Buying or Renting?

[Begborrowsteal]

With banks now requiring a 15% deposit and a lack of job security, there’s no guarantee I will be able to buy. Not to mention the other costs involved in actually taking out a mortgage and the actual maintenance of a house, hence why I’m conflicted. It may not be affordable for me. I’m an admin assistant, I don’t make a fortune by any means. If I was to apply for social housing I would be put on a waiting list based on a points system which is in place to ensure that those most in need are prioritised.

I work in SH, i understand how it works. I still feel the same way though. Applications for SH should be from those really in need. I could apply for one, but I can afford to private rent (even if it is with housing benefit support). I'll never be able to save for a deposit though, as the rents in our area are really high and theres nothing left after outgoings!

I like private renting tbh; it does sting a little to think of all that money going into someone elses pocket but i never have to worry about paying our for repairs. We are at the mercy of the landlord, but housing in general can be risky - can lose a tenancy with SH, a house through the bank etc. I just wish the rents could be fair, and more stringent checks in place to prevent greedy slum landlords.

 

[Meh]

Majority of my family hold long term council tenancies. They all work and pay their own rents. They have very good properties and the councils service is getting much much better with regards to repairs and keeping properties proper. My partner and I bought a very modest little 3 bedroom just over 5 years ago and have never looked back. I wasn’t desperate to own and as we both grew up in social housing it wasn’t a big deal for us. However, after nearly a decade of renting in Glasgow that was it. Poor flats, bad neighbours, no freedom to paint etc. And paying a fortune for the pleasure. Mortgage payments are much, much cheaper than any of our rents were.

it’s natural to get nervous about home ownership but honestly, it’s very much worth it. Good luck!

 

[bexgreen1983]

When we brought our house we had such a good deposit that it was financially better for us to get a mortgage then renting and it saved a few hundred quid each month. I think you need to decide what kinda of property you want and see which works out better eg. Will renting be cheaper for you or getting a mortgage. That’s my thoughts anyway

 

[kadykal95]

I rented a 1 bed flat when I got my first job after uni, we loved it there but money was super tight for us as the rent was high. Our landlady wouldn't give us a long term contract so we just had a rolling monthly contract. It was horrible because we knew we could be given our notice at any time. Low and behold 2 years in her son had nowhere to live so she told us we had to leave. We ended up moving back in with my parents which was not fun after living alone.

Looking back it was for the best as we managed to save our house deposit in a year and a half. Now we have our own home and in 2 years the value has increased by 25k.