We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing slow loading times and errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
Rent or Buy?
dibba66
Posts: 33 Forumite
Following a marriage breakup and the subsequent loss of my house, I found myself in a great deal of debt (£24 000 to be precise). I have spent the last three years clearing this debt but at 46 years of age, want to make the right decisions for my future.
In the distant past, I had some idealistic notion of retiring at 50 but realise this can't happen now. However, I do want to be as comfortable as possible in future and would love to own my own home eventually. My question is whether to save up a deposit now (I could put away £1200 per month) in order to buy in 2 or three years time. My other thought is that I could aim to retire at 65, save and invest whilst renting, then buy a house outright.
Could anybody help me: which is the best option?
Thanks
In the distant past, I had some idealistic notion of retiring at 50 but realise this can't happen now. However, I do want to be as comfortable as possible in future and would love to own my own home eventually. My question is whether to save up a deposit now (I could put away £1200 per month) in order to buy in 2 or three years time. My other thought is that I could aim to retire at 65, save and invest whilst renting, then buy a house outright.
Could anybody help me: which is the best option?
Thanks
0
Comments
-
No brainer for me. I'd rent and save some money while having a good time with the rest of your cash.
You may live to 100 but that's unlikely - and, for me, undesireable (75 would be nice, providing I'm in reasonable health). So buying at 46 would mean paying the house off just before moving on to a better world (yeah, right!).
Find yourself a widow with a house or, better still, a pub and party like there's no tomorrow.There are 10 types of people in this world. Those who understand binary and those that don't.0 -
Thanks. Any other suggestions? Anyone?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards