Mad to consider renting?

j0nathon2

I am in a fortunate position where I can afford to pay cash for houses in the majority of my city, or take on a small mortgage if I wanted something more extravagant.

However, I am considering renting for a year or two. Is this stupid, "paying somebody else mortgage"?

Pro's to renting:

I often dislike my job, and similar jobs don't exist in the city, so I would need to move a non-commutable distance. I am happy to relocate. Selling the house could be difficult depending on the market, and incur fees.

I'd rent somewhere small, as I live alone. I wouldn't buy a small house or flat as they are not as desirable.

I don't have to care about the building, a consideration bearing in mind a lot of the city has had flood problems.

Con's:

My money is sitting in the bank earning about 1.5%, houses could go up in value by the time I rent and been a better "investment", similarly I may end up being able to buy less than I could today.

The rent is "wasted money".

I could be evicted if the landlord wants their property back.

Babbawah

MSE could help you make a decision, however, I feel that you are best served by tossing a coin.

You know how to toss a coin don't you?

fairy_lights

I don't think that's mad at all, actually very sensible to rent for a while if you're not sure where you want to settle. Do you currently live with parents?

j0nathon2

Thanks, and yes, I currently live with parents.