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To Buy Or Not to Buy
Gi11y
Posts: 1 Newbie
This is my first post, so just wanting to say hello to everyone:T
I was hoping you guys could give me your opinion on wether to buy a house or keep saving for a while. The reason I ask is that my current situation is diferent from most people due to my work. So heres the details
Male 23 years old
Currently living with parents in scotland and havent been asked to leave yet;)
I earn around 32k before bonus and overtime
However my job has me working in england for 9months of the year and only spend 3months at home
So far ive saved up 12k and can carry on saving around 1k per month if i stay at home
The houses ive been looking at are in the region of 120k to 130k
Im always hearing that you should get on the property ladder asap but should i save more of a deposit, If so how much?
Or should I buy just now
Sorry about the poor writing skills(well lack of) and thanks for your thoughts on this
Cheers G
I was hoping you guys could give me your opinion on wether to buy a house or keep saving for a while. The reason I ask is that my current situation is diferent from most people due to my work. So heres the details
Male 23 years old
Currently living with parents in scotland and havent been asked to leave yet;)
I earn around 32k before bonus and overtime
However my job has me working in england for 9months of the year and only spend 3months at home
So far ive saved up 12k and can carry on saving around 1k per month if i stay at home
The houses ive been looking at are in the region of 120k to 130k
Im always hearing that you should get on the property ladder asap but should i save more of a deposit, If so how much?
Or should I buy just now
Sorry about the poor writing skills(well lack of) and thanks for your thoughts on this
Cheers G
0
Comments
-
Well, you've got around 10% deposit and at 4 x salary you should be able to buy at the level you've mentioned. But - some think a price crash is on the cards, but many have been saying this for the last 2-3 years while prices have instead gone up in that time, if you did buy how long would you want to keep this house? If that would be short term you could be at risk of prices weakening.
Presumably, if you don't buy in England you'll need to rent? How will the cost of that compare with homeowning i.e. mortgage, insurance, repairs etc?
Personally I'd buy if it was affordable and I intended to stay for a while, I really enjoyed "owningin" my first house much more than when I was renting but you may feel differently.
Best of luck!
Mike0 -
why not buy in england ?0
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