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!
To buy, rent, part own- My life story
investing
Posts: 34 Forumite
Hi all,
If you guys could give you opinion about situation... from all your broad experience.
I am trying to decide between carry on renting, buying with a scheme or buying with a mortgage.
- I currently have no property and am renting an apartment in central London, very close to my work for about £850pm. I walk to work hence I save on tube fares unless I go out to other parts of London etc.
- I have no debts and take home net pay is around £2880pm.
- I can save about £1000pm
- Don't have any insanely huge monthly expenses, just normal ones:
Mobile: £45 ; Utilties/Sky/Council Tax: Approx £100pm. And that's it really.
- I have access to savings of about £50k (thanks to parents)
- I am however not from the UK, and could go to Australia to purchase a property.
- I don't see my self in the UK for the next ten years so I guess I can always rent out the place if I do leave the country.
That's all I think...
If you guys could give you opinion about situation... from all your broad experience.
I am trying to decide between carry on renting, buying with a scheme or buying with a mortgage.
- I currently have no property and am renting an apartment in central London, very close to my work for about £850pm. I walk to work hence I save on tube fares unless I go out to other parts of London etc.
- I have no debts and take home net pay is around £2880pm.
- I can save about £1000pm
- Don't have any insanely huge monthly expenses, just normal ones:
Mobile: £45 ; Utilties/Sky/Council Tax: Approx £100pm. And that's it really.
- I have access to savings of about £50k (thanks to parents)
- I am however not from the UK, and could go to Australia to purchase a property.
- I don't see my self in the UK for the next ten years so I guess I can always rent out the place if I do leave the country.
That's all I think...
0
Comments
-
Do you want to buy?0
-
I wouldn't mind buying .... just not sure if it's the right step.0
-
Unless you really want to, or really don't want to rent I am not sure if it is worth the hassle. Renting makes more sense if you don't want to be tied down. Buying makes more sense if you are wanting to put down roots.
I guess from a financial point of view it depends on your opinion on future house price moves.0 -
Isn't it pretty clear that in the mid-short term, house prices are bound to go up after taking such a dive over the past few years?0
-
There's no point in buying. Buying is for people who are sticking around/settling down. You'd gain nothing from buying - just a millstone that kept holding you back.0
-
-
How about if I buy, live and then if I decide to leave - I just rent it out, assuming the market will resume to be buoyant?
As long as rent > repayments . I'm fine?PasturesNew wrote: »There's no point in buying. Buying is for people who are sticking around/settling down. You'd gain nothing from buying - just a millstone that kept holding you back.0 -
Anyone else have any other thoughts? Would be keen to hear more opinions...0
-
From reading about other peoples experiences on here you also have to consider how feasible it is to rent your place out when you are thousands of miles away, ie will you let through an agency blah blah. What if something goes wrong, you can't hop in a taxi to sort it outMoney money money.
Debt
Dec 2016: [STRIKE]£25,158.71[/STRIKE] £21,999.99
#28 Pay off debt in 2017 £3803.550
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards