Long time no speak, I took a short break… which turned into a long break!
I wanted to start back with a post about something important. Renting.
Obviously I know everyone’s situation is different, for some people this is sustainable long term, but for others, like myself, it is not. October 2017 my boyfriend and I, moved into a 1 bedroom flat that we are currently renting until this October… 3 more months, not that we are counting…
Before we moved, we sat down and worked out how much we both earned and how much it was going to cost living here. We pushed aside saving because we figured, one year of not saving would be ok, we could go back to it. But the reality is, while we rent, there is absolutely no way we could afford to save for a deposit to buy our own place. It is essentially impossible.
I will say, neither of us are on bad wages, it is not our income that is the issue. We live in Essex, which is expensive and for what we are paying now, the flat isn’t amazing. To compare, we pay £675 a month rent for our 1 bedroom, box flat in Essex. In Sunderland (North East England) a family member rents a 3 bedroom detached bungalow for £550 a month. Now I understand that the price varies because of location, and being closer to London. But it is not realistic to up and move when you have stable jobs, and the rest of your career to consider.
Because of this, we are having to move back home in October to allow us both to save for a future deposit. Yes, this isn’t ideal, but it is the only way we can save if we ever want to buy!
In my opinion, renting is not worth it if you can avoid it. For some people there is no other option, but if it can be avoided, I’d recommend anything else!
If anybody has any questions about renting, feel free to ask!