Buying a house is it worth it?

missile

House ownership is not for everyone and maybe you cannot afford it

ziggy2004

Baileys_Babe wrote: »

Could you not find a solution between the pair of you, where you move in with them for a while. You pay them rent, less than you currently do - if this is reasonable, this will give you the opportunity to save and them their much needed extra income, could be a win win situation.

Too far and too small ( and a liability for me to be locked away for murder). We are a family of 5 and they live in a 1 bed house.

missile wrote: »

House ownership is not for everyone and maybe you cannot afford it

Maybe not right now anyway. With a bit of downsizing we can actually save more then I had anticipated. So much as I love the house we found which we could do up to be worth more it does not look to be the sensible option right now.

Only way to find that out is to actually look at all the options though

poppysarah

If you have just cleared debt then well done. Why not save the money you have been using to pay off the debt to create savings?

Have a savings burst - 1 month out of three go mad and save as much as you can. Then relax but still save the other two.

POPPYOSCAR

ziggy2004 wrote: »

Too far and too small ( and a liability for me to be locked away for murder). We are a family of 5 and they live in a 1 bed house.



Maybe not right now anyway. With a bit of downsizing we can actually save more then I had anticipated. So much as I love the house we found which we could do up to be worth more it does not look to be the sensible option right now.

Only way to find that out is to actually look at all the options though

There you have your answer.

When I bought my first house(many years ago) interest rates were at 15% and although houses were cheaper the mortgage payment was high because of this.I saved for two years to get the deposit.

It meant going without, no holidays, no meals out etc but now I am in the position where I own my house outright and I would not change a thing, it was worth it completely.

DannyboyMidlands

I think that you need to stop scheming and looking for short cuts and crack on with the saving.

My OH and I moved to the cheapest rental flat we could find, did a budget, lived frugally, maximised the interest on our savings and bought at 75%LTV after about 3 years. After paying the deposit we still had a large amount of savings which gave us the freedom do gamble on a cheap tracker rate.

Our mortgage payment is 2/3rds of the cheapest rent. We also have built in equity if/when we want to move and have come to enjoy living frugally. The mortgage should be paid off within 5 years.

Get on with it already.

ziggy2004

DannyboyMidlands wrote: »

I think that you need to stop scheming and looking for short cuts and crack on with the saving.

My OH and I moved to the cheapest rental flat we could find, did a budget, lived frugally, maximised the interest on our savings and bought at 75%LTV after about 3 years. After paying the deposit we still had a large amount of savings which gave us the freedom do gamble on a cheap tracker rate.

Our mortgage payment is 2/3rds of the cheapest rent. We also have built in equity if/when we want to move and have come to enjoy living frugally. The mortgage should be paid off within 5 years.

Get on with it already.

:rotfl::rotfl:

Did you just want to show off how well you did?

I happen to think that looking at all the options is a sensible thing to do when deciding on important issues.

GDB2222

I must say that I can't see anything wrong with saving up for two years to buy a house. I'm surprised that you can do it as quickly as that. Get on with it and stop whingeing.

missile

ziggy2004 wrote: »

....
I happen to think that looking at all the options is a sensible thing to do when deciding on important issues.

I used a loan from the bank to fund the deposit for my first house purchase. At the time I had ZERO savings. If you are committed and want it badly enough there is always a way.
Good luck :beer: