Do I rent or buy?

[crazycatgal]

I'm 25 years old and have finally got a job for September after studying. I've been with my partner for 8 years and haven't lived together due to me living at university and then moving back home for my PGCE due to having no money.

We obviously want to move in together after years of being unable to, we can rent but then will be unable to save loads towards a house deposit. We can start saving a decent amount towards a deposit from September but that means at least another year at home which is really frustrating. I don't have the best relationship with my DM and don't need the stress.

What should we do? I could really do with some advice.

It depends on how much you'd be able to save and how much house prices are in your area. I'd be tempted to do it if it meant I could get a foothold on the property ladder. How will you know though whether you and your partner will get on living together if you've never lived together before? A mortgage is a big commitment. I'd be wary of buying a property jointly with someone in this situation so would advise caution from that point of view.

Personally, I’d be looking to buy for yourself at this stage - or rent together.

Depending on where you live prices are going down so there’s quite a bit to factor in.

I’m not sure where you are OP but I’m in London renting privately and on a very very good salary for my age and desperately trying to save for a house of my own but it is hard! I’d jump at the chance to live at home to save more quickly.

Personally I would rent together first before buying. You don't know what quirks your partner may have until then and they might make you nuts!

Cheaper to leave a rental than to try and sort out a house.

We live in the NW, near Manchester. There are a few help to buy new builds around which only need a 5% deposit but they are starting at around 200k.

I would be happy to rent for awhile, I'm just scared of being stuck.

You can always move back to your mum's later to get unstuck again though? If you've never lived together I'd definitely rent first. You'll find out a lot about each other, even 8 years in!

@DustyDoorframes I think it would be a big step back to go from renting together to then living separately at parents houses to save up a deposit.

Ooh, I think buying together when you've never lived together is a bit risky. I know after 8 years you'll know each other pretty well but what if in practice you both have wildly different ideas about eg an acceptable amount of bathroom/kitchen cleaning? I'd rather work that sort of thing out without the added pressure of a joint mortgage hanging over me. Renting together first might mean it takes a bit longer to save to buy but IMO it will make buying less risky when you get to it! Plus you can try out different areas and types of home before making a long term commitment.

You can still get 95% mortgages on non-new build, non-help to buy homes (or at least you could 6 months ago) and they're usually a lot cheaper - so it might not take as long as you think to save.

Stay at home and save as a year is not long at all. You are right that you won't want to go back after moving out.

If you rent you may never have enough saved up to buy so why take the risk?

Stay at home. Save. See each other lot more. Check out where relationship is at then either buy on your own or together.

I know this sounds crazy but could you go for a cheap house share.One where the landlord is not charging through the nose

Rent together first before buying. Try for the smallest, cheapest flat you can find in a decent area. You don't need loads of space so if you just go for a 1 bed apartment you should still be able to save for a deposit.

I would find somewhere small and cheap to rent. You will lose a lot of money untangling yourselves from a mortgage and house sale if you find living together reveals things about either one of you or your relationship that you'd not noticed, or that hadn't bothered you much before.
Normally I'm a big fan of buying over renting, but if you aren't starting work until September, and then presumably at the bottom of the Teachers Main scale, you are going to struggle to get enough of a mortgage (unless your partner is a big earner ?) to buy straightaway.