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General => General discussion => Topic started by: scottv6 on 02 September 2011, 13:00
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Its coming to the time me and the gf want are own place bt prices to buy are far too much these days, my gf wants to rent but I think it would never feel your own! What does every one else do rent or have bought your own?
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we rent and badly want our own place so like you say, it can feel like our own home. plus am getting pi55ed off with kining someone elses pockets but at least we got a roof over our head :wink:
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Have you ever lived with her before?! If not rent. If things go tits up its a lot easier to sort.
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interest rates are going to go up at some point. Make sure YOU can afford your repayments if they do... not just about affording them now. :nerd:
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buying can be a good investment but as i have recently found out to get a morgage you need a huge deposit :sad:
i recently sold my own house for £100k and the buyer had to find a deposit of £30k and she is now tied in for years.
with renting you only need to find 1 mth rent plus 1 mth deposit with a 6-12 mth lease and if you change your mind its easy and quick to do so and not too costly :smiley:
hope that helps :smiley:
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She pritty much lives at mine now she's stops every nyt got all her crap here lol. Just wana have are own space.
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Have you ever lived with her before?! If not rent. If things go tits up its a lot easier to sort.
i agree already learned that hard way on this 1 :shocked:
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in that case you will need the deposits, rent, references and someone to guarantee your monthly
payments :smiley:
also somewhere you Both want to live .. good luck :smiley:
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I wished i had bought years ago but have always rented so not to bothered, plus i can move pretty much anytime i want which i do quite often when i get bored of where i live lol
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Take the 5or 6 hundred youde spennd on rent and put it in a savings jar. then sell all the crap you dont need. downgrade your car to something cheeper and in a years time you might have somewere near enough for a deposite. then look at buying.
imo no point in renting as your just spending money you could be using for a deposite on somewere you own.
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I had the opportunity to buy some years ago, but didn't. Bloody regret it now as things have changed and can't see me raising that much cash again any time soon :sad:
Go for it if you can get the deposit and you are happy with your missus.
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Iv got a few grand saved up but seems so far away to have enough for a deposit, don't fancy down gradin car just yet but when it comes down to it I will prob have to :(
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i bought a place last Feb. Deffo better than renting!
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Buying isn't as hard as people make out i don't think. I down graded my car to move out 2 years ago. After we had paid our deposit, legal fees etc. We had enough left that i didn't need to sell my damn car!
Renting feels like your paying someone elses mortgage but on the other hand its ideal if you fall out. My advice is save £100 a week each, this makes approx £10,000 in one year between you. Either that or estimate your cost of living each month i.e mortgage, council tax, utilites, food etc and see if you can put that figure aside each month. Before you know it you've saved loads! I found the saving gets quite addictive :nerd:
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Have you ever lived with her before?! If not rent. If things go tits up its a lot easier to sort.
^^^ 100% agree. Iv been living with my mrs for year n half now. 1st time living with a bird going ok so far but we renting and im glad as if it goes tits up i can move back with my old man.
rent 1st bud
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Like I said she practicly lives here anyway stops every nyt cook tgether every nyt.
Savin int realy a problem 4 me I can save easy 100 to 200 a week. Its the fact that we both want out now not in a years time lol. Shud have started savin years ago realy :(
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Like I said she practicly lives here anyway stops every nyt cook tgether every nyt.
Savin int realy a problem 4 me I can save easy 100 to 200 a week. Its the fact that we both want out now not in a years time lol. Shud have started savin years ago realy :(
If you want to move quick, renting is the only option pal. Rent for 6 months and save £100 a month each if you can, that way you haver your own space and a little nest egg. :cool:
A min of 10k needs to be saved really before even considering buying tbh.
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I found out the hard way to, I payed full deposit, 3 weeks into house ownership, things went tits up...
The b!tch she was wanted half the deposit although she payed nothing towards it and settled for 5k.
Expensive 3 weeks but really enjoy having own house 2 years on.
Need to remember its extortionately Expensive..
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i wosh i could save £100 a week,
and if i could i would have bought a house but unfortunitly me and the wife have to rent...
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Ive done both :evil:
I bought a house a good few years ago as a fixer upper.Spent a year not going out,not spending on my cars and just working 7 days a week and working on the house when i got home.
A year later i had added around £25k on the house.
A few years down the line i moved to Lincoln,rented my property out and rent a house in Lincoln.
My tenants pay my mortgage and half the rent on the house i live in now.As soon as i find something i like in Lincoln that i can fix up i shall be selling my house and buying one more local.Then start all over again :sick:
Still that year of being an unsociable barsteward was well worth it. :cool:
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what you need is a rich gf's step dad to buy you a house! rent it off him, have a agreement that i buy it off him in 4 year's ( providing me and the mrs are still together) and hey presto! im living in what really is MY house! its decorated how we want it etc i pay for everything! some months its a struggle! but its well worth it! im only 20 and having my own house is the best!
Tonight mrs is out! fridge is full of beer for the mates and football on the Plazma! LOVE IT!
but apart from that, id sujest, try renting for a year, and save then go to the bank etc and try get a morgage!
Best of luck! :smiley:
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I put down nearly 50k for a deposit, I nearly however spunked that up the wall on a Ferrari 355!!! The wife had a few choice words and changed my mind for me!
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have you thought of the part buy part rent route? 75% ownership, get a mortgage on that and you pay rent on the 25% owned by the local housing ass! as long as you buy the remainder 25% within 10 years all is good!!
thats what id like to do and the deposit is not as huge also
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Having something to sell is the only way to trade up to a nice place to live.
I have clung onto this flat and now have some good equity, waiting for the best moment to roll the dice again :lipsrsealed:
Got to start sometime, and if you split you may have enough for a deposit each after the sale (just dont have kids and split or your fooked)
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Deffo buy imo. We bought our first home about 4 years ago and never regretted it! Best thing is we have filled it with pets!
We practically lived together for a while but still rented full time together for about six months first, worthwhile move I think to get used to sharing all the thing that you might not have done before e.g. finances/shopping/housework etc.
I'd personally steer clear of those shared ownership things - they are often flats (I'd never buy a flat, being at the mercy of some property management company to look after the building/grounds etc? No thanks! Had enough bad experiences of that while renting!) and I looked into them a while back and by the time you'd paid the mortgage, the rent on the part you don't own and the ground rent, it worked out more than just buying a house with garden and drive somewhere a bit further out. If you do consider going down that route just make sure you work out the sums carefully!
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Personally id buy, although like said before, the deposits for first time buyers are obscene at the moment.
However, :rolleyes: If you fancy moving to Meanwood in Leeds im renting a 3 bed house up there, fully furnished, PM me if interested bud :cool:
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thanks mate but bit out of the way for me, wanting to stay in wakefield realy, think we might endup renting for 6/12 month see if we get on with general house keeping bills etc, and try save abit at the same time for a morgage.
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thanks mate but bit out of the way for me, wanting to stay in wakefield realy, think we might endup renting for 6/12 month see if we get on with general house keeping bills etc, and try save abit at the same time for a morgage.
thats the best idea id say! its hard living together sometimes! my fave is " ill do it tomorow" still use it now, and still works!
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and also, do you have furniture aswell? that costs a bomb!! we had 5k that we both saved together, brought bed etc fridge etc etc, didnt buy a new sofa till 5 moths ago on 0% finance! the and we got a few bits from ikea which look ok for a little while then look tyred! so now the house is as good as its going to get with the best stuff we have been able to afford! but im still not allowed a 50" tv.. go figure?
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ha,yea weve got some stuff,and the parents said they will help us out so should be ok.
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Well I've just moved out from my parents and into a flat with my g/f, it has cost a fortune! The flat was unfurnished bar white goods so we had to buy most things, it's extremely satisfying knowing that I'm sitting on my sofa watching my tv with my feet on my coffee table.
With regards to the rent/buy argument, my g/f and I are in the fortunate position to have enough money in savings to put a deposit down on a house should we wish. The reason we are renting is purely because we are living in an area that we only intend to live in for a few years. We want to wait to buy until we know it's somewhere we can see ourselves living long term :smiley:
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ha,yea weve got some stuff,and the parents said they will help us out so should be ok.
It's an expensive business when you add on estate agents fees, council tax, tv licence, contents insurance, tv/phone/broadband, gas, electric etc.
I've budgeted my monthly outgoings to be around £950 including groceries, fuel etc. Luckily my salary still allows me to save some cash each month and a little extra for things like my car/going out.
My advice to you is only move out if you are completely sure you can afford it all :wink:
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If I 100% knew I'd be in an area for the next 15+ years I'd buy. Otherwise I'd rent all the way and move to where the work is or where work takes me.
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I'd buy if you can afford to, many ways off doing so. I'm 22 now and I bought at 21, its fairly easy to do, so don't be put off. As advised make sure you can afford repayments in the future and budget yourself realistically. Also I found 99% of the time the mortgage on every property I looked for was cheaper than the rent by a considerable amount, so why rent and pocket it into their pocket when you can get your own roof. Plus if the property you buy is not in the desired area, don't worry about it, as you will move up and work for what you want, considering the average time people spend between buying and selling homes is 7 years in he UK. The area I'm in I'm not 100% keen but I know I have already made money on it through all the work I have put in and in another 4 years I can GTFO and look into something I would want more whether its another short term or long term house.
Another thing is if you can go freehold, do so. I found the leasehold charges, even if the property was less in value exceeded the monthly costs of a freehold property of a higher value. I could spend 120k on a house and the repayments and running worked out cheaper than a 100k flat for example/
Shop around as well, sometimes moving further out for the cheaper prices is worthwhile as the travel costs are not to bad and you win in a way.
