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Please help - buying v renting
Comments
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You need to sit down together, budget and plan; £500 per month for such-and-such a length of time, means we can rent/move by whenever. You also need to factor in saving for babies, they ain't cheap either.
If you both decide staying is the better option, cheap weekends away might help relationships survive.The honeymoon was actually cheap in comparison to some people's....Now we both admit we could do more to save...
It's not a competition, you'll achieve little by comparing with others. The question is whether the honeymoon was expensive for you both. £2m is unimaginable to a lot of people (myself included) but mere pocket money to others.0 -
31 and married mate, put the security of your marriage first and get the hell out of your parents place. Renting to start off with, take it from there.0
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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%.
Tbh I think £540 is quite reasonable. You only need to do it for a few years if you really knuckle down on the saving. I think you should take him up on the offer personally and move out.0 -
Looking at our finances we could actually save close to £800 per month between us if we really kept things to a minimum.0
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Looking at our finances we could actually save close to £800 per month between us if we really kept things to a minimum.
Is that living with your parents or renting?
TBH, I wouldn't even consider staying with your parents if I were you. You need to start living your grown up life, and they should be allowed to start their 'kids have flown the nest' stage of their life.
I know a lot of people in their thirties have no choice but to stay at home because they live in areas where housing costs are crazy. That's not the case at all in Failsworth. With two wages coming in you can easily afford to rent and save for a deposit in that area. Most of your peers will have been out of their family homes for around a decade or more!0 -
Looking at our finances we could actually save close to £800 per month between us if we really kept things to a minimum.
With that in mind, you appear to have two options that you need to discuss with your wife:
Option 1: You endure living at home for another year - 18 months, but save the £800 a month. If you save the full amount of £800 a month, you could have roughly £11,000 in a year or £16,000 in 18 months (including your current £2500 savings). If you both open HTB ISAs then you could have an additional £6000 on top of that.
Option 2: You move out now but save slower and look at buying in maybe 3 - 5 years instead. This isn't a bad thing - renting isn't dead money, it will afford you and your wife the privacy that a young couple want. It doesn't mean renting forever, it just means delaying buying somewhere for a few more years.
Either way, I think you need to sit down with your wife and actually discuss things properly, and make a proper budget for your plans. Maybe you also need to sit down with your parents and discuss things with them, too!0 -
No, as we currently are.sparky130a wrote: »Whilst renting yes?
I don't know the exact amount we could save whilst renting but it may be a couple of hundred pounds.
My parents would like us to buy also. Maybe that's because they seemed to have always have bought houses.
I know that once we have bought a house it would then mean having to furnish it and having to deal with problems that may occur with it whereas it would be the landlords issue if the boiler broke. Luckily the landlord is very nice and looks after the tenants (which isn't always the case).0 -
I think you and your wife should have a bit of practice at running a household before you commit to buy. Ideally you should have done it before you got married but its a bit late for that!0
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Where do you work? http://www.rightmove.co.uk/new-homes-for-sale/property-61015616.html0
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Where do you work? http://www.rightmove.co.uk/new-homes-for-sale/property-61015616.html
That's only 2.5 miles away from us.
What is shared ownership though?0
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