What should we do? Can't decide

veggielove

I'm now wondering if its just the wrong time and we'd be better off paying the debt off and then saving and try to buy through this way in the future. Its a hard situation because it's a quiet area and the house is good but it's just far away from everything we have here. 

veggielove

The other consideration is that it's a guaranteed sale whereas if we go it alone in future we will have competitors to buy a place. Landlords etc for buy to lets or people with more money going around. 

tooldle

For me this decision would be based around your level of 'spare cash'. Home ownership is not just about the mortgage and the normal household bills. Do you have funds to cover the ad-hoc repairs that come up? On top of these are the maintenance needs. Depending on your rental set up, you might not have a set of tools for DIY, a set of tools for maintaining a garden, or indeed the consumable items utilised for maintenance of house and garden. Do you have a vehicle in place to cover should the wage earner lose their job, or if the wage is reduced in some way? You've mentioned a commute, how does the wage earner currently commute? If this is a car journey, how reliable is the car and do you have funds to provide an emergency replacement if needed? Four miles is walkable / cycle-able but forty miles each day is a whole different ball game. 
Only you know if you have a comfortable amount of cash available each month to cover maintenance and replacement, an emergency fund and, an increased commute. 

TBagpuss

Is it likely that your husband would be able to get a new job nearer home in the foreseeable future 
Realistically, are you likely to be able to save to clear your debt and save for a deposit?
would you be able to get a part time job to help cover some of the additional costs?
are you satisfied that the house is worth the amount you would pay? (If you go ahead, get a survey even though you are buying from family so you know about any potential issues)
obviously the move will mean higher commute costs and time so you need to balance that against the benefits- greater security, the chance to build up equity etc.

RelievedSheff

MrsPorridge said:

I think it makes more sense to buy than rent.  However, have you considered the time of the commute?  How long will it take your husband to drive that?  Then factor that into how long he is out of the house and how tired he will be when he gets home.

A longer distance commute doesn't necessarily mean it will take more time.

Our previous house was 6 miles from work but because we had to drive across a city centre in rush hour traffic it took us the same amount of time to get home as it now does living 25 miles away from work but driving out of the city to a surrounding commuter town. 

veggielove

tooldle said:

For me this decision would be based around your level of 'spare cash'. Home ownership is not just about the mortgage and the normal household bills. Do you have funds to cover the ad-hoc repairs that come up? On top of these are the maintenance needs. Depending on your rental set up, you might not have a set of tools for DIY, a set of tools for maintaining a garden, or indeed the consumable items utilised for maintenance of house and garden. Do you have a vehicle in place to cover should the wage earner lose their job, or if the wage is reduced in some way? You've mentioned a commute, how does the wage earner currently commute? If this is a car journey, how reliable is the car and do you have funds to provide an emergency replacement if needed? Four miles is walkable / cycle-able but forty miles each day is a whole different ball game. 
Only you know if you have a comfortable amount of cash available each month to cover maintenance and replacement, an emergency fund and, an increased commute. 

Yes the car for commute is sound. No we don't have spare cash unless we do without and don't save for general use ( trips away / children needs) 

veggielove

TBagpuss said:

Is it likely that your husband would be able to get a new job nearer home in the foreseeable future 
Realistically, are you likely to be able to save to clear your debt and save for a deposit?
would you be able to get a part time job to help cover some of the additional costs?
are you satisfied that the house is worth the amount you would pay? (If you go ahead, get a survey even though you are buying from family so you know about any potential issues)
obviously the move will mean higher commute costs and time so you need to balance that against the benefits- greater security, the chance to build up equity etc.

No he has worked here for 24 years and "in with the bricks " 

No I can't work because of the children's needs.

Saving for a deposit would take us years probably to go with buying through here.

pinkshoes

veggielove said:

TBagpuss said:

Is it likely that your husband would be able to get a new job nearer home in the foreseeable future 
Realistically, are you likely to be able to save to clear your debt and save for a deposit?
would you be able to get a part time job to help cover some of the additional costs?
are you satisfied that the house is worth the amount you would pay? (If you go ahead, get a survey even though you are buying from family so you know about any potential issues)
obviously the move will mean higher commute costs and time so you need to balance that against the benefits- greater security, the chance to build up equity etc.

No he has worked here for 24 years and "in with the bricks " 

No I can't work because of the children's needs.

Saving for a deposit would take us years probably to go with buying through here.

On this basis I think I would be a NO on the purchase.

Your husband will be leaving earlier in the morning, coming back say an hour later and will be tired from driving. 

The money you save paying the mortgage rather than rent will be eaten up in extra fuel costs and running/maintenance costs on a car, and you've already said he doesn't earn a massive wage. 

If he is not willing to move jobs, then is there any possibility of promotion? Does he genuinely enjoy his job? 

TripleH

The other point is would any school age children be able to get to current schools if you bought, are there better or worse options for school at 'new' property?

Snookie12cat

Personally a 40 mile round trip isnt that bad - and if you are saving money on rent, it should equal itself out?