Does this sound sensible?

[CatchingBabies]

We have been looking to buy our first home. The problem we are having is we need 4 bedrooms but our budget only allows for a 3 bedroom so we have been trying to find a 3 bedroom that has big enough bedrooms to divide one. We've not had much luck.

We are in a 3 bedroom rented now but DDs are sharing, one is a teen one is a toddler and it's FAR from ideal. OH wants to continue to look for a house to buy. I thought it would be more sensible to find a rental 4 bedroom.

Eldest DD is 15 and so probably won't be with us for a very long time. We only need a 4 bedroom for her so if we rented a 4 bedroom for say 5 years or so we could then look at buying a 3 bedroom that we can actually afford.

Does that sound more sensible or am I missing anything?

[CatchingBabies]

Toast that first link you posted looks perfect! 4 bedrooms and has a shower room off the master bedroom which DD can have. Going to ring now and arrange a viewing.

[CatchingBabies]

Thanks a lot. I will look at those.

It's a tight budget I know. My income goes up significantly in 18 months but until then we can't borrow any more. Unless anyone knows of other ways to increase what the mortgage company will lend you?

We can afford higher repayments as we also get tax credits, child maintenance and DLA for my son and none of that is taken into account in affordability.

We pay £800 a month now in rent and have done for 9 years without any missed payments so easy to prove we can afford that.

[thatstoast]

I think 2 bathrooms might be pushing it, OP.

The first one has a cloakroom.

www.rightmove.co.uk/property-for-sale/property-61075858.html

www.rightmove.co.uk/property-for-sale/property-49284405.html

[colacolaaddict]

Can you really not compromise on your list? Off the top of my head:

• secure garden - you could create this yourselves by installing fencing
  
• large kitchen - buying a house with a small galley kitchen is a real moneysaver as big kitchens are so in fashion. However, a lot of 3/4 beds have a galley kitchen next to a dining room, crying out to be knocked through to a kitchen diner.
  
• 2nd bathroom/ensuite - again this is a real adder of value so if you can compromise it will really help your money go further. Lots of teenagers have grown up having to share one bathroom, yours can too. Cracking down on bathroom slots could save you £££. Other ideas - a house with an airing cupboard, where you could change the boiler or move the hot water tank and use the airing cupboard space for a shower (possibly combining with a neighbouring wardrobe for an en suite). Or think about using space cobbled from an attached garage or even under stairs cupboard.
  

I know it's not ideal, and it's totally your choice if renting is better than such compromises, but worth thinking around IMO.

[NotMeNoNo]

I think you have to watch the market closely because when the right one comes up you want to be on it like a hawk. For instance there are some Victorian terrace recently sold in Northwich with converted lofts to make them 4 bedroom. There must be more on the same road that haven't had the loft done yet and those house make good attic rooms.

[NotMeNoNo]

I was thinking, if you wait long enough, a doer upper will come along. How would you feel about decorating?
Also 2 bathrooms narrows it down, it's often possible to add a shower room by partitioning off a section of another room.

[loveka]

How about a Shepherds Hut in the garden? They can even have heating and light.

If you you have extra money that cant be used toard the nortgage payments you could save up for one in a year or so.

Renting is dead money. It really isnt sensible to rent when you can buy.

[Bovneydazzlers]

They other potential is going for a doer upper, e.g. This 4 bed in Winsford (I don't know the specific area to know how 'nice' it is).
Granville Square, Winsford
www.rightmove.co.uk/property-for-sale/property-65371265.html

Also, I think you would save more than you think on mortgage. For a 25 year mortgage at 4% for £110k you're looking at more like £600pm not the £800-£1000 up thread. You can always overpay to get term down.

Our mortgage advisor said go for a long term (35 years) so you satisfy affordability criteria, then you can always overpay (usually by up to 10% of remaining balance per year).

[Bovneydazzlers]

Hmm you probably will struggle for 4 bed in that budget.
How about a log cabin/premium shed in the garden that DD can escape to? Our neighbour had a big one 8 years ago and they keep it beautifully, identity it as home office and living area.
(Pic just an example, probably far better examples!)

[wowfudge]

There's not a lot in the area and price bracket you are looking at - lots of sold places though. There's a house in Leftwich which has a loft room and there bedrooms which might fit the bill though.

