Rent or buy at 44?

zagubov

Sounds like a majority thinking buying's a better option. As some have said, if prices keep rising, buying's a more reversible mistake than renting, should you change your mind.

shortcrust

AnotherJoe wrote: »

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 ?

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.

This would be a massive consideration for me. If you’re going have a reduced income in retirement buying a house while you’re working must be the single most effective thing you can do to boost your disposable income in later life.

Bexgrossman

Just buy !!!!!!

bertiewhite

As with others, my main reasons for buying instead of renting are:

1. You'll pay rent for the rest of your life and that rent is unlikely to reduce whereas the chances are, you'll pay off a mortgage.

2. Your options for it making "your" home are limited, unless you like spending money for someone else's benefit.

3. The landlord can sell up at any time and ask you to leave.

4. Mortgage payments can (in my experience) be cheaper than rental payments.

What does Crashytime say??

newsgroup_monkey

onwards&upwards wrote: »

A bungalow at 44!! :eek:

I rented a Bungalow at 35. Loved it.
If I could find one big enough that I could afford, I'd do it again.


I've still got auto-searches on RM for the area I used to rent in.

ian1246

Buy. You would be crazy not to.

If you continue to rent, you have the uncertainty of moving and always having "others" (Beyond friends/family) playing a significant role in your life (Landlord). More importantly, your pension/retirement income will be substantially reduced by rent payments.

If you buy, overpay the mortgage and you will be mortgage free by the time you retire. That's at least a few hundred ££ (probably more like £500-£1000) each month, every month, extra you will have to spend on enjoying life when you retire vs. rent payments if you don't buy.

In terms of maintenance - YouTube is your friend for many DIY Tasks. Get a good survey on any future property you buy so you know what your taking on and can plan/budget accordingly in the short to medium term. Then also stick around £100-£150 into an easy or regular saver every month, for the express purpose of "maintenance" costs. Odds are you won't need that.... but in the event you do - you'll have it handy and available to pay for the needed work.

For those jobs you can't DIY - just speak to friends/neighbours. You'd be surprised what some people you know can do and are willing to do - and if they can't help, odds are they ll have a trades-person they can recommend to you who will do the job decently and at a reasonable cost.

Your future home will be your own - for you to put your own stamp on it. as and when you want to. Want a pet? You can get one! (unless you buy leasehold!). So many plus points vs. renting.

Then when it comes time for your final years - you will have an asset which can be used to fund your care, giving you more (pleasant) options. You son/children/grandchildren will also then also have something they will inherit, helping them out in their lives also.

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The alternative is odds are all that lovely rent money merely pays for your current & future Landlords pension & then care, before padding out his own children's/grand children's inheritance.

Much better to own your own home!