Renting or Owning?

[DaddyBeest]

Hi all,

Wanted to know everyone's opinions on renting versus owning and how it affects family life positively and negatively.

We currently own a 2 bed flat, and have a 4year old, 2 year old, and 5 month old. It's a decent size and accommodates our needs but its first floor and we have no outside space at all.

Our mortgage is very low at present, predominately due to affordability. We're not in a position to purchase a bigger property, property prices are extortionate! We've worked out my salary would need to be at least double what is currently is to afford a decent sized family home.
So we're currently stuck with the conundrum of do we;

• Stay in the flat we own, which does the job, but has no outside space, and is becoming increasingly claustrophobic for our family.
• Rent a bigger property, which will no doubt be a better setting for a family, but will be double our current mortgage payments each month, and will have to use a lot of money that has been put into current property to facilitate the move and increased monthly costs.

Feels a bit defeatist to start renting again after working so hard to get in the property ladder.

Let me know your thoughts,

Thanks.

Maybe start thinking in different directions - can you move to a cheaper part of town and buy a house? Can you move to another city where prices are lower? Have you looked into those housing association schemes where you half own and half rent the house with an option to buy it all later? Could you even move abroad ? Could you live on a great big house boat (not that crazy when you look into it)? Could parents help? While the kids are pre-secondary school all these things (and more) are possible. Once they're into secondary education it's a real wrench to move.

If you can hang on in the "owners" club I would advise you to - it's always a very real asset but the housing market in Britain (especially in the South) is vicious. Good luck mate.

Could you rent out your flat and use the money towards a mortgage on a bigger place?
Even if it was a flat with a garden.