Buy, wait or head off travelling?!

Newbee09

Have a big decision to make. Am lucky enough to be in a positiong to buy a house with my partner. We have the approval and the deposit ready. The only thing is i just cant decide whether to take that big step and take on mortgage or to hold out and go travelling! On the one hand i feel that i should get the house whilst prices are droppin and while i have the money to do it but on the other hand i feel i should go and see the world while im still young!
But if i do go i feel like i will be starting out again from scratch, and more than likely ill have spent most of my savings by the time i come back! What are everyones thoughts on buying a house to rent it out? Does it work, is it affordable in this economy...will i feel happy having someone living in the house that i inted to live in myself some day!? So many questions...all thoughts much appreciated!

tHE vAGGABOND

If your asking the question at all you dont "need" to buy so go off travelling and see the world

liger

Well from reading peoples opinions here and elsewhere I can say this to you,

If you go away for a year and come back house prices will probably be less or the same as now, they wont shoot back up in a year.

Also if you buy a second hand house someone will have already lived in it so if you buy a place and rent it out it would be the same as moving into second hand house. Shouldnt be a problem for you.

Also if you away and the house needs work do to it, say the boiler breaks down, thats up to you to get fixed, so dont think renting is just as easy as giving someone the keys and getting paid every month.

dory

Chances are if you don't go you'll spend the rest of your life telling your children how you could have gone, but you settled down yadda yadda.

Highly unlikely you'll be thinking about the house you could be sitting in when you're lying on a beach in Malaysia.

Go!

Idbatterim

you probably wouldnt spend much more travelling for the year than the house would depreciate. Ofcourse this depends on current house value etc...

wench

Also, if you buy and then rent it out within 2 years, you will owe stamp duty, as you will be classified as an investor not a first time buyer.

Firetrap

Where would you be hoping to buy?

am i bovvered

Put a big lump of cash into a savings account for 1 year fixed.
Go travelling on a budget.....enjoy

djimi

Personally I would pick travelling over getting a mortgage. You can buy a house anytime but once you commit to a mortgage your chances of going travelling are going to become a lot slimmer.

As for buying with a view to renting; from the people I know who rent out property none of them are coming close to breaking even and it is costing them money to have the property.

quozl

Newbee09 wrote: »

On the one hand i feel that i should get the house whilst prices are droppin

Strange. Why would you think it's a good idea to buy something WHILE it's falling in value?

Max Hunter

Chillax, Go for 3 years and pop back for a bargain.;)

Stacksey

GO GO GO,

A few years ago i had enough for a deposit of a house, went away travelling for a year and had the best time of my life, not a day goes by where i dont think of the fun i had during that year during all this doom and gloom, your in no rush to buy a house or get settled down for that matter(chanes are you'll break up in the next few years, sorry but thats the reality of it)

Idbatterim

buying now has to be more mad than even during the height of the boom! look at what we are in and facing into economically.