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What would you rather have: a car or a house?

Can’t afford a place to live? Think again!

How about this 1-bedroom flat for £8,500? That’d buy you an entry-level Ford Ka, 1 litre. Even if it needed a full rip-out, you couldn’t spend more than £20,000 – a fully refurbished apartment for under £30,000! The rent on a 1-bedroom flat in that area would be about £260pcm, and the mortgage on £30,000 at the moment would be about £120.

Or how about this 2-bedroom end-of-terrace for £25,000? Again, spend £25,000 if you want – you’ve still got a 2-bedroom house for £50,000. That’s the price of a mid-range, luxury car. But this’ll only cost you £250 per month on a mortgage.

Those who complain about “not being able to get on the housing ladder“, are looking in the wrong areas. It’s simple supply and demand. Just like cars, if you want a top of the range one, you’re going to pay for it. But if you can’t afford one, you can always ‘get on the car ladder’, with a cheaper one.

But that’s the difference. Unlike houses, cars will only depreciate. So, to those who complain about not being able to afford a place to live, think again. Move out of the expensive area, stop being impatient, and learn to live within your means. The generation before us didn’t have that luxury and they are the luckiest generation ever to live.

If, however, you crave the lifestyle of cafe’s, wine bars, nice restaurants, and boutique shopping – go and live there. But rent, don’t buy. Owning a home is not for everybody. Living within your means is for everybody.

Nicholas Stott

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