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£200k inheritance, property ladder or not?

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  • xylophone
    xylophone Posts: 45,602 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 3 December 2024 at 11:18AM
     Heretofore, have you chosen to rent rather than buy? If so, why?
  • Stubod
    Stubod Posts: 2,567 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    ..no brainer, buy a house...renting (unless you have to), is a real waste of money....

    NB You seem to have double posted on 2 forums....don't think this is allowed??

    .."It's everybody's fault but mine...."
  • MX5huggy
    MX5huggy Posts: 7,157 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 3 December 2024 at 11:18AM
    Unless you’re living in social housing with bargain rent but in house that you really like and meets your needs. 

    Buy a house. I wouldn’t necessarily put all your £200k into the house. Get a mortgage and put whatever you need to to get the best mortgage rates. 
  • Yorkie1
    Yorkie1 Posts: 11,994 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 3 December 2024 at 11:18AM
    I have replied on your duplicate thread
  • AlexMac
    AlexMac Posts: 3,064 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Can’t add to the above, other than saying that buying a house was the best thing I ever did. 

    OK, I was 20 years younger than you, fit, and up for (very) heavy duty DIY (it was a wreck) but 50 years on, we’re sitting pretty

    go for it!
  • I would also buy a flat/house. 

    I am very concerned that my son and his girlfriend are now 30 and haven't shown any interest in owning a property yet.  My friend's daughter is 42 with two children and a partner, and a year into their new rental, have been told the landlord wants to sell.  Their dog has been allowed in the last two properties, she is 11, I hope she is allowed into the next one.
    £216 saved 24 October 2014
  • badmemory
    badmemory Posts: 9,525 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 3 December 2024 at 11:18AM
    Much better to pay your own mortgage than your landlords.
  • Bigphil1474
    Bigphil1474 Posts: 3,523 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    If you buy a house, you will double save - your mortgage will probably be less than your rent, plus the house will go up in value over the medium to long term, and that increase in value is yours. Our old house went up in value by more than what we paid in mortgage including interest over the 25 years we lived there, so was essentially free, plus we got to to live there. Before we moved we were mortgage free and were saving a hefty sum each month which allowed us to buy a nicer house with a small mortgage that will be paid off before I retire. Yes, you do have to maintain the property yourself but in my experience the overall costs are far less than renting.
  • I’d buy a home, no question, but I’m not you. I’m partially retired now, and hope to fully retire at some point, which would be impossible if I had to pay rent. I couldn’t afford to rent my home now in fact! Glad I own it😊
  • Flugelhorn
    Flugelhorn Posts: 7,296 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I'd buy a property - do you really want to be renting in retirement?
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