Please help - buying v renting

Person_one

amk515 wrote: »

What is shared ownership though?

Usually best avoided unless you have no other options.

zagubov

Another vote for moving out into rental. Buying is secondary. There's loads of threads on here about how to save money so you can get your outgoings down. Your accommodation is obviously (and will remain) your biggest outgoing, but that counts for diddly-squat if your wife's unhappy.

Renting from someone you know can work very well, as it brings fewer unknowns - we did that for years before we bought.

Plus you'll have to put your budget under the microscope anyway if you're planning to start a family. One of you will be short of an income at that point, and it can't be put off forever. We've all known women in their mid-40s have a baby, but that's the exception rather than the rule.

Good luck with your move, OP!

glasgowdan

http://www.rightmove.co.uk/property-to-rent/property-57874000.html

Silvine_2

I moved out of home at 11 (boarding school then into my own rented place with a partner) and never looked back.

You may have to adjust your lifestyle, but it's completely affordable and you will be fine.

Also, think of your parents - am guessing they are retired or at least heading that way - they deserve to enjoy their own home and time at that point in life too.

getmore4less

amk515 wrote: »

That's only 2.5 miles away from us.

What is shared ownership though?

Person_one wrote: »

Usually best avoided unless you have no other options.

The key is to identify the exit plan.
More capital coming or pay rises offer the best exit stratagy.

if the OP can afford a whole house but is stuck on deposit not affordability then s SO could be a stepping stone if the costs are low enough to create enough equity to move onto a whole place at the next move

£100k @ 5% 30y is around £540pm the same as the rent

There are more costing to consider buy I would not rule out SO if it would be cheaper than renting and still be able to save.

gycraig_2

What debts do you have ? Me and the girlfriend both have low ish paying jobs but living with her parents have averagely saved 12-1500 quid A month.

I'm in your wives position I'm living with girlfriends parents to buy a house it's not what I'd choose but 1 year living with the parents means I don't have to rent for 4 years or whatever the girlfriend calculated.

If she's miserable move out but chances are she will complain in a few years when you are still renting

zagubov

A relationship doesn't need that miserable a start. if the OH is unhappy, make it clear you're moving out of your parents, but sit down and discuss the finances and the necessary changes. It's all about communication, you need to be crystal clear about the near future. The stage where're your living with relatives is coming to an end, and that's inevitable so don't begrudge it.

Glasgowdan's post suggests there may be cheaper options for renting than the one you were originally looking at. Worth investigating if it helps you stash away more before a deposit.

lika_86

amk515 wrote: »

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.

When did your wife's IVA finish? You may find that even if you want to buy that you'll struggle with that on her credit record. It might be worth doing some research on that as you might find that you are a good few years away from being able to get a mortgage even if you had the deposit.

If you were close to buying a house (less than a year), I'd say stick it out, but you aren't and you risk your relationship by staying at home. Move out into rented accommodation.

MyOnlyPost

marksmith125 wrote: »

Hi,
In my opinion, £540 per month is too much expensive. I will suggest you save some money and buy a home instead of paying a too much rent.
Thanks!!

£540 may be too expensive for you, you have no idea what the OP can afford

You ignore the fact his wife is unhappy living with his parents

getmore4less

Always difficult without the big picture.

How much was getting pumped into the IVA.
Then wedding and honeymoon with help
Then 14months saving £180pm average.

11+ years together there seems to be a trend of being unable to prioritize finances towards independent living in home of your own.

Time to sit back and do some proper planning with real goals rather than drifting in to renting without a plan for the future.


What do you both earn?
Any earning growth potential?