Would we be stupid to rent instead?

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My partner and I have just returned from a few months travelling South America. It was amazing but now we are unsure what to do.

We want to buy eventually, but have very little savings at the moment.
We initially agreed to live with his parents, we figured it’d take us 18 months to 2 years to save up a deposit. We are very lucky to have the option, but our issues are:

• i rented my own flat before we went travelling and we loved the space and freedom. We also have been with each other the whole of travelling. We can’t imagine now living with parents
• the house is fairly small, with one bathroom and a small bedroom
• I absolutely love my cooking and we’d find it hard to cook our own lunches and dinners (small kitchen and parents who cook everything)
• They have a dog who barks everytime someone enters the house. The parents go to bed early so we’d feel awful everytime we’d want to come home later than like 10pm

we just think we’re going to find it really hard to do this for 2 years. We really value our space, love living together and cooking and having breakfast in bed etc and now we don’t feel we could do that. Like I say; we’re very lucky but it’s a small house with 3 other members. Plus, as much as I like my partners mum, she can be quite full on and in his business.

So we thought maybe we’d try it over summer and then maybe rent somewhere if we’re not enjoying it. But would this be a stupid idea?

Would they really want you there for 2 years????
i would definitely get my own place!

If you can afford it get your own small place

They said they didn’t mind which is lovely of course. But it’s a long time to not have your own space when you’re so used to it. Worth it for the deposit though?!

Don't do it. If you value your space, freedom and privacy, just rent.
It'll take you longer to save a deposit but you'll keep your sanity.

Nope 100% I would rather rent a tiny old broken studio ages away from anything than go back to live with my partners parents or even my parents!! You will end up hating each other and feeling cramped and uncomfortable .

Rent a studio one bedroom that’s cheap and take longer to save

You will want to be independent, not living at home with his mummy and daddy.
So stay with them as guests until you find a rental.

It's not a stupid idea to rent, but just bear in mind, depending what you're earning potential is, that once you're renting you may never get on the property ladder, rents and bills are so expensive that saving is virtually impossible at times.

I'd say if this is the only opportunity you are going to have to save effectively and buy a house together, and they are happy to have you there I'd be inclined to just make do, work your bollocks off every chance you get to save save save and then get out as quick as you can.

Trying it over the summer at least is a great idea.

If you stay with them it will make you save even harder!

In theory it sounds like a good plan, in practice a nightmare. It will impact your sex life, relationship with DP, relationship with his family and probably shred your mental health IME. It will be extremely difficult going back into being ‘children’ of the house no matter how lovely your in laws are.

Can you get jobs somewhere renting is cheaper so you can still save a bit and buying is realistic in a shorter time? Probably rules out everywhere south of Newcastle though!

We rented a room in a shared house before we bought our own place. More independence compared to living with family, but cheaper than a self-contained flat. But there would still be issues like sharing kitchen/bathroom space, and probably more compromises to be made. We are in London though, and it took years to save a deposit.

I would make a spreadsheet and compare all the costs carefully. It could well take much longer than 2 years to save a deposit, prices of everything are going up rapidly. Sometimes it is better to suck up short term pain - we know of plenty of people our age who have never managed to buy or who have had to leave London to be able to, and they might have had more of a chance if they'd compromised on living standards while saving.

It doesn't sound too practical but you'll be able to save much faster. Personally I'd look into a house share instead - you'd potentially halve your rent vs a place of your own, and youd be more likely to share with like minded people and have more space. Or alternatively, a studio apartment so you don't have quite the same outgoings as you wouldn't for a 1 bed flat (although tbh there's probably not a huge amount in it these days).

Doesn't sound a good idea, you aren't suited, you want more freedom. Most young couples who want a house deposit badly would view the parental offer of no rent ad an absolute gift! Depends what you want. Do you want the house deposit so badly you are prepared to sacrifice it all, for say 2 years.

Better to rent for 4 years or more with a fun life than for 2 years with someone else’s parents.

I went with the live someplace small and rundown option. I have absolutely no regrets. We are in our own home now. We kept our privacy and our independence.

I just want to know where's best in South America? Did you see Central America as well. Where should I go...

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This

I spent two years travelling there, started in Mexico and travelled all the way down as far as Bolivia. My favourites were Colombia, Nicaragua and Guatemala. The San Blas Islands were pretty cool

Except there's no guarantee they'll be able to save much (if anything) in rented accommodation - plus the rental market is awful at the moment so they may be looking at several moves and increases in that time too.

I'd rent. I say this as somone who has similar experience. It was really hard d on reflection I'm not sure I'd do it again.

Try and tent somewhere really small or look at those short legs where you look after the building.

This!

I'd do as you suggest and see how it goes for a shorter period and then review.

We lived at home for 18mths in total (in two stints with travelling in-between). No dog but still one bathroom and a small bedroom. Wasn't always the easiest and I spent a lot of time telling myself 'it'll be worth it' and it was! The savings let us travel for a year and then buy a long term/larger house when we got back with a pretty decent deposit (so lower interest rates).

If we'd have been renting it would have taken us years to save up even a smaller deposit and this was before rents sky-rocketted.

Short term pain, long term gain.. I would suffer for 2 years.

I'd evaluate your finances:

Can you live off one salary in a flat/studio? If it takes 3/4 years rather than 18mths I'd consider it.

How good are you at saving? If you stay at parents, will you live frivolously to counteract the living arrangements? Eg weekend breaks, nights out, new clothes etc or can you put your heads down, work lots of overtime and power through?

If you rent, you need to have the mindset of being super strict- no fancy meals, holidays, cars until you buy.

What are your goals? Family, marriage etc. if you rent will you end up renting forever?