Rent or buy??

[milkandice]

We are trying to decide whether to get on the property ladder and buy a home or to continue renting. What's everyone's thoughts? I live with my partner and small daughter.

It’s usually much better to buy. Why are you not sure? Any unusual circumstances to consider?

If you want a chance of retiring I would buy. Unless you fancy paying full and increasing rent until the day you die?

If you can afford to buy, and plan to stay in the same location for the next few years go for it. If your planning on increasing your family, going to uni (i.e lowering your combined income) or moving in the next year then wait until your stable.

The big benefit for us is we save about £150 pm compared to rent Vs mortgage and our bought house is bigger. Once the house is paid off we also have the benefit we won't need to pay rent as pensioners.

What’s your concern with buying?

For me I wanted the financial stability of paying our own mortgage with the intention of increasing equity- and didn’t want to be at the whim of a landlord.

With rent, you are paying down your labdlords’ mortgage. Only thing to be wary of is change in income/circumstances or if you want to move around (SDLT and moving costs are high if you don’t want to be tied down.