Otherwise you can part buy or invest in a property for rent out purposes by moving back with your parents or via part buy schemes if you have the spare money.
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and also, do you have furniture aswell? that costs a bomb!! we had 5k that we both saved together, brought bed etc fridge etc etc, didnt buy a new sofa till 5 moths ago on 0% finance! the and we got a few bits from ikea which look ok for a little while then look tyred! so now the house is as good as its going to get with the best stuff we have been able to afford! but im still not allowed a 50" tv.. go figure?
oh god yes, we had no sofas for ages and were sleeping on a nest of bedding on the floor for months before finally affording a mattress, then a few months later finally afforded a bed frame! It was a nightmare really but worth it in the end :smiley:
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We rent at the mo moved out 2 months ago until we can build part of a deposit up. Although my outgoings far exceed my incomings at the moment.
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Well its changed now.we going to buy, my mum and dad said if I save 5k they will give me 5k towards the depossit so then jst need to save like mad now :)
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Sell the car and buy a cheap ass run around. Practically got your £5k already.
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Na just bought it. Av got 2k saved now and savin 200 a week so shunt be too long.
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Me and wife rented when we first got together, moved back with her parents when we wanted to save for our wedding, saved just shy of £10k in a year. Knowing what we could save we bought our first floor, 1 bed flat for £88,000 with 5% gifted deposit, so basically we only had to find £4,400 deposit not £8,800 on a 90% mortgage.
The place we bought was old, outdated and in need of some work, I ripped out and fitted a new kitchen and bathroom myself (I had a friend help with plumbing) but the rest I did myself, even though I've never done anything like that myself before. Sold the flat a year later for £100,600 with £80k owed on the mortgage, so instantly had £20,600 equity..
In June we bought a brand new 2bed maisonette for £140k, 20% deposit needed for mortgage, so £28k. I used my equity to form 15% and the developers gave us 5% to help us out. They also threw in all white goods, carpets, and £1,800 towards legal fees and stamp duty (because we weren't first time buyers, the stamp duty moved from £250k to £125k).
Our mortgage on the old place was £479/month, the new place is £678 for another 6 months and then it goes down to £484 so only £5 more than our old place! :)
the biggest piece of advice, that you've already been given is make sure you can afford it! When we bought both my wife and me were in full time employment, my wife has since been made redundant, thankfully my wages still pay the mortgage, all the bills, food and running expenses of 2 cars, with a little left over from a second income (10hr/week 2nd job).
I'm only 24, and on my second owned property, it is easy enough to do if you seek the right advise in terms of mortgage etc, speak to more than one advisor (make sure they are independant and not tied to a specific lender etc, an independant can search the whole market and are not bound to specific banks/lenders). Also get a second opinion and DON'T say what the first guy advised, to keep the advice totally independant, some may be privvy to deals others are not (cashback offers, gifted deposits etc are the things to look out for!)
If you need any advice, I've gone through the mortgage process twice in 12 months so it's pretty fresh in my mind still, I'd be happy to try my best to help.
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Me and wife rented when we first got together, moved back with her parents when we wanted to save for our wedding, saved just shy of £10k in a year. Knowing what we could save we bought our first floor, 1 bed flat for £88,000 with 5% gifted deposit, so basically we only had to find £4,400 deposit not £8,800 on a 90% mortgage.
The place we bought was old, outdated and in need of some work, I ripped out and fitted a new kitchen and bathroom myself (I had a friend help with plumbing) but the rest I did myself, even though I've never done anything like that myself before. Sold the flat a year later for £100,600 with £80k owed on the mortgage, so instantly had £20,600 equity..
In June we bought a brand new 2bed maisonette for £140k, 20% deposit needed for mortgage, so £28k. I used my equity to form 15% and the developers gave us 5% to help us out. They also threw in all white goods, carpets, and £1,800 towards legal fees and stamp duty (because we weren't first time buyers, the stamp duty moved from £250k to £125k).
Our mortgage on the old place was £479/month, the new place is £678 for another 6 months and then it goes down to £484 so only £5 more than our old place! :)
the biggest piece of advice, that you've already been given is make sure you can afford it! When we bought both my wife and me were in full time employment, my wife has since been made redundant, thankfully my wages still pay the mortgage, all the bills, food and running expenses of 2 cars, with a little left over from a second income (10hr/week 2nd job).
I'm only 24, and on my second owned property, it is easy enough to do if you seek the right advise in terms of mortgage etc, speak to more than one advisor (make sure they are independant and not tied to a specific lender etc, an independant can search the whole market and are not bound to specific banks/lenders). Also get a second opinion and DON'T say what the first guy advised, to keep the advice totally independant, some may be privvy to deals others are not (cashback offers, gifted deposits etc are the things to look out for!)
If you need any advice, I've gone through the mortgage process twice in 12 months so it's pretty fresh in my mind still, I'd be happy to try my best to help.
Very sound advice, try multiple mortgage advisors, I went through 3 till I was happy :grin: