Cheaper to Buy than Rent in Wales

Idiophreak

Just a note on the OP - I'm in midlands/south east and it's working out cheaper to buy a home on 75% shared equity than it would be to rent somewhere similar, so I don't suppose this is an effect limited to wales.

I know full well that waiting a year might save me some extra money in the long term, but short term the extra cash will be useful and there *is* more to life than money...

The truth of the matter is that not everyone's gonna be able to buy at the bottom of the market, it just doesn't work like that - so as long as you're not buying at the peak and you're not buying just as an investment, you'll be OK in the end. Sure, you can hold out and try and save money etc, but there comes a point where it starts to sound a little like greed...And we all know the good that the greed of a minority of people has had on the economy lately...

adr0ck

Idiophreak wrote: »

Just a note on the OP - I'm in midlands/south east and it's working out cheaper to buy a home on 75% shared equity than it would be to rent somewhere similar, so I don't suppose this is an effect limited to wales.

I know full well that waiting a year might save me some extra money in the long term, but short term the extra cash will be useful and there *is* more to life than money...

The truth of the matter is that not everyone's gonna be able to buy at the bottom of the market, it just doesn't work like that - so as long as you're not buying at the peak and you're not buying just as an investment, you'll be OK in the end. Sure, you can hold out and try and save money etc, but there comes a point where it starts to sound a little like greed...And we all know the good that the greed of a minority of people has had on the economy lately...

totally agree

we do tend to get hung up on this forum that money is everything

Thrugelmir

stephen163 wrote: »

If house prices are falling or static (at the moment they are falling) and, as is happening in most parts of Britain, rents are falling, then it is silly to call rent 'dead money'.

Rents rise, wages rise. It's all relative.

You can bet your life that interest rates will shoot up and over your 25 year mortgage, they will average out to around 4%. Near zero rates are rare and short lived. A lot of people don't realise you end up paying around double your mortgage by time you've repaid. Wouldn't it be better to rent now and pocket the savings you make? Save £5k in a year and you'll pay £15k less in mortgage payments over the 25 years.

If someone is £15k better off over a specified time period because they rent, that is £45k less in mortgage payments (15k less to pay in the first place plus 15k less mortgage plus the 15k charge to service the loan).

That's what angered me about the estate agents comments.

My comments were in relation to the fact that this Estate Agent is in Wales where property prices are in certain areas cheaper than the national average.

I wasn't putting across a view of one size fits all.

PasturesNew

Of course, any area has good and bad bits - and there are some right old holes in Wales just 2 miles from some posh bits, same as anywhere else.

Renting or buying, it depends on a house by house basis. At the moment it's mainly holes for sale, especially at auction.

PasturesNew

There is more to life than money, once you have enough. And that's the thing, that is a statement usually made by those who are doing all right Jack.

Idiophreak

PasturesNew wrote: »

There is more to life than money, once you have enough. And that's the thing, that is a statement usually made by those who are doing all right Jack.

Agreed - but if you can't afford to buy, you can't afford to buy, so hypothesising on whether to buy now or not is a bit of a moot point...If you can afford to buy, I guess that's viewed as having "enough"

ukcarper

In the short term in may be better to rent but in the long term it has been much better to buy than rent and I can’t see that changing much. I am now paying £150 per month in mortgage repayments for a house that would cost me in excess of £1000 per month to rent and it’s been a long time since my mortgage was as more than my rent. Also next year I will have paid my mortgage off and will be living rent-free.

With house prices falling I can see that it could be worth waiting before buying but you have to remember that you won’t know when house prices have bottomed until they do actually start to go up.

Also finding a house you like is not always easy, so you never know how long it will take you to find one and prices could have gone back up by the time you do. I am of course talking about a home and not an investment.

matbe

Only problem with buying in wales-

You have to live there.....Baa Baa Quick you dont want an ugly one.

moggylover

matbe wrote: »

Only problem with buying in wales-

You have to live there.....Baa Baa Quick you dont want an ugly one.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

But we do have some flippin incredible scenery for all that;)

moggylover

PasturesNew wrote: »

Of course, any area has good and bad bits - and there are some right old holes in Wales just 2 miles from some posh bits, same as anywhere else.

Renting or buying, it depends on a house by house basis. At the moment it's mainly holes for sale, especially at auction.

May I take umbrage Pastures? I have two for sale in Wales at the moment and neither of them are holes!

http://www.housescape.org.uk/cgi-bin/full.pl?&stp1&&2103&&

and:

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