Buy or Rent in Cambridge

lkoky

Hi there,

I recently moved to Cambridge for work. And I am in the dilemma of buying my own place or just rent because I start to enjoy Cambridge and plan to stay at least another 2~3 years beyond that only god knows.

At the moment I can put down 15k for deposit and has a monthly net income of ~1.4k, but a small 1/2-bedroom apartment in Cambridge could easily cost >200k . I just couldnt quite work out how I can ever afford my own place.

I am in shared house now with rental of 350 pcm (all inclusive).

I am just a normal person would like a plot of my own place but dont seems to be able to afford it apart from winning the national lottery one day

BTW I am single, no partner no children, so renting a room in a shared house work out perfectly for me in term of financial but...

Would like to hear you from other point of views

thanks.

F_T_Buyer

Surely you're saving quite a bit living in a shared house? Why don't you continue to share until you have a large enough deposit to buy?

Most commentators expect prices to flatten this summer, and possibly fall for the 2nd half of the year, so it's not like your going to miss the boat. Well, I guess you missed the boat back in 2000 like I did!

colouredcob

I would recomend Cottenham. Prices are low due to the contriversial travellers site (but they aint no trouble now)

Milton has a large Tesco and a the sewage works going for it and not much else. Histon road has a huge development called Cambridge Park and that looks a good bet so far!

Its a nightmare place to buy but if you can do it you wont regret it.

If you get a 2 bed place, get a lodger in to help with the mortgage.

Good luck

Cob