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

[UpsyDaaaisy]

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!

This depends on the part of the country you live in (London/South will be more affected) but I would hold fire until Brexit and wait for some property bargains, there will definitely be a property slump as people will be afraid to move. You might be able to afford more than you can now. Otherwise have looked into help to buy ISAs?

I’m not sure OP, I’m all for buying but management charges on leasehold flats can be like a quite high. I have a two bedroom flat I can’t sell due to these charges.

Buy. You could possibly share the bedroom until he's 5/6 and then see about moving or doing some fancy curtailing off of space in the main room.

Buy. You could possibly share the bedroom until he's 5/6 and then see about moving or doing some fancy curtailing off of space in the main room.

Have you actually gone to a mortgage advisor to talk this through. 24hours on NMW equates to about £10k a year. so a mortgage of 340-50k if that. Do you have a large deposit as there aren't many places in the country you can buy any kind of property for £50k.

I don't mean to take the wind out of your sales but I would speak to a professional before you get your hopes up.

Buy a one bed with a larger dine in kitchen which gives you more flexible space

I would always recommend that anyone buys. Renting is dead money. It has its benefits, but if you are not planning to move anytime soon and get a mortgage, it's far better for your monthly outgoing to financially benefit you by paying off a mortgage.

@whothedaddy i have already gone to the bank and asked what they thought and they said £90,000. I know I don't earn much and its is very hard, I will hopefullt be getting a better paying job in the next month or two so who knows it may go up

Im in South East Wales for those asking x

Do you have to stay in the area you're in? There's a house for £90k in Newport for example

www.rightmove.co.uk/s6p/83752268

Do you have separate money for solicitors fees and movings costs and building insurance?

I think if you're hoping to get a better paid job I would wait until then before looking. Perhaps you could look at shared ownership or affordable properties available in your area.

Having 2 beds and outside space would be useful with your dc. The pitfalls of flats are the length of the lease, service charges, ground rent and the cost of selling and buying when you want to upgrade.

Set out your long term plan to see if buying is viable atm.

Always buy rather then rent. Renting is dead money

Share the bedroom you can get a high riser double for you and single for child

Or 2 singles if double and single won’t fit

Sleeping on a sofa bed for years isn’t ideal so stay in bedroom
Till have to move out

If has a garden then even better

If you move out of area slightly you could get more for your money

If you can buy then that’s what I would do. With renting you will always have the worry that your landlord will want to sell the property at some point, and the money you are paying out in rent will have nothing to show for it at the end.

There are options to create 2 sleeping areas :-

If the bedroom is big enough you could split it for seperate space, putting glass panel/blocks in a partition to share light if the window will only be in one side.
If living room is big you could move the kitchen into it and make the kitchen a 2nd bedroom.
Top floor flat with attic space, later this could be converted.
Or cheapest is get a sofa bed for the living room and store clothes in the bedroom.

Rent might be more than your mortgage payment too. Were I live 1 bed flats go for roughly £110k to £130k. However the rent on the same properties is £650 -£750 a month which is more than a mortgage would be a month.