Would you 'slum it' for 3 years to buy a house 6 months sooner?

[rapeena]

Relatively young (mid 20s) and mapping out future goals/plans. Currently live with long term partner. Saving to buy in a few years but really not in a massive rush as don't want the commitment.

We are looking at signing a 2-3 year lease to get a good rental. We have whittled it down to two choices.

Flat A: One bedroom flat, small, only loo through the bedroom, but would be able to save quite a bit.
Flat B: Two bedroom flat, large, room to have friends over, would be a fair bit more expensive.

Flat B: Would allow us to have parents stay from Ireland. Have an office to work from home.

Flat A: Would allow us over the 3 years to save enough money to buy sooner, maybe 6 months sooner.

What would you do?

B

Be comfortable so you don’t rush into a purchase you regret just to get into a better physical space.

6 months is very little in the scheme of things
Did you mean six years?

Flat B. Enjoy your life!

Are you sure it’d only be 6 months difference? That doesn’t sound right.

Flat B. Living somewhere tiny for an extended period is HARD!

A. But I think you need to either recalculate or find a cheaper flat. The difference in rent between A & B over 3 years should be significant.

I'm used to London so would probably go with A as seems crazy to me to pay extra rent for a mostly unused room. However if it only gives you 6m head start that seems quite pointless.

I might be unpopular here, but I would argue If you can afford to buy now, buy. If you don't want to live in it, you can rent it out, (get consent to let). Prices are predicted upwards in the next 2 years, as inflation starts falling, see Savills prediction below

6 months sooner would not break things so I would pick B. But agree with other posters - is your maths correct? A bigger flat will cost more for bills & taxes so the difference can be quite significant.

Re the Savilles prediction above, I have to read their reports for work and they are always fairly sunny. (Not that they are wrong, just always a bit on the optimistic side).