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Buy, Rent or Do Nothing?
Daveb
Posts: 16 Forumite
Hey guys, i guess ultimately this is my decision but whats your opinion?
Currently im with the parents (25) paying rent, I have a car which was more expensive than my last so im paying the shortfall at the moment. I actually have two cars, a 406 and a sports car for trackdays.
The payments for the sports car end mid next year. My dilema is do I sell the sports car, pay off the loan, have a deposit and money for a house and buy a house? Do I continue what im doing and buy next year? Do I rent a place for just now to get me away from home - something im starting to like the idea of!
Renting seems a waste of money to me.
The biggest bugbear I have is I started work 6 years ago. If id bought a house then I would have been laughing. I dont want to make the same mistake again but Im very confused with whats happening just now, interest rates going up, house prices going up or down?
Am I best to get a fixed rate morgage now for as long as possible? What if the interest rates start to drop again?
Any help appreciated.
Currently im with the parents (25) paying rent, I have a car which was more expensive than my last so im paying the shortfall at the moment. I actually have two cars, a 406 and a sports car for trackdays.
The payments for the sports car end mid next year. My dilema is do I sell the sports car, pay off the loan, have a deposit and money for a house and buy a house? Do I continue what im doing and buy next year? Do I rent a place for just now to get me away from home - something im starting to like the idea of!
Renting seems a waste of money to me.
The biggest bugbear I have is I started work 6 years ago. If id bought a house then I would have been laughing. I dont want to make the same mistake again but Im very confused with whats happening just now, interest rates going up, house prices going up or down?
Am I best to get a fixed rate morgage now for as long as possible? What if the interest rates start to drop again?
Any help appreciated.
0
Comments
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Do you think you could afford to buy somewhere in your area?
Have you had a look at a mortgage calculator?
Paying off debts as quick as poss is always a good idea, you wont find many MSErs telling you to string your debt out for longer than is neccesary
:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Don't forget you need to consider mortgage interest when thinking about "wasted" rent money.
Good luck,
Olly## No signature by order of the management ##0
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