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Is it worth buying now if I can?
Comments
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There are no guarantees, and the problem is if there is a dip in interest in buying flats/flat prices just when you want to sell.
I don't agree with the blanket statement that rent is dead money. You will need a place to live, and that costs money. If the rent is less than the stamp duty, the interest you'll pay servicing the mortgage whilst you have it, solicitors fees and service charge, then you'll be better off renting rather than buying. PLUS renting there is no risk of a major works repair bill or the risk of property prices dropping.
Add in recovering from a break up and maybe renting is the right choice for you right now.1 -
Whereabouts are you and do you have to stay exactly where you are? The wider the area the more options you will have.
Personally I wouldn't buy a flat, there are too many risks involved at the moment and it seems to be very common to see people who cannot sell their flats with many being branded 'un-mortgageable'.
I usually go on the side of buy not rent however if you truly can't buy a house in the area you are in and can't widen your search for whatever reason, I would probably suggest renting and saving until you are in a better financial position or able to wide your area. If you wanted to try a different location then renting first is always a good thing if its not a familiar location.0
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