Opinions please? First time Buy / Rent

l0u1se

Hi everyone, was just looking for some advice if possible.

I currently live with my boyfriend and have done for the last 18 months (with his parents in a large house)

We are looking to move out probably next year or the year after, I would prefer to get a mortgage on a 1 or 2 bedroom flat/apartment

My boyfriend disagrees and thinks you should rent first and then buy a family sized home.

To me renting is just a waste of money :think:

Am I being stupid or unreasonable?

giddypenguin

It all depends on what you can cope with... personally, I would stay with the parents longer (as long as everyone was happy with this arrangement) in order to save a bigger deposit to buy. But it's all up to how you are all (you, your boyfriend and his parents) feeling, how much money you have stashed away, and how much you can continue to save.

However, If you are asking if its worth buying a 1 bed flat just for 'now' - I would say no... nothing worse than being 'stuck' somewhere - and buying and selling can take one hell of a lot longer than you think. For us, 18 months.

G_M

There are two issues:

1) finance. Have you the deposit, credit history, cashflow to support a purchase and mortgage?

2) Commitment. Is your commitment comparable to marriage? Buying property jointly is a bigger commitment than marriage, so if you are not confident/commited enough to marry, are you sure a joint property is wise?

caeler

In hindsight I wish I'd rented for a bit first. I appreciate it is 'dead' money but renting is very liberating plus no maintenance costs. Also it could have helped me try out different types of properties to find my 'forever' house. I rented for a year inbetween mortgaged houses. Also I purchased my first house with my then boyf later husband, now ex-husband and oh how I wish we'd rented. I lost a fortune!! I'm not suggesting your not going to be together forever but a mortgage is a big commitment!

l0u1se

Thanks for all the responses guys

DRP

i don't think i would buy a 1 or 2 bed flat, unless you are keen to live in a city central location where virtually all; residential property is flats.

In a year or two you could save a lot more, one or both of you get promoted or earn more and be able to afford a place your'e happy to stay for the good few years it needs to be to make it worthwhile (effort , stress, stamp duty & other fees etc).

In other words, i wouldn't move just for the sake of it.