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Renting or Buying - nightmare decision, please help!!
Lalalemon
Posts: 22 Forumite
Hi there,
My partner and I have been together for 18 months and we really want to move in together (both currently living at home and spending half our time at each house.... very stressful and i've had enough!).
We currently have approximately £6000 in savings which has taken us about 8 months to do.
We earned about £25,000 ish combined PA after tax.
Only major outgoing is the £200pcm rent that partner pays his parents.
The maximum we could lend is £112,000
We live in the SW and prices are high, we'd be lucky to get anything, probably max of a very small 2 bed flat with no parking or outside space.
We don't currently have anything like enough money to buy, I think it'd take us at least another 2 years to have enough (if we include ALL fees, the cost of furniture etc.)
If we were to rent we could be in our own home within the month. A small 2 bedroom terrace, with garden and a parking space and lots of on road parking for visitors is approximately £525pcm (we went to look at one just like this on Saturday) we could furnish it easily and modestly from our savings and still have plenty left in the pot. (I already have some furniture from when I lived up country with my friend for a couple of years)
I think we could still save some money per month to eventually buy a property, yes it would take a lot longer, but I think we would be happier in the long run.
I am also nearly 28 and really keen to start a family, I don't really want to wait another 2 years to do so.
Partner wants us to stay put and save, but I just don't think it's reasonable, I want my independence!
What do you think is the most sensible thing for us to do?
We've been debating all weekend and we really need to make a decision as it's making us unhappy!
Many thanks,
Lala
My partner and I have been together for 18 months and we really want to move in together (both currently living at home and spending half our time at each house.... very stressful and i've had enough!).
We currently have approximately £6000 in savings which has taken us about 8 months to do.
We earned about £25,000 ish combined PA after tax.
Only major outgoing is the £200pcm rent that partner pays his parents.
The maximum we could lend is £112,000
We live in the SW and prices are high, we'd be lucky to get anything, probably max of a very small 2 bed flat with no parking or outside space.
We don't currently have anything like enough money to buy, I think it'd take us at least another 2 years to have enough (if we include ALL fees, the cost of furniture etc.)
If we were to rent we could be in our own home within the month. A small 2 bedroom terrace, with garden and a parking space and lots of on road parking for visitors is approximately £525pcm (we went to look at one just like this on Saturday) we could furnish it easily and modestly from our savings and still have plenty left in the pot. (I already have some furniture from when I lived up country with my friend for a couple of years)
I think we could still save some money per month to eventually buy a property, yes it would take a lot longer, but I think we would be happier in the long run.
I am also nearly 28 and really keen to start a family, I don't really want to wait another 2 years to do so.
Partner wants us to stay put and save, but I just don't think it's reasonable, I want my independence!
What do you think is the most sensible thing for us to do?
We've been debating all weekend and we really need to make a decision as it's making us unhappy!
Many thanks,
Lala
0
Comments
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Rent. I think you're mental to be considering buying a property with someone you have only been with for 18 months and never lived with before. A mortgage is a much longer and far more honorous commitment than most marriages these days0
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That is a very good point, very well made!
A mortgage is just so much harder to 'get out of' the sort of property we'd be able to afford would be the sort of property people probably wouldn't want to buy and would therefore be incredibly hard to sell on.0 -
Having said that, we do pretty much live together now, we haven't spent a night apart in about 4 months.0
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It will be (I was going to say can be, but it will be) very different living with your partner alone that it is with your families. Even if you were living together alone for 4 months, I don't think that would be enough time to decide if you want to get a mortgage with someone.
First make sure that you can actually live together alone before taking such a big step.
Definitely rent first!!!0 -
Thank you for that, this is partly why I want to rent first.
His parents are absolutely dead against us renting because apparently we'll NEVER be able to afford to buy if we do.0 -
His parents aren't the ones considering making a life-long commitment to a mortgage-company!0
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How about a compromise?
How about you rent a one-bed flat?
Don't spend the money that you've saved up on furnishings. Keep that saved towards a house deposit.
With the reduced rent (i.e. a small flat will be cheaper than a house) you can save more each month towards the house deposit.0 -
I like your thinking Jimmy, see how it goes for 6 months. We would have to buy some furniture though! Can't live without a sofa!0
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How about renting a one-bedroomed furnished property? No need to buy any sofas or anything else bar bed-linen and a few kitchen bits and pieces0
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Another in favour of renting first.
Yes, different living together all the time - sharing housework/cooking etc etc (need I go on?) But..........
Time together
No repairs/decorating/up keep of property
Time to assess what you eventually want from a house - layout etc - what is important /what isn't important/near to town/work/shops
It is perfectly possible to save if you are prepared to budget carefully (just spend a few hours on this website and you'll have it sorted!)
Think of using Regular Savings Accounts then the money goes directly out each month so you never 'have it' (and therefore can't spend it!) plus the measly interest rates are a little better with these kind of accounts.
If you are absolutely prepared to buckle down and save then it can be done. So no expensive weddings (!) or lavish holidays!
Good luck with your new life.0
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