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To Rent Or To Buy?


Ever since I moved out of my parents home nearly 4 years ago and into my very first apartment on my own I have always been renting. As much as I would have loved to own my own house it just wasn't possible. I was working away from home and needed somewhere near by to live. I then moved back to Wales a year later when I fell pregnant and we moved into our first family home... again renting. Fast forward two years and we move home again to be closer to work but you guess it still renting. 

However with the prices of renting forever increasing you could say it would probably work out more beneficial for us to have a mortgage of our own. I've been told it's always a good idea to take a look at your local estate agents and ask for property booklets to keep you positive otherwise you can sometimes loose track of saving. Many estate agents such as estate agents cambridge can take you on a property viewing or even have open house days. 

I have never been one for saving, ever since I started work when I was thirteen in a local country hotel, I have just never been able to save. Of course I can save for something I really wanted to buy like a new laptop, phone or even to go on a shopping spree. But I've never had a savings account. Until more recently that is. I have opened a savings account with my current bank, it's an online one so I can just transfer money over when ever I like and I can see how much I have in there daily. 

I have been determined now more than ever to save and put down a deposit on our own house. It may take a few years before we can do this as we would need around £20k for a decent family home but I can definitely see us owning our own home in years to come. Once Christmas is out of the way I am back in the game and will meet my target for the year. I have already saved up a fair bit over the last few months but unfortunately had to dig into it for dreaded car bills, holiday and Christmas presents. 

Did it take you a long time to save up for your own home? Or are you saving up like me? I'd love to know!

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5 comments

  1. We bought our first home this year and needed in total,almost 50k to buy our house- stamp duty was 10k alone. This was to get a 1/2 decent family home where we live, about an hour outside london. This is not a manageable amount of money to try and save while paying rent too- Its nigh on impossible and could have taken us YEARS to have saved that much, had it not been for losing several members of my family last year and receiving a small, but extremely helpful inheritance gift. I don't know how people do it, rent round our way is around 1k a month- how can you possibly hope to squirrel away lots of savings when rent itself is so high! Its a really, really hard situation to be in!

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  2. I set up a seperate savings account which I refused to take money from. Every pay day I'd give myself a budget to live on, pay my bills and EVERYTHING else went into my savings account. It does add up quite quickly this way if you refuse to spend money on unnecessary things.
    When I bought my first place I ended up eating a lot of peanut butter sandwiches as the deal was closing to save up those last few pounds!
    Mortgages save you loads though in the long term.

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  3. I always thought that if we lived in an area that was more 'set up' for renting, that I would love to just rent forever. If your furnace breaks, someone else will fix it, etc. I know you pay more monthly in the long run, but at least you know what your monthly expense is - no sudden $2k costs for repairs that you didn't plan for. Last year we discovered mold and have since had to pay over $20k (all extradebt now, because we didn't have that money) for renovations.
    However - our area became less rent-friendly a few years ago when housing prices nearly tripled. Our mortgage payment is less than $1k, and we would have to pay closer to $2k if we were renting, which is a huge jump. There are definitely benefits to both, I think - and it depends on you and your lifestyle as to what you'd prefer. My husband has changed jobs a number of times in the past few years, and we can't really consider moving because selling/buying again would be much too difficult. Good luck, with everything!

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  4. We saved for years to build our house, while we made extra payments on the one we were buying. We lived in a barn while we built as we went, and the house I'm sitting in -- while it's 90 percent done -- is all ours, no mortgage, ever. We took a loan for the land but made extra payments. Owning -- outright -- your own home is a goal well worth shooting for, and it's worth more than movie nights at the theater, dinners out, take out food, and the little bits and pieces of extra spending that can make our money fritter away, fast.

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  5. We are in exactly the same situation, I would love to buy but there is now way we can ever save up 20 grand, in fact we can't really save anything. It ends up getting spent, it sucks x

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