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

Reo94x

My partner and I, have been renting just over six months and are now working towards saving up to buy. Definitely the best move for us it just depends on your income if you can rent and save at the same time. Some people think renting is "dead money" but it was definitely the best option for us.

JayD

I think everyone has said it all already...

We have not been given nearly enough info

We don't know your financial circumstances regarding incomes

We don't know the property prices where you intend to live - either to buy or to rent

And - regardless of either set of parents - Its YOUR decision!

So sit down and work out with your partner just what YOU want to do and what you can afford to do.

MysteryRegular

I would say it seems clear that your welcome at her parents, is clearly running out...and do not overstay your welcome.  

I think with due respect, you need to make your own decisions. I would just do whatever is the most affordable /do-able.  I mean people seem to hold home ownership as the epitome of success, but really it depends what's important to YOU AND YOUR PARTNER - parents don't get a say. 

Parents won't get upset, y'know why, because adults do  not get upset about the choices of other adults

Bastiat

MysteryRegular said:

Parents won't get upset, y'know why, because adults do  not get upset about the choices of other adults

Guess you've never met an SNP voter 

Heather_Bean

Moneyminded said:

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

Totally agree with this as only you should decide what's best for you!  As other posters have suggested maybe move in with your parents.......  

crmism

In principle, never rent if you have the option to buy.
As a tenant, you would enjoy limited legal protection but would always be subject to landlords' whims, and any repairs or improvements during your occupation would benefit the landlord, not you. No matter how much you might pay in rent, you would never own a scrap of the property or be better off than when you started. Short of giving you somewhere to live and the freedom to give notice and move elsewhere, rent is wasted money.
Buying is the preferred choice, but beware leaseholds and go for freehold instead. Yes, you will need to save for a decent deposit, but that won't be hard with determined budgeting and saving, and you will be saddled with a mortgage unless you have the funds to buy outright. The advantages are fourfold - total control over what you do with the property, the reassurance that any improvements are for your benefit and no-one else's, the knowledge that your equity is gradually increasing, and the ability to move up the property ladder when circumstances permit.

grumiofoundation

crmism said:

In principle general, never rent if you have the option to buy and are going to live there for 2/3+ years.
As a tenant, you would enjoy limited legal protection but would always can be subject to landlords' whims, and any repairs or improvements you do not have to pay for during your occupation would benefit the landlord, not you. No matter how much you might pay in rent, you would never own a scrap of the property or be better off than when you started unless you can save money while renting thereby increasing your deposit and maybe allowing you to buy a bigger/better property. Short of giving you Renting gives you somewhere to live and the freedom to give notice and move elsewhere, rent is wasted money.
Buying is the preferred choice for most people, but beware leaseholds and go for freehold instead. Yes, you will need to save for a decent deposit, but that won't shouldn't be hard with determined budgeting and saving, and you will be saddled with a mortgage unless you have the funds to buy outright well obviously. The advantages are fourfold - total control over what you do with the property funds permitting, the reassurance that any improvements are for your benefit and paid for by you and no-one else's, the knowledge that your equity is gradually increasing the amount you owe to the lender is decreasing and the property may be increasing in value, and the ability to move up the property ladder when if circumstances permit.

This is just silly - of course there are reasons not to buy - one being if you have never lived together, in which case buying a property is a risk. Renting for a year or two is not going to bankrupt you. 

Buying a house will almost certainly be the best financial decision in the long term (vs renting) but in the short term it is not in any way as cut and dried as you seem to think. In this case you are at the whim of house price rises and finding someone to buy your house quickly Buying a house and then being forced to sell/move within a couple of years is going to cost you money, especially if you are a FTB since in you have then blown your first time buyer privileges.  

Fozzybear

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

Yes rent first to see if this is going to work. I lived with two boyfriends and we were madly in love. Both times it took about three months to realise we were not right for each other. Try renting for 3 to 6 months to see if you are a match first!

steampowered

Buying a house involves thousands of pounds of cost - the arrangement fee you'll pay your mortgage provider, solicitors' fees, stamp duty, the interest you'll pay on the mortgage.

If you end up needing to move/sell in a short space of time that will be a more expensive option than renting. 

Rushing to buy for the sake of it is a bit silly. Particularly if you can only afford an expensive mortgage where 90% of what you pay the bank will simply be fees and interest. And particularly given that house prices have been pretty stable the last few years.

pphillips

Simple, you should seek independent financial advice.