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?

[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!)

[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).

[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.

[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.

[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.

[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.

[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

[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.

[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.