Buy or Rent?

Personal opinion, no professional 1 available from me.

But if you can afford to buy, even if it is a small place, then I would say buy.

I can't see any reason to rent in those circumstances.

 

In your position staying close to home for your daughter I would buy. Renting indefinitely without an end goal is dead money in my opinion. If you didn't have any ties I would suggest neither and to buy a plane ticket to Australia and travel the southern hemisphere.

 

Lots of possibilities Kools. Safest/easiest is to buy outright or you could use your money to start a property portfolio.

 

Buy imo

 

No question. Buy.

 

Buy.

With cash, you got some wiggle room on the price, sellers like cash buyers.

 

Buy. A Winnebago. Holiday. See the world. Take your princess with you. Life is too short. Don't drink. Do something new. Life is not a dress rehearsal. Be friends with your ex. Be best friends with your daughter. Smile. But most of all, like yourself. We all do.

 

Buying seems the best option, but doesn't mean straight away. May want to rent for a short term if moving to a new area to see if it somewhere you would like to live.
A holiday as recommended by others seems a good idea.

 

Can you afford to live if you spend your share on a new house, if so then yes buy.
It will leave something for your little one when you've departed this life.

That or as others have said, travel and enjoy the rest of your life full on.

 

Buy buy buy!

Bye bye.

Go into 'digs' if you need to short-term if you can't find a suitable place quickly. Digs is better than renting as it's short-term so you can leave any time, and also much cheaper. Choose it well and you could end up with some interesting folk too.

I don't know where you live, but all areas have 'good' and 'not so good' parts. Do your research and find the areas and outskirts that are going the 'right' way - and look there for a place you can live in but needs work (but make sure it's reflected in the price).

Start visiting the estate agents and also look on-line. Tell them exactly what you are looking for.

If your job is still going ok, then you could even take out a tiny mortgage in order to free up some capital for the renovations - say a 20% loan or summat. Interest rates are low, and a few extra £k would help I'm sure.

 

*shudders*

 

I know - but you need to check it out properly.

When I started teaching - many moons ago - I found a room in a lovely house populated by other professionals.

It was fab.

And then I found my very first flat to buy and do up.

 

What about a halfway solution.
Put half (or) less on a deposit and take out a mortgage to buy a place, then put an equally chunky deposit and take out a mortgage on a buy to let property as a long term
investment and pension income, the rental might cover both mortgages.

 

Tricky one Kool.

It's really nice to have a bit of ready cash in your pocket.

My generation will say buy because that is what we did. Bought property for £££££ sell say on 5 years on ££££££££ buy property ££££££££££££ sell on ££££££££££££££££££££££££££ and so on.
You are acquiring wealth, yet you can't really ever spend it because at the end of the day you need somewhere to live!

You need the widom of Soloman

 

Renting is money down the drain, simples. Buying is investing in a property that will increase in value, you then have the option of down sizing later in life and releasing equity.

I'm a bit surprised you're even asking the question.

 

Gotta be buy if you really can afford it. Better still, buy two houses and rent one out. (but don't get tenants like my mate has had the last two times he rented a property out). First one wrecked the house, second one racked up thousands in rent arrears, (then wondered why she got evicted) Took months to get the case to court, and all the time the rent arrears were accruing.
If I could afford to, I'd buy, but there's no chance of that (unless I win the lottery on a triple rollover, in which case "I'll have considerably more money than you" )

 

Keep all options open.

Even consider stretching for to a larger place with an extra bedroom - and renting it out. If you carefully vet the peeps, you can get good interesting folk. If it doesn't work out, you give then 2 weeks notice.

But, the pros and cons of that do need working through carefully.

Is a mortgage of any size on the table? If so, that opens up a whole new range of possibilities as said in the posts above.

 

Buy a caravan they cheap as ****