What is best to move out and rent or save for a mortgage at home, i am 29 and feel i need to make a break?

I have felt for a long time imprisoned at home, there has been some conflicts. I dont know what the best solution is to move out on my own and experience those joys, or to stay at home and save for a year and a half for a deposit for a home of my own. through work have lost some of my social life too. its hard to make this decision. Please help!

is it possible for you to rent and save?

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6 Comments.

  1. rent money is dead money , so if its not that bad stay at your home and collect for deposite.
    One day you will know you made a right decision , rather than wasted lots of money on rent , which like i said are dead money you never get back , you should never do something like that if you have rooft under your head and place to sleep :) collect money and get you sweet new home :)
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  2. is it possible for you to rent and save?
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  3. Depends on the kind of conflict , if these are managable conflicts save and buy a house otherwise move out.
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  4. I know that it can be very difficult but with the housing market the way it is at the moment, I would stay where you are.
    Firstly if you rent somewhere it would probably cost you more as you would end up paying community charge, utilities etc.
    Why pay out thousands to someones mortgage when you don’t really need to.
    If I were you I would save as much cash as possible and wait for at least another year for the housing market to dip so low that you would be in a position to pick up a bargain.
    Not a good time to move even to rented accommodation the moment.
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  5. The longer you can stay at home the better it will be to save for down payment and closing cost on a home.

    Look at home ownership as running a business.

    The more money up front for down payment and to pay other home bill will help to in the long run.

    One more thing is having a good credit score.

    By waiting a year or so will give you time to pay off credit card or loans you may have.

    Will play a big part in the dollar amount of house you’ll be able to purchase, a lower interest rate, and lower monthly mortgage payment.
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  6. I would save for year, it’s what I did when I was living with my parents.
    Say renting costs £450 a month, then put that amount away each month.
    References :

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