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Should I Buy a Flat? watch

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    Basically, I'm 26, and I have about 11.5k saved away just now. I'm thinking of buying a flat, the going rate for the area I'm looking at is approximately 60-65,000 for a 2 bedroom. I currently live in a flat with one flatmate, which is basically a short term solution, as the landlord has stated that they are looking to sell the flat within the year.

    The idea is that I feel that buying a flat gives me long term security, as I will obviously own the property, therefore breaking the cycle of renting (which I've always resented because I always felt that as if my money was disappearing into thin air), and there are no long-term 'surprises' as such, such as landlord selling the property, flatmate moving out etc. Also, the flats I am looking at are also within commuting distance to my workplace.

    I basically feel that buying a flat would let me take control of my living situation, instead of being at the behest of a landlord all the time. The only thing that's really holding me back is the fear, because I would be a first time buyer, and although I have the money saved and have a salary, I'm constantly in fear that I'm overlooking something or about to do something stupid that won't become apparent until I've parted with my money.

    Can anyone offer any advice, maybe someone who's been through this before?

    Thanks in advance for any help or advice you can provide.
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    (Original post by Leavemyarcelona)
    Basically, I'm 26, and I have about 11.5k saved away just now. I'm thinking of buying a flat, the going rate for the area I'm looking at is approximately 60-65,000 for a 2 bedroom. I currently live in a flat with one flatmate, which is basically a short term solution, as the landlord has stated that they are looking to sell the flat within the year.

    The idea is that I feel that buying a flat gives me long term security, as I will obviously own the property, therefore breaking the cycle of renting (which I've always resented because I always felt that as if my money was disappearing into thin air), and there are no long-term 'surprises' as such, such as landlord selling the property, flatmate moving out etc. Also, the flats I am looking at are also within commuting distance to my workplace.

    I basically feel that buying a flat would let me take control of my living situation, instead of being at the behest of a landlord all the time. The only thing that's really holding me back is the fear, because I would be a first time buyer, and although I have the money saved and have a salary, I'm constantly in fear that I'm overlooking something or about to do something stupid that won't become apparent until I've parted with my money.

    Can anyone offer any advice, maybe someone who's been through this before?

    Thanks in advance for any help or advice you can provide.
    I haven't bought a flat, but if I was in your position, I would. As long as you don't plan on moving out of the area anytime soon then there's no reason not to buy. If you want reassurance/guidance then perhaps you should visit the money saving expert forums, there are many more first time buyers on there than here.
 
 
 
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