Rent a dream or buy a dump?

Cakeguts

The trouble with drug dealers isn't so much the drugs it is the possibility of associated violence. I wouldn't suggest anyone lived in an area like that because it won't be safe.

DigForVictory

Buy the dump - gentification comes & goes.

Unless you've children, and the dump condemns them to poor schools. Mind, those change too, just not always quickly enough.

If the dump is handy for passable schools, a good pub, adequate shops & public transport infrastructure, then grab it!

needhouseadvice

seriously house prices aren't really going anywhere for a while. there's no need to jump on the ladder right now. i'd wait. if you buy in a rubbish area and prices keep on falling, you're screwed.

caronoel

I don't see its a binary option. In large swathes of the UK, it's still cheaper to buy than rent.

missbiggles1

Cakeguts wrote: »

The trouble with drug dealers isn't so much the drugs it is the possibility of associated violence. I wouldn't suggest anyone lived in an area like that because it won't be safe.

The more people think like that, the less safe the area will be - rather like "normal" people not going out at night makes the streets more dangerous for everybody.

Cakeguts

missbiggles1 wrote: »

The more people think like that, the less safe the area will be - rather like "normal" people not going out at night makes the streets more dangerous for everybody.

Living in a dangerous area and getting killed in the cross fire between two rival drugs gangs doesn't make the area any safer for anyone else. The only way it will become safer is to remove the drug dealing and how do you expect "normal" people to do that? Call the police? If that is the answer why aren't the people who live there already calling the police? I think you will find that the drug dealers live there or the drug buyers live there.

armchaireconomist

Buy, 100%. It's an investment as much as it's a home IMO. I'd rather still be at home with my parents than paying someone else's mortgage.

Notnow

Hoploz wrote: »

I'm intrigued ... How can you rent the dream but only buy the dump?

Surely the monthly rental on the Dream is going to be far more than the monthly mortgage on the Dump? It is in the places I'm familiar with, anyway.

Buy something in between - a dump in a standard residential area. Then buy the dream later.

It's because of the way what you can afford is calculated. Let's base it on an income of £18,000

Rent - They divide the amount you earn by 30 and that's the amount you can afford to pay in rent each month. £18,000 divided by 30 = £600 a month

Buy - The most I could possibly borrow is £70,000 with repayments of £300 per month.

Even though I can rent at £600 a month I can only buy at £300 per month so that's why I can afford to rent a lovely new build with parking, 2 bedrooms and everything working which is worth £140,000 or I can buy in a slum and get a tiny 1 bed flat worth £70,000 and all the problems that go with it.

Crashy_Time

Notnow wrote: »

When I say rough I'm talking drug dealers for neighbours, your car being vandalised frequently and constant noise.

Are you over from HPC? :rotfl:

Crashy_Time

PasturesNew wrote: »

Rent the smallest space you can bear in an OK place and buy in a less rough place in 2 years' time.

Yep, give the US time to get rates soaring and flush out all the bad debt from the UK property market, then buy. Good advice.