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FTB - Wanted to buy... but now considering renting...what do you guys think?

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Comments

  • suze200
    suze200 Posts: 169 Forumite
    Of course it's your choice completely but I think you are underestimating the cost of kids and the impact they will have on your ability to continue to save for a deposit and pay the rent. I know I have three on the darlings. If you both intend to work Nursey fees for a baby (at the one my 3 year old goes) are £175 per week and for a toddler £110. (Also this regular outgoing will work against you when a mortgagae company decides on how much it is willing to lend).
  • mickym
    mickym Posts: 457 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    suze200 wrote: »
    Of course it's your choice completely but I think you are underestimating the cost of kids and the impact they will have on your ability to continue to save for a deposit and pay the rent. I know I have three on the darlings. If you both intend to work Nursey fees for a baby (at the one my 3 year old goes) are £175 per week and for a toddler £110. (Also this regular outgoing will work against you when a mortgagae company decides on how much it is willing to lend).

    Totally agree with you on the underestimated cost of having kids.

    Basically we have two choices.

    1. Stay at home for the next few years and save as much as we can to put towards a large deposit, yet have hardly any room and let the missus 'clock' keep ticking.

    2. Rent and get on with our lives. Might not save as much but at least we can look to have a family etc.
  • suze200
    suze200 Posts: 169 Forumite
    Well good luck to you both and I hope you find your perfect house soon. Working from home is a great idea to save on fuel and car wear and tear. I do that at least a couple of days a week. Don't save on nursery fees though as I still send the youngest (the other 2 are at school) I can't get anything done when she's around. :-)
  • mickym
    mickym Posts: 457 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Thanks again Suze. I appreciate responses from all angles, and take on board your comments.
    In an ideal world I should have saved a lot more. My BH is the one that has saved the majority of the cash on a smaller wage.

    Rather than looking on what should have been done, we wish to look at the best way to progress to our future. Do we wait another couple of years or simply go for it? We now think now is the time. :)
  • Sledgehead
    Sledgehead Posts: 131 Forumite
    micky,

    Renting is dead money.

    more useful advice:

    If man was supposed to fly he'd have wings.
    Don't walk under a ladder - it's guaranteed bad luck.
    whatever the weather is like on St. Swithin's Day, it will continue so for the next forty days.
    Buy land, they aren't making any more of it.
    An acorn should be carried to bring luck and ensure a long life.


    But seriously for a second ... house buying was typically seen in th eold days as prudent simply because it constituted an "enforced" and regular form of 'saving' (really investment). When prices are rising borrowing to invest (ie taking a mortgage to buy) produced excellent returns, rewarding this form of 'saving'.

    More recently two factors have undermined this. Firstly too much money has gone into housing, making it an overpriced asset. Now that it is falling (because it is overvalued) it will no longer reward the enforced savings regime. Secondly, Tv programs made the rising price of property apparent to all. Unlike a pension, which remains opaque until we come to draw it, we were constantly reminded how 'rich' we had become. Unsurprisingly many decided to use this wealth to fund increasingly extravagant lifestyles that their wages alone would not allow. This removed the enforced savingas aspect of buying a house.

    Until people return to the old ways of leaving the accumulated equity in their property alone, and house prices start rising again, renting and saving/investing will be a superior option.
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