Moving out of my parents house~ need advice~ mortgage or rent?

  1. OK, i would just like a bit of advice!
    My boyfriend and I want to move in together, after over 4 years together we think it would be a nice time to:p!

    But we are unsure about how to go about it!! Should we rent for a year to see how things go (bf favours this one!) or should we get a mortgage (not loose money, etc)

    There are lots of new builds with part rent, part buy schemes, my friend is doing this and it suits them, but I am not too sure myself!

    So, how did you go about first moving out? I would just like some opinions!

    TIA xx
  2. I would start out by renting. Owning is such a huge commitment, and renting allows you to take that next step (both in your relationship and in life) without the risks. It's a good way to ease into home ownership, and you can learn a lot about how things work first.

    My boyfriend and I still rent, and this is our fourth year living together. We are now renting an adorable house, and someday we will buy. However, we don't want to buy before we're ready.
  3. ^ITA. Getting a mortgage together would be a lot more committing on both parts. What if you break up (God forbid, but it happens). At least renting is not binding. A mortgage will complicate things a lot more if you do decide to separate.

    Since you are only moving out of your parents house now, I'm assuming you're fairly young? I think mortgaging a house or apartment would be a bit overwhelming.
  4. What ever you do make sure you have some kind of agreement on belongings (not just verbal it's easy to agree when things are nice between you) I'm not trying to scare you but my friend moved in with her BF everything was in his name but she paid half one morning he woke up decided it wasn't working and she had to move out with nothing that she'd paid half of

    I'm torn between the rent v's mortgage in one sense rent is almost like throwing your monay away it's hard to save for a home when your renting it's like paying 2 mortgages but I agree that mortgages are a hard especially with the cost of housing

    Bf & I are lucky he inherited our home so we don't have either
  5. I agree with the other gals. Start off by renting. And for all the reasons listed above. If your BF favors this also, it shows he's not 100% ready for a firm commitment as well.

    Good luck!
  6. I would rent first as well. I've rented now for 7 years and as soon as I find a job after residency I will be looking to mortgage a house. Renting is definitely a good way to start, even though you do feel like you are throwing your money away after a while.
  7. Also, while you may be "throwing money away," it's also nice to know that it's not your responsibility when you need a new toilet or water heater or whatever. Homeownership comes with more than just a mortgage, you also have all the other responsibilities that come with a house. I think owning is ideal, but renting can be very smart, too, especially when you're just starting out.
  8. Rent...mos def.
  9. I would say that you should calculate your payback on something small like a townhouse or condo and see if you can pay it off in a reasonable amount of time. If you have the financial wherewithall for a down payment and you've been together this long already, a small dwelling space might be a good investment for you. A house is probably too much responsibility right now.
  10. If you decide to buy I'd make sure it's something either one of you could financially sustain without the other so you don't get in a bind should things go bad down the line... a condo isn't a bad idea & could be a good investment.
  11. I agree with everyone else, and definitely draw up a cohabitating agreement. After selling my home to buy with my ex then having to go through a separation within 3 years of moving in together I would opt for the rent option.
  12. Rent now and wait for the prime house market... the price will continue to drop.
  13. I guess I disagree with the majority opinion. I would say buy something. Even if it's just a condo or co-op. Housing in my area of the country, Puget Sound, appreciates an average of 8-10% every year. I wish I would have invested in real estate sooner than when my Hubby and I bought our first house when we were 33 and 35. As long as you aren't in an area that is in a slump right now, real estate is always a good investment. If you can afford it, buy. Just make sure to have a written agreement with your bf.
  14. not to be negative, but rent. and i agree, either way, get something in writing about all your stuff if you have anything you value. my friend's boyfriend decided he was moving out and took their bed, her tv, etc. he just took it all one day while she was at work. at least if you're married you have some rights.

    real estate is a good investment- if you can afford it. you may be "losing money" by renting but it's a big commitment. property taxes, repairs, homeowners insurance (which is A LOT more than renters insurance), monthly assessments depending if it's a townhome, condo. and then you have to hope that you are buying in an area where the value is increasing. that is risky right now. also, do you have 20% to put down? lenders are not giving away mortgages like they used to. first time buyers are having a harder time getting loans. friends of ours bought in a new construction area where the builder has now left without selling all the lots. their home is worth less than they paid 4 years ago with them adding many upgrades on their own.

    if you've never lived on your own, this is a big step. and renting for a year will not be bad. it's a good way to get your feet wet. and you can always be looking to buy while you're renting.

    sorry to sound like a parent, i'm only 33. my hubby and many of our friends rented for a year, even after being married, before buying.
  15. Luva Pug is in the UK so far our house prices are stable or rising not many dropping