[jambutty]

these right to buy schemes count every penny that you pay in rent off the value of the property then JB?

No they don’t entwisi but unless they have changed the rules on ‘right to buy’ you had a ‘right to buy’ after being a tenant for 5 years and there was a reduction on the current market value of your rented home for each year of your tenancy. Thus someone who had rented for 15 years or so the price was about half the market value.

5 years ago when I was on my own in a 3 bedrooms house I could have bought it for around £16,000. The market value was at £30,000 or thereabouts.

When you look to buying a property you should always consider how much you can afford.

You are talking about a sensible approach to budgeting. Even with the best laid plans things can go awry through no fault of your own.

It’s all very well saying that people should save for the rainy day but try telling that to someone on the minimum wage and there are more of those than there are on good wages.

The first six months of this year saw the highest number of mortgaged domestic property repossessions and also official bankruptcies ever.

Good topic, nicely thought out and written UNTIL - - You said: You will be charged a month’s rent in advance and also need to deposit a bond of around $500 or even more.

I’m not sure what you are trying to say there but that is an average charge. Recently my eldest daughter and my son both made enquiries about renting from a private landlord. All wanted one month’s rent in advance and the bond ranged from £350 to £1,000. Prior to that my eldest granddaughter and boy friend not wanting to live with her mother sought rented accommodation. They required one month rent in advance and £400 bond. I gave her the £400 and loaned her the advance rent. I must get it back one day.

I don’t know what gave you the idea that I am taking information from a probable American author Busman747, I just happen to think as I wrote. I knew nothing of someone else’s opinion on this issue.

But it’s each to their own view on the issue and I happen to think that in the current climate first time buyers should think twice, may three times, before committing themselves and should consider renting from the local authority or housing association for the first few years.

Edited to change the $ to £.