Rent or buy at 44?

jammiev

Hi all,

I have a dilemma of whether to buy a house or rent?

I am single, I have 2 kids that don't live with me but will stay with me twice a week.

I am 44 and have no debts at all. Currently renting a room from a friend.

I earn £39k per year. Could retire at 55 to 67!

What are your thoughts and what are the pro's and con's that need to be considered?

What would you do in my shoes?

Thank you

zagubov

Very difficult for us to say with the limited info we're given.

Do you want a long-term home?
Can your kids share a room?
What are house prices like near you?

You're likely be halfway through your life and need accommodation for as long in your future as our past.

You can't and shouldn't depend on your friend forever.

mchale

Buy, you will not be at the whim of a LL who might want to evict you, also you will have something to leave yr kids.

missile

You need to think of your future.

Friend may not be able to support you indefinitely?
What would you do if your or his circumstances change?
How much do you pay friend for accommodation?
How old are "kids"?
What would you do if kids mother is no longer able to accommodate them?

Home ownership is not for everyone.
Do you WANT to buy?
Can you afford to buy?

If you have to ask, it seems you are happy with current arrangement and should save toward a future when you might want to buy.

warby68

44 is not too old if that's your doubt.

Do you have or can you save a deposit?

Generally speaking, a mortgage can be cheaper than rent for the equivalent property (not always but often) so its cost effective and gives you an asset over time. That's the main reason people want to buy plus the perceived security and stability of owning.

Is your income stable or could you need to move about a lot?

Where do you live? Are houses affordable for you in the place you want or need to live?

These are just some basic thoughts.

Mickygg

Buy if you can and affordable. I wouldn’t stretch yourself. Make sure you have at least 6 months cash as savings in case you lose your job.

If that’s doable I would buy. Otherwise you will have a life of rent until maybe for another 50 to 60 years. I bought purely so I would have an asset and not have to pay rent once I’m retired.

AnotherJoe

Do you want to be paying rent aged 54,64,74,84?
Since you are obviously fine not living by yourself, why not buy and rent out a room to enable you to pay down a mortgage quickly ?

jammiev

zagubov wrote: »

Very difficult for us to say with the limited info we're given.

Do you want a long-term home? Yes
Can your kids share a room? No but i can share with my son and daughter can have her own room.
What are house prices like near you? Reasonable, 3 bed semi about £170k

You're likely be halfway through your life and need accommodation for as long in your future as our past.

You can't and shouldn't depend on your friend forever.

thanks for the feedback, answers are above

jammiev

missile wrote: »

You need to think of your future.

Friend may not be able to support you indefinitely?
What would you do if your or his circumstances change?
How much do you pay friend for accommodation? £300 per month
How old are "kids"? kids are 11 and 9
What would you do if kids mother is no longer able to accommodate them? Rent

Home ownership is not for everyone.
Do you WANT to buy? Yes
Can you afford to buy? Yes

If you have to ask, it seems you are happy with current arrangement and should save toward a future when you might want to buy.

hi, thanks for feedback, answers above

jammiev

warby68 wrote: »

44 is not too old if that's your doubt.

Do you have or can you save a deposit? I could save a deposit in about 3 years or so

Generally speaking, a mortgage can be cheaper than rent for the equivalent property (not always but often) so its cost effective and gives you an asset over time. That's the main reason people want to buy plus the perceived security and stability of owning.

Is your income stable or could you need to move about a lot? Job and income is very stable

Where do you live? Wirral. Are houses affordable for you in the place you want or need to live? I think so, 3 bed semi about £170k

These are just some basic thoughts.

thank you, answers are above

PasturesNew

Get your own place, then it's your choice what you do, how long you stay. Your space, your life. Not having to consider anybody else's daily movements, their "rules" and, ultimately waiting for the inevitable day when you're given notice and end up in the cold/real world where any landlord isn't a friend so doesn't give a stuff about you as you're just an income stream.

Do it.

A packing crate to sit on in your own living room is a greater joy than a massive Italian leather sofa, solid oak flooring, wall to wall luxury in somebody else's house, where you're only being allowed/tolerated until the wind changes.