To rent a 2 bed flat instead of a 3 bed house?

[Wingardiumm]

Hi all,

I am thinking about renting in zone 3 London (Hither green).

DD is 3 and DH works around London Bridge. I work part time (3 days).

A two bed flat is around 1700 pm while 3 bed house would be 2400pm.

Here's where I want your opinion. I think we can fit in a larger 2 bed flat (we are currently in a small 2 bed flat but DD slowly growing it out), and save for a deposit and also fund for rainy days esp in this climate. DH thinks a 3 bed house would be optimal since DD can have the choice to play in the garden and he / I can have an office.

What do you guys think? AIBU to want to save more?

I am also genuinely asking for help: if you are renting a 3-bed in London, what are your situation? It seems to me the 3 bed rent is a lot higher than what we would pay in monthly mortgage payment in a 3 bed!

What makes you rent and are there any benefits (such as flexibility, moving for school) that benefit you and family?

Thanks so much!

Sorry when I say 3 bed I meant a 3 bed house. A 3 bed house rent is a lot more expensive than 3 bed flat too...

Can't you find a 2 bed house where the rent is between what you pay now & what the 3 bed house would cost? £800 a month difference is a hell of a lot to find but £400 would be more manageable & don't forget there would be more council tax & higher energy & water bills. Only you can know what is affordable, would moving further out be a possibility?

Do you need a home office - do either of you work from home?

YANBU. That's £8400 a year extra. It would be lovely to have the extra space, but that is a huge amount of money to pay for it!

If things go well for you financially, that is a good chunk of money you can put toward your future house purchase. If things go badly for you, which is quite possible in the current economic climate, that money could be the difference between being able to make ends meet, and finding yourselves in an unbearably desperate situation.

With the current financial situation, I'd go with the flat rather than the house. It will enable to build up your savings, whether you use that for house purchase or something else as things look rather unsteady at the moment, especially after the mini budget (unless you are on over £150,000, in which case you are unlikely to be asking the question).

I would also go for the flat. That is a big price difference in saving. How much use would your family really get out of a garden for a year? We are out of the house for most of the day and the garden never gets used. We also live nearby a park too.

I’d try and find somewhere in between too. We rent a two bed house with garden for £1800, zone 3 SE London, and close to good primary schools. There are parks nearby that we go to a lot but I love having a garden and we use it most days in spring / summer.

My dsis and her husband live in zone 3, they are in a 2 bed flat with a 3 year old and a newborn. They make it work just fine. Yes more space would be nice, but it's what they could afford for now. I would go with the smaller one, save money and just have much less stuff!

If you'd genuinely use the difference to save for a house absolutely go for the flat.