Renting or saving for deposit?

hemophobic

Me and my girlfriend were planning on moving out together once she started her new job we had saved a bit. At the moment we both live with our parents. I still have one year left of college and only a holiday job. We don't know what she would be earning yet because she doesn't know the hours. Anyway after thinking about it I realised that we would be spending around £1000 or maybe more on rent, bills, food etc without gaining much apart from freedom from our parents =] but £1000 is a lot of money just for that benefit

Wouldn't it be a lot better if we continued to live at our parents houses (free of charge ) and saved for 2-3 years for a deposit to buy a house. I will hopefully be earning once I have finish college in a years time :rolleyes:

This way instead of wasting around 30k, we could have saved 30k for deposit.

Is this a good idea?


?? What happens if we want to move to a different part of the country but still have the mortage ??

poppysocks1

If I was you yes I would stay at parents and save like mad. I dont have a mortgage so cant advise, but I believe that as long as you have a portable one its not a problem.

Davesnave

It sounds to me as if you've aleady decided you'll be better-off living with your parents and saving. Of course it will be a pain at times, but a huge number of young people do it because, in the long run, it makes good financial sense.

Putting up with something together, saving and planning for the future is one way couples can show commitment and maturity. At times, you may both feel less 'grown-up' than friends who have fled the parental nest, but there is nothing particularly clever or mature about struggling with a huge pile of bills to pay every month.

PS. Don't rule out renting later on. Sometimes it makes sense. People who bought houses for the first time in 2007 were not very smart.

Jowo_2

Not a particularly romantic strategy but a sensible one to stay at home because you have a low income and you are unsure of your partner's income anyhow.

There's no harm in moving into a cheap rented property when you both have a firmer footing in a year or so rather than pimping off your parents for free.

"?? What happens if we want to move to a different part of the country but still have the mortage ??" Seems that your mortgage is 3 years away by your plans so I wouldn't fret about that yet. It's a discussion you can have and an area for research before undertaking that commitment further down the road.

GrammarGirl

How old are you? Just finishing college leads me to think you're 18ish - in which case, stay at home, enjoy the free ride a bit longer! I moved out at 19 for uni but went home in the holidays. I only really moved out at 22. There's no point leaving home just for the sake of it.

hemophobic

Thanks for the replies. I am 19, finish college next sept. Now to tell GF this lol