Quote:
Originally Posted by lancsdave
Renting is a good way of having your indepence, and it depends how your life pans out if it turns out to be a waste of money. In terms of flexibility for employment issues it can actually be a better option, especially when you are so young.
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As Lancsdave posted, renting is sometimes a wiser option, especially whilst house prices are predicted to fall further in value for at least the next two years.
The general rule of thumb used to be that you should save a 10% deposit of the purchase price, though that fell to 5%, and then they were doling out 100% mortgages, which proved to be a big mistake for all concerned, especially the banks.
Don't forget all the other costs and fees you'll incur when you purchase a property, which you can reckon will be around an extra £2,000 to budget for.
I was only able to buy my first flat in London in the last big slump in the early nineties, so although a recession brings mainly doom and gloom, it does also means house prices fall, allowing people to be priced back into the housing market, if that's their wish.
You go to most of mainland Europe and they think we're all daft. The vast majority of people rent their homes quite happily all their lives, so don't ever feel pressured into doing something. Decide what's best for you.
