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Cheaper to rent than buy!?
Greenstuff_2
Posts: 225 Forumite
Hello Moneysavers,
Just my thought for the day, I am as a lot of people are wondering if a housing crash is looming, it seems it's really divided opinions but really who knows?
BUT! I am or should I say was in the process of buying a new house, but the chain has now collapsed as the house at the top has fallen through.
In order to preserve the chain below us (we really want to move to this new area and have been looking for almost 2 years) we have decided to look into rented.
We have found a house in the exact same street as the one we were buying, in perfect nick, basically the same as the one we were after but it's £200 per month cheaper than what we would be paying on an interest only Mortgage!
This coupled with the fact that we would free up our deposit that we would invest and considering we would haggle with the rental price, we would end up several Hundred pounds a month better off.
We were going to have this as a stop gap so we would be in a better position to buy, but now I've found this out it makes me think that surely this has to be a big factor in the housing market decline?
I would appreciate some of your opinions.
Thanks, Greenstuff
Just my thought for the day, I am as a lot of people are wondering if a housing crash is looming, it seems it's really divided opinions but really who knows?
BUT! I am or should I say was in the process of buying a new house, but the chain has now collapsed as the house at the top has fallen through.
In order to preserve the chain below us (we really want to move to this new area and have been looking for almost 2 years) we have decided to look into rented.
We have found a house in the exact same street as the one we were buying, in perfect nick, basically the same as the one we were after but it's £200 per month cheaper than what we would be paying on an interest only Mortgage!
This coupled with the fact that we would free up our deposit that we would invest and considering we would haggle with the rental price, we would end up several Hundred pounds a month better off.
We were going to have this as a stop gap so we would be in a better position to buy, but now I've found this out it makes me think that surely this has to be a big factor in the housing market decline?
I would appreciate some of your opinions.
Thanks, Greenstuff
Waddle you do eh?
0
Comments
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disucssion on this exact point in "renting -dead money" thread:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
We are in the same postion,have been in a chain since MArch.Bottom collapsed in June,then in August top fell apart and still looking.He still wants to sell to us but who knows when.
We are thinking exactly the same shall we move into rented to preserve our buyers and their buyer.
Just don't know how easy it is to do with 3 children and unfortunately rental costs in this area are much more than our mortagge would be,but then we would have the interest on the money from our house sale to help.0
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