to buy or not to buy?

shereegranuble

My first post!:grinheart

We can afford a 1 or 2 bedroom flat in Acton, London. Does anyone have any advice should we buy or wait a few years and stay renting?

Thanku x x

poppysarah

When you say afford, you do mean actually with a deposit you saved yourself, no financial help off relatives, and able to meet payments on your mortgage even if rates went up a bit?

If yes, then go for it - but find the biggest space possible for the money. And before you buy think " could I bring up 3 kids here?", and "can we fit our stuff in and get a lodger if we needed to"?

hazyjo

Who's 'we'? You and partner? Friend? Are you both in full time jobs? Are your salaries likely to rise significantly in the next few years? Are kids planned for the next say 5 years?

Way too many variables for someone to come along with a yes or no...

In any case, go for a two bedder every time over a one bed.

Jx

shereegranuble

Thanku for the advice . We don't have plans for children for a long time. The deposit we've saved ourselves with no help. If mortgages went up a bit, we could meet the payments, if worst came to worst we would get a lodger. I don't think we'll ever be in a position to predict whether our salaries go up or whether we'll suddenly lose our jobs, ever in our lives, but at the moment things look fine. I do worry a bit about us losing our jobs. I think my question is more about the housing market. Is it worth buying now, or should we maybe invest our £100k cash in a couple of investment flats in university towns, get a better yield and use that to offset our rent? At least then we won't have to worry about paying a mortgage should we lose our jobs.

hazyjo

Depends if you're in it to make a fast buck, or if you want to buy somewhere for your future.

If you can comfortably stay put in a 2 bed flat for say 5 years, I'd buy. You only have to worry about negative equity or house prices dropping if you're selling. If you're staying put, it doesn't really matter. Okay, so you might buy at a lower price, but then interest rates might go up so it could well cancel out anything you've saved. If the time's right for you both to live together, I'd say just do it.

If you're both renting together at the mo (I'm presuming it is you and your partner), you'll have a pretty good idea as to whether you get on still when living together

Any particular reason you're set on Acton?

Jx

shereegranuble

hazyjo wrote: »

Any particular reason you're set on Acton?

Jx

We need to be near a gym for my partner, need to be near knightsbridge london for his work, and can't afford anywhere else!

hazyjo

Ah, am guessing Knightsbridge itself is ruled out then lol What about Hammersmith? On the right tube line, and not too bad. Got friends living there, now with a young baby, and they're happy enough.

Jx

henryfayols

I think that if you have money & you really want to spend it or invest it then no problem you can definitely go there.But before that you see the area & neighbours if you feel safe then you can transfer or live there.