Is this the right decision with a propsective house purchase

Just remember its frowned upon to run CAT5 cable through a rented house.

 

^^^ The ultimate argument for buying a house.

 

I would say it's only really frowned upon if you don't do it right, more and more houses/flats are being networked up. A mate of mine spoke to his landlord and actually got paid for the job. Just remember to ALWAYS speak to the landlord first!

 

Thanks guys, i've decided to knock that house in question on the head. Money is still there but i think i need a 2 bed house that needs some work and i can keep for 5 years and not just 2-3. Do it up over time and hope i make a profit. While you cant rent your whole house out as thats a buy-to-let mortgage you can rent a room out most of the time IF you are living it with a normal mortgage. The house i was looking at had little renting potential and was only one bedroom, hence leaving it where it was.

The search goes on.... but thanks guys, very useful advice from you all.

BTW having rent before, i was told i can do anything i like to the house as long as it doesn't DEVALUE it, i.e. if i want to run cat 5 all round it, i can do at my cost as they knew it was going to increase its saleability in the future - not that i did mine. Wireless repeaters Cheesecake

phil

 

I think you made a good choice - 2 beds almost essential for the long term - and also a lodger gives flexibility in the short term

good luck!

 

that my friend is extremely rare and in 90% of cases landlords will not allow ANY adjustments to the house i.e. painting, cables, carpets, doors, etc etc.

 

QFT. You're young. A mortgage is a big responsibility. If you were married and had/were considering children, you'd be no stranger to responsibility. As it is, I'd be a little more hesitant.

Agreed. This seems to be a UK thing and it really annoys me. People who view homes as investments are why it so difficult and expensive for people like me, who just want somewhere to live.

As above.

Personally, I don't think 2-3yrs is a long enough time period to be considering buying and all that comes with it. You really want to be settling in for a minimum of 5yrs, and probably longer. Certainly, a mortgage may or may not be cheaper, but there's far more to it than that. Flexibility is key.

 

I don't agree with that as buying a house is an investment. The idea that property is a quick and guaranteed way to make money combined with cheap lending and lack of houses is what caused the issues we currently have.

When you own a house the money you put into your mortgage is still benefiting you not your landlord. Personally I feel much more secure in my own property which I can do what I like too. I have rented six properties and all were compromised in some way. House prices are low at the moment along with competition so if you can afford it, its a great time to buy. Flexibility is not an issue unless your in serious financial trouble or didn't read the small print in your mortgage properly.

Purchasing a property is always a risk but as a consumer its your responsibility to be as informed as possible about your options and you purchase to minimise that risk.