Buy or rent?

fizzbot

If you were:

single
income £46K
cash £100K
40s
no pension


... would you buy or rent?

Radiantsoul

Depends.
If you are looking to settle down then buy. If you maybe see yourself moving in a few months or so then rent.

Fire_Fox

Buy somewhere outright if at all possible: if you get made redundant or become ill you still have a roof over your head. Leave the money in the bank and the state will expect you to spend it on living expenses.

BitterAndTwisted

What Fire Fox said, buy outright even if the property is not in the exact location as where you work. £46k can rent a decent place and should your employment prove not secure you will then have choices

Radiantsoul

Fire_Fox wrote: »

Buy somewhere outright if at all possible: if you get made redundant or become ill you still have a roof over your head. Leave the money in the bank and the state will expect you to spend it on living expenses.

Another option is to dump it all into a pension fund. You can put an amount equivalent to a years salary in. And you get the tax relief on it. It is probably a pretty long term idea though and perhaps better suited to someone in their late 50s or early 40s.

If you own a place outright you would not get any housing benefit.

PasturesNew

fizzbot wrote: »

If you were:

single
income £46K
cash £100K
40s
no pension


... would you buy or rent?

I'm some of that ... but I have no job.

If I had a job and was where I wanted to be, I'd buy.... just to be settled and be able to think of the area as home and be able to do stuff like learning/courses or hobbies etc, without thinking I might be on the move again.

But I'd be buying because I wanted to settle/make a life, not because I thought I'd miss any fictitious boat, or miss out, etc.