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AIBU?

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Original poster

To buy a 1 bed property rather than rent a 2 bed?

87 replies

UpsyDaaaisy · 05/08/2019 13:35

I am currently saving up to put a deposit on a house, I am a first time buyer and currently living with my mum. However at the moment a few things have changed and we are now very crowded and tensions are rising and it's not a very pleasant atmosphere.

I am a single parent with an 18 month old son and work 24 hours a week minimim wage. I have saved up enough to put down a deposit on a one bed flat, would this be dooable to live here with a toddler? I would give him the bedroom and have a sofa bed in the lounge. Or would i be better off renting a 2 bed? If i rented i would essentially be back to square 1 with my savings.

I planned to save for a bit longer but this is no longer possible, I just want somewhere nice for myself and my little boy to live. Tha nk you!

OP posts:
percheron67 · 05/08/2019 13:38

Buy. If it gets a little crowded later perhaps you can gradually move and find your ideal property. If you rent, it is dead money. My first home was a "starter" home. Tiny but it provided a decent deposit when I moved three years later.

MatildaTheCat · 05/08/2019 13:40

Difficult because the cost of buying is high and you will soon be feeling overcrowded in a one bedroom flat. However, it obviously depends on the layout of the property and overall size.

Buy rather than rent if you can stand sharing a room or sleeping in the living room for some years.

Batqueen · 05/08/2019 13:41

Absolutely buy! Get on the market and when your son is older you can upgrade but you will save to do that so much faster by paying off a mortgage than if you have to rent a two bed.

minisoksmakehardwork · 05/08/2019 13:42

We bought a starter home. We are now renting a bigger one as there was not enough equity in our house to allow us to sell and move up.

If you are planning on renting your one bed out, then buy. If you will rely on any equity from a bought house allowing you to buy a bigger house, have a look at valuations over the last few years first.

Renting might be considered to be dead money by some. But it was the best thing we could do. Basic maintenance we take care of. Anything bigger, eg electrical and plumbing, the landlord takes care of so it's a cost we don't have.

nonevernotever · 05/08/2019 13:42

Another one saying buy now.

Oysterbabe · 05/08/2019 13:42

I would buy.

moanyhole · 05/08/2019 13:42

Definitely buy. In your circumstances i wouldnt think twice

WombatStewForTea · 05/08/2019 13:43

Could you afford shared ownership on a 2 bed?

Namingetiquette · 05/08/2019 13:45

Buy. It will make you money in the long run.

alidew · 05/08/2019 13:51

Buy. If there is an IKEA near you, have a walk through their roomsets - always clever tips there to see how to maximise space. It's absolutey better to have the security of owning your own place rather than renting. Then aim to go onwards and upwards in 3 or so years' time. You have worked hard to save up for a deposit so don't waste it. Strong, independent woman!

OMGshefoundmeout · 05/08/2019 13:55

Buy. Without a doubt. You will have security and a long term investment. That’s worth being a bit cramped for a few years.

ashvivienne · 05/08/2019 13:57

Shared ownership or rent to buy are two good options. DDs friend has just bought with shared ownership as she knows her income will increase in a few years and continue to do so so she can increase her percentage of ownership at those points. She’s got a lovely 3 bed and took 25% of a share which was roughly 95k and she only needed a 5% deposit we are in the outskirts of London so 95k is pretty high in comparison to other parts of the uk.

YourSarcasmIsDripping · 05/08/2019 14:00

Buy. We're in a one bedroom flat. Two adults and one 7 year old. We bought the flat before DD and we're still here. We are lucky that we have a garden and that helps a lot. Most of our furniture doubles as storage and we made it work. DD is still in our bedroom, but once she wants/needs her own room we have a sofa bed for the livingroom.

AngelasAshes · 05/08/2019 14:03

I would not buy now what with Brexit. The property market is already softening with home prices dropping and more and more sellers cutting their asking price.
Buying now could be like buying in 2007 was...you’d end up seeing your home value drop by 30% a year later and you owing more than it is worth. Then you’d be stuck there, unable to sell & move for a decade.

Do you want to be in a 1 bed with a 12 yr old?

pepperpot99 · 05/08/2019 14:03

Absolutely buy - as a pp said, renting is dead money - you are handing it over to someone else and will never get it back. Buy now and you will feel great about the fact that it's yours. Yes a 1 bed is not ideal for you and your ds, but hopefully you will be in a better financial position to upscale later on down the line. Good luck.

katewhinesalot · 05/08/2019 14:04

Can you buy but make sure that the bedroom is big enough to erect a partition of some kind? Maybe a stud wall. Ds only needs a tiny room of his own. He can play and have his toys in the living room.
Otherwise you'll manage for a few years but it's not a long term solution.

SciFiScream · 05/08/2019 14:05

How long could you manage to stay with your Mum? Perhaps if you say to yourself I'm going to do what I can to stay till January, keep saving and then reassess?

January is only 5 months away.

Then buy!

fernsfordays · 05/08/2019 14:05

Buy it!

Original poster
UpsyDaaaisy · 05/08/2019 14:06

Wow didn't expect so many respnses so quickly so thank you! How does shared ownership work? Im so clueless about the whole process. Im hoping my earnings will increase when i can use my degree to (hopefully) get a better job when little one starts nursery in september.

It has been very convenient and helpful to be living with my mum the past year and as much as I know I'll always have a home here I've realised it's time to finally make the move and stand on my own two feet. Im just trying to figure out the logistics of everything and I know deep down if i start renting it will take forever to build up the money again and I want somewhere of my own so if i ever find a potential partner I won't be left in a vulnerable position if it doesn't work. Id love a 2 bed but Ive realised i need to be realistic and adjust my expectations.

OP posts:
DowntonCrabby · 05/08/2019 14:09

Definitely buy now.

popcorndiva · 05/08/2019 14:11

Are you waiting until you have a better job bevause I can't see how one 24hr minimum wage will get a mortgage

Original poster
UpsyDaaaisy · 05/08/2019 14:11

@ScFiScream, very good advice, however I've been saying that sort of thing ever since I moved back in when DS was 3 months old and now my brother has moved back in for god knows how long as he's just got a job in the area so it's all gotten a bit manic. Just kind of want my own space to call home now

OP posts:
78percentLindt · 05/08/2019 14:12

I would have a good look at shared ownership. You might be able to get a 2 bed that way. Otherwise buy a one bed.

WhyBirdStop · 05/08/2019 14:13

Buy. Also look out for flats in converted houses rather than in blocks, with 'attic rooms' lots where I live, can't be classed as bedrooms because of fire regs, the buildings are really old and putting blocked off stairs with door top and bottom wouldn't work. Our friend has one it's lovely and light , she has a living room, kitchen with a small table, bedroom and the attic room which she uses as a studio. She paid one bed price. It would be more than big enough for an adult and a child

Original poster
UpsyDaaaisy · 05/08/2019 14:14

@popcorndiva when i went into the bank quite a few months ago with the figures they suggested I could get a mortgage of around £90,000 and in the area I'm in there are a few decent looking one bedders for that price

OP posts: