Please help - buying v renting

amk515

I suppose the other thing going for us is that I'm an only child and my parents mortgage has been paid off so I'm more than likely to inherit their house eventually anyway.

Pixie5740

You're in your thirties and are married. It's time to fly the nest.

Why is it obvious the rent was exclusive of bills? Some rents are inclusive of some or all bills.

Presumably you are both working and your living expenses are only £300 pcm so what are you spending the rest of your money on? I would have thought you had the potential to save more than £500 a month between you.

I wouldn't bank on an inheritance. You have no idea how long your parents will live, if they will decide to use some of that equity to enjoy their twilight years, if the equity will be used for residential care, they will decide to leave the house to charity, maybe the inheritance will skip a generation and go to your children. Who knows? It's your parents money to do with as they so desire.

ognum

amk515 wrote: »

Hi all,

My wife (30) and myself (31) have been married for 14 months and are currently living at my parents' house. We've had our wedding and honeymoon but we are now looking at what the better option would be.

My wife is struggling with living in my parents' house as it is clearly not our house and privacy is one problem but there are others as the house gets untidy quickly with 4 adults in it and a few jobs that need doing to the house. We are currently paying £300 in total to my parents.

We have been offered a really nice house to rent from a colleague of the wife's dad for £540 per month and we can move in on 13th March.

I am not sure what the best decision would be. Do we take the offer or do we try to save the deposit needed for a house of our own which could be a few years away.

Any advice would be greatly appreciated.

Thanks
Andy

Gosh this post makes me want to ask so many questions.

You say you have had a wedding and a honeymoon so you clearly prioritised these before housing, how much did you have to save for those and who paid for them?

How would you feel if you were living with her parents? I too believe that if your wife is unhappy you should move or make some kind of arrangement to have more private space at your parents.

Also the choice isn't this one flat or stay, you could easily look for something smaller and cheaper to move to. Look on Rightmove, while there are just two of you you could manage for a year or two in a small studio while you save, at least you would have privacy.

Is there any way you can increase your income, get weekend or evening jobs? Could you look for a job for one of you that included accomodation.

It's not this or that it's about thinking around the problem.

Last thing, never count on inheritence!

BrassicWoman

if your wife is unhappy, why is this even a dilema? What matters most, money, or your mariage?

getmore4less

Is that estimated £500pm saving now or if renting.

Why only £2,500 saved. 14 months since married that's only £180pm, getting to £500pm means cutting out a lot of things.

The wife might not like living with the parents but might not like having no money even more.

Do two SOA one for now and one for if you rent this place.

That way you are not hit with any surprises and now what you will be cutting out.

That £540pm could easily go over £750pm with bills

don't forget council tax, gas, electric, TV licence, internet tv packages....

MyOnlyPost

amk515 wrote: »

What about retirement?

That is my main worry. I don't want to still be paying rent in retirement.

I didn't say rent now and never buy did I? Rent now and buy when you can.

At the end of the day it's your choice but you asked for advice. The first part of my advice is what you should be concentrating on. If choosing to stay with your parents breaks up your marriage then you will feel rather foolish for not taking this opportunity

glasgowdan

amk515 wrote: »

I suppose the other thing going for us is that I'm an only child and my parents mortgage has been paid off so I'm more than likely to inherit their house eventually anyway.

The house is more than likely going to pay for their care...

FBaby

Stop spending and move out. You can't have it all. Your wife is right that it is time to make a home of your own, however, she needs to accept that it will come at a price, and that is that you will have to cut your outgoings OR increase your income OR/AND accept that it will take even longer for you to become home owners.

If you want to start a family, you will need to take this into account, ie. will your family income reduce even more and if so, what will be the impact on your plans?

bouicca21

If you are both earning and finding it difficult to save then I think you should be scouring the debt free and old style boards and planning a major budget makeover.

csgohan4

life is about choices, that expensive honey moon and wedding, that exotic holiday e.t.c?