Rent or Buy? Young couple

Bethy2601

Thanks everyone, we have a lot to think about. We also need a 2nd car, as I need one for my job and placement. However our insurance is cheap now (woo no claims). So I need to factor that into saving.

I agree with the posters above regarding not being all about money as our sanity and relationship and our parents sanity has struggled in the last year. But we will hopefully be able to stick it out a while longer to at least get a bit more behind us. My partner is gonna be saving hard, dont you worry about that! It's hard sometimes just knowing the best way forward but all your advice is really helpful so thank you. Gonna do a pros and cons list with him☺️

steampowered

The problem with buying is that you have less flexibility. You need to factor in mortgage fees, conveyancing fees and stamp duty.

For example -
What if you need to move to get the graduate job you want?
What if you could double your salary by moving to a bigger city?

I would rent or stay at home until you are both in secure employment.

Renting also helps you get used to living independently and explore different areas a bit.

csgohan4

no shame in renting, I didn't buy until I was in my late 30's. Renting for 14 years is something that was unavoidable and gave me a roof over my head.

I get some people will say it's dead money, but you can't buy for the sake of buying, you need to be prepared both financially and mentally.

Career first and then rent until you want to settle where your going to work

ska_lover

csgohan4 wrote: »

no shame in renting, I didn't buy until I was in my late 30's. Renting for 14 years is something that was unavoidable and gave me a roof over my head.

I get some people will say it's dead money, but you can't buy for the sake of buying, you need to be prepared both financially and mentally.

Career first and then rent until you want to settle where your going to work

Same here. I rented for 20+ years and completely agree, there is no shame in renting - there are bonuses to it, like the poster said above, the flexibility etc

We brought an older house in need of renovation. As it was what we could afford. But OMG, the ongoing bloody thing really gets on my nerves - my only advice OP, if you do buy, do not buy a project like we did x

coffeehound

A sort of intermediate option could be to rent a studio flat, large bedsit or even a large room for two in a house-share. Although they are all a compromise that you probably wouldn't want long-term, the cost should be well below renting out a full flat yourselves. Some include all the utilities plus wifi in the monthly rent which makes things a lot more affordable.

nattybuk

We have been renting for seven months, I wanted to purchase partner wanted to rent.

At the time renting was perfect for us, flexibility, decent house to a good standard and also away from parents.

We’re now 2 weeks from completing on our own house, we hated the fact we was paying someone else’s mortgage. The landlords kept popping around to do little jobs, plus we did rush this rental. The neighbours are a absolute nightmare.

ripplyuk

I’d say rent. You are too old to be living with your parents but too young to be settling down with a mortgage. Life will change dramatically and you’ll have much more flexibility renting. Also, at your ages, statistically your relationship has a high chance of not working out. It’s much easier to deal with a break-up if you don’t own a house together. I don’t mean to sound like the prophet of doom, but it’s something to keep in mind. If you rent, you’ll also get to see how you both cope with the stress of bills/budgeting etc.

Crashy_Time

ska_lover wrote: »

Same here. I rented for 20+ years and completely agree, there is no shame in renting - there are bonuses to it, like the poster said above, the flexibility etc

We brought an older house in need of renovation. As it was what we could afford. But OMG, the ongoing bloody thing really gets on my nerves - my only advice OP, if you do buy, do not buy a project like we did x

Don`t buy a new build either.

dan958

I'll always recommend staying with parents, if that is a possibility. I stayed with mine until I was 26, only paying a small amount of rent and saving everything else until I eventually was able to get my own place.

Not everyone gets the luxury of being able to stay at home and save, so if you have that option, go for it.

Sara21

Have you found any rentals that would accept your pup Bethy? Obviously it depends on the area you're looking in and individual landlords but I've found it extremely difficult.

Long story short, I own a home in another city, the company I worked for recently went under so found a new job in Bristol, my partner works in Bristol anyway so we tried to find a rental flat/house there but haven't had any luck in 4 months finding anywhere that'll let us bring our dog so he's being looked after by my parents at the moment. We've resigned ourselves to house sharing with another couple while we sell the first house and buy another but it's so hard being away from the little idiot!