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Rent again to save a deposit?

7 replies

fantalemonisbest · 03/08/2020 04:54

Hi all, please help!
We've two dcs. DD 1 is 10 and starting y6 in September (fingers crossed) and DS is 7 starting year 3 again fingers crossed. Dh wfh atm and I'm pt but looking for ft for scope.
We've had the crappest luck with rentals for the past 7/8 years and as a result we've moved a lot. The dcs have always stayed in the same primary school so that's the non issue. Our town is a uni town and so the housing stock is very hit and miss, and our current rent is 1400 which I think is madness and is slowing down our saving potential to buy our own place. Dh has suggested that we move yet again (within the same town) for a rental saving each month of around 400/500 a month to get our own home sooner. But I'm afraid the dcs will not appreciate moving yet again. There are a few decent secondaries in the area and dcs won't be attending the one closest to primary school anyway. I just worry about further upheaval when we can own a home and move again. Has anyone else been through similar? And you deserve a medal if you've read this all!
Thanks

OP posts:
JoJoSM2 · 03/08/2020 05:28

By the sound of it, you’ve moved a lot and the children don’t know any different so not sure why it’d be a bother this time?

It sounds like you’re now in a very nice property high you like and you aren’t keen on a cheapo place to safe up.

FortunesFave · 03/08/2020 05:31

Will the new area have a good secondary? If not, I'd be cautious.

fantalemonisbest · 03/08/2020 05:36

It does have 2 good secondaries. We'd stay in the same
Town just move to the other side
Of it. We're sick of renting and looking for ways out of the cycle. Just want to do what's best for the dcs

OP posts:
JoJoSM2 · 03/08/2020 05:41

How many more years till you can afford to buy if you live in the cheap place? I’d find that preferable to carrying on renting if you want to feel settled.

fantalemonisbest · 03/08/2020 08:34

It would change a 4 year plan into a 2 . Sorry I did mean to reply but I finally got a little sleep.

OP posts:
Darkestseasonofall · 03/08/2020 08:42

Of you're very confident that you'll save the extra 6k a year, and that it will be enough to make up the deposit, then yes go for it.
If it means that you'll be living in a crap house, and spending money as you're miserable, and your commuting costs will increase, then think hard. I say this as I know someone who did that exact thing.

JoJoSM2 · 03/08/2020 13:20

I'd just have my eyes on the price ie own place in 2 years. 4 sounds like a very long time to wait and more time for property prices or mortgage rates to work against you (they could work in yours favour but no one has a crystal ball).

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