first time buyer...when to buy?!?

Lavendyr

firsttimetom wrote: »

Renting, even for a couple of months would be such a good idea, as you could really get to grips with exactly how much it is goingto cost you. Being able to afford the mortgage is one thing, but don't forget about gas, electric, water, phone, food, tv etc.

This is so true, please listen to this. Renting is no more dead money than paying interest to a bank (which is, after all, you paying them for the privilege of borrowing the capital), especially if by renting you are able to save more money (in many areas, renting is cheaper by far then buying). But even six months will not make a huge difference to your finances, and will give you a much much better idea of a) what you want in a house and b) what it's like to live away from home. If you buy outright and then find the house isn't what you really want, you could find yourself in a difficult position trying to sell it on - and in any case, buying and selling is always a much more expensive process in itself than renting.

So please, OP, don't just write renting off as a possibility. Six months is not a long time and could potentially save you money. I'm not saying it's definitely the best idea, but I am saying, do give it genuine consideration before you discount it outright. Buying a property is a massive decision and should only be entered into when you are absolutely sure of what you want and sure that you are in the best position to cope with it - and that includes having experience of living away from parents and dealing with the day-to-day issues that can arise.

tux130582

thanks for all the replies its been food for thought, just one more question can anyone give me "average" amounts for bills (o do a budget) for a 3 bed house, which wont be lived in in the day at all for 2 people.

Gas
Electric
Water
Council tax
income protection on 28k a year (monthly amount)
life insurance for the house.
anything else ive missed

Just averages are fine as I will add a bit at the end, thanks again!

tux

worrypants

property insurance
contents insurance
tv license
sky
telephone line rental
broadband
mobile phones
pet insurance
health insurance ( NHS is third world and even more inportant to have when you have a mortgage plus premiums will be cheaper when you are young)
car tax
car insurance

by the way I would buy asap

but definitly go in low with iniatial offer

good luck