I am 23 and I am looking to move out of my parents house. I am really attracted to the idea of buying a place - making it my own and maybe renting a room out to a friend. I have a stable job at the moment, the pay isn't amazing, but it's enough to pay a monthly mortgage and I literally started saving money at like 12 years old so I already have enough for a deposit. I really like my job and it's in a nice area, with average housing/living costs. I am also looking to get a credit card and start building my credit score. My parents don't mind me living with them and I wouldn't mind staying at home for a bit to save more money.
I am just trying to figure out if it makes financial sense. Everyone keeps telling me I should just go and rent for a bit but it feels like throwing money away to me. I seem to only find rooms to rent at £400 p/m and that's living with 5 strangers. Whereas a mortgage would be roughly £600 a month for the whole house! If I rented a room that would help me get some of the money back too.
I guess the main advantage of renting is that you can up and move whenever. However, the idea of getting on the property ladder is appealing to me because even if I decide to move, I could become a landlord to the property instead which would be a good investment for the future.
If anyone has any helpful advice, please let me know! :)
Submitted January 05, 2019 at 03:26PM by i_dont_hate_you1 http://bit.ly/2AwPzwV
