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FTB - Wanted to buy... but now considering renting...what do you guys think?
Comments
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zippygeorgeandben wrote: »
Any of you out there been long term renters? If so, how do you save/invest for the future?quote]
My partner and I have been renting for 3 years now. We have wanted to move for at least a year now but we know that the longer we can sit tight, the better it will be in the long run. We had the opportunity to buy a new build last June, in the same block as a close friend of mine who was putting pressure on us to buy so we could be near each other (bless her!). However, she wants to sell, her property has just been valued at £15K less than she bought it and her mortgage has gone off its fixed rate and jumped up by a couple of hundred pounds per month.
That decision (or non decision) has probably saved me a fortune.
I've always been a saver (OH not so) and we earn £50K combined but I've always put EXACTLY 10% of my take home salary into an ISA each month. Since I got promoted in August last year, I put EXACTLY (to the penny!) 15% of my take home salary into an ISA. So far there is nearly £9K in there but at least it's building!
Food for thought as well is that no job can ever be 100% secure due to various change in circumstances and if there is one thing Martin has taught me from his MSE books, it's that you should save at least 3 to 6 months salary, just in case you need it for a rainy day.
Would you consider still living at each parents house for a few months and put the money you would have spent on rent into a savings account together? If you were going to go for a £600 pm property, why don't you stay at your parents' for 3 months and stick the £600pm into an ISA. You'll then have £1800 to play with, plus interest.
Good luck with your decision and I hope I have helped in some way.
Ben
good advice thanks!
to be honest the reason why we seem to biting the bullit now is that the property we have seen avail for rent seems pretty good for the price (we still need to get a proper viewing though.)
We have waiting for ages, and really despite having great parents who dont give us any hassle... we really are running out of room, and are eager to get our own independance.0 -
Congratulations on doing the right thing, Is the place you are looking at empty and ready to move in? If so you definately have the power to negotiate cheaper rent as the LL is servicing the mortgage which I suspect he doesnt want to be for too long.
Also as a previous comment about the rental term i would say definately go for 6 months unless you are comfortable with the landlord. Also at least then you will have made your mind up about the area too without being stuck there for too long if it wasnt as nice as you envisaged.
In the meantime while you are viewing properties, definately save as much as possible, at least this will cover your furniture and save you dipping into your hard earned deposit.0 -
Congratulations on doing the right thing, Is the place you are looking at empty and ready to move in? If so you definately have the power to negotiate cheaper rent as the LL is servicing the mortgage which I suspect he doesnt want to be for too long.
Also as a previous comment about the rental term i would say definately go for 6 months unless you are comfortable with the landlord. Also at least then you will have made your mind up about the area too without being stuck there for too long if it wasnt as nice as you envisaged.
In the meantime while you are viewing properties, definately save as much as possible, at least this will cover your furniture and save you dipping into your hard earned deposit.
i suppose the problem with the 6 month contract is that we do get a good rental fee...theres more chance the LL will put it up the original price or more when the 6 months is up.
Also...if the 6 month contract does finish, do you have to pay fees again to get another contract?0 -
Just wanted to say congratulations for not being like some and jumping on to the property ladder - whatever the cost!
There is a chance the LL could put the rent up after 6 months, but if you have been "good" tenants, I'm sure they would rather hold on to you than risk finding new and potentially "bad" tenants.0 -
true. will now see how a viewing goes.0
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How about hitting the 'Thanks' button a few times to people for the good advice received mickym?! :T :T
BenSavings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
ive said it enough...but only just noticed the thanks buttons!
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still awaiting on a viewing for the place we like... but the letting agent Robinsons is terrible. We keep calling no answer, but to be put through to a switch board. they say they pass on the message to call back but nothing. Makes me think what would they be like if we needed to report a problem such as a broken boiler! Grrrrrr0
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It's a really good idea, if you are renting and saving over paying a mortgage (as you would be) to save the difference in an ISA. Tax-free savings (you both get them) and you get used to shelling out that amount of money at the same time as building up a deposit....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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The missus would do the washing but not the ironing! lol
In our household, I do the washing, my other half irons. He says he finds it relaxing, and meditative....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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