Please help me decide if it would be a good idea to buy a second property

BARGAINMAD_2

My husband has a "thing" about overpaying on mortgages to clear them quicker than the term - it doesn't really bother me, but no, it would be great to have a property to go towards funding retirement but I don't think that will be possible as we would prefer to gift our sons the cash for a house deposit. Sorry, I think I am confusing myself too! We are only griping to give them cash for house deposits when they are older, absolutely nothing else.

Pixie5740

If you want to be able to gift money to your sons in the future then don't buy a property now that they may or may not want to live in somewhere further down the line.

You don't know that house prices will be doing if/when they come to buy.

BARGAINMAD_2

We also have several extended family members who have always lived at home and stayed single. They could never afford to buy now and it's got me wondering what would happen if they ere single in Their thirties. I know it's becoming increasingly common but I don't think we would like two in their 30s still living at home . But I suppose that still isn't a reason to buy now

Pixie5740

No it's not a reason to buy now. If you did buy now you have no idea if you'd be buying the right property in the right location for either of your children. You also have no idea what the future of the housing market looks like.

Living with you and home ownership aren't the only options. They could move out of home and rent like many people across the country do who then continue renting or buy somewhere.

The reason people end up with adult children who fail to fly the nest is because "rent" appears to be a dirty word. It's not.

PC_Scorchio

An interesting post and thought provoking...probably for yourself too now you've seen the replies coming in.

I enjoy property ownership and the 'landlord' aspect. We have our house that we (me, Mrs PC S and 2 mini PC S's) live in and a property (our first home) that we let. We live about 20-25miles north of you but I fully understand the market where you are. I grew up in WA14 where 3bed terraces now cost £160+ (mu mum bought hers for £18k in 1985).

If you have £80k in savings there is now need to do anything with your home. I am in the process of buying (and it's a tad cheaper up here) a 3bed semi for £110k and have put around £25k down as a deposit. Mortgage will be in and around £250-300/m and rent (fingers crossed) £595.

To me it's not about value of rent now, it is the investment of the property value in the future. I don't see it as somewhere my children (currently 3 and 2) will want to live. If they do, great we can work that out. If not, by the time they buy we may be able to help by selling it and using the equity to assist them in their purchases.

More than happy to talk more if you like, just drop me a message.