Buy a house or rent?

jem96

Hello just asking for some advice really, 
I feel awful asking this in the current climate but it's something I need to get my head around as it's a huge decision. 
I have been saving up for a house deposit for a very long time and I am hoping in around 6 months time I will have enough for a deposit (recession depending I suppose). I am a single person so will be buying a house on my own which is why it's taken so long to save up!  
However, I feel like I have missed out on a lot of opportunities like travelling because I have been constantly saving and really feel like there are a lot of things I would like to do. 
My question is sort of, do I rent for a bit first (and use some of my savings to do the things I want to do) or do I buy a house and just try and save up to do the things I want to do? Is it difficult doing it on your own?
Thankyou for any advice in advance.

Stubod

That is a problem that nearly everybody has who is in the process of buying a house. ie most other "luxuries" have to be put to one side for the foreseeable future. Only you can really decide what your priorities are. The down side of renting is that you can spend a lot of "dead money" with nothing to show for it at the end. However if this allows you to do the things you want then this might be preferable to you.

For me it was always, save, save save, to buy a property first as I hated the idea of giving somebody my money and having nothing to show for it at the end of the day. The next priority was to pay off the mortgage ASAP, then once we owned the house we would have greater financial flexibility, (but we actually started saving so that we could retire early!),  but that's just us.

I am sure you will get as many comments for the advantages of renting as you will for buying. (Although on this forum I would suspect most people would recommend buying if you can afford to).

MovingForwards

If you are thinking about traveling, why would you buy or rent? With both options you can't have long periods of the property being unoccupied, in a rental it's 2 weeks.

No one can say what you should do as everyone is different. Weigh up pros and cons for all 3 options and have a serious think.

I've a sole mortgage, saved up every penny I had spare and am happy to be in my own home. It was dreadful being in the rental during lockdown and a relief when I moved about 6 weeks after it started. I am planning some very special long holidays. I also get the feeling I'm quite a bit older than you.

MaryNB

Unfortunately only you can figure out what the right option is for you.

I am fed up of renting and now is the right time for me to buy. A few years ago I would I look at all the travelling my friends have done and feel I missed out but I don't feel that at all anymore. I'm happy with the amount of travelling I do using annual leave and have plenty more years to continue travelling. I'm glad I've stuck to relatively cheap holidays (mostly in Europe) so I can save up. When some friends who have travelled extensively decide to buy they'll have significantly less savings and will find it much harder to buy. It's hard enough for me! But they may look at me and think I've settled down too fast and haven't travelled enough. Each to their own. For me being able to buy a house is more important than travelling for long periods of time. I keep my spending low so I can save up for a deposit for a house. 

You just need to decide what matters most for you. Buying a house doesn't prevent you from travelling, but if you want to go for a long time, it can seem like a burden. 

dimbo61

Great idea to going traveling.
Where ? America Covid19
Brazil Covid19, Spain/France/China/ the rest of the world right now Covid19.
Even so many safe countries are not allowing UK tourists such as OZ and New Zealand.
On the other hand it might be a good time to buy a house 

AskAsk

"is it difficult to do it on your own"? - yes of course, it is always going to be more difficult buying a house on your own instead of with someone else as you have to pay for everything yourself.  how difficult it is very much depends on your financial position as some people earn a lot of money by themselves and so can afford to buy on their own without any problem, while other people have no chance at all on their own.
 
you seem to be able to afford to buy your own place but it means hard graft with saving.  i would say buying your own property should be everyone's priority and the having fun should be second priority.  you can always have fun later after you have bought the house.  life is long and you got a lot of time to go on holiday, but there isn't always a lot of time when it comes to buying your own home.

zenbuddhist

I've travelled quite a bit. Not just holidays, but living in other countries for extended periods, studying and working. I loved it and would never want to exchange those memories for a house. Those experiences made me the person I am today and brought me so much joy. Having said that, the poster who mentioned COVID-19 has a point. Maybe now is not a good time to go travelling but it could be a good time to get a cheaper house.

jimbog

Keep your options open. I have travelled in my younger days and in my not so younger days and the latter has been far more rewarding! Ensure your credit history is sound - don’t fall into horrific credit card debts and the such  as they have blighted many a housing purchase plan and the ramifications can last for years. I would sit tight and rent in the short term. Good luck! 

Grumpy_chap

OP - if you are this near to buying a house, buy one.  Rent is dead money.

amethyst39

Only you can decide which is best for you. 

However I am currently renting (reluctantly) as I wanted to move out more quickly and was struggling to find a property to buy. 

It is good on the one hand as you aren't responsible for repairs however, I really do wish that I'd bought a property so I could make it my own and feel at home. 
There are pros and cons to both but if you can afford to buy a property in an area you like then I would say go for it. 
If you don't want to buy just yet it may be worth considering a flat share. Some you will only need to share with one person and you can have short term contracts.