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Rent or buy...

hazoo
Posts: 47 Forumite
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Comments
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Renting is not dead money, you're paying for a roof over your head. In your case you either pay rent or continue living under his mother's roof.
Will your partner want to stay in the area when he graduates? Are there jobs in his field available?0 -
Hiya, thanks for your reply.
By dead money I meant that technically we could be saving the money we would be spending on rent by staying at his mum's - but as you say this is the choice we have.
We currently live outside of the area he would like to work but not by far - we would probably be looking to move within 10/15 miles of where his mother lives.
Yes jobs in his field are in demand - approx 90-95% job rate after graduating - plus he did used to work in the field in an unqualified position and has it on good authority that there will be an opportunity for him should he want it when he graduates. - although this is further south still than where we would be movng to. He actually used to commute 80mile round trip each day for 2 years from his mums just so he could work in the industry and get the experience to get onto the course.0 -
Hmm this is a tricky one
This is just my advice and i may well be very wrong, but i would say that you should rent. Buying really isn't the amazing investment that people make out it is. Not to mention you wont really need to worry if the boiler breaks etc and you can move, leave with short notice.
Would it be possible for you to both work together with a cheap (ish) rent and continue to put into savings? (even if it is a small amount). You could continue to add to your savings and potentially have a larger deposit for when you buy a house when you are both working full time?Great things are done by a series of small things brought together.
If you cannot do great things, do small things in a great way.
The greatest good you can do for another is not just to share your riches but to reveal to him his own.0 -
If it's putting a large strain on your relationships I would go ahead and buy when you can afford it. Can you afford a 95% mortgage? 5% of £120k is £6k + £5k for fees and moving costs, then you should be able to buy something.Changing the world, one sarcastic comment at a time.0
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I'd hold of buying until you know where his job will be. An 80 mile round trip would wear pretty thin for me and it would cost a fortune in petrol or public transports fares which is fine when you're living at your parents for next to nowt but not when you have your own household to run.0
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Hi all and thanks for the replies.
Medihv - yes I think that is an option which we may end up exploring sooner than September. Don't get me wrong it's not handbags at dawn every day but they are very hard work and we are feeling the strain. Fortunately it has brought us closer as a couple and helped clarify how we would like to run our own home.
Stator - several friends have suggested a 95% mortgage but the problem is that as the mortgage would be in my name only, I would need to be able to get a pretty large mortgage to get a decent house and on my earnings I can probably only borrow around 95-100k, meaning that the rest of the money needs to be made up with the deposit.
Pixie I may not have been clear - the area we would be moving to would probably be a 40 mile round trip for him as opposed to the previous 80mile one. This still isnt ideal but until he has his job it is difficult to guage.
I feel like it is chicken and the egg - buy a house and that dictates where you can work or get a job then that dictates where we buy!
One good thing is that he isn't too concerned about being too close to his mother now he is frustrated by her irational nature! hehe0 -
It's a no brainier. if you can get a mortgage it is cheaper than rent.
Renting is for those that don't have a choice0 -
Hmm this is a tricky one
This is just my advice and i may well be very wrong, but i would say that you should rent. Buying really isn't the amazing investment that people make out it is. Not to mention you wont really need to worry if the boiler breaks etc and you can move, leave with short notice.
Would it be possible for you to both work together with a cheap (ish) rent and continue to put into savings? (even if it is a small amount). You could continue to add to your savings and potentially have a larger deposit for when you buy a house when you are both working full time?
You say buying isn't amazing.
I was toying with renting over 2 years ago. Decided to buy. House has increased by over 20% in value and the mortgage is cheaper than rent.
In 2 years I have 'gained' by about £50k.
Yes it's sell down to luck of the market and where you live, but I am so glad I bought as now I could not afford the property.
That said you shouldn't look at buying your home as an investment. It's your home. If you can buy, I always say buy over rent. Pros and cons of both of course but having your own place for as long as you want, on your terms and paying off the capital is a no brainer.
Think of it this way. In 25 years you should own your own place, no mortgage (assuming no disasters of course!) but by renting you will continue paying rent for life.0 -
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Thanks again guys.
If I wasn't clear in my first post - we will definitely be buying a house, the question was more of when, as in on my own next summer/autumn, or the following summer once bf has graduated. If we were to buy the following summer (2016) then whether we should rent.
I would NEVER consider renting long term as personally so long as we could confortably afford the mortgage then I don't fancy paying off someoen else'es mortgage for more than they are probably paying! :rotfl:
Looks like it's going to be one of those play it by ear ones where I have to see where I am money wise next summer and what is on the market.0
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