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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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:
HerRoyalNotness · 05/08/2019 14:58

suit !!

Namingetiquette · 05/08/2019 14:59

AngelasAshes

I think we are looking at hyperinflation that will entice foreign buyers seeing their currency become much more powerful, especially with US centric trade deals.

AngelasAshes · 05/08/2019 14:59

@Namingetiquette
You can see here in this article how it is already happening...the tip of the iceberg. London house prices have dropped 4.4% in past year due to the weakening pound due to Brexit uncertainty. This is second worst drop compared to recession in 2007/8.
www.theguardian.com/business/live/2019/jul/17/brexit-fears-pound-lows-uk-inflation-house-prices-business-live

PooWillyBumBum · 05/08/2019 15:00

I would buy and probably wouldn’t hold off until Brexit if you have a decent deposit. Who knows how quickly or slowly the effects will reveal themselves. If everything crashes 30% and in 5 years you want to move, as long as you have enough equity and/or savings to not be underwater it may go in your favour (I.e. your next home may have a bigger discount than the one you’ll have to accept on your current one)

Google minimalist and tiny house living for inspiration.

Namingetiquette · 05/08/2019 15:01

AngelasAshes

I feel like London is unique due to the types of money that flow into it (i.e. money laundering), that I don't think it's typical to what will happen to other areas of the country.

AngelasAshes · 05/08/2019 15:02

@Namingetiquette
ALL buyers will be enticed POST Brexit hoping to buy at the bottom and ride it back up. Right now, they are not enticed because prices are in the middle of dropping just in anticipation of Brexit..with expectation of further drops to come.

AngelasAshes · 05/08/2019 15:08

I agree London is unique but for Brexit, they are the canary in the mine as Brexit affects London industry (financial services) quickest. The rest of country will be more of a slow burn with knock on effects.
Hey, it’s up to OP but Brexit is a risk. I’d wait a year to buy imho.

Namingetiquette · 05/08/2019 15:09

AngelasAshes

As savings becomes worthless, people will put money in to property to ride the wave. At the same time, foreign buyers have begun to explore other areas of the UK (i.e. Manchester). From what I have seen property prices are not dropping everywhere like they are in London. London has become overheated, there's not much profit to be had anymore so people have moved on.

Legomadx2 · 05/08/2019 15:14

Buy

TooManyPaws · 05/08/2019 15:24

I'd buy and, if you can, go for an older property with larger rooms. If you can live with tired decoration etc for a while, a lot of people can't look beyond the surface and so it might be cheaper, then you can take your time doing it up. When I worked in military housing, the older properties were liked because they had bigger rooms and better built so more soundproofing; the military had improved them with new windows, heating, kitchens and bathrooms, but you could do similar with an older property once you have a better job. Then the value would rise and you would have more of a deposit for the next one.

YourSarcasmIsDripping · 05/08/2019 17:31

In our bedroom we have a king size bed(lifts up and there's storage underneath) ,a midsleeper/chest of drawers/desk combo for DD, a double wardrobe and a chest of drawers for OH's clothes. It's just for sleeping/chilling and clothes. There's still room to move around too. Grin

DD keeps most of her toys in the living room in various types of storage. We have a compact dining table (the chairs have storage inside) and the sofa(which also has storage underneath). Kitchen is separate which is a massive plus.

I would definitely try to buy something with a garden though and ideally with already built in storage (we have two huge cupboards in the walls which don't take away from the room size).

We've been here 9 years, DD for 7 and we still haven't really "outgrown " it.

Watchingthyme · 05/08/2019 17:36

Buy somewhere that in 3-5 years you can add a lift extension or a garden ext. because you may not be able to move

Igmum · 05/08/2019 17:36

Buy. Definitely. Well done for saving and definitely buy. You may find it easier to share a bedroom with your DS (I'm a single parent too and my DD refused to sleep in her own room for quite some time). Overpay the mortgage even if it is by a minuscule amount. Good luck.

Watchingthyme · 05/08/2019 17:36

Loft*

TheFridgeRaider · 05/08/2019 17:51

Well you ate now taking a wind out of the sails of people saying that people can't afford buy on NMW😮

I would go for 1 bed flat.

TheFridgeRaider · 05/08/2019 17:51

And agree with pp!
Buy something you could potentially add value to

IvanaPee · 05/08/2019 17:58

@UpsyDaaaisy can you use the money your mum is minding and get something bigger?

I would buy.

Generally speaking bricks and mortar is always a good investment in the end.

Do you want to post the area? There might be something for £90k that suits better!

Waxonwaxoff0 · 05/08/2019 18:20

Buy for sure.

For people saying about affording it, OP might be getting working tax credits as she's on a low wage and they are usually counted as income when applying for a mortgage.

quizqueen · 05/08/2019 18:33

I would always try and buy a two bed, if possible, but try and wait till after Brexit when prices may drop for a while and you may get a better deal . Maybe look at different areas or one that needs doing up and work on it gradually.You could still sleep in the lounge while your child is small or share the biggest room with you in a single bed and maybe rent out the other bedroom for a while. Not ideal, but it would help with the mortgage or renovations and you say you are used to living in cramped conditions anyway.

Original poster
UpsyDaaaisy · 05/08/2019 21:20

@IvanaPee I could do if it helps, im not sure if it would be too outing due to issues with ex partner and him knowing I'll be living alone? I am in Wales so I think they have a few different schemes for helping to buy.

@TheFridgeRaider it's still incredibly difficult Sad Ive been in the fortunate position of paying very little (100 per month) to live here for the last year and even now I've barely scraped the minimum I'd need! I graduated uni just as I found out I was pregnant so I'm hoping and praying I'll be able to use my degree to earn a bit more money now ds is older!

OP posts:
Original poster
UpsyDaaaisy · 05/08/2019 21:22

Honestly though thank you so much to everyone posting I've learnt alot and was expecting to be laughed at really. I feel alot better now I know that if i do buy a one bed that its do able with an 18 month old (not ideal, but dooable)

OP posts:
Watchingthyme · 06/08/2019 00:14

You should tell people roughly where you live. Mumsnet folk will find you the perfect place in no time at all

PickAChew · 06/08/2019 00:17

He'll not stay a toddler. He'll be started school in a couple of years!

If the flat has a reception room you can put a sofa bed in, buy. If it's too tiny for that, keep looking. You need to ask yourself if you fancy sharing bunk beds with a 7 year old boy.

OneRingToRuleThemAll · 06/08/2019 07:28

Definitely buy if / when you can. I bought in 2008 and was advised to hold off. Only a small two bed flat, which has now doubled in value.

Tumbleweed101 · 06/08/2019 07:38

If you hunt about you may find a two bed in your budget, even if you need to look a bit further away. Then you wouldn’t need to move again until you chose, not because you child had got too big. Also consider if you meet someone new or want another child in the future.

I’m a little on the fence with it. Do you have savings for emergencies like the boiler breaking? Will your wage cover everything - especially if you are alone with nursery fees etc.

Renting is dead money to a degree but you can get help with housing costs if needed and big expenses are covered by the landlord.