To buy or not to buy?

76giraffe

Hi All,

I have just got a new job in Sheffield and will be moving in 2 months (from Manchester). I'm really looking forward to moving but am wondering if I should buy or rent? I can afford a house in Sheffield, but the likelihood is that I will not be there for more than two years (before living abroad for a year or two and then coming back to the uk), so is it worth it? I'm thinking that if I buy a house in a rentable area I could always let it when I go away, and that way I have an investment to come back to. I am worried that if I don't buy now then I will miss out on affordable property as prices rise.

However, folks keep telling me to rent in case I don't like living in Sheffield. To be honest I make the best of wherever I live and Sheffield is an easygoing city. Short of some kind of disaster (heaven forbid) I can't see me not sticking it out for at least two years. I am a little worried that if I rent before buying then I might miss out on a bargain. I have friends there who can advise me on the best areas to buy in.

So, am I silly to think of buying straight away?

meanmachine_2

I doubt there are any "bargains" in today's market.

Prices aren't rising at 20% per annum, so you can afford not to buy. You're unlikely to be priced out forever if you leave it.

It's up to you. You could return and find that your "investment" has fallen in value.

Alternatively, prices might have stayed the same and your tenants have helped pay off a little of your mortgage.