Buying a house or saving dilemma

kimble_2

hello,
I have a question that I pose daily to friends and relatives and i recieve a 50-50 reply so I thought a little wider questioning may help me decide!
I currently live in rented property (owned by my parents so not too expensive!) I am looking to buy a property and the house I really really want (and have been told by the family I will definatley have first refusal) may not be for sale for two / three years. I could save up really hard as this house will be about 180k and needs totally renovating as the chap who lives there is 96 and has lived there 50 year + and will probably in the future move to be cared for by relatives. There are only five houses on this private road to which my parents own one and it is worth 300+ (done up!) as are the others. I could save really hard the cost of a monthly mortgage (1k per month) OR SHOULD I BUY NOW AND GET ON THE LADDER AND THEN SELL. I have seen a lovely terraced at 160k, in immacualte condition done to a high finish so I am really stuck to what I should do as if property prices rise like mad in next two years the lovely one may go out of my reach.
ANy thoughts welcome. I am a first time buyer and have 10% deposit.
Best Wishes,
K;)

Doozergirl

Different creatures aren't they? Small immaculate house versus large renovation project.

I'd probably wait and save hard to try and reduce the eventual mortgage.

Norroy

There is an old saying- Don't wait to buy a property, buy property and then wait.

Remember the benefits of gearing. Just 5% capital growth on a property each year, will dwarf any return you will get on your 'deposit money'.