Are you buying or renting at present

Guy_Montag

Phirefly wrote: »

Lucy,

Mr Phirefly just sat and watched.

Heh heh heh, a man after my own heart.

I stick £100 a month into a regular savings thingy & at the end of the year I seem to have enough to chuck £3k into my ISA. A few dead rels have helped (but bless, I'd rather have them than the dosh).

I have a 66 Spitfire which I'll flog when the time comes (hopefully get £2k for it), does that count as savings?

RabbitMad

I bought my first burrow in Nov 2000 and the mortgage was cheaper than the rent. Get the Deposit together was difficult though.

Last year I bought a warren and kept the burrow to rent out. I recently sold the burrow for a tidy sum.

Doing the maths on that property (it sold for 175K) the rent would be 625 and a 95% repayment mortgage about 1055, but provided you stayed in the property for about 5 years at 2% hpi you'd be better off.

PasturesNew

Phirefly wrote: »

My (very sensible financially astute) best friend aged 27 was recently presented with this decision. He was looking to move in with his girlfriend and they had an open mind about renting vs. buying. Interestingly they came across a property in the north east that was up for sale for £124,999 but also up to let for £500pcm. They looked into mortgage options and decided to rent it. He said all things considered it just made more sense for them...

... and if he ever changes his mind, he's already had a test drive
Knows all the problems with it

PasturesNew

Guy_Montag wrote: »

I'm better jumping in at a lifetime house

There's no such thing. Whatever you like/want now, you'll change your mind when you've lived in it awhile and your life's changed.

In fact, whatever house you buy something will annoy you and you will be seeking to address that annoyance in the next one.

PasturesNew

I am renting. Moved to a new area, no idea where I'd buy ... or how finding a job will go ... or if I'll stick around.
So it makes sense to rent.

pinkshoes

We bought because renting was £50/month more than the mortgage interest, but we were very picky when looking for somewhere to buy and it had to tick nearly all our wish list boxes! It was a fab decision.

Renting wouldn't be so bad if it came with more security i.e. longer contracts so the landlord can't suddenly decide to kick you out!! I just hated the insecurity of it! Sudden rises in rent are worse than rises in interest rates!

CB1979_2

i own a property that i intended to live in, but alas due to circumstance I rent it out (not through choice, g/f had an op last october and is STILL recovering!!)

my I/O payments are £630ish for £165k and I rent it out for £800 (soon to be £850 hopefully), probably "make" about £130 a month once ground rent, BG policies, etc taken out.

so i'm still living with parents at the minute too, £150 a month rent and i take home anything between £2-3k pcm, so my savings pot is getting bigger & bigger each month thank god (just wish my sister would start paying me back the £10k she owes me too! lol)

but i have no issue renting at all, will look into it properly once my g/f is sorted out, my tenants are great and want to stay at least for another year they said.

just gotta wait for my 2 year fixed to end then I'll decide whether to keep the place or sell up, thinking about selling it, taking the £50k HPI (well £40k at the minute) and going travelling round the world with it, would rather do that & experience something than have a house to be honest, unless of course i paid off the mortgage within 5 years! lol

zag2me

BOTH!

Just about to complete on a shared ownership newbuild flat. Best of both worlds

beingjdc

zag2me wrote: »

BOTH!

Just about to complete on a shared ownership newbuild flat. Best of both worlds

Is that irony?

http://forums.moneysavingexpert.com/showthread.html?t=565069

Anyway, that aside. I rent. £1235 a month between two. Same property would cost about £260,000 which by my maths would be more, and since we're friends not a couple we probably wouldn't want it for that long.

I could just about buy round here if I stretched, but I'd pay more for somewhere less nice, and I'd lose my cushion of savings.

roguebrogue

My partner and I rent a 1 bed flat together for £500 a month.
We have talked about buying but are waiting for him to get a pay rise, and even then we're only going to look into how much we could get.

Renting is good, but it's a bit unstable in the fact that we could be given notice at any time, and also our landlord is crap at fixing things and it's frustrating we can't fix things ourselves. Plus I hate to think of all the money I've paid to him...