Renting Dilemma



Hi all,
Due to a break up I am toying with the idea of either renting or
buying? Normally it would be a straight no brainer but house prices
are so expensive around here that I would right on my limit if I
bought a house. The simple maths of "3 times my income" would leave me
right at the bottom of the housing quality here. Ironically the census
tells me I earn above the average for the area?! No idea what's going
on? Anyway I could get a better quality house if I rented but have no
idea what percentage of your monthly income you should budget for?
Most grateful for any pointers?





You are right to be cautious in the current market and not to be
tempted to go much above 3x income.

I wouldn't buy now, but recommend you get as much asking price
information as you can from estate agents and monitor the price
development for a while - if you rent that will be for a minimum of 6
months presumably.

As to proportions, I thought the rule of thumb was to keep rent below
1/3 of your take home pay. (Personal choice of course!) At the moment
the numbers work out so that a £250K type property would rent out for
around £250 per week, £300K /~£300 per week give or take.

Hope that helps.


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Dilemma 3
Currency Dilemma 0
Coursework dilemma.... 0
Refinance dilemma 14
Ethical Dilemma 14
Payroll Dilemma 0
Trollgar's Dilemma 2
Multi State Dilemma 1