Buy or rent?

neilsinc

I'm looking to move into my own place and have funds saved up, but am a bit naive when it comes to money situations. Giving the current financial situation is this a good time to buy or should I look into renting for the moment?

Thanks for any advice

Airwolf1

Depends on where you want to buy, but generally rents at the moment are a bit high. If you are looking to buy, there is nothing stopping you putting in a bid for lower than what the house is on the market for - which would help to future proof a little against the current trend of the housing market (house prices going down).

At the same time, you'll probably get a decent mortgage deal at the moment, especially if you can put a decent lump sum down as a deposit.

brit1234

Rents are falling at the moment and likely to fall far further as the downturn takes hold.

Better rent and save as house prices continue to crash.

ad9898_3

Definately not a good time to buy, if you have a large sum for a deposit, as soon as you exchange that money is being flushed down the toilet, as prices plummet.

Rents are falling and will continue into the recession.

hethmar

Well, it depends on whether the OP negotiates a brilliant price on a property he wants, doesnt it.

brit1234

hethmar wrote: »

Well, it depends on whether the OP negotiates a brilliant price on a property he wants, doesnt it.

You could be right if you get say a 50% discount but even with a 30% discount you will see your cash wipped out.