Buying or renting?

[m_m]

I am considering renting a flat with my boyfriend soon and I am not sure if we are going to be able to afford it but circumstances have forced us into it. If we do manage to get by we will have no surplus money at all at the end of the month, literally nothing. This means that unless one of us gets a substantial payrise (which isn't likely for a very, very long time) we will not be able to put any money into a savings account to go towards buying a flat / house and I can't see that we will ever be able to save enough if all we do is rent.

What do you think?

[rufio89]

That will be a VERY difficult living situation. Can you not rent a cheaper flat? I think that would be a bad way to start a living relationship, you're likely to resent the other for having no money.

do you both live with family at the moment?

[Liquidius]

I've recently started renting a flat, and can also only just afford it, but why not try finding somewhere cheaper to rent? I had to sarifice a few flats I couldn't really afford for one that was quite a bit cheaper!

You'll find that buying a flat is still going to incorporate all the same living costs as renting, only you get a property of your own at the end of it.

[m_m]

To answer your question Ruth we are both living with family at the moment and to answer your question Liquidius because of the areas in which we both live and work it is very difficult to find cheap flats as they are what I suppose you would call desireable areas.

[Bel Bel]

What has forced you into both having to move?

[Liquidius]

Unless you desperately need to live in this area, it sounds like you'll need to widen your search, and perhaps find a flat in a slightly lower priced area. It may mean commuting a little more, but it could be worth it in the long run.

You can either bite the bullet, and just get the more expensive flat. Or you can get a cheaper one, and have more money to spend. I'd personally prefer to have some money left over at the end of the month, rather than a more expensive and I presume nicer flat. I do understand where you're coming from. I live in Cornwall where house prices are ridiculously high, and wages ridiculously low.

I think renting is a good idea because it's quite hard to start living with a partner, and you need to know if it's going to work before you buy somewhere permanently.

As Bel Bel mentioned, is there anything forcing you to move out? If not, then you could just stay at home and save until you have enough to buy one.

[Bel Bel]

what i am concerned about is one of you is forced out and the other feels obligate to move out as it's their only option
this would be shaky ground to start with but add to that no money and i can see resentment looming large

[m_m]

I know what you both mean, it isn't an ideal situation to be in but we both have very troubled home lives and can no longer stay at either home anymore. We're being left with nowhere to go and this seems like our only option.

[Liquidius]

Well, in that case, if you want out sooner rather than later, I'd say go for renting. You have plenty of time to save up a deposit for a flat at a later date.

[Bel Bel]

i agree with liquidus and if things don't work out it's easier to get out of and you can both go off and house share seperately or one of you can get someone else to lodge and the other can move out
perhaps you should agree up front what to do just in case
i hope things work out though and if youi both have it rough at the moment it could work well as you'll both apprecaite a safe haven to come home to

[LME79]

My boyfriend and I can't afford to buy at the moment either, even if we could it'd be very hard to get a mortgage! Therefore we're renting and saving at the same time - all our savings are going towards a deposit for a place of our own. It's tough at the moment - I'm even considering getting a part time job in addition to my full time job in order to get more money into the savings account as apparently it's a 20% deposit they're after now? Anyway, even if that goes down I want as much in savings as possible. Can you rent a cheaper place with saving at the same time? Would you consider a second job?