At the mo, I rent a flat a few miles from work. From Aug onwards, I'll be moving back to my hometown (start new job there then). I could potentially live at home with the 'rents for the three years of the contract. I'd save lots of money. The issue would be parking (car barely fits into the garage and parking on the street leaves it at risk).

So I'm thinking of either renting again, or this time, buying a place. Not sure which I'd do but it'd be around 7-10 miles from the 'rents.

Given that this would be the first time of buying a place, is there any advice you could give me?
Perhaps websites I should visit?

If your looking at buying a sizeable deposit would help you no end, especially in these times. http://www.moneysavingexpert.com/ has a decent little section on mortgaging to start you off.

My advice is simply - it is always more expensive to buy than you think.

Whether you pay £600 in rent or £600 in mortgage, the rent is always the cheaper option - you need home and contents insurance, life insurance, income protection etc, possibly ground rent if it is leasehold, plus you have to pay for decorating and repairs, so unless you have more than enough money to cover anything I'd be careful, especially during a recession that doesn't seem to be coming to an end yet. I was lucky enough to sell my flat at the right time - just before everything went pear-shaped, so I made a bit of money out of it, but I'm back to renting now and wouldn't consider buying just yet.

CW, I want to reply but will probably leave it until tomorrow when I have branes again. I worked in mortgage sales and service for nearly 2 years so I know quite a bit about what is required and am happy to share....but needs branes first.... sleeps

I'd have to say if you haven't got a significant chunk of cash available, buying right now is not really an option. You'll need a decent deposit to get anything like a worthwhile mortgage (possibly 10%) and then you can always add a few grand on whenever you move into a house unless you've been renting non-furnished and have all you need already. Not only do you have to buy stuff like furniture and white goods, you'll probably also need a ton of stuff you haven't though of yet. I'd say figure out how much your deposit will be, add five grand on and you're looking at enough to do/buy everything you need to. You may not need all that five grand on day one, but you can probably expect to spend it in the first year.

As for mortgage vs renting, I've rather found it down to fine details. Even if I account for all the other bills that go with my mortgage, I'm still paying less than I would if I was renting in the same area. However I know of other areas quite near me where the opposite is true. It somewhat depends on the properties in the area and also quite a lot on supply & demand - if you're in an area where there are likely to be a lot of young workers and/or students, rental properties will be at a premium, whereas if you're looking at an area where lots of families want to live, you'll tend to find the reverse.

As the saying goes it is all about the location.

Jon

Yeah I know there's a lot more to it than just paying for the deposit. I'm not gonna buy a house tomorrow but am looking for somewhere, ideally within the next twelve months but definitely within the next three years. This is why I asked here - I know almost nothing about buying a house, so would like to know each and every aspect of going through it.

I've bought 2 places now and went through it all when my Mum bought a place. If and when you do find somewhere I'm happy to help.

Everyone is right. Property is very expensive. Spent the last 10 years doing up my house and paying the mortgage mostly on my own. I'm always skint but the house is so lovely now I don't really care

If you're desperate to own your home and like Caz, you'll derive pleasure from it - pursue it.

If it's just an "alternative to renting" - don't bother. It's only worth the money if you're gonna really enjoy it. Especially now. Much like driving an average car to get you from AtoB, or choosing to own something you really enjoy.

I bought a 230bhp Golf GTI to get me from A to B, and boy is it fast!

I've owned my own place for nearly 20 years. Bought my first flat when I was 21, not because I was desperate to own a place but because I wanted somewhere to live. It really pisses me off that in this country housing is more a luxury item than a basic human right. When I was in Florida I dreamed of moving there. Housing is affordable and the cost of living is reasonable and the weather is great if you don't mind the odd hurricane! Ho hum.

I know. We've talked about it before and your MKV is better than any "house", isn't it?!

Fair enough. But in the current climate, it is a luxury. Even if I could afford a mortgage, I wouldn't have one now, because I have no idea where I'll be in 3-5yrs and I might wanna take off if the opportunity arises. Having a mortgage generally precludes that option. I agree with you though, that housing should be a basic right.

I was merely stating how I'd rather have a nice car than an average one, even if it is for just getting from A to B.


I'm not desperate to own my own home right now, but I am aiming for one within the next 3-4 years.


I could easily rent but I don't want to do so for the rest of my own life. I personally think I'll be coming to a point where this is a real possibility (as opposed to the pipe dream it is right now) within the next few years. I've spent the last 8 years of my life moving from place to place every twelve months.


I'm in the middle of arranging life insurance and income protection right now. There's so much I need to know.


TBH I don't see myself leaving these isles for the forseeable future. Obviously should something worse than Brown happen, I may have to move but because of my job, I'd have to sit exams to be able to work anywhere, which is why it's just easier to stay.

Don't forget a pension! I know a really good broker for mortgages, insurance and pensions if you want some advice. He's self employed so he's not a tied agent. If you want the details let me know. He's looked after me for the last 20 years and has always done really well for me.

I have NHS pension scheme? Unless they plan to scrap that?