Please help - buying v renting

ceb1995

Assuming you both work full time and earn minimum wage, you could certainly with a good budget afford to pay that rent and save at least £200-300 a month if not more towards a deposit (our rent is similar to that and we manage that amount of savings a month) . It's doable with some decent budgeting and for the sake of your marriage and independence I think you should move out.

MyOnlyPost

Having given this more thought, (I know I pondered someone elses dilemma over breakfast, how sad am I?) I think there may be something else going on here which is going unsaid.

It seems to me that the OP's reluctance to move out is probably more a fear of leaving the family home than a dilemma over buy or rent. Those of us that have done it if we're honest can all relate to that.

OP that would be a perfectly normal feeling to have, leaving the shelter of our parents to start life with a partner is scary but for the sake of your wife's happiness and your own it is the right thing to do.

ognum

csgohan4 wrote: »

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

Of course that is right but it surely means that if they paid for wedding and honeymoon they have more disposable income now.

It's interesting though as to me it appears more usual now to prioritise the home over the wedding/honeymoon.

Of course the OP can do as he pleases but he has to recognise they have made a choice.

sparky130a

So to summarise:

You live with your parents
Your wife is unhappy
You want to start a family
You've saved very little (despite advantageous conditions)
You want to buy not rent

See that pair of big boy pants over there? I suggest you put them on.

amk515

MyOnlyPost wrote: »

Having given this more thought, (I know I pondered someone elses dilemma over breakfast, how sad am I?) I think there may be something else going on here which is going unsaid.

It seems to me that the OP's reluctance to move out is probably more a fear of leaving the family home than a dilemma over buy or rent. Those of us that have done it if we're honest can all relate to that.

OP that would be a perfectly normal feeling to have, leaving the shelter of our parents to start life with a partner is scary but for the sake of your wife's happiness and your own it is the right thing to do.

Yes, I do agree with you that there is that feeling but I have moved out previously but moved back home due to a landlady who was useless and wouldn't make repairs etc after we had been flooded due to dodgy plumbing.

The Mrs had entered into an IVA which I wasn't aware of which put a strain on our relationship but we got past and are happy with each other. She finished it and we decide to get married after 11 years together. The wedding was £5K which we paid for and both sets of parents pitched in. We loved that day and will cherish it forever.

The honeymoon was actually cheap in comparison to some people's. We went to the States and stayed with friends for two weeks and did everything wanted to. We brought money back home.

Now we both admit we could do more to save and I think we could very easily save £500 per month between us without a problem and possibly even more.

dirty_magic

You don't say where you live but is £540 rent at the higher or lower end for your area? Is it possible to rent somewhere a little bit cheaper and save more?

You say you have £2500 towards a deposit now, but again it depends on prices in your area as to how far it'll go.

If you could buy with a 10k deposit you could save that in just over a year and a half and keep the 2.5k for fees, but if you want to start a family within that time then realistically you're going to need to rent to keep your sanity!

amk515

dirty_magic wrote: »

You don't say where you live but is £540 rent at the higher or lower end for your area? Is it possible to rent somewhere a little bit cheaper and save more?

You say you have £2500 towards a deposit now, but again it depends on prices in your area as to how far it'll go.

If you could buy with a 10k deposit you could save that in just over a year and a half and keep the 2.5k for fees, but if you want to start a family within that time then realistically you're going to need to rent to keep your sanity!

We live in Failsworth, between Oldham and Manchester.

£540 is probably middle of the road but the property is really nice as it was done up a couple of years ago to a high standard.

House prices we are probably between £90K to £120K from what I have seen but we don't know if we will get a 5% deposit as a first time buyer or whether we'd need 10%.

MyOnlyPost

amk515 wrote: »

We live in Failsworth, between Oldham and Manchester.

£540 is probably middle of the road but the property is really nice as it was done up a couple of years ago to a high standard.

House prices we are probably between £90K to £120K from what I have seen but we don't know if we will get a 5% deposit as a first time buyer or whether we'd need 10%.

I live in an area known locally as the 5 towns. The town I was born and brought up in is the most expensive of the 5 to buy in. When I bought my first house I bought in one of the cheaper surrounding towns to get on the property ladder and lived their 5 years before moving back to my hometown. Now starter homes in my hometown are £80-100k and in the neighbouring towns start at £65-70k. It may be worth looking slightly further afield in the short term.

amk515

MyOnlyPost wrote: »

I live in an area known locally as the 5 towns. The town I was born and brought up in is the most expensive of the 5 to buy in. When I bought my first house I bought in one of the cheaper surrounding towns to get on the property ladder and lived their 5 years before moving back to my hometown. Now starter homes in my hometown are £80-100k and in the neighbouring towns start at £65-70k. It may be worth looking slightly further afield in the short term.

To be honest, the £80K-£120K is even outside of our area too.

sparky130a

amk515 wrote: »

To be honest, the £80K-£120K is even outside of our area too.

Then frankly you have your answer. Move out and rent and both knuckle down and save like hell.