2 bedroom or 3?

[Mami237]

Hi
Me and my husband are looking to buy a property-first time buyers but our budget currently only allows 2bedroom in the area we want. We have no kids but we want to start in the next year or so, max 2. Should we buy 2bedroom property now, live there for maybe 10years and scale up? how easy or difficult is it to adjust as a family of 4 in a 2bedroom house or should we save more and wait longer to get 3bed?

Buy a 2 bed and save up for a 3 bed. That's what pretty much everyone does.

There's a more recent trend to skip the smaller property and go straight for the longer term, family-sized option. This often means being prepared to buy further out from a city centre. However, more people are happy to do this now if they aren't commuting 5 days a week. The advantage is that you save on not having to pay stamp duty again in 5 years time. If you are prepared to stay in the 2-bed for a decade, there's more of a case for going with the smaller option though.

I think it comes down to your life plans. At what point do you think you will definitely need the 3rd bedroom. Don't forget that once you have a family, you will expand into the space fast. It's not just bedrooms, but where you put all the other items - prams, toys etc.

It depends on your current situation but it may be better financially to save up and buy the 3 bedroom place. You want to buy somewhere you can live in long term.

I think if you are happy to wait then sV3 up a bit ,more for the 3 bedroom house.its not just the stamp duty you will save on but the movining that is so so stressful

Buy where you want your children to go to school. Although schools can and do change, if the schools are generally good they are likely to remain that way.

If you bought the 2 bedroom house & your kids were either different sexes or loathed sharing, 10 years might be far too long to wait.

Thank you all. Yes, perhaps it would make sense to save up a bit more but the house prices keep rising and we will need to beat the price rise with our savings.

Go for three, ideally four if you want more than one kid (most likely). Stamp duty is a pain and flats don't keep up with inflation.

Which are you looking in? Prices have been falling in many (most) areas since mid-end 2022, although it does depend on the type of house. It's very unlikely that they will shoot up now, looking at the general economy. The opposite is more likely.

We are looking in south west. I really like New Malden but it is above our budget for a 3 bed. Sutton, Cheam, Carshalton also seem slightly affordable

SW London has generally been falling for a couple of years, although I'm sure it varies depending on the exact area and type of property.
Have a look at Acadata house price index and Ottaproperty.

Also think if either of you have to work from home the spare room comes in handy for an office. Also good luck finding your home, how exciting.

I'd get a 3 bedroom if you want 2 kids

I've lived in 2 of the areas you've mentioned - check out furthest distances from primary schools as there are a couple of black holes where you might struggle to get first or second or third choice (voice of experience here!). Sutton, while dullsville and with a skanky high St, is handy for commuting though as you have Victoria, Thames link and London Bridge trains as well as not being too horrible to get a bus to Morden.

Bedroom wise, 2 or 3 bed - I'd go for area and amenities over bedrooms.

So much to think about…it’s making me feel anxious about having kids 😃. Thanks for the advice

Oh come join me in Sutton/Carshalton! There's not much going on in NM and the traffic is awful. We moved here from teddington because we were about a million quid short for a house where we were renting.

We bought a 3 bed but realistically will need to either move or go up into the roof in 5 years because the 3rd bedroom is an actual box and I will feel bad making one child live in a room that's smaller than a prison cell.

The strategy we had was to buy a 2 bed where we wanted dcs to go to primary school (on the same street). Then dc1 could get a school place while we were living there. You don't need much space while they're young, especially if you get out and about a lot and keep the baby in with you for a decent period.

Then we moved up to a 4 bed in a cheaper nearby road - we wouldn't have been able to afford this size house next to dc's school. Dc2 was still able to get a place due to sibling policy. Still under 20 mins walk to school but not within last distance offered, so it didn't have such a premium on the property price. And also in a better location for future secondary (though we may aim for a selective/private, who knows).

and if we go for 3 bed now, it’s likely that we will go over the 450k limit for using LISA, so we will lose out on LISA benefit. I think either way, there’s pros and cons