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To buy or not to buy?
hen_3
Posts: 2 Newbie
Hiya everybody,
Really hope you can help us with this, we've been giong round in circles for the past three years!
We have £50, 000 saved in an earth saver account with triodos (our interest is donated to friends of the earth automatically)
We want to settle down in our own home but find it impossible to take the step for the following reasons...
1. Too expensive to buy for the areas we want to live in (even the cheap housing in these areas would have our monthly repayments too high)
2. Hate the idea of being in debt for such a huge amount. We're used to only buying things we have enough money for. Seems ridiculous that one of the most basic components for human well being is not affordable for most people.
3. Going into full time self employment in the next few months
4. We have the flexibility of renting at the moment and are loathe to give it up and get stuck in a house we hate but could afford for the next five years.
Ideally we want to move on to land, eco housing, growing our own food and all that. Ironically we could afford to do that if planning wasn't such an !!!!. OooOOops! sorry that slipped out!
Help!! Would we make more money if we bought a house or if we carried on just saving and renting??!!!??
love
hen
Really hope you can help us with this, we've been giong round in circles for the past three years!
We have £50, 000 saved in an earth saver account with triodos (our interest is donated to friends of the earth automatically)
We want to settle down in our own home but find it impossible to take the step for the following reasons...
1. Too expensive to buy for the areas we want to live in (even the cheap housing in these areas would have our monthly repayments too high)
2. Hate the idea of being in debt for such a huge amount. We're used to only buying things we have enough money for. Seems ridiculous that one of the most basic components for human well being is not affordable for most people.
3. Going into full time self employment in the next few months
4. We have the flexibility of renting at the moment and are loathe to give it up and get stuck in a house we hate but could afford for the next five years.
Ideally we want to move on to land, eco housing, growing our own food and all that. Ironically we could afford to do that if planning wasn't such an !!!!. OooOOops! sorry that slipped out!
Help!! Would we make more money if we bought a house or if we carried on just saving and renting??!!!??
love
hen
0
Comments
-
Your last para condradicts your earlier ones. If you want to make money then donating your interest to friend of the earth, however laudable, is not going to do it.
You either need to buy into the house buying idea or aim to save enough money so that the interest earned pays your rent. These are the only way, AFAIK, to confidently fund your housing in retirement.
The flexibility of renting can work for you or against you. As easily as being able to move on, you run the risk of being forced to move when you would like to remain.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
thanks for your reply!
You hit the nail on the head. We are rubbish at money but don't want to be. Hence the contradiction.
Can you really still make money in the short term buying property at the moment?0
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