Go home and save or continue to rent..

hollieannx

Hi,

I know it may be a stupid thread but at the moment I am doing nothing but argue with myself.

I have been private renting with my partner for nearly a year - I like the house we are renting but can't help that feel we are throwing money away. (We are paying £950 a month rent.)

If we decide to save and go home we could sell our furniture and have a spare room at my boyfriend's mums and all she asks is that we pay her £250 a month to cover bills and food.

I keep thinking if we go back home and still put away money each month and try and save as much as possible we could eventully buy our own place - the only thing that puts me off is after having our own space for so long are we going to hate moving back in with parents.

Just need someone to give me a wise word

SavingPennies_2

I personally couldnt do it but depends how your relationship between his parents is. I suspect you might get under each others feet and his mother might revert to the adult/child relationship she had with him when he was younger.

£950 is a massive amound for rent, could you find a cheaper 1 bed for half the price while you save?

hollieannx

I live in Watford, Hertfordshire and it is quite hard to find anything that is half decent for a cheap amount. We have two cars so need places to park (everywhere round here is double yellows or 1 allocated parking space and nothing else for miles)

I think if something cheap enough come up then we would consider downgrading as long as we know the cars are in a secure area.

SavingPennies_2

Could you manage with one car/public transport? What about getting a room in a house share? I know neither is ideal, but "slumming" for a few years will be worth it if you can save up the money. I guess Im biased as I like my own space but if you think you will get a long maybe give it a go but agree to move out if it starts to cause a strain on you or your relationship, you can always go back to renting.

Clearlier

Obviously a great idea financially but it's all about the relationship you both have with your boyfriends Mum. I would have been fine with my partners parents but not with my parents. It had nothing to do with room (loads more space in my parents house) - just the kind of relationship we would have had.

Will you get more out of life overall if you wait longer for a house/rent forever or if you spend a couple of years with your partners Mum and then get your own house? Will your relationship survive moving in with your partners Mum?

jahudson72

I had this dilemma when I was younger and I went back home and saved up the deposit for my first house. Unless you can find somewhere else that's as good a deal as moving back home then absolutely go for it I would say.

The long term gains far outweigh the negatives - it did for me. It's only a temporary measure. DO IT! :T

hollieannx

So its happening....

We have given our notice and our moving back in with our parents in December.

Save save save!! ...Need to keep motivated!!

jahudson72

Well done. Keep that money in your back pocket and not a landlord! The time will fly by and soon you'll have a nice deposit for your own pad and it'll be worth the wait. Plus you'll be chain free and a first time buyer and all the estate agents in the land will love you!

mickey54

hollieannx wrote: »

So its happening....

We have given our notice and our moving back in with our parents in December.

Save save save!! ...Need to keep motivated!!

My daughter moved back in with me ( long time ago) - she now owns her own place outright...couple properties as BTL and 2 places overseas. She could not have done this without help from us. What she saved on not paying rental has helped her out longterm. Obviously - things have changed over the years...but living with parents, does have its advantages.

Cooking ( if you want it) - cleaning, laundry and ironing...I loved it.!!!

hollieannx

Thank you to you both.

I have been watching every home programme that I can find to keep myself excited.

I know it is not going to be easy but the thought of owning my OWN house and not paying someone else's mortgage is enough at the moment!

:j