Buy or Rent

[Cliffordthbigreddog]

Hi all,

My DH and I are in a fortunate position whereby we've saved a large deposit for a house. We are currently renting.

The dilemma we face is that should we carry on renting, with the full rent covered by interest on our savings, or should we buy a place ( which would be bigger) but we'd obviously use our savings for the deposit?

Buy, it's a no brainer. Why would you continue to rent and pay off someone else's mortgage when you can 'own' your own home eventually?

It depends on your ages / do you need felxibility to relocate for work etc ?

Imo, it’s always better to get your foot on the property ladder because your landlord could at any time decide they want you to move out, if for example they want to sell or move in themselves.

Regarding age, do you want to be paying rent when you retire ?
I know your savings interest is covering it now but what about future when, if you retire, you need to use some of those savings due to no longer working ?

These are just some considerations but it all depends on how flexible you need to be for work and your overall circumstances.

I own my home and it’s so much more reassuring knowing I’m in control.

Buy, but wait a little longer. I think interest rates won't be reduced, they may even increase this year. You can probably get more for your money toward the end of the year as prices adjust. If values just stagnate (best case scenario) then you haven't really lost out by waiting.