Wait to buy a house before TTC or rent with a baby?

[Adultingdecisions]

I’m in a dilemma that I’m sure loads of people are also in because of covid. I’m 35 in a couple of months, so is my DP. We are renting a small two bedroom house with the second bedroom used by my teenage child from previous relationship. Space is tight here with the three of us now, I moved in as a single parent when DC was little and it was perfect but we’ve definitely outgrown it. We are able to save some money most months though as the rent is more than affordable on two full time salaries.

We have a house deposit ready to go to buy a 3 bed semi, but covid has screwed our house purchasing plans for the last few months with hardly any houses coming on the market and when they do they’re snapped up before we get a look in. We are tethered to our current area due to DC school and family. Adding to the issue is the fact we would love to TTC, and given my age I don’t want to hang about too long. Clearly I’ve had a baby before (unplanned as I was young) but I’m aware that’s no guarantee it could happen easily again.

We have discussed renting a larger house for now, which would mean no substantial monthly saving would be possible but would give us the much needed extra space we need for our current setup and for a future DC. Buying a house in the future may then be difficult however as I’d be on a part time wage and our mortgage affordability would be affected. Also we have a cat which 95% of landlords seem to rule out before you even get to have a viewing.

I have no idea what to do for the best.

Try and buy before you ttc. It's by far the safest option. Are you planning on getting married?

Just stay where you are for now have the baby or will be in your room anyway! Keep saving and buy eventually - don’t rent a more expensive house !!

I'd keep looking for a house for 6 months and then start TTC. Baby will be in with you for 6 months at least so that's nearly 2 years away so time to find something

I wouldn't wait at 35. I would get to the registry office first though (just personally, up to you obviously)

I’d buy before TTC so that the existing child has a stable base. Existing children should always come first imo.

If you have higher rent, less wages and another huge financial commitment of a second child then it will obviously impact on the existing child.

I'd go with trying to buy a house before baby. You might be able to sort it before baby is born. Or you could end up in a situation where you can no longer get a mortgage once you have a baby, if you plan to go part time with work or considering cost of childcare in application. So would be good for you to be sorted before baby is born. As you know babies are expensive so might end up dipping into your mortgage fund once baby is born etc

As your child is a teenager, wouldn't it be possible to move a bit further out and they can travel further to school?

So the likelihood is, if you dont buy before you ttc you wont be buying in the next 10 years, if ever. How important that is to you I dont know - I can see at 35 you dont have years and years to play with.

I think if a year or so of saving would make the difference I'd save and wait. Or could you look to move your child at 16 (for college/6th form)?

I'd buy a two bed now. Baby can be in your room for a couple of years. You can then consider extending or if not possible/affordable, get a large comfy garden shed where your teenager can move to.

I'd ttc while house hunting. Even if you get pregnant tomorrow you won't need a 3rd bedroom for more than a year. Plenty of time to find a suitable house and move.

I'd stay put, TTC, and keep trying to buy. As PPs have said, the baby will be in your bedroom for the first six months anyway, so even if you conceived straight away, you've got the best part of a year and a half before space really becomes an issue. And, having had fertility issues of my own, I wouldn't hang around

I definitely think it would be unwise for you to spend more money on rent at this point.

Get married and buy your house before TTC

Have you done a mortgage calculator based on your current situation or with the baby?

Once the baby is here, the mortgage company may deduct nursery costs etc when working out how much they will lend

If you buy before you TTC with a 5 year fixed mortgage, nursery costs won’t be an issue in how much you can borrow

Don't wait at 35. I think ideally it's nice to be settled by the time the child is going to start primary but a newborn baby doesn't need much space.

Buy the best 2-bed you can afford in the area that you want now, while you have a deposit ready to go.

You will be a proceedable buyer.

Preferably buy something that you can add value to in any case, or extend if needed.

Once you have covered moving costs, you are not only saving every month as the mortgage will be affordable, but you are also increasing your equity. Then move again in 2-3 years if you need to at that point.

Think of it as a 2-3 year plan.

I would wait until you have a mortgage agreed and a property in place to buy before you start to TTC if you don't want to risk being offered a much smaller mortgage once the baby is here and then childcare costs are factored into how much you can borrow.

@RockPainting

Buy the best 2-bed you can afford in the area that you want now, while you have a deposit ready to go.

You will be a proceedable buyer.

Preferably buy something that you can add value to in any case, or extend if needed.

Once you have covered moving costs, you are not only saving every month as the mortgage will be affordable, but you are also increasing your equity. Then move again in 2-3 years if you need to at that point.

Think of it as a 2-3 year plan.

This makes a lot of sense!

Give it 6 months, if you are hot on your property search then I should get something. Definitely worth it to ensure that your mortgage isn't impacted. And 6 months to save up to subsidise mat pay or kick-start childcare fund.

You need to buy before the baby comes, otherwise you never will.

Ttc by all means, as you don’t know how long it’ll take and you still have 9 months after that.

But don’t rent, you’ll never buy.

Could you buy a smaller one to get on the ladder then move when baby needs their own room?

Fertility starts to decline at 35, so as someone who has struggled with that I would never say wait to ttc if you definitely want a child. You can get a house at any point in life, don't risk reducing your chance to have a child.

Mortgage providers will add childcare to your affordability calculations if you wait till baby. This will determine the size of house you can buy.

I would definitely buy before the baby. In fact, I did just that when I found out I was pregnant as there was no way we would have got a mortgage whilst I was on mat leave.

It doesn’t matter if it’s not big enough for your needs now. Once you are on the ladder it’s much easier to move up than trying to get onto it with a reduced income.

As PP said. there are mortgage implications for being on mat leave and you may find it harder to get one when you have several months of lower income showing. I'd sort house first.

Work out what you'll be able to afford rent/morgage wise once you've had another DC, factor in maternity leave and childcare costs after so you don't end up struggling financially. If you can still afford to buy then go for it

We have a house deposit ready to go to buy a 3 bed semi, but covid has screwed our house purchasing plans for the last few months with hardly any houses coming on the market and when they do they’re snapped up before we get a look in.

I know it can be a bit controversial but have you thought about dropping notes though houses in the areas you'd like to buy seeing if anyone is considering selling? Often people bypass the whole listing process altogether