses investment each month. We have also moved 3 times in just over 3 years due to work commitments, then in the next house the LL sold up and in our last home the LL passed away.

Looking at the current market I can afford to buy in a few year but only if I downsize by a bedroom and share a bedroom with two kids that will be 5 and 3 by then or I sleep in some sort of Murphy bed in the living room.

This totally doesn't bother me, and as long as the kids are happy I feel this is a good option for our future but my friends think I am mental to sacrifice my own bedroom to own a home and have more disposable income.

AIBU? I feel as long as me and the kids are happy and we free up a chunk of income to use for our family its perfectly acceptable to live this way.
They live like this in many metropolitan cities across the world and we would hopefully not be home that much as TBH we are barely home now as we are very active/outdoorsy people.

I am just looking for peoples thoughts really.
Is it reasonable to compromise space in exchange for more financial freedom and security?
WWYD in this situation?
TIA x

Yes it is a good idea to buy but think about storage solutions and make sure the house you buy would sell again without you losing money

At 5 and 3 I think they could probably share for a couple of years still? Would certainly look better for selling if you do an adult bedroom and twin kids. Then people understand exactly why you're selling again. We left a 3 bed flat to buy a 2 bed detached new build bungalow. We've made 20% in four years just for living here and we'll be a family of four by July. We are now nearly buying a forever house we never dreamed we could have. Do it, and explain to your kids that sharing won't be forever.

It could be a good move if it's an area where prices are likely to rise. Then you might make enough to get somewhere bigger down the line. But it could be all bets off in a few years time so I wouldn't get too excited if you have to wait till then. Just keep saving what you can. Could you share in the meantime and take in a lodger? That way you could see how it works and make some extra cash for a deposit.

I would buy a smaller house with potential to extend in a few years time.

Agree with you. They will love sleeling with mum!

YANBU. I would do that, my children would love to share with me at that age. Buy a house with a high loft or room to the side and you can extend in future.

I think you are right to go for it - but not long term, so would try to think about the next step after 2 years of living like that.

Alternatively, would it make sense to buy and let out the smaller place until you can trade up for a place big enough for you?

I know lots of kids of different sex in London who have shared until 11 or so.

I actually have 8 kids. Currently in a 4 bedroom rented BUT.....
the 3 smallest all get in with me every night and don't sleep in their own rooms at all so was thinking a 3 bed would be fine?
my older 3 girls are in a room, the boys in another and the 2 smallest in with me (and a 3rd in with me too like she usually does).
I could just about get a mortgage for a 3 bed and would shave approx £300 off our outgoings each month.
Ive looked at the numbers over and over and even with the added costs of owning, the drop from rental prices to the mortgage cost will completely change our lives.
Ive opened a LISA and I'm throwing the max in that each month and I'm putting everything else spare into my ISA. That was if the kids need something I can get it out of the isa but the LISA is protected and I will get the £1000 bonus each year towards my buying costs.
Im bleddy determined and its great @mybabystolemysanity to see you downsized and found it worked, its very inspirational.
Ive been a minimalist, for want of a better word, for a year nw and we already have very little belongings outside of what we need, and what we use for our activities and clubs etc.
My dream would be to live in a 'tiny house' in a smallholding, but I know that is complete unrealistic until my kids are flying the nest, so to speak!
Im just gonna go for it!
thanks much for your reply and encouragement.

Do you mean you can afford a 1 bed flat in a few years?. If you are sharing the only bedroom with 2 children.

I don't think there is anything wrong with a murphy bed set up, its a neat solution - but you need lots of storage too for clothes for the three of you. I think you could get 'trapped' in a too small property with two teens at some point as it costs a lot to move up the property ladder.

Is there anyway you can move a little further out and get a 2 bed flat, its just the lounge and kitchen seem to be bigger in 2 bed flats too.

or have you found a one bed house that can be extended in the future?

Mortgage lenders do take into account the number of dependants you have as it means you'll have higher outgoings. Are you quite sure that you'll be able to get the mortgage taking into account your 8 kids? If so then I'd go for it, but make sure you've planned for all eventualities.

Sorry, but I had to say: you have 8 children. How on earth do you manage to manage? Pay the rent, save? Blimey, I found it hard with 2 children 30 years ago.

could you access any kind of shared ownership scheme to buy a house that is actually big enough for your family?

right - seen your update

a 3 bed house with all the childen in bedrooms and you in the lounge area sounds doable. It will be cramped presumably youd get 2 doubes for 3 kids and 2 in the single and you downstairs if they stopped wanting to share with mum

yes, buy.

I originally thought you meant have a one bedroom place but now I see three bedroom even with 8 kids I think it’s realistic particularly as at guess some must be teenagers and may move out in a few years?
I’d have a think about where your clothes etc would go but if you have a bed in the lounge then you’d still be able to enforce bed times when needed.
A lot of people do it and while it’s not perfect it’s worth it for £300

and yes £300 a month will make a big difference.

@grasspigeons yes thats the setup I have planned. 3 in one rom, 3 in the other and 2 in the box room. or in with me. TBH as the smaller ones grow up my teens will be up and leaving uni etc anyways so will only be cramped for a few years and then I can evaluate the situation again.

@DrunkonCalpol, I've been to a mortgage advisor and my solicitor friend has has a good look threw it with me, fortunately I am extremely good with my money since my divorce and lender will take into consideration lifestyle choices and how you manage money as well as the numbers in v numbers out. Actually the mortgage advisor was stunned at how well I am able to save.
I am literally putting aside every penny that we don't use and I'm being purposeful with every penny of my spending.

@Iago its sheer determination and cutting back on everything. I sold the car, walk everywhere, cut the kids clubs right back, only do free stuff unless its a birthday etc, everything stripped back to the essentials for the next few years until that deposit is saved. Its hard saying no to the kids and I miss the coffee meet ups with my mummy friends but I just have to keep the end goal in mind and keep going.

Can you get a three bed with a dining room or living room that could be your room and a family room too?

Good for you!

You can do this and how you live inside the house won't affect the resale

There's loads or really useful furniture these days that can convert a living room into a bed room. So no real compromise when everyone else is in bed

@backsackcraic, I'm not sure, it will depend on prices at the time and the area, currently in the areas I am looking at I could manage to get a home with a dining room so that could be a solution.

@greentulips, thank you, I hope so. x