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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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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:

WhoKnewBeefStew · 05/08/2019 14:14

Buy

Batqueen · 05/08/2019 14:15

I would wait to exchange til after October 31st (you’d be pretty much guaranteed that that’s happening at this stage anyway) as you might be able to get a better price but other than that go ahead. I’d stay away from shared ownership etc schemes if you can. I bought a one bed last year and after thorough research avoided them like the plague!

Butterfly02 · 05/08/2019 14:16

Buy now.
Can you look for one that could in the future be converted into a two bed property? Loft conversion, extension in garden or large bedroom divided up.

themouldneverbotheredmeanyway · 05/08/2019 14:17

Currently a 1 bed would be fine, don't rent a 2 bed.

With brexit round the corner (probably) I'd be worried about buying somewhere you will probably outgrow quickly. Particularly if you are in an area where house prices have risen considerably, I'd worry that they might fall a chunk after brexit - less of a problem if you are happy to stay put. If you do buy a one bed, I'd be sure it is somewhere you could stay in for a while (eg bedroom big enough to divide, lounge separate from kitchen)

If at all possible to stay with family a bit longer, I would

breakfastpizza · 05/08/2019 14:18

How long would it take you to save up enough for a 2-bed?

WombatStewForTea · 05/08/2019 14:19

What area are you in OP?

www.gov.uk/affordable-home-ownership-schemes/shared-ownership-scheme

Bluntness100 · 05/08/2019 14:20

Buy! As soon as you can.

Namingetiquette · 05/08/2019 14:22

I wouldn't worry about saving for a 2 bed. Buy a 1 bed. Our 1 bed went up in value so much that it gave us the funds to buy a 3 bed in a less expensive area.

millionaireshortie · 05/08/2019 14:23

Definitely definitely buy! Property prices usually continue to rise and by the time you've saved for a 2 bed it will be more expensive. I would totally give my kids the bedroom/s available and have a sofa bed for myself (have considered doing this if needs must).

megletthesecond · 05/08/2019 14:24

Buy. But probably after Brexit.
Even if you have to stay in the one bed at least you'll have security. I've counted my blessings being a LP with a mortgage, no landlord to worry about.

Can the one bedroom be split so you have your own single room each?

JoJoSM2 · 05/08/2019 14:27

A friend in a similar position just got her keys to a one bed the other day. She’s a single mum with a 18-month-old LO and a part-time job in London. With London prices, she couldn’t afford a 2-bed so got a 1-bed.
It has a separate kitchen so that gives her privacy even though she’ll sleep on a sofa bed. She’s also trying to see if she might be allowed to move the kitchen to the living room and turn the current kitchen into bedroom 2.

JoJoSM2 · 05/08/2019 14:28

Oh, and preferred that to a shared ownership 2-bed as the costs on that were double with the extra rent to pay.

Singleandproud · 05/08/2019 14:28

Buy the 1 bed and get one of the bunk beds that has a double at the top and single at the bottom or other way around. Use the bedroom just for sleeping and clothes and then keep the living room for playing and relaxing.

At 3 you’ve got years before DS ‘needs’ his own space. You can watch tv on a tablet with headphones or read a book with a reading lamp so you don’t disturb DS at night.

CrotchetyQuaver · 05/08/2019 14:33

I think I'd buy in your situation but choose very carefully. A garden would be nice and maybe give you the potential to extend at a later date rather than move some where bigger.

MiddleForDiddle · 05/08/2019 14:34

I would buy rather than rent.

I didn't think you'd be able to borrow £90k given your income, but if you can then go for it.

Isitweekendyet · 05/08/2019 14:36

Definitely you can manage a one bed with just the two of you!

Think of it as a two bed just with no living room.

Give DS the bedroom and put two wardrobes in one for you and one for him.

Take the living room and get a sofa bed - IKEA do some really inexpensive but nice ones and they are always coming up on facebook/gumtree etc.

Decorate the living room as you would your bedroom and retract the sofa bed to an actual settee keep DS's toys out of sight when he goes to bed.

It's easier to get up the property ladder when you're already on it.

Reassess in a few years and see how finances look then.

You've done a remarkable job to save so well with such a little one and you deserve a space of your own. Hope everything works out!

AngelasAshes · 05/08/2019 14:38

Op- what is your savings vehicle? I would hope you are using lifetime ISA or a Help to Buy scheme to max out your interest on your savings.

sonjadog · 05/08/2019 14:41

I would buy, but not until after Brexit.

AnchorDownDeepBreath · 05/08/2019 14:43

I wouldn't buy now, Brexit is too much of a risk. I wouldn't rent either; unless there was no other option.

Namingetiquette · 05/08/2019 14:45

I'm going to go against the grain and say don't wait for Brexit. What will probably happen during Brexit is the pound will crash and equal a US dollar. The trade agreements will be very US centric. Eventually this will mean that as our currency becomes worthless, it will take far more of it to buy anything, which includes housing. I predict the cost of everything will go up badly.

Original poster

UpsyDaaaisy · 05/08/2019 14:45

@AngelasAshes i have a help to buy ISA and quite a devent chunk in a separate account which is meant to be money for my son. Its a bit of a moral dilema but i think in the long run he will benefit from me using it on a house, plus its mostly from me. I also have another lot of money which was left to me by a relative for this kind of purpose but my mum has been minding it for me

OP posts:

Seahawk80 · 05/08/2019 14:46

I would buy, can you afford a 1 bed with a garden? That makes all the difference. We're in a 2 bed and planning on another child, because of brexit and London house prices we'll have to stay out for at least the next few years but having the garden is a godsend. Even on a rainy day you can chuck the kids out in wellies to let off steam! It's a different situation to you but when we were looking we couldn't afford a 3 bed house without massively compromising on area, went for a 2 bed flat and never regretted it! One thing I would say though is check what the soundproofing is like, my friends were in an upstairs flat and the neighbours constantly complained about their children making noise even though they were just playing nicely and are v well behaved!

AngelasAshes · 05/08/2019 14:50

OP- oh good! I got worried you might be missing out when you mentioned you were not aware of shared ownership programs.
Glad to hear you have got Help to Buy. Xx

AngelasAshes · 05/08/2019 14:53

@Namingetiquette
If the pounds crashes, housing will go down not up. Currency getting weaker means imports get more expensive but exports, domestic products and housing get cheaper.

HerRoyalNotness · 05/08/2019 14:58

If you do a post on property and say what your budget is and where you’re looking you may get some good advice and property suggestions. If there are any 2 beds that have been siting on the market a long while you could also make a much lower offer to shit your budget. They of course can say no, but one of them may accept.

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