buy or rent

[dom]

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

[dom]

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

[Jimp]

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.

[golf-sib]

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.

[kittie]

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 

[T_J_G]

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.

[scottv6]

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

[T_J_G]

Sell the car and buy a cheap ass run around. Practically got your £5k already.

[scottv6]

Na just bought it. Av got 2k saved now and savin 200 a week so shunt be too long.

[NickH-D]

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.