Should I go with rental or mortgage?
I've got a good idea of what peoples advice will probably be, but would be good to get some opinions.
Im a 29 year old single male living in Essex. After sharing a flat with a friend for a few years and struggling to save I moved back in with my parents just over a year ago and I've been fortunate enough to be save around £12,000 so far.
Keen to get my own place again in the new year and only had renting in my mind, but now thinking that buying a property would be more sensible. I woud be able to fund a deposit of at least £15,000 in around 6 months or less from now and probably a bit more if needed. I earn decentlyl, £35-£40k per year, possibly more depending on commissions.
So you now you have some context, my question is this - is there really any reason not to buy over renting? Anywhere half decent in terms of rentals sand still not amazing is minimum 850-900 per month for context. As in a small 1 bed flat in a questionable area mostly.
What important costs are there for me to consider? Am I missing something obvious? I'd appreciate all and any advice
I suppose based on despoit property price range would be £130k - £150k, and a similar property to what I would rent. A 1 bed flat or similar.