Too small housing association or private rent

[user1461609321]

Hi everyone

Just wanted to canvass views on whether it would be better to privately rent a 2 bed flat in a slightly nicer area for £1200 per month or to stay in 1 bed housing association flat which costs £720 a month but in a busier and not as nice but close to work and school area?

I earn ok but the cheaper option obviously allows me to be less stressed about money so can afford yearly holiday etc and have no landlord stress

Trying to save for a shared ownership property but saving seems to be a slow and long term thing

I have 2 children of opposite gender , married but currently sleeping on fold out bed, or occasionally co sleeping with kids who are primarily age

Scared of losing security of housing association place, but also feel current flat is too small and as though life is 'on hold' as I know that this is not our forever home eg can't seem to muster desire to buy or replace new furniture etc

So question is what would you do?

Thank you so much everyone. I will keep you updated on my progress to save a deposit and buy my first home

Hi everyone

If anyone is still following the thread, just wanted to give a minor update on my savings as I now have £2000 towards my £5000 goal!

Hoping to reach £2509-3000 in August, wish me luck 🙏

Mini update for anyone still following, today I finally reached the £4K savings mark-yay!

Hoping to save another £1k by end of October to mid November when I will hit my target-everyone wish me luck

Well done, I need to save badly we are in homeless temp accommodation and hope we will get something soon as I’m fed up and in limbo with 4 kids in a tiny house with no room for much at all.
Well done and good luck with the last 1k!!

Well done! That’s bloody brilliant! Keep going you’re doing so well, all the best for your final push

Can you put it into a first owner ISA. Where the government help
You sound like you might be able to do this.

www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

And well done!

homeswapper is a waste of time if you live in a flat

^ my experience, unfortunately. Lots of people in houses with gardens wanting the same with no timewasters (charming).

If you are overcrowded, or will be soon as your children grow, it may really be worth holding on for a bigger HA flat. Look at your legal options here! Lots of people move into bigger places as their children get older.

I live on a druggie HA estate, rent is half what I'd pay privately - if I was healthy and able to work I'd move, even if it cost me a bit more. HA flat is tiny and boxy. What I'd give to live in a large private house or flat without drug dealers and staffies and the whole bloody Shameless shit.

Wow! Well done you! Fantastic work

Thank you everyone, the support has really meant so much to me as many of you will have seen me get to certain points in this saving journey and feel like giving up and spending the money on redecorating the flat, holidays etc. Honestly it has been bloody hard work taking packed lunches in, not going clothes shopping etc as I normally would, but am just trying to stay focused!

These last few months have been particularly tough, trying to save whilst buying 2 sets of new school uniforms, missing out on our usual summer holiday, had to bulk pay road tax yesterday, honestly it's a lot!

Feel bad as would normally even loan money out to certain people who asked, but have had to say no despite having the money in the account which makes me feel really mean, but I am not sure I'd get that money back by the time 'I' would need it and didn't want to feel resentment at being set back by someone else despite my own efforts to save.

Aside from one off course fees, residents parking permit renewal and normal bills, i am hoping to save the rest of Oct- mid Nov income- just hope that I can do this!

You are doing really well and will pick up your keys in no time. Keep us posted as I love a happy ending.

You've done brilliantly OP. I hope you get your new house soon.

Thanks for keeping us posted - you’re doing brilliantly, sonpleased for you

Amazing work OP. You'll look back with pride and joy very soon!

Well done OP. You don't need clothes. You need the money more than anyone that asks. Keep going.

Have you started the process for shared ownership. This would give you the final target in sight with Christmas approaching it will ensure you remain strong and don't buy stuff for Christmas you don't really need. Just think of being in a new place and decorating it next Christmas.

Happy to keep reminding you in the run up to Christmas ... will do me good too

Thank you so much everyone, it actually makes a difference having people rooting for me and keeping me accountable for the plans I have made- also wishing everyone in this journey of delayed satisfaction every luck.

I've just realised how much money I used to waste yet still felt broke at the end of the month, often wondering where my money went!

I have been on Pinterest loads looking for savings inspirations such as 'if you don't tell your money where to go it will grow wings and fly away'

I appreciate it's not easy for everyone to save but little changes can make a difference at times

Well done OP!!! Keep using the Pinterest board as inspiration - not long now!

Have a look at the boards for up cycling and check out sites giving away furniture - you could perhaps start with something small and have it ready for your new home 🏡

Wow that is amazing to save that much in just a few months! Well done!
Now you are close to your target, I'd book in to see a mortgage broker (don't just go to a bank, a broker can get better deals and ours was able to get us a bigger mortgage), to find out how much you could borrow and get a mortgage in principle. You could also register your interest in new shared ownership developments, or check the resales websites? Keep saving during the buying process and then you can make that IKEA trip when you have moved in. Good luck.

For some reason your thread has only just popped back up for my Threads I'm on"

Well done!!! Keep saving as buying and moving will probably still cost a few £k more than the deposit.

This time next year you can comfortably be in your new home!

Thank you so much everyone, I will definitely take all the advice given

Amazing in just a few months! Fab motivation!

Keep going! You'll be in your own place in no time :)

Evening everyone, mini update for you all! I am at £4500 now, so fingers crossed there are no emergencies, I hope to reach my target of £5k by the end of next month 

Hit my target 

WooHoo time to start house hunting?