Do I stay mortgage free or not?

ErolGirl

Hi


I have been accepted for mortgage and have deposit ready. Everyone always say you should get property ASAP renting is throwing your money away.


However I am never settled, I haven't stayed in one place for more than 3 years over the past 10 and I am getting itchy feet again (will soon be turning 30 - tempted to do the working holiday visa in Oz before its too late!)


I have been told to just buy here anyway (where I am from family here etc) to invest my money, and then if I want to move, I can rent it out. But not sure how easy this is, and worried I am going to get trapped in a mortgage!


On the other hand, the £20k is burning a hole in my pocket, having recently been removed from investments, it's just sat in my bank account.


Any advice would be great...! I feel like I'm stuck in limbo atm...

edinburgher

It doesn't sound like you're ready to be a home owner or a landlord! Listen to your heart, family aren't always right

Nobody used the word 'trapped' who actually wants to buy a home.

greent

One of our oldest friends has a major travel bug (currently on a 10 month tour and is somewhere in Africa) and has frequently been off on long jaunts. He didn't buy until in his mid 30s and now rents it out whilst he's away/ living and working elsewhere (whichever the case is at the time). The income is useful whilst he's off on a 'jolly' - it more than covers his mortgage (he gets paid for writing about his trips but it's not enough to replace his salary) I think he wishes he'd bought a little earlier with hindsight - but it is a personal decision which only you can make.


x