Buy or rent in up and coming area?

seven-day-weekend

If I had a choice I would buy. No contest. Even if the house/area wasn't as nice as if I was renting.

I don't want to be chucked out every six months. I want the option to have pets. I want to be able to decorate, or hang a picture on the walls. I want to be able to change utility providers when and to whom I please. I want to be able to take a lodger in if I chose.

I personally can't understand why anyone rents privately unless they have no choice or intend moving frequently.

saverstacey

Well, thanks for all the advice guys.

I think that we will just hold off making a decision until we get an offer on our existing property. Then, depending on the price we achieve, will look at what is out there to buy in our range and compare that with the potential pitfalls of renting.

My feeling at the moment is that I would like to rent and then be in a great position to buy again (with no chain) when we can afford the 'forever' house.

If the market does continue to rise here, it will still be cheaper than many parts of the UK and maybe we will just have to adjust the dream slightly.

Will let you know how we get on. Thanks again to everyone who replied.

mr.broderick

Romani_Ite_Domum wrote: »

MEW stands for Mortgage Equity Withdrawal.
Basically you are borrowing more money against your house and you will be paying interest just to pay the interest so to speak.
If you really wanted to hang on to your present house. If you were guaranteed of doubling your family income. If you are sure prices will at least keep pace with inflation and If you are sure you could also ride out any IR increases then it would be an option.

Too many ifs for me. As your current house is not your dream house I would say the option is no longer valid.

It is a really difficult decision. I sold my 4 bed detached farmhouse ( worth £300K ) 3 years ago as I got divorced. I thought I had to stay on the "property ladder" as prices were going up. I bought a 3 bed semi Townhouse for £190K. House is Ok but location sucks in the winter and I have never been happy here. The house has been on the market for 20 months now. I just got an offer today of £190K off an £235K asking price.

Moral of the story: If you decide to buy again, make sure its a place that you will be happy in and make sure its a place that will sell easily when you want to. Unless you are in a high demand area, its always a lot easier to buy something than to sell it.

Good luck and let us know how you get on.

you accepting that offer romani?