Is it better for us to buy or rent as a young married couple with (currently) single income?
Let me start with our current situation.
- Young married couple
- Single income (I'm also looking for a job)
- Monthly saving - 1k for deposit
- Current saving 12k
- Living rent free but paying for everything else
- Need to move out soon for personal and physical space
We are finding places to rent for over £1250 + bills which we can afford on a single income but will have to be tight on everything else and we won't be able to save for the deposit. We can easily afford all of this and also save once I get a job too but not on a single salary unfortunately.
Now, I'm saying that we should buy an affordable flat with 10k deposit (outside London) so that:
- the monthly mortgage is lower than the rent.
- It will be ours eventually. Therefore, it's kind of a saving. (please correct me if I'm wrong).
- We can later move to our forever home and rent this one out when we're in a better financial position.
- We don't have to stretch every month to make the ends meet.
- We get to save a lot more once I find a job too.
Whereas, my husband says that he doesn't want to live in a flat and it's very difficult to sell or rent them.
We both have never owned property before and have very limited knowledge. Please kindly advice what should be the right step for us.