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Rent or buy at 44?
Comments
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From your answers, I'd probably go for buying in your situation.
More than one bedroom's a good idea (or failing that, maybe a bedroom + study even).There is no honour to be had in not knowing a thing that can be known - Danny Baker0 -
In your situation I'm pretty sure I'd be looking to buy.
Personally I'd be looking for a 2 bed and try to get a bungalow if affordable so you could avoid moving again. Maybe look at a decent bed/settee for the living room for son when visiting. You may get more house for your money with a semi obviously.
I concur with most posters that it is far better to own your own home when 60+ rather than chance being kicked out by a landlord in your 60s/70s.0 -
In your situation I'm pretty sure I'd be looking to buy.
Personally I'd be looking for a 2 bed and try to get a bungalow if affordable so you could avoid moving again. Maybe look at a decent bed/settee for the living room for son when visiting. You may get more house for your money with a semi obviously.
I concur with most posters that it is far better to own your own home when 60+ rather than chance being kicked out by a landlord in your 60s/70s.
A bungalow at 44!! :eek:0 -
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!
If you have the option to retire at 55+ can can assume that you have ample funds to buy, otherwise you wouldnt be thinking about retiring.
I bought at the age of 55 with a 11 year mortgage. Lots of things to concider, if you are thinking about travelling yet still owning a house in the UK.
Personally I think owning a house is good for anyones investment portfolio.0 -
My sister owned whilst married with kids but when they left home, she sold up with the intention of buying in Spain (idea abandoned) then getting back on the ladder in the UK.
Unfortunately she spent her way through the capital she had and now, aged 60, cannot buy. She is sick of moving house every couple of years as landlords decide they want their property back or sell up etc.
If you want security into retirement, then buy. If you don't plan to move up the "ladder", then is very unlikely you will need to let a 25 year mortgage run it's term. Aged 44, you can get a 25 year mortgage then make some effort to clear it by retirement which will mean fairly small overpayments.
If you have the deposit to buy, then for long terms security alone, I would do it.Signature on holiday for two weeks0 -
Could retire at 55 to 67!
Dunno what your pension income will be, but that will need to include rent for the rest of your life.
Buy a place now and there's a reasonable chance you will have paid it off by the time you retire, allowing you to live rent free for the rest of your days. To me, this would make for a far more pleasant retirement.0 -
ReadingTim wrote: »Dunno what your pension income will be, but that will need to include rent for the rest of your life.
Buy a place now and there's a reasonable chance you will have paid it off by the time you retire, allowing you to live rent free for the rest of your days. To me, this would make for a far more pleasant retirement.
For those on lower incomes, "just state pension and minimum top ups", rent is also paid. What would be a struggle though would be perpetual moving costs/new deposits/new rents up front each time a LL wanted to sell up.0 -
PasturesNew wrote: »For those on lower incomes, "just state pension and minimum top ups", rent is also paid. What would be a struggle though would be perpetual moving costs/new deposits/new rents up front each time a LL wanted to sell up.
Is the £39k the OP mentioned a "lower income"? Is his/her rent therefore paid? 'Cos that's the question I was answering...0 -
Go ahead and getting a house.
3 bed semi and rent a room out would be a good idea.0 -
ReadingTim wrote: »Is the £39k the OP mentioned a "lower income"? Is his/her rent therefore paid? 'Cos that's the question I was answering...
Income today doesn't mean a significant pension when the time comes in 20-25 years' time.
Circumstances change. He could be "stuck" on £39k forever, until it's worth the equivalent of £12k.
I was just 'correcting' the idea that rent will always come out of Pension income and that'd only be the case if one's income were sufficient.0
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