[PitilessYank]

My husband and I slept on a sofa bed in the living room for four years, leaving the bedrooms to our children, until we bought a larger house. It was fine.

[CatchingBabies]

I hadn't thought about converting a garage that's an option also. I also saw a house earlier that's 3 bed with a large ensuite that could be removed and turned into a bedroom but that would leave us with one bathroom which isn't ideal. It's an option though.

[CatchingBabies]

DD will never be on a sofa bed in the living room etc. We would sleep there before she does. The main motivation for moving is because right now she dosnt have her own private space as toddler DD is in her room and while they adore each other a teen needs her own space and needs to have her stuff proctected from toddlers.

Shared ownership is an option we are currently exploring and reading more into.

For those lovely people offering to house hunt. We are looking for somewhere within reasonable travelling distance of Winsford (eldest children's father who has access), Northwich (eldest DD school that she will be staying at) and Crewe (work). We are not set on any area or town but want a nice area obviously.

Requirements are 4 bedrooms, secure rear garden or able to be secured ideally not large as we are not gardeners, decent sized kitchen as we spend a lot of time in there and 2 bathrooms (or ensuite shower with bathroom) as DD likes to hog the bathroom. Also need parking, don't mind if it's on street however.

Max mortgage we can get is £120k and we have £15k deposit to add to that and saving heavily to add to that.

[wowfudge]

Where are you looking OP? Cheshire is a pretty big county.

[OVienna]

I think you should post the search area get the MNers to work Rightmove for you.

[QueenofBlah]

Anywhere with an integral garage that could be converted into living or bedroom?

[mooneypie]

If you get somewhere with a kitchen big enough for a sofa you could make the living room into a proper bedroom for the next 3 years until dd has left home. You could stick a conservatory on for an extra living space if budget allows

[HamletsSister]

Are you eligible for Help to Buy or any other schemes? Shared equity? Have you looked at new build estates where there may be a deal to be done?

[colacolaaddict]

Would it be an option to buy a flat and rent it out while you live in a rented house? Our old landlord did this. It is faffy and there are risks,

I think if you do buy, you need to find a way not to marginalise the eldest. Putting her on a sofabed in the living room at 15 is a bit harsh. You only need 1 house with a second bedroom big enough for a double bed, and you might be able to do the partitioning thing with the biggest room. When we bought our first house, we literally walked into every estate agent and asked for their cheapest 3 bed, then we bought the biggest and cheapest, polystyrene ceiling tiles and woodchip 'n' all. There really wasn't any choice of "big enough" houses in our price bracket, but we only needed 1.

Would you consider giving the children a room each and sleeping in the living room yourselves? It's arguably a big waste of space to only use half the house in the daytime and the other half at night.

[EssentialHummus]

Other ideas...

Houses with a loft/basement room (or potential)?
Houses with a large lounge which could accommodate an open-plan kitchen/diner, with kitchen becoming a bedroom?
A larger garden, either to extend into or to build a habitable shed in?

[fabulousathome]

I think I would go for the 1 reception room house and the most comfortable sofa bed you can find. It won't be forever. If you wait, whilst paying out for rent, you may be priced out of three bed houses.

[Bluntness100]

Yes, most people can rent a better house than they can buy, but it's really not sensible financially op, as said.

[CatchingBabies]

That makes more sense bluntness. Rent would be £1000 a month yes, mortgage around £800 a month. We can afford up to around £1000 a month but the bank won't lend that high so we can rent better than we can buy.

[CatchingBabies]

None that I've seen. The ones in budget tend to be 1 double and 2 single rooms and the singles won't fit a double bed so can't even put me in a single and split the double. A sofa bed downstairs may be an idea but then is that really prefable to renting? I'm not as hung up on home ownership as DP is, would love to buy but it's not the be all and end all for me.

[Bluntness100]

No it's not sensible, rent is dead money.

Assume you pay 1000 a month for rent. For five years, that's 60 grand right there. If you bought now your property would increase in value over those five years. So say 40 k min. Depending on location and purchase price. The value of the property you would buy will also increase by that 40 k.

So all in renting for the next five years will cost you at least 140 k. Not sensible at all.