Advice Needed Please - Buy OR RENT

Robinson1001

Hi folks, this is my first post on the form,,, so go easy on me.

I know this topic has been round the block a good few times, but I'm going to ask it again. BUY OR RENT?

I live in Co Fermanagh in N Ireland, and have been seeking planning permission for almost a year and a half now, but unfortunately due to a number of their policies it looks like it is going to take at least another couple of years of me to get the permission approved. :mad:

So in the mean time, as I am fed up with the waiting game on the planning permission, I would like to take the leap onto the property ladder as I am a FTB.

My girlfriend and I are both 24, our joint income per month is £2850+ and for us to buy in our local area we would have to pay 200k. We have 30k saved but would like to keep some of this for the future. Basically I would like to know your opinions. I am not looking to make any mass fortune on the house as I would only be keeping it a max of 5years, its really for me to just get onto the property ladder or would just renting be a better option.

Any advice would be greatly appreciated.

Thanks

jay7_2

You can compare the 2 options here:
http://www.allagents.co.uk/calculator/mortgage-rent/

This is a basic calculator that comares your rent with the mortgage interest over a time.

Many people expect property prices to drop a bit, so if you plan to sell in a few years time, consider such scenario as well. You don't want to get into negative equity and become a prisoner of your own home.