Buy or Fly: A First-time Buyer Dilemma
My name is Holly and I am a student at the University of Derby. For a while now I have been trying to decide between using my savings to travel the world, expanding my horizons, or do the ‘sensible’ thing and put it towards my mortgage deposit and buy my first property, becoming a First-time Buyer. After many hours deliberating, I have finally come to my decision, and hopefully this blog will help you make yours too! So what will you do? Buy or Fly?
What is the main thing on your mind now you’re finishing university and entering into the working world?
Since I only have a year until I graduate university, I’m faced with a difficult decision: apply for a mortgage and become a first time buyer or accomplish my dream of travelling the world? I have always loved the idea of owning my own home and having a place to call my own, but part of me wants to see the world and experience new cultures whilst I’m young.
What is making this decision difficult for you?
Peer and societal pressures play a big role in this decision. Many of my friends have already started saving for their mortgage deposit and are on the path to first-time homeownership, feeling as though this is an important step in life. I often feel pressured to follow in their footsteps and start seriously planning my future, however I also feel pressure from myself to travel the world whilst I am young and have the opportunity to do so.
Why do you want to travel now, rather than buy now and travel later?
The desire to travel is strong for me. I have always been fascinated by different cultures and ways of life and I want to experience them first-hand. I also want to take advantage of my youth and the freedom I have now to explore the world before I am tied down by my first mortgage, maintaining a property and everything else that comes with owning a home.
But wouldn’t you feel achieved if you purchased your first home straight after university?
Yes, owning a property is a big step towards financial stability and independence. I would be immensely proud to say I own my own home right after graduating, and the idea of owning a home is almost as thrilling as the idea of travelling. After all it’s an investment which creates long-term security and a sense of accomplishment, especially when paired with a job I love. I know this would make me so happy having achieved something so big, but I can’t shake the feeling that I would regret not taking the risk and travelling like I want to.
It’s difficult to know the right thing to do. I am torn between spending my money on making memories and the desire to have a place of my own to design and live in. Both options have their pros and cons and the fact that it’s so hard to weigh them up against each other isn’t making my choice any easier.
Have you thought of way you could do both?
I have indeed! To tackle this problem I have been considering compromises. It seems my best options could be to continue saving towards my deposit whilst enjoying short weekend breaks with budget airlines and accommodation. This will allow me to save for larger week-long holidays in the future. This way, I can have the best of both worlds and not feel bad for withholding myself from something I know will make me happy. It will also prepare me for the big, grown-up world of budgeting for my mortgage and other bills – all the while keeping my inner child happy with regular short-breaks.
Is this your final decision, or is this still on-going for you?
Well both options have their pros and cons and it’s difficult for me to decide. Peer pressure, pressure from my parents and my own desire to travel all play a role in my decision. However, I know that withholding myself from travelling will make me resent saving for a house so a compromise is the best idea. Although becoming a First-time buyer in my early 20’s would be amazing, I feel compromising is my best option.
How about you?
Are you a First-time Buyer facing this same difficult decision? In order to make the right decision, you need to have all of the facts! Prospect Tree Mortgages can help you better understand the buying process, so you can make the best decision for yourself!
How to get in touch?
Check out what our Professional Sport clients had to say about our service HERE
0800 8620 840