To Save or Buy?!

Jimmy_31

reweird wrote: »

Oh that's clever, you linked to your own post. For every second you try to justify yourself there are hundreds of thousands who don't and will never believe your lies. Enjoy the shitstorm.

Ready for popping again aint you lad:rotfl:

Your life must be in one hell of a state.

Loughton_Monkey

littlebearbeer wrote: »

......My partner has been left some money from his grandmother, approx £50,000 and we are wondering whether to save this money whilst we still rent (£850pm) or go straight into getting a new house/mortgage?

Savings seem pretty rubbish but is there also a chance of waiting out for house market crash?

Any ideas or suggestions would be most welcome... we don't really know where to start!

Start by asking anyone (say age 65) who has just retired without ever having the opportunity to buy - facing the rest of their retired life paying rent - what they would have done in this situation. You will get a resounding response "buy".

Short term 'adjustments' in house prices are absolutely irrelevant over a long period. [I entered the housing market at a 'high' where the only way to buy any house was one of us - my wife in this case - to rush round in the lunch hour, view, and put down the deposit that instant. And yet now we are sitting on a fully paid-for house worth almost £1m.]

Another thing you could do, is ask lots of other people - but face to face. Not on this forum, because you don't know the background of me, or any other poster. But my point is: Ask someone you would positively identify as "financially successful" relative to their earnings and you will get resounding advice to "buy".

Conversely, note very carefully those who tell you not to buy, but to rent for the rest of your life despite having adequate money for a deposit when prices are 'sensible'.... and I will guarantee you are talking to someone who is financially very unsuccessful, or has a huge chip on their shoulders, have failed to buy property successfully in the past, or got their fingers burnt through bad management....

The only other alternative is to get out a spreadsheet and do some assumptions and projections. Rent inflation, house inflation, interest rates..... for the rest of your life (say to age 90), and see what you get. You will realise that the only 'assumptions' that 'prove' that renting is a better prospect simply don't stack up.

It's up to you.