buying/renting a property (Sheffield mainly)

[MissGobby]

hey girls as you may know me and my OH are going to start TTC once i have had a period as i sadly M/C last week.

anyhow we are wanting to look into either buying or renting a property - we want to find out as much info as possible from people who rent and people who have bought. how much does it compare money wise each month?

what do you have to pay out i.e. bills, mortgage, rent etc etc and how much roughly (just to give us an insight into how much we will be paying each month)

any help is appreciated especially those who live in or around Sheffield

thank yooooooooou

 

[PinkPunch]

I dont live near Sheffield but in general, rentng is slightly cheaper but a waste of money in the long run.

For example, we pay out say £550 a month on our mortgage, but if I rented a nice house, it would cost around £450 a month to which the landlord says "I'll take that thank you very much" lol

You usually can't decorate or make changes in a rental property which is a constant reminder that its not actually yours to change.

If you can get a mortgage at all, try and go down that root. Initially you'll need to pay solicitors, sometimes 2 mortgage payments upfront and if you want a better mortgage deal, a big deposit too.. but at least your not throwing money away and you actually have equity.

Plus another good thing about a moartgage is that its the cheapest loan you'll ever have! So if you want to do up your bathroom, just add on another grand to your mortgage

 

[Sherlock]

A mortgage is probably a better long term option but it is a huge cost and often out of reach of many couples starting out.

Its also not wise to over borrow, things like 5 times your combined annual salary is not advisable as it puts a huge pressure on you.

The larger deposit you have the better. Many companies won't consider you without a decent amount. Friends of ours had to have £20,000 to put down on their house as first time buyers.

Then the housing market fell into slight disarry....

We could buy but it would mean living in an area we would never want to live, in a property that I would not normally ever consider, so for the time being we are continuing renting. We have a wonderful 2 bed detached cottage at the end of a farm track. If we wanted to buy it it would be well beyond our reach atm, renting means we can afford to live in the area we want at least for now.

 

[purple13]

sorry to hear about your m/c

buying is def your best bet if you have the means. but there are advantages, as sherlock says, to renting if you don't have the funds.

which part of sheffield do you want to live in? rent will be quite variable depending on the area. i grew up there but live in london at the moment so am not entirely sure what's what rent-wise. but two lots of close friends have just bought gorgeous 3 bed terraces in netheredge for under £200k.

 

[purple13]

ps. it won't help with the sheffield bit, but might offer be useful nonetheless - at the moment, OH and i pay nearly £1000 a month on our london mortgage, as well as £70 per month council tax, £100 service charge, £90 bi-annually on water, and about £100 quarterly on electricity.

 

[jenna]

hi hun

We are renting atm but have a mortgage sorted out. renting is cheaper, we pay £395 for a 2 bed house and buying we will have to pay £620 a month and thats only for £100,000 mortgage (which isnt a great amount!). But it depends on what kinda property your looking for.

Council tax we pay £90 a month, all the other bills come to about £300 a month (phone, internet, gas, tv, electric, insurance).

It all really depends on where you want to live, iv heard that the further out of sheffield you want to live the cheaper it is but we dont really know because we work in the town centre so dont want to live far away.

Theres some cheap places to rent if your looking for a flat, most places do lettings (blundells, butlers, haybrooks) Hope that helped

 

[MissGobby]

thanks peeeps!!

thanks Jenna thats helped alot - i think we are going to buy, it will be in S13 area so not too near town!

 

[mary70]

hi hun i live in s13 and our mortgage is £375 a month

 

[Emmylou]

Personally, and this is only my opinion before everyone jumps on me!!

I would recommend that that you rent somewhere with your OH initially, for many reasons. Firstly, if you have never lived with him before, it will be easier for you to find out how well you get on when under the same roof, not to say it won't work out, as you sound like you really are ade for each other (you seem so happy with him ). Secondly, if it doesn't work out, then you will have more of a headache getting out of a mortgage with him, than to get out of a tenancy agreement. Trust me, I've tried to get out of a joint mortgage (bought a house with my 'best' friend to get on the property ladder, we fell out, she stopped paying the mortgage, I ended up having to get the house repossessed as I couldn't afford to pay for the house....I didn't even have a key to get in at this point, as was 5 years down the line. I now have a ccj as a result
Thirdly, it is cheaper, so you'll be able to save for a deposit to help you buy your first house together in the future.

We rent atm, as if we bought our house we would be paying approx £1200 per month on an 'interest only' mortgage, which would be the same as renting really but iff the mortgage co. instead of our landord. We only pay £700 a month in rent!! Our LL bought years ago, so the mortgage he got was better than we would get, so he can afford to rent it to us for that.

We also pay approx (monthly):

Water £24
Electric £45
Gas £25
Council Tax £125
Contents Insurance £13

Also with rented, you can decorate, but you need the LLs permission, if you don't decorate neutral they may ask you to paint it back to neutral when you move out. If the boiler breaks you don't have to pay to fix it (or worse - replace it!), in fact, if anything in the property breaks and its not your fault then the LL has to fix it at his expense. So its the cheaper option all round if you ask me.

P.S. If you need any help/ advice with renting/ letting agents, pm me (thats open to all ) as I own a letting agency with DH

 

[MissGobby]

hi hun i live in s13 and our mortgage is £375 a month

how much mortgage have you took out though?

 

[KELLYXX]

Hi Miss G

I live in Chesterfield and we have recently bought a house. we pay £800 a month on a £120,000 mortgage. together will all household bills we pay out £1400.

I know it seems a lot of money but we are actually better off. Hope you find somewhere.

 

[jenna]

where looking at houses inS13 also

 

[mary70]

s13 party it is then lol, where u looking jenna there are 2 fab ones just up from me that we have looked at

 

[jenna]

theres 2 that are near each other, possible on the same road that where looking at this weekend, not sure what the roads called. there on estate thats right after the school stradbrook?

 

[mary70]

oh right i am in woodhouse the ones i was looking at are on revill lane s13

 

[jenna]

mrsG mortgage wise, go see an advisor at mortgage talk. I was pooping myself but there really friendly. they tell you what you can borrow and what repayments will be then all you do is go and look for a house. The first chat with them is free and they will explain how they work and what fee's you'll need to pay later if you choose to take there advice. It was the best thing we ever did.

 

[mary70]

We went thorugh a mortagage broker when we just remortgaged and they were amazing, saved us a fortune on the mortgage we had with halifax