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WishToBuyAFlat
Joined: 07 Jan 2011
Posts: 2
Location: United Kingdom
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| Posted: Fri Jan 07, 2011 8:48 pm Post subject: Is it better to continue renting or buy a new flat? |
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I wish to buy a 2 bedroom flat which would cost about £220,000 in London.
I can probably borrow up to 5% deposit from family and am paying about £900 a month for my rent (it's been over 4 years).
I don't think I can increase the deposit so I think I will have to get a high interest rate for a 95% mortgage.
My question is is it worth buying a property in my situation or I'm better off continuing just paying rent?
Please could you help me understand how to calculate this?
Many thanks in advance.
Ben, |
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Cedonulli
Joined: 26 Jan 2005
Posts: 38
Location: Portland OR
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| Posted: Sat Jan 08, 2011 2:19 am Post subject: |
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| Too many unknow factors to give advice now. Do not know your personal needs, your tax situation, the economy where you are and the real estate market. It would be case by case. |
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WishToBuyAFlat
Joined: 07 Jan 2011
Posts: 2
Location: United Kingdom
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| Posted: Sat Jan 08, 2011 9:48 am Post subject: |
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| Thanks but my question is about financial comparison between these 2 situations; don't worry about other factors! |
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paydayloan
Joined: 06 Jan 2011
Posts: 9
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| Posted: Thu Jan 13, 2011 5:41 am Post subject: |
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Hi,
Buying a flat is always good idea but it depends upon the situation of each of us will differ, depending on our own personal circumstances.
Thanks |
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savana
Joined: 22 Dec 2010
Posts: 15
Location: United States
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| Posted: Fri Feb 11, 2011 7:20 am Post subject: |
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| I feel instead of buying flat it is much better to buy or construct the home due to one big reason that the property and land will be your own and you can easily make future investments. |
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