Little_Dom Posted January 26, 2013 Report Share Posted January 26, 2013 im currently considering moving out and getting a place of my own but don't know weather to go down the rental route (roughly 300 per month) or try and get a house for 60-70 thousand with a morgage ( if anywhere would entertain me for one) could you guys possibly give me some advice about either option ( totally open minded to all advice/criticism) Quote Link to comment Share on other sites More sharing options...
keg Posted January 26, 2013 Report Share Posted January 26, 2013 Depends on so many variables but if you are thinking of staying in the area some time, i would always say buy. Somethings to bear in mind:- Area:- Historically has the area seen property go up or down- whilst not looking to make money, ( i see houses as homes, not investments) you will want to make a profit when you sell. Affordabilty:- Can you afford mortgage payments if interest rates go up. Bills:- These can go up dramatically as has happened over recent years. Small print:- Read this 6 times if needed, it may stop you overpaying if you want to. Only my opinions but good luck in whatever you do. Quote Link to comment Share on other sites More sharing options...
fenboy Posted January 26, 2013 Report Share Posted January 26, 2013 For me there is only one sensible option buy ! , now is as good a time as any to get on the property market as house prices have dropped in most places , so there is equity to be made once they start going up again. The other thing is if you rent , and house prices start to rise then it may be difficult for you to afford to buy. Quote Link to comment Share on other sites More sharing options...
plank06 Posted January 26, 2013 Report Share Posted January 26, 2013 Where on earth have you seen a house to rent at that price pal?? I can't find any for under £500!! Personally I'd definately buy one if you could get a mortgage, from past experience of rentals all the agents are out there to rip you off with everything!! Quote Link to comment Share on other sites More sharing options...
keg Posted January 26, 2013 Report Share Posted January 26, 2013 Renting out a holiday cottage has suprised me. Whilst i am sure there are bad agents out there, the way i have seen our cottage treated has gobsmacked me. I would hate to see how some places are looked after. Some friends own around 90 houses and flats and some of the stories and pics are grim! Quote Link to comment Share on other sites More sharing options...
fenboy Posted January 26, 2013 Report Share Posted January 26, 2013 Where on earth have you seen a house to rent at that price pal?? I can't find any for under £500!! Personally I'd definately buy one if you could get a mortgage, from past experience of rentals all the agents are out there to rip you off with everything!! as his location say northumberland I guess thats where he can find rent that cheap , right up north is always going to be cheaper than derbyshire . Quote Link to comment Share on other sites More sharing options...
leeds chimp Posted January 26, 2013 Report Share Posted January 26, 2013 as his location say northumberland I guess thats where he can find rent that cheap , right up north is always going to be cheaper than derbyshire . Spot on...I use to rent a 3 bed house for £280 a month only 5 years ago BEFORE the mortgage crash so I would say buy if you can Quote Link to comment Share on other sites More sharing options...
keg Posted January 26, 2013 Report Share Posted January 26, 2013 I love Northumberland, espc the coast around Bamburgh, still unspoilt. Quote Link to comment Share on other sites More sharing options...
Rupert Posted January 26, 2013 Report Share Posted January 26, 2013 Buying or renting is a massive financial burden,if you buy eventually you will finish with the biggest part and hopefully,historically at least you will have made a bit. Rent never goes away. Quote Link to comment Share on other sites More sharing options...
keg Posted January 26, 2013 Report Share Posted January 26, 2013 Evening Squire!, Quote Link to comment Share on other sites More sharing options...
Rupert Posted January 26, 2013 Report Share Posted January 26, 2013 Evening Squire!, Good evening to you. Quote Link to comment Share on other sites More sharing options...
kent Posted January 26, 2013 Report Share Posted January 26, 2013 Interest rates will rise, you can afford a 70k mortgage but can you afford it when rates start to rise? can you maintain that house things like new boilers, windows, roof all tend to conspire against you when your short of cash ? Its good to get on the housing ladder if you can afford it, its hard to get on the ladder cost wise if your forking out on rent. Depends on your finances Quote Link to comment Share on other sites More sharing options...
e2000e2000e Posted January 26, 2013 Report Share Posted January 26, 2013 If rent is £300, would your interest per month be less than that? If more then Rent and Save!!! Then when you can get a mortgage when the interest is less than rent buying is cheaper! To be honest alot of mortgages available moment arn't cheaper then renting! Quote Link to comment Share on other sites More sharing options...
