StickyMicky

i got a bit of grief for still living at home (27 this year) and TBH i wish i had of fukcen stayed there!!!!!!

i was paying £30/week board
yes i did have to put up with the usual ****e from the parents but the benifits outwieght the negitives by a large amount

i have only been self employed for a year or so, so nobody in there right mind will give me a mortgage

so i am now paying somebody elses mortgage for them and even then i had to put a 1k security deposit down.

having your own space is class, but it does come at a price, you can do it on the cheap, but then you end up living in a ****ehole somewhere, i like where i currently live, but i am paying £500/month in rent plus the bills, and my parents house is just across the marina/harbour and it was costing me £120 all inc there

ask yourself if it is worth the extra cost, it is fantastic being able to walk around naked and have a **** in whichever room i fancy/bend the G/F over anything i please

lordharding

iTrader: (1)

Can you afford to move out ?

Gas

elecric

water

council tax

TV Licence

Insurance house

: Car

Morgage /Rent

food

booze

scooby

Women

Not much change if any out of £1500 per month

Far Better staying at home get a good car save a few bob

Join a dating agency pull a wealthy Bird /widow
move in with her


Sorted

JamieMacdonald

I was still living at home a few years years ago (now 26), and I decided to move out. I was earning good money but not doing anything with it. I think over three years I might have been able to save £20,000 if I cut down on my socialising/cars a bit. I moved out and bought a flat, which is now worth about £30k more than I paid for it and I've managed to keep a good lifestyle, nice car and go on holidays etc. So I would have been in a far worse position now had I stayed at home. I just wish I had bought somewhere as soon as I started work 8 years ago, but things have still turned out alright for me. My girlfriend has got her own flat so I suppose we might rent one of them out in the future, the rent on one should pay the mortgage on the other!

Whatever you do, don't rent! It's dead money

vallumlj

any one else . someone must rent and like it. only be for a year i cant afford a deposit to buy yet

scoobyangel

why only for a year? and how will you afford the deposit to buy in a year if you cant now, when in a year you will of paid out thousands in renting a place?

vallumlj

key point. hopefully i will earn more money then. i just want to start living my life a bit more at the moment

MikeCardiff

iTrader: (2)

TBH I think its about time you moved out, even if you just get a house share with a few mates - cant understand these people who are pushing 30 and still living at home ??? Especially the ones who are earning OK money, yet expect their parents to still be supporting them, and chuck them £30 a week or something daft.

I left home at 16, which wasnt ideal, but as soon as I was old enough I wanted my own place - not for any reasons of family problems particularly, just because I wanted some independence and to get out and fend for myself.

As for renting being dead money, due to the high house prices this isnt necessarily true at the moment. In a lot of areas you can rent a house or flat cheaper than you can buy it. Typical example - 3 bed semi up the road from me is up for rent at £750 pcm - price to buy the same house would be around £220K - work out what the mortgage payments are on that !

I really dont know why the UK has this stigma about renting, most other countries see it as quite normal - you leave home, rent somewhere for a few years, then buy when you have progressed in your job and are earning more. Saving for a deposit is easy - most people can save £5K over a year or two if they economise a bit and dont pi55 it all up the wall. It seems now though that people just want the easy option of living with parents for as long as possible until the folks give them the deposit then they buy somewhere.

Jay m A

iTrader: (2)

I think a lot of it comes to how restrictive it is living with your parents.

You're only young, free single, disposable income once so live life to the full I say. If you can do that at home whilst responsibly saving then stay at home, Its what I did.

After sharing a flat with mates at Uni for 4 years it was a bit of a culture shock to be back at home, it took another 4 years to save for the deposit and have decent wages for a mortgage. I could have done it in 2 years but I was too busy enjoying myself TBH

vallumlj

To tell you the truth i really dont no what to do .

Olly

If you are unsure, then you ain't ready to move out.

So buy a property, rent it to someone else and stay with your mum (home cooking, washing done, bung her a few quid every week). Best of both worlds.

In a couple of years (and with some equity in the place) you can move in, or sell it and release a nice little deposit.

Its what I did.

hades

Strangely I don't associate you with "saving big bucks". Spending big bucks, perhaps.

To answer the original post - Realistically, despite all the speculation, I don't think house prices are going to massively increase or massively decrease for the next year (However, plenty here disagree with me). Therefore, if you can afford something suitable in 6-12 months time, I'd look to do that.

