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entwisi · 28-07-2006, 17:48

these right to buy schemes count every penny that you pay in rent off the value of the property then JB? I don't think so in which case you are paying out dead money. yes you are protected against repairs(but then we hear all teh time about what a pain teh rear Hyndburn Homes are) etc but as investments markets have shown, apart from a few minor blips caused by over eager consumers the price of property rises steadily. hence not only is it your home it is also an investment.

When you look to buying a property you should always consider how much you can afford. And by that I don't mean how much teh bank will lend you. Sit down and write out a proper budget. Food, Clothes, bills, beer money, transport, consider EVERYTHING that you spend in a month excluding your actual rent. Then you will have an idea how much you have left. Don't use all this, aim for 90% at absolute max and put the rest in some form of savings to see you through a rough patch. Ideally if you can get 2 years worth of mortgage payments in a savings account then even if you lose your job you know you will have a roof over your head till you find another. that job itself may not be what you want to do but you can always look for something better whilst earning enough to put food on the table. I am lucky to have a cushy, well paid job, if I lost it tomorrow I would be happy to go cleaning toilets if it meant we could put food on the table. Another cushy IT job will be along shortly.

Rent or buy, no brainer IMHO!

28-07-2006, 17:48	#2
entwisi God Member Join Date: Apr 2004 Location: Up Bash Posts: 7,827 Blog Entries: 3 Liked: 44 times Rep Power: 4390	Re: The Property Ladder these right to buy schemes count every penny that you pay in rent off the value of the property then JB? I don't think so in which case you are paying out dead money. yes you are protected against repairs(but then we hear all teh time about what a pain teh rear Hyndburn Homes are) etc but as investments markets have shown, apart from a few minor blips caused by over eager consumers the price of property rises steadily. hence not only is it your home it is also an investment. When you look to buying a property you should always consider how much you can afford. And by that I don't mean how much teh bank will lend you. Sit down and write out a proper budget. Food, Clothes, bills, beer money, transport, consider EVERYTHING that you spend in a month excluding your actual rent. Then you will have an idea how much you have left. Don't use all this, aim for 90% at absolute max and put the rest in some form of savings to see you through a rough patch. Ideally if you can get 2 years worth of mortgage payments in a savings account then even if you lose your job you know you will have a roof over your head till you find another. that job itself may not be what you want to do but you can always look for something better whilst earning enough to put food on the table. I am lucky to have a cushy, well paid job, if I lost it tomorrow I would be happy to go cleaning toilets if it meant we could put food on the table. Another cushy IT job will be along shortly. Rent or buy, no brainer IMHO! __________________ Ian Technical God, No 1 Geek And Linux Guru Have you seen my Flickr pictures?