5 reasons why we’re not in a rush to buy a house

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It seems as though everyone around us is saving for their first house deposit and desperate to get on the property ladder, but whilst we are still saving, we aren't in a rush to move on  joint to home ownership. Disclaimer: I bought my first house aged 18 and it is 200 miles away. I lived in it as a student and it is currently rented out and isn't somewhere we are considering moving to.

5-reasons-why-were-not-in-a-rush-to-buy-a-houseHere are 5 reasons why we aren't rushing to get onto the property ladder together.

1 – The cost of a mortgage

A mortgage would cost more than double the rent we currently pay. We have been extremely lucky to find an affordable home together and our landlord hasn't increased the price in the 3+ years we have been living here. Even if the rent increased by 10% it would still be extremely affordable. A mortgage for a smaller house in the same village, paying a 20% deposit, will cost us at least double our current rent.

Jenni from Can't Swing a Cat has written about some of the additional costs that come with buying your first home.

2 – Rent is a fixed price

Our rent is a fixed fee – our landlord could put it up once a year, but that's the worst it can get. That means that when items break, fences fall down or the boiler stops working, we don't have to pay extra to get those fixed. If we took on a mortgage at a cost that is double our rent, and we had to pay for any repairs then our budget would be stretched to the point where we would have to consider some serious cut backs.

Knowing how much our rent costs every month helps us to budget accordingly! Other expenses could still crop up, such as car repairs, but we can budget for those more easily knowing that our housing is fixed fee.

3 – We love our house!

When we first moved in together we had only been dating a few months and so we decided to have separate bedrooms, and it worked for us! We've got a lovely three bedroomed cottage with off road parking and a garden. It means that we can have an office and a spare room, and if we decide to grow our family then there is space for us to grow into. The house isn't perfect – the carpets are cheap, the living room is extremely dark and the bathroom needs a good gutting, but we still love it. It is our home.

4 – Self-employment

We've both just gone self employed, and whilst we debated continuing to work for a year or so to get a mortgage, we realised that we wanted the self employed lifestyle without the stress of covering a mortgage that is double the cost of our rent! Plus, being self employed means that you need to have proof of your earnings over a number of years as well as a higher deposit.

5 – Flexibility

We get some flexibility with renting. If we needed to move for whatever reason, we could give two months notice and be on our way. Of course this works the other way, and our landlord could give us two months notice to leave, which is why we have saved enough money for a deposit, application fees and moving costs, just in case.

For now, we are happy to continue saving for a house deposit regularly, but we aren't in any rush to get onto the property ladder together any time soon! If we lived in an area where rents were high then I am sure we would be saving every spare penny we can!

Do you rent or own a property? Which is your preference?

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4 Comments on “5 reasons why we’re not in a rush to buy a house”

  1. Our situations couldn’t be more opposite lol. I met hubby when I was 15 and we got our first mortgage within 2 years (in his name). We had a very small deposit, but got it over 40 years so the monthly bill was manageable and although the interest was extortionate(!), at least we were putting money into something.to call our own. We moved within a few years (long story) but again, we have a mortgage in pretty similar circumstances. We don’t plan on moving again now – maybe once more way, way in the future to downsize but we’re in a two-up, two-down as it is! We are the kind of people who want to be “settled” where we are. But I can imagine renting working much better for people who have to move with their job and perhaps don’t have kids yet. I personally would find it hard renting while raising a family. It was bad enough spilling drinks on my own carpets, let alone someone else’s! And I love decorating my home to my own taste, although I know you can put your own finishing touches on a rented place (my sister rents and she makes it look so homely!) So I can see both sides and you make loads of valid points. I did find it surprising you found a rented place half the price of a mortgage. We put less than 10% down as a deposit (3-5% if I remember rightly – it was about 5 years ago now, just before mortgages became impossible!) and we pay a third of my sister’s rent a month. The value of her house is a bit higher though and as I say we have a 40 year mortgage which isn’t ideal. We’ll adapt that as we go, but at the moment we’d rather have some disposable income to spend as a family as we won’t get this time back with the boys. Woah, long comment, sorry! Interesting topic though and good to see another point of view to my own. 🙂

  2. When I met my Husband 20 years ago, he already owned his own house. I moved in with him and 2 years later we married and bought our own home together. Fast forward 20 years, we have had some tough times financially when he has been made redundant on 3 occasions, but we sat it out and I am pleased to say in 5 years we will be mortgage free. I don’t for one minute regret buying our house and we now have a considerable amount of equity in it. What this means is that at the age of 45, I know I will be able to retire in 5 years should I choose to. When the children move on we will help them with deposits for their own homes – they have no idea that this is our intention. We plan to down size and release the equity so that we can enjoy a comfortable retirement. So for me buying our house when mortgage rates were sky high, has definitely paid off. When I was in my 20’s the thought of retiring didn’t even cross my mind, but now I am in my 40’s it’s a reality and I like the fact that it will be my choice when I retire not the governments.

    1. Couldn’t agree more with this logic. I’m only 27 but I do think about things like pensions and retirement. Having children makes you fast forward and consider your family’s security. I want to be able to help our boys’ with uni fees if they choose that route, & the deposits on their first homes. Like you, I wouldn’t let them know this was our intention as I think it might influence their choices and they need to make their decisions independently. Unfortunately we have a lot of years left on our mortgage and our boys are 10 & 8 already, so we’ll probably still be paying for it well after the boys have moved out! My plan was to eventually decrease the term of our mortgage to pay it off sooner, but obviously our monthly payments would shoot up. So my thinking at the moment is to keep it as it is and put what we save on repayments into savings for the kids. Once the boys are sorted, I can look at our options then. One of the main reasons I believe in buying rather than renting is it’s something to leave your kids. However I’ve heard they lose out a lot on the actual value of the house. That does make me wonder what the best thing to do is once you get older i.e. downsize and give them the cash.

  3. I lived in an expensive part of the country where renting cost more than a mortgage. I’ve just moved and rent on a flat like mine would cost £600 whereas the mortgage cost £450. And for sure the balance of that money goes to save for repairs etc and to pay for things a tenant wouldn’t need to pay for – but luckily it’s been a lot less than that over the term of the mortgage.

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