P.S. 32 and with enough equity to buy a new 4 bed detached house in e.g. Derbyshire with no mortgage.

Fuzz

true true.
Spending it on toys, having fun while I CAN afford it.
Cant spend it when your dead.

Andy

ewanrw

ewanrw

Fuzz

Perhaps he's a Scrooge or saving for a yacht.


Andy

AudiLover

Stay at home. Buy a ****hole flat in a decent neighborhood. In your spare time do it up. And when I say **** hole I dont mean it needs a painting here and there I mean a complete wreck. Save you tons of money.

Fuzz

Tried that, cant get your foot in the door because of all the builders bidding on it, ends up being not such a cheap buy!

I'll just stick to modifing the motor, much more fun.

Andy

hades

'Cos it's much too long a commute.

Yacht doesn't come into it, unfortunately. Shortly to be moving from local to you (ish) to Berkshire (ish) which will eat plenty of cash.

scoobyster

Where do you (want to) live? If you can buy somewhere for under £100k and have a spare room for a lodger then I would do it.

I bought a 2 bed flat at the end of my first year in uni and it's the best decision I've ever made. I had a lucky start in that I had £15k inheritance to spend as deposit and my mum was willing to be guarantor on the mortgage, but if you have a decent income you shouldn't need either. My mortgage interest costs about the same as renting a room in a student house would, I've had a lodger for 2 of the 3 years I've owned the place so they've paid the going rate and I've had a free mortgage. Now I've been on the ladder 3 years and my place has increased in value by at least as much as the mortgage has cost (and that was free to me anyway!) - it's a no brainer.

Living on my own was nice in a way but boring to be honest; living with a good mate is better, but not one you're only on ok-terms with as you'll fall out when they break something of yours etc. You can always chuck em out if it comes to it, as it's your place so you make the decisions.

If you do buy, you need to budget for furnishing the place (I got parents' cast offs for things like white goods, beds and desks, but still spent £3k or so) and doing it up if it needs any (I enjoyed the DIY though as I now have a place I'm proud of and far better than any other student house I could have rented).

Foot_Tapper

That would be my advice in the situation as well...
If you cant afford too much go for a flat..maybe something that needs a little work, but not too much ( those as said are being snapped up by builders or the profit margin is too small)
Do it up cosmetically and rent it....
You are paying it off.. shouldnt cost you too much if you do your sums.
Your tenant pays council tax etc
House prices apparently are stagnating this year, most areas not moving too much.
Come the time you need maybe a larger house, you will have a bit of equity there.
Or if not, keep it going for a pension fund.

petey

if you have the means you are better off getting on the housing ladder as quick as you can! you make more money through having a property than saving a big deposit in the most part!

think of it as a piggy bank as you get all your money back in the end rather than renting

vallumlj

thanks for the help. if i was going to buy i would need to get a 100% mortage and the price for ok sort of place round hear is 140k

scoobyangel

so... you have no money for a deposit on a mortgage then? also to rent you need a deposit and a months rent in advance usually, so if rent is say £500 a month you will most likely need another £500 as deposit, so £1000 straight off to move into someone elses property!

i would say to you to stay at home for another 12months and save like mad to get a healthy deposit on your own place, because if you rent now i really dont think in 12months you will have the deposit for a mortgage either.

100% mortgages are very expensive, as not so many places offer them. most like at least 5%, so if your bought for 100k, you would need £5000 deposit, plus you have to budget also for fee's etc, and furnishing/decorating your place.

i would sit back, stay where you are and enjoy being young for a while, while saving your pennies hard for the future you want for yourself!

ChefDude

For me it's down to independance, more specifically being able to sh@g your girlfriend without fear of being earwigged/walked in on/gf screaming/etc.


if i didn't sh@g, i'd be happy to stay at my parent's home.

simple as that really.

vallumlj

i can afford 2k or so for a the deposit if i rent somewhere but i cant afford the money to buy

vallumlj

so what would do u think would be my best option

scoobyangel

stay at home and save hard for 12months!

Fuzz

Start a Poll

1 Stay at home until you get dragged kicking and screaming out of the front door
2 Stay at home until enough deposit is saved
3 Stay at home, get a mortgage but rent the place out.
4 Rent a place now and move out
5 Buy a place now and move out

Andy

My vote would be 1

ewanrw

numero 2

wannascoobydoo

Stay m8 its a lot cheaper