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Rent or buy!!
Ste171
Posts: 7 Forumite
Hi everyone, just looking for some advice, currently still living with parent and have spent the last few years saving as much as possible - now have 25k in savings.
Have been looking for a house to buy but so far nothing has appealed to me, however some apartments have just been made available to rent in a nice area and its got me considering -previously I've always thought of it as 'dead money' but now I'm not so sure.
I currently earn 18.5k a year, take home around 1200 a month if I don't do overtime, the places up for rent are 500 a month, I've never really thought about renting before but I'm nearing 30 and would like to leave home at some point!
Any pros or cons to renting as opposed to buying, I apologize for the long winded post!
Have been looking for a house to buy but so far nothing has appealed to me, however some apartments have just been made available to rent in a nice area and its got me considering -previously I've always thought of it as 'dead money' but now I'm not so sure.
I currently earn 18.5k a year, take home around 1200 a month if I don't do overtime, the places up for rent are 500 a month, I've never really thought about renting before but I'm nearing 30 and would like to leave home at some point!
Any pros or cons to renting as opposed to buying, I apologize for the long winded post!
0
Comments
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I don't see renting as dead money. It is paying for a roof over your head.
Having said that I'd stick it out with the folks for a bit longer, keep saving, hopefully prices will keep falling and buy a place of your own.
Renting can become tiresome very quickly and these days letting agents take the pi$$ with their fees.0 -
How much are the flats/houses you would like to buy? are you in an expensive area?I'm never offended by debate & opinions. As a wise man called Voltaire once said, "I disagree with what you say, but will defend until death your right to say it."
Mortgage is my only debt - Original mortgage - January 2008 = £88,400, March 2014 = £47,000 Chipping away slowly! Now saving to move.0 -
It's not for everyone, but have you thought about living in a shared house? Much cheaper but still gets you out of your Parent's house! if you find yourself in a property that is already on a periodic tenancy then you wouldn't be tied to a long contract either. That's how our place works.
I'm living in a decent modern house in the centre of town, with large living room and a garden, all bills paid and the full works (All tv channels in movies, sports and HD and 60Mb broadband) from Virgin and paying £350 a month. if I was renting my own place I'd be paying double that that a pokey flat, probably in a less desirable area.
Yes I have to share but it is rarely an inconvenience, and I like the social aspect too.0
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