To buy this rental or alternative?

[Funkychicken54321]

Just some advice and alternative opinions needed.

I am currently going through a divorce and renting a property.. i have the option of buying this once my divorce is completed which will reduce my monthly outgoings.

It's a terraced, recently refurbished. It's not in the best area but once my door is shut, I could be anywhere and I know it's faults now.

Would you, stay and enjoy life, have a little.more free cash to enjoy days out and reduce financial burden in a less desirable area or have a larger mortgage, more financial responsibility and not afford days out, meals out as much. But have a nicer house for the grandchildren etc in the future? This house is great but very little outdoor space, shared entry etc.

I get this is a real third world problem, but I just have no idea what to do for the best. I love travelling and would love to travel so much more, which in the long term I could do if I didn't max out a mortgage?

Renting today is a risky situation.2 months notice and you are out.I would buy even a small not brilliant place over renting.Can you find something suitable? Buy what suits you now who knows the future but at least you will be secure against renting.Good luck.

I'd buy over rent any day, only you will know if this house works for you. There are some pluses you've mentioned as you know the house and you won't need to pay moving costs. You'll have more disposable income to help with any cost increases or to put towards buying a more preferable property in the future.

For me, my house and where we live is really important.

We spent a decade in an OK house in an area that I disliked. More spare money, certainly and we had a 'shut the door on it' mentality. It was fine.

We moved to an area we love and a slightly bigger and nicer house. But it's much more expensive here (on the 'naice' side of town). We certainly have far less disposable income now.

However I LOVE where we live now and that's been a revelation to me as I never realised before how fulfilling it is to live in a house, in an area, that you love. I love looking out of the window, I love driving home, I love pottering around our neighbourhood. I love the local shop, our community Facebook page, the views, the people. I would forgo any amount of holidays or 'stuff' for us to keep living here.

Plenty of people think we're crazy though. We could get the same house 5 miles away for literally half the price. I don't care, it's worth it to us. But only you know how much value you place on your home and area iyswim.

Thanks, it's good to hear others opinions. The cost of living is unbearable so I think if I did try and get something 'better' I would constantly be worrying about paying bills.

I have not got a fall back being a single parent, maybe buying this is the answer.

Has anyone bought and regretted their decision?

If you like the house, know it's faults and can live with them, can buy it cheaper than renting it, and as previous poster stated avoid the cost and exhaustion that comes with moving house I would buy it with at least a 5 year fix mortgage, turn it into my home. Leaving enough money left to protect against more inevitable price rises and a few days out. You can always save to move areas in the future. I would move fast as BoE are going to raise rates over next few months.

@LaWench that's what I think at the moment, I want stability for my kids and they like this house.

@caringcarer thank you.

Third world problem - sorry this made me chuckle OP!

I'd stay out if you're happy there. Doesn't need to be forever, you can move house if you want to in a few years time.

I have a house in a lovely area, just not really the area I want to be in. But it's what I can afford and I've made the house mine. Garden is small, but big enough for us.
There's a danger in thinking about what your future requirements 'might be' - you don't know what or where your life will be in five years. For example this house would be great for a young family - two parks close by, Two 'outstanding' Ofsted rated primaries 5-10 minute walk. But my kids are still teenagers!
Buy for now and short term future. You can always sell down the line.

I would buy the one you're renting, see what happens over the next couple of years with the cost of living and house prices and then reassess in a couple of years.

Just because you buy it now doesn't mean you can never move. Assuming it's a good price in relation to others on the market.

I would buy something in a better area personally but probably buy a much smaller place so that you can still have money left over. If I was on my own I'd be happy with a tiny house with a patio and a parking space. Less maintenance and you can lock it up and leave to go travelling.