First time buyers advice.

CMPUNK

Hi,

I am just looking for some general advice to help my thinking and it would be nice to get the opinions of some different people.

My girlfriend and I have been with each other 5 years and we have finally gotten to the point of wanting to live with each other and are starting to get the ball moving to make that become a reality. The reality however just seems difficult and neigh on impossible.

I have just graduated from University this year and my girlfriend graduated the year before. We are both in employment with my girlfriend being a primary school teacher. Myself being aged 25.

Renting may seem like the most logical option but it is hardly appealing to have to pay someone else rent, that would be the same cost if not more than mortgage repayments. Plus if you rent for a long period of time you end up throwing money down the drain and have nothing to show for it at the end apart from living in someone else's house under somebody else's rules and restrictions. Not to mention between use over the last three years we have rented six different abodes because of University and few of them are fluent happy memories and it would be nice to move onto the next stage in our life as apposed to moving from pillar to post.

As a potential first time buyer the finances, mortgages and loans involved can be pretty overwhelming and it can be difficult to know where to begin. It is hard to know where to look and even harder to know what is relevant to us.

In an ideal world it would be great to have a nice house and have enough money for decoration and purchasing the essential things needed when moving out of your parents home. Another massive cost being having to start from scratch with furniture and utilities etc


So if there is any advice you could give it would be appreciated. Having never done any of this before it is great to know what other people have done or think.

lee111s

If you've not lived together before then buying a house together is quite a risk. What if it doesn't work out? How about renting for 6 months and then if you're happy start looking for a place to buy for yourselves?

Jordo

CMPUNK wrote: »

Renting may seem like the most logical option but it is hardly appealing to have to pay someone else rent, that would be the same cost if not more than mortgage repayments. Plus if you rent for a long period of time you end up throwing money down the drain and have nothing to show for it at the end apart from living in someone else's house under somebody else's rules and restrictions.

Rent a flat together for 12 months, one bed place in the city centre - you'll either absolutely love it and have some amazing memories, or it won't work out - what's to lose?

Yorkie1

CMPUNK wrote: »

Hi,

I am just looking for some general advice to help my thinking and it would be nice to get the opinions of some different people.

My girlfriend and I have been with each other 5 years and we have finally gotten to the point of wanting to live with each other and are starting to get the ball moving to make that become a reality. The reality however just seems difficult and neigh on impossible.

I have just graduated from University this year and my girlfriend graduated the year before. We are both in employment with my girlfriend being a primary school teacher. Myself being aged 25.

Renting may seem like the most logical option but it is hardly appealing to have to pay someone else rent, that would be the same cost if not more than mortgage repayments. Plus if you rent for a long period of time you end up throwing money down the drain and have nothing to show for it at the end apart from living in someone else's house under somebody else's rules and restrictions. Not to mention between use over the last three years we have rented six different abodes because of University and few of them are fluent happy memories and it would be nice to move onto the next stage in our life as apposed to moving from pillar to post.

As a potential first time buyer the finances, mortgages and loans involved can be pretty overwhelming and it can be difficult to know where to begin. It is hard to know where to look and even harder to know what is relevant to us.

In an ideal world it would be great to have a nice house and have enough money for decoration and purchasing the essential things needed when moving out of your parents home. Another massive cost being having to start from scratch with furniture and utilities etc


So if there is any advice you could give it would be appreciated. Having never done any of this before it is great to know what other people have done or think.

It is far more sensible to rent an unfurnished place to start with. It is not money down the drain - it provides you with a roof over your heads without any of the hassle of maintenance (and there is ALWAYS unexpected maintenance / cost when you move into a bought property).

It therefore also allows you to make the initial essential purchases such as washing machine / fridge freezer etc, save up your deposit for the house, check you don't want to kill each other after several months, learn to budget together (there are many threads on the relationships forum where couples find their approach to joint finances are not as expected), and learn to manage outgoings.