Hi all. I’m a bit stuck at this crossroads. I’m currently renting a pretty decent 2 bedroom apartment, but lately I’ve been wondering if it’s time to invest in buying a house. To rent or to buy, that’s the gnawing question.
I’ve been living in this city for about four years now, started off as an undergraduate and kinda fell in love with the place. I’ve got a good job here that’s offering me a bit of room to grow, and honestly, I’m leaning toward putting some roots down in this community. I’m single, no kids, so I’m all about location, accessibility and probably a bit of city nightlife (pre-covid era stuff, you know).
But I’m really not sure if I’m ready. Financially, I mean. I follow the usual money advice stuff: 50% living costs, 30% entertainment, 20% savings. And I have a bit of an emergency cushion nesstled in my savings account, about six months worth of living costs. So I’m not exactly swimming in money, but I’m not drowning either.
I look at the soaring property prices and wonder if it might be a good investment. Then I look at my rental payments and think about how they’re ’money down the drain.’ But if I go for a mortgage, with the deposit and all, I’d pretty much wipe out my savings. Is 🤔
