Buying or Renting long term?

[sunnyside]

Hi,

 

I have had many people telling me that buying a house is better than renting if looking at longer.

 

Please share your experiences.

 

What are the Dos and Don'ts?

 

Any other helpful hint much appreciated.

 

Many thanks

 

 

Mari

[Guest rooney74]

Longterm for us would defiantly involve buying , renting is fine for now but were just paying some ones mortgage , when we could have our own

 

I suppose it's all down to personal preference

[Guest BurgessFamily]

paying interest to the bank (+ tax to the local council) is generally better than paying rent to a landlord.

[Keith & Linda]

If you can get a mortgage then buy a house, rent will keep going up for the term of a 25 year mortgage whereas your mortage will stay the same (give & take interest fluctuations) and after 25 years the house is yours with no rent to pay ever again!

Though interest rates at present are very low, you must buy with-in your means and budget for the interest rate rises which are sure to come, council rates will have to be paid too (normally included with rental properties) Your budget will always be tight for the 1st few years, and you must be prepared to sacrifice some of your current lifestyle for the greater long term good, but as wages hopefully rise life starts to look bright, its then when you know you've made the right decision

 

Buying the cheapest house you can find may also not be the better option, location, location is what they say, this is for capital growth and resale prospects.

good luck

[Tamara (Homes Down Under)]

If you can...BUY!

The comments above are totally right. Interest rates are at historic lows and it's best to pay off your mortgage rather than pay a property owners mortgage when paying rent.

Bear in mind though that affordability...now....and future affordability is the main issue. What will interest rates be in the future? Factor this in to your calculations.

I have two young sons and hardly a day goes by that I don't pester them into putting their salaries into bricks and mortar.

 

Tamara

[sunnyside]

thanks for the feedback.

 

How many of you have fallen in love with house you rented out?! What did you do?

 

Our landlord wanted to sell the house before we occupied it but was not successful.

 

Now I am thinking its now a bad idea to buy this house! LOL! We like the area and happy with the house.

 

Any advice appreciated.

 

Many thanks

[zebedee]

We rented for the first year, worked out where we wanted to live (and afford) then bought.

 

If you like the house your in - buying from the landlord could be a nifty idea.

[sunnyside]

Many have suggested that we get an independent Engineer to look at the house even before we think of buying the house! Which one did you use? What do they look for? How much can it cost?