urgent, I'm panicking about renting, help!

[rentorbuy]

I have changed my name for this as worried that some RL people might recognise my situation and I want some impartial advice!
We moved last year, had a long drawn out house sale so ended up renting in our new area, so that we were here in time to get DD into local school.
I am working part-time (until DD goes to school full days from January next year) so until early next year DH and I will only be earning enough to get a house for about £150,000. In this area that is a tiny house or a flat...next year when I'm earning more, we should be able to get a house for around £200,000 which would be a nice three bedroom place.
DH and I had agreed we are happy renting until the job situation is sorted next year, and to move then. However when we spoke about it to a relative yesterday, she made us feel really silly and bad for what we are doing - "off the housing ladder, what a terrible move" and as I am changing jobs at the mo it was "not employed and not on the housing ladder, oh goodness" etc etc..
Sorry for long post but what do people think? Is what we are doing silly? Has anyone else done similar? I'm panicking that we should buy now, no matter how small? TIA.

We are renting at moment and are in smilar but reverse situation. We are buying now as I will be giving up my job soon! I quite like renting so if you are happy I owuldn't worry about it! Surely it is better to wait and get a decent size place otherwise you will have to move again?

Buying now and then upgrading later will cost you more in admin costs etc
Your plan sounds perfectly sensible
Next year is not that far away

No - you're not silly at all - just being careful. We sold up so that my hubby could start his own business - that was two years ago and we're still renting the same place - it'll be some time before we can afford to rejoin the elusive property ladder (joint income less that 20k).
Everyone said we were making the wrong decision but we have no major regrets - I do have the occasional wobble about not being on the property ladder but life is too short to be a slave to it. You are doing well and have made the decision that is right for you - and the solution is in sight ( a nice 3 bedroom place ) I think you've made the right decisions to suit the family and good for you. Hope the nice 3 bedroom place is wonderful when you get there.

Mandy

oh, thanks you guys

I felt completely undermined yesterday...

We're taking a break from the ladder whilst I study. The last house was too small by far we couldn't afford a bigger one so this is pur roundabout only solution, we'll buy when I qualify and we can afford a big enough plsce such as this one we are renting.

Everyone says we're nuts but how so? We're in a house we cana fford that suits us in an area we're happy with: taht's good enough, surely?

We're happy anyway. Sod them imo!

People in the UK are weirdly obsessive about buying, it's perfectly normal elsewhere to rent ad infinitum. We're renting because we have a flat we can't sell (cos it's lost too much of its value, so much for the property ladder!) and because I wanted to move during my maternity leave, in a timescale to suit us not the hideous process of buying and selling. Plus we were moving into a new area and didn't want to commit to buying until we knew a bit more about it.

Renting gives you a lot more flexibility, and you have some of the cares of being a homeowner taken away. (This doens't work so well when you're a landlord as well as a tenant, as I am!).

Agree with the others, moving twice in a short space of time, as well as a nightmarishly stressful, will be very expensive in terms of fees etc. This way, when you're ready to look for somewhere, provided you've sorted things out with your lease, i.e. haven't just started a new 12-month tenancy, you can take your time, find the right place for you and then move, without being in a chain and having to worry about the sale of your current house falling through at the last minute.

After being an owner occupier for about 20 years I feel funny renting and some people look down their nose at you, but it has ceased to bother me. Now we dont have the huge millstone around our necks called a mortgage we are better off than ever. I know we dont have assets like property, but we both used to work full time, were permenantly exhausted and my health suffered. Now we have a car each, I dont work, my partner works but doesnt do overtime any more and we still manage to get by.

In some ways I feel much happier and freer. When we need a plumber/electrician/builder we pick up the phone, our housing association sends someone round, the repairs are done quickly and we dont have to worry about paying! We cant afford to buy around here now, but we are living here because we rent from a housing association. Not many people know its a rented house because its on a street with mainly owner occupiers.

So dont stress ... who wants to work while they are 70 to pay a mortgage then drop down dead with exhaustion - you cant take the house with you! Dont do anything hasty. Buy when you are ready and if you want to - if you find the right house for you.

Ladders are boring. Hills are more fun.

Interesting that rents seem to be cheaper than a mortgage. Our rent is more expensive than our mortgage was - by a couple of hundred a month. We also have one less bedroom.....