To buy or not to buy?

[Pipfinnity]

First off, I'm sorry to say, I'm not a mum so I don't know if it's okay for me to post. But I've seen good advice on here so hope it is okay to ask advice please?

I'm 52 single female. I've been private renting for 22 years. I was thinking about buying because in sick of dirty and expensive private rented housing. I live in Norfolk. I can get a house for up to £180k including my deposit. Unfortunately, £180k doesn't buy much in Norfolk. I'd have to make significant compromises. I work in Norwich so can't go further than Norfolk currently.

In 5 years I will get a private pension which would help me make a cash purchase (with savings). I'd been thinking of moving to the north east where it's potentially cheaper, friendlier, cooler weather etc. So I don't know whether to wait it out, stay in rented for 5 more years or buy now locally.

Also I've got a little timid cat and I'm worried about dragging him to the other end of the country. I dont have anyone that can look after him and he wont cope with a cattery so i cant leave him and travel to find work. Also I have ADHD and so I have this inherent fear of being stuck in anything because I get bored easily.

Thankyou if you've read this and I'm grateful for any advice please. I'm quite isolated, no family, so noone I can ask or talk it through with.

If you are in a position to buy, albeit with compromises, I would buy as soon as possible.

There are always many compromises when buying a property and if you have been renting for a long time you may be used to a larger amount of space than you can potentially buy. I would look at what you can buy now and make those compromises.

You mention using cash from a private pension, but realistically you need to keep this for your own retirement.

Good luck.

Thankyou so much for responding and for advice

Our two timid rescue cats have moved with us twice ( no catteries involved). One was a 6 hour drive away, both cats have been fine and settled well.

Just to add further reassurance my rescue cat has moved 3 times with me (various rented & now I own). I pop him with cat bed, litter food & water in bathroom then scoop him up to move last after all furniture. He’s been fine on all moves.

Best of luck whatever you decide x

Thankyou so much for your really kind reassuring messages about your cats this has helped so much xxxxx

Probably not realistic but enjoy how the other half live on £180K and below. You just need a thick skin to endure the loving needle!

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E61341&sortType=2&includeSSTC=false&dontShow=sharedOwnership&index=0&channel=BUY&transactionType=BUY&displayLocationIdentifier=Caithness.html&maxPrice=180000

Generally prices are not rising that quickly right now, so you could afford to carry on in Norfolk and build up your savings and pension. The market is like a supertanker so prices won't suddenly start rising by 10%+ tomorrow!

Good luck with whatever you choose.

Always better to buy, I did as soon as I could in my late 20s. Getting on the ladder means you can start small then move to bigger, if you choose to. A mortgage costs a lot less a month than rent in most cases, and can be paid off early so rent free! Xxx

Pets soon get used to a new environment, have had many over the years and absolutely fine. Xxx

When you say "significant compromises", do you mean you'd have to buy something that isn't your dream house, or do you mean that it would be worse than what/where you can rent? I'm guessing it's the first because of how you speak of rented accom - and if so, it's not really any more of a compromise than you are making now by renting.

The housing market is always a gamble, but it's pretty rare for things to crash in a big way - more often it just keeps trickling upwards, so there's a fair chance that what your pension will buy in 5 years will be less than what your pension would have bought today.

I have to admit the one thing I've found I've regretted about owning property is that it does tie you down to an area - it's so much harder to move around, whereas when you rent you can just decide to go travelling or work the other side of the country etc, so I totally get your worry there. Of course you can still move if you have to sell, so I don't want to put you off!

Maybe look at something in a "desirable" sort of area, even if it's on the small side, and look after it well, so you can feel reasonably confident it would sell fairly easily if you decide to move in 5 year? So you sort of keep your options open, while also buying and having control for yourself.

Just bear in mind that after long term renting that you will have to maintain the house you buy and make sure you have insurance and a fund so you can pay for any repairs etc.

Thanks Tupster. By compromise I mean mid terrace (sorry I really don't like being mid terrace) on a busy road, in a less nice area etc. But actually I've found one I'm gonna look at Friday which is none of those things. I think maybe I'm catastrophising and just need to look harder xxx

Is renting that easy? All I've read about it in the past few years is negatives about cost and huge numbers chasing few decent places? Anyway get on the property ladder asap. It's yours, you can do what you want (within limits obvs) to it. If you chose a place that isn't ideal make sure it's the 'worst house in the best area'. Always 'location, location, location'. If the market changes it will always impact worse on least good areas. As someone else said I'm sure a mortgage will be cheaper than renting. Good luck.

I would buy asap. If you then decide to move in a few years it will likely have appreciated in value more so than if you left it in savings. You could also if you wanted, then choose to rent it out and move elsewhere to rent yourself while you try out an area.

Focus solely on where YOU want to live. Where do you know people, have friends, enjoy exploring etc Get the best you can for your budget. Perhaps consider a lodger to help with bills for a couple of years and then reevaluate in 5 years if you need to?

If I were you, I would buy. If you can’t pay the mortgage off early - great. The problem with renting into old age is that at some point you will need to find rent money out of your pension whereas if you can buy an can have the mortgage paid off then you always have a roof over your head. Good luck x

https://www.rightmove.co.uk/properties/162055886?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

Shared ownership, £190k

Buy in the best area you can, we have the smallest house on the best street in our area. Get a good location and make small work. Ours is small (420sq ft) but finished to a very high standard and everything we need is within walking distance (supermarket, bars, restaurants, shops). It's also a breeze to clean. We have a cat too who seems very content in our little home ☺️

Always buy. Renting is lost money with no security. Norwich is lovely, often voted one of the best places to live.

At 52y, you might want to consider avoiding the Victorian terrace housing stock surrounding the city - the stairs are very steep.

£180 would get you and the cats a 2/3 doer-upper semi or bungalow in Norwich. You don't have to go far out to a town/village in Norfolk to get more for your money either.

Don't be scared to change.

Personally, I would go for it.

Thankyou so much yourhonestrobin xxx

I think it can be easy to catastrosize (sp?) about buying. I lived in rented accommodation until my 50s, mainly in retrospect because I found the whole idea of mortgages and chains etc completely unfathomable and stressful. Having your own property is definitely the better option but as others have said, you do need to allow for repairs, insurance etc. Educate yourself about how the system works and you'll feel more confident about your choices.

As for cats, they're pretty resilient. I have moved to Europe and back with them (not suggesting you go that far!) and they have been fine in a cat box next to me or on my lap. So long as they have some reassuring smells and feel secure, they should be fine. And when you move, treat your cat like a new pet, so keep her confined in one room for a few days to allow her to calm down and adjust to somewhere new before she gets the run of the whole house - outside can come later. Make sure she's chipped too, just incase.

Good luck!

Be very careful about considering 'shared ownership', make sure you considers all the cons as well as pros.

I would encourage you to buy. I know it's scary but it is also wonderful. Even if you do decide to move again in a few years and even if you do not make any money on the house you buy you wouldn't make a loss hopefully.

We have a very nervous cat and we moved with her. Cats are resilient and I'm sure yours would settle.

5 years of paying down a mortgage, no rent and the house price inflation will set you off to be in a much better position for your next move. Say your rent is currently £1k a month, over 5 years that’s £60k into a mortgage!

You mentioned inflation, but real house prices are lower now than they were nearly 20 years ago.

https://fred.stlouisfed.org/series/QGBR628BIS

There's a lot to be said for home-ownership but suggesting that they may be a good "investment" is not one of them.