JohnFreeman1310 Posted January 26, 2013 Report Share Posted January 26, 2013 im renting at the moment untill me and the gf can get the deposit for a mortgage but i see it as dead money whilst renting if your comfortable were you are then ide say stay until you have a deposit for a mortgage. Quote Link to comment Share on other sites More sharing options...
Kes Posted January 26, 2013 Report Share Posted January 26, 2013 There is little futureproofed alternatives to buying - property gets scarcer and prices rise, only exceptionally is this not true. Always buy - but buy well. Get to know the market and buy with your head and not your heart -unless its a last or once in a lifetime purchase. Buy land if you can get it with the property but ALWAYS look at bills and therefore what you can afford with safety. Mortgages are expensive so have something to cover the overpayment (interest) or to pay off early. Keep as flexible as you can but dont pay a fortune for flexibility. You can make more money buy buying and selling well in a good housing market than working, so be savvy. Buying to rent is good in a rising market but not in a falling one - as we move out of recession house prices will rise - be in a position to make the most of it and keep aware of the market. I started in a rented, bought as soon as I could for £20K its not difficult to become a property millionaire if you are careful - it helps when you retire Quote Link to comment Share on other sites More sharing options...
kent Posted January 26, 2013 Report Share Posted January 26, 2013 Be aware property might well not rise in a good while, indeed it could well dip again. Not good if your on the lower rungs with lower equity. Over time- yes it will rise in the UK but how long can you wait around in a starter home? Anyone who can really interpret the housing market over the next ten years must have a crystal ball Quote Link to comment Share on other sites More sharing options...
The Ghost Posted January 26, 2013 Report Share Posted January 26, 2013 Loads of cheap buys at the moment so Buy....I lived near Morpeth for 7/8 years loads of good shooting as well. I am sure you could get a good starter home for 50k I lived at North Broomhill backs onto open fields and a nature reserve.....stunning. Good luck. Quote Link to comment Share on other sites More sharing options...
shaun4860 Posted January 26, 2013 Report Share Posted January 26, 2013 Where I live, rents start at around £350 per month (2 bed terrace) buying starts at around £35-£40k upover (2 bed terrace) In 2002 I bought mine for £26250 Its grim oop north Quote Link to comment Share on other sites More sharing options...
inca Posted January 26, 2013 Report Share Posted January 26, 2013 i rent, new relationship at the mo' and wanted to know if we could live togther before we rushed into buying a house,. great thing about renting is the house gets maintance for free. Quote Link to comment Share on other sites More sharing options...
Richard V Posted January 27, 2013 Report Share Posted January 27, 2013 (edited) I only own half of a house so I pay both a mortgage and rent (strange I know). Year 1 I was paying £250/month mortgage and £80/month rent so £330 total (now I'm paying £230 a month mortgage as I overpayed). The same house around the corner with a smaller garden was up for rent for £475/month. So IMO buy Edited January 27, 2013 by Richard V Quote Link to comment Share on other sites More sharing options...
Fuji Shooter Posted January 27, 2013 Report Share Posted January 27, 2013 i need to move up North. A 2 bed ex local authority in my village is now close to £300k Quote Link to comment Share on other sites More sharing options...
kent Posted January 27, 2013 Report Share Posted January 27, 2013 Shared ownership, as I think has just been mentioned is a good idea- IF you use it to purchase what will be your long term home. you can always buy a higher share over time if the contract is good Quote Link to comment Share on other sites More sharing options...
debo Posted January 27, 2013 Report Share Posted January 27, 2013 i rent my house just worked out ive been here 6 years and its cost me £33,480 to date and at the end will still have nothing to show for it apart from buying somebody else a house Quote Link to comment Share on other sites More sharing options...
Sprackles Posted January 27, 2013 Report Share Posted January 27, 2013 Where on earth have you seen a house to rent at that price pal?? I can't find any for under £500!! Personally I'd definately buy one if you could get a mortgage, from past experience of rentals all the agents are out there to rip you off with everything!! Here in cleethorpes you can rent a 3 bed terrace for 400 quid and depending on condition you can buy the same from about 40 grand. A good condition one is around the 70 grand mark. Quote Link to comment Share on other sites More sharing options...
Richard V Posted January 27, 2013 Report Share Posted January 27, 2013 i need to move up North. A 2 bed ex local authority in my village is now close to £300k Remember that wages are generally lower here. A mate of mine lives in Oxford, gets paid ~£10k more than me per annum, but pays over £700pm for a flat. It's all relative. If I was on his wages here, with the lower cost of living I would be laughing all the way to the bank! I might even treat myself to a car! Quote Link to comment Share on other sites More sharing options...
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