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Original poster

Buy tiny one bed or rent 2 bed?

27 replies

propertynovice9 · 30/03/2019 14:26

Moving with my 4 year old child. I can afford a one bed/possibly very cramped two bed in good location but quite ugly building for example block of ex council flats or something similar. Some of the one beds look a bit nicer but this would mean sharing or dividing room with my 4 year old or sleeping in living room somehow? Confused Affordable mortgage and I could put aside money each month and live comfortably (apart from small living environment)!

Or I could rent a beautiful and spacious 2 bed house in centre of town, pay high rent but put mortgage savings in some kind of high interest account in the meantime. What would you do?

OP posts:
Ladygloss · 30/03/2019 14:28

I would rent the two bed and save

donajimena · 30/03/2019 14:28

I'd buy. I'd look to make the lounge into a bedroom but using a really high quality sofa bed that I could store away easily.

mando12345 · 30/03/2019 14:30

I'd buy a nicer one bed and get a really good soya bed in the living room.

Ivegotthree · 30/03/2019 14:30

Buy. Always.

Expressedways · 30/03/2019 14:33

Buy the nice one bed and either divide the bedroom if it’s big enough of get yourself a good quality sofa bed for the living if it isn’t.

AwkwardSquad · 30/03/2019 14:38

I’d rent and continue to save, whilst seeing what happens with Brexit. It’s all very well to say ‘always buy’ but house prices can go down as well as up, and if that happens, you could find yourself stuck in increasingly cramped living conditions as your child grows.

Is there a middle ground? Rent decent two-bedder, not necessarily in centre of town but somewhere nice enough so less rent, save a bit more, have another think in a year or so?

Original poster
propertynovice9 · 30/03/2019 14:38

Wow, property board answers quickly Smile. Thanks all! So buying is the general consensus.

OP posts:
BlueMerchant · 30/03/2019 14:40

I'd rent and enjoy a better quality of living in my home.

Original poster
propertynovice9 · 30/03/2019 14:44

Actually that's true @AwkwardSquad House prices are coming down a bit which is why I thought about renting.

However, I currently own a property so could transfer mortgage or would have to pay a fee if leaving/going back into rental.

I don't know about cramped space and if it will make us miserable?? We are currently in big 2 bed. I could afford much nicer place on outskirts but have to move to centre for work/school etc plus it's much nicer area in middle of city (nice parks which could outweigh tiny flat).

OP posts:
ijustdontunderstandher · 30/03/2019 14:44

I’d buy. Invest in a decent sofa bed and sleep in the living room and DC can have the bedroom. Or divide if it’s big enough

MumUndone · 30/03/2019 14:48

Depends - cramped 2 bed in good location might be better than 1 bed if you end up being there for a while. There aren't a lot of high interest accounts around so your money isn't going to grow much at the moment.

Seaseasea · 30/03/2019 14:56

I’d definitely rent in that situation and save. If house prices drop, you’re stuck, you’ve lost money and you’re in a small flat.
If you rent you can save, have more space, buy a bigger place at the right time if they drop etc

Original poster
propertynovice9 · 30/03/2019 15:02

Renting I'd be paying about £300-500 each month compared to mortgage if that makes any difference?

OP posts:
Bookworm4 · 30/03/2019 15:05

Can you not buy on outskirts and commute to work/school? Plenty do it for the sake of a decent house.

OnlyFoolsnMothers · 30/03/2019 15:05

Id rent- I know people do it but a one bed with children would personally drive me insane, it would just be stuff on stuff on stuff

NotSuchASmugMarriedNow1 · 30/03/2019 15:51

Buy. Every single month that you hand over rent money is a month off your mortgage that you could have paid down.

daisypond · 30/03/2019 15:59

Why aren't you living in the property you currently own? Are you planning on selling it if you buy another, or keeping it as well as buying another?

Shazafied · 30/03/2019 16:01

I’d buy the two bed even if I thought it was in an ugly building.

Hybr1dDay30 · 30/03/2019 16:04

Buy, buy, buy ! There are no savings accounts paying high interest, look at money saving expert website

ineedtostopbeingsolazy · 30/03/2019 16:05

What is the property that you already own like? Had it got tenants in it?

HeronLanyon · 30/03/2019 16:06

I would rent but warning - there are no high rate savings accounts and haven’t been for some time ! So if that is integral then perhaps buy.

flirtygirl · 30/03/2019 16:46

Rent is dead money. If it's more than a mortgage even more so.

No way would I rent. Keep looking and buy the best you can find, wait a month or two if possible and see if we Brexit or not.

But either way buy.

AwkwardPaws27 · 30/03/2019 17:16

Is there potentially a third option - maybe shared ownership so you could buy a share of a bigger property?

Tawdrylocalbrouhaha · 30/03/2019 17:25

Normally I would say buy, and I still think that if you live in London. But with house prices flat, the market slow, and Brexit dragging on, renting is a fine option atm.

BUT, I would rent a one bed flat in a less good area, and save like a frantic squirrel. Your DC won't be 4 forever, so this is the time to share a room and save towards buying a 2 bed.

Tawdrylocalbrouhaha · 30/03/2019 17:30

I forgot to say, I would never rent a place I couldn't afford to buy - I see people get stuck renting forever because they can't stomach the drop in living standard it would take to buy. Those of us who rented small properties in cheaper areas never faced that dilemma.