Money Moral Dilemma: My parents want us to buy, my partner's say we should rent, what should we do?

quotememiserable

onwards&upwards said:

Have you ever lived together just the two of you, not with any parents? If not then rent.  

Couldn't agree more. Rent first to be sure if you really want to live together, and give yourself a base away from any parents to choose a house when you're ready.

Moneyminded

Only you can decide what is right for you both. Things to consider would be, how stable are your jobs? Are you likely to want to move within the next couple of years (if so renting makes more sense), are you familiar with the area you would be looking to buy/ rent in? If not, renting first makes sense for most people to get to know the area before making the biggest financial commitment most people ever make. How much can you afford in terms of deposit, fees, mortgage/ rent payments? Only you will know the answers to these and other questions. Good luck in your decision, try not to let anyone outside of your relationship influence what you choose to do

REJP

Surely you are old enough to make your own decisions?  Do you pay your parents anything to live with them?  Do what is best for you, not for anyone else.

Kim_kim

Marvel1 said:

You and partner decide, the parents don't get a say 

They do if they’ve over stayed their welcome 

evans439

I can only give you my own experience.

I tried to persuade my partner to move in with my parents so we could save to buy a house. Understandably, she didn't want to as she was renting at the time and had experienced the joys of independance. So, I moved in with her and we rented together to share her costs between us, and as some posters say, experience living together. 

We ended up renting for 8 years, saving what we could and dealing with the unexpected things life throws at you such as changing jobs, the car dying or requiring repair. These things were considerable set backs that came direct from our savings, all whilst having similar outgoings to what we have now we own. That is without mentioning the amount we spent on rent that could have been paying off our own mortgage! It IS difficult and frustrating.

In hindsight we both agree we should have moved in with my parents. If your partner's parents will keep you or your parents will have you, I recommend staying with them and saving everything you can.

ShaunMurphy

Well renting is a good start, buying is good but its a major tie, if you rent from a reputable landlord all repairs will be done, if you own you have to do the repairs. If you do buy make sure you do a full survey (£500 one or plus!!) as its the most expensive thing you will ever buy.  

HelenMali

Firstly consider if u can JOINTLY afford either option. If ur both happy to continue living in ur current situation, then that’s fine. Gives u time to save if u want to buy. Also consider the housing market where u live. Is it a good time to buy? Are housing prices on the rise? If housing prices are still going down in ur area, and u decide to buy, then I would consider a longer fixed term as a serious option. We did not do this. Took a 2 year term, had the house revalued recently and lost £13k that we haven’t paid yet!! Consider all the “what-ifs” involved. What if u have kids? What about schools? What about decorating? The list is endless. Buying doesn’t just mean the house. It means the repairs, decorating, furniture and everything else. Seems obvious but u don’t think about how much everything costs at the time of sorting out ur deposit and mortgage etc. Renting may be easier. Especially if it’s fully furnished. Good luck! 🙂

sparklychar

Sharon87 said:

Hovard said:

It seems that it's better to wait a little and buy a new house, rather then pay for a rent till forever

Not necessarily. Like the previous poster said - if a couple haven't lived together on their own before they should rent first before deciding to make that big financial commitment together. Maybe save up for a deposit whilst still living with the parents. Buying is a big commitment and expensive too. 

Also screw the parents! They shouldn't get a say whether to rent or buy

100% agree - from personal experience! My ex and I lived with my parents to save a deposit to buy... rented in a new area to see if we liked it.... and then split up. 

I happily bought my own place 2.5 years ago... which my lovely new fiance has just moved in to with me. He is the best thing that's ever happened to me 😍

arrtu

Renting is Dead money you will never see it again 😉

Marvel1

Kim_kim said:

Marvel1 said:

You and partner decide, the parents don't get a say 

They do if they’ve over stayed their welcome 

Meant in terms of they don't get get decide whether it's rent or buy as OP stated one set will be upset by whichever they choose.