Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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I'm a home owner. I won't lie and say it's easy because it's not. Dread opening bills... Lucky if i have a few hundred left over each month once everything is paid. Managed to blow my last years wages and a bit of savings when i lost my head for a bit.
Owning means i can't pick up and move closer to work and renting or owning means i can't actually start going out and finding work myself. There is no way i could live back home either... I get by 
Dad helped me out with the deposit and while i was at uni. Also was left some money by family that passed away. Blow a load on shit cars as well.
However, i'm fully aware i'm still underpaid for what i do and need to get this sorted.
[Edited on 01-02-2010 by Andrew]
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Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Offline
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M3 is for sale to clear bills and have some savings for a house. Gf is also saving, ive had myinheritance but not fortunate enough for any of that to be anywhere near a house deposit 
i will probably do one of those part owner thingies where they own a percentage etc.. Only way i can see myself on the ladder before im 30. If i rent ill never own a home. Ever.
And yeah neef £200k for a house/flat here
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Paul_J
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Registered: 6th Jun 02
Location: London
User status: Offline
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Thing is Andrew, you may have no money left... but it's no different if you were renting, you'd still be paying bills, council tax etc ... the difference is, that rent money would actually be going into property... so you technically aren't losing it.
If you did decide in a few years time you wanted to sell up and move to Thailand or something random, then you could and you'd have the money from your house to go fuck about.
All the money i'm pissing way renting will never come back to me.
Down south even renting = expensive. £700 + £150 council tax for a small, 2 bed flat (both small rooms), bathroom, kitchen and small lounge. Then bills etc on top.
Up north you could probably get a decent mortgage on that a month.
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Half Pint
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Registered: 25th Mar 02
User status: Offline
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quote:
Originally posted by Paul_J
P.S. most people I know down south who are my age and have houses, have all had inheritance from dead relatives...
That's how every single one of them have got their deposit and on the ladder.
I think it's extremely hard in todays age to save up and move into a house, even more difficult if you choose to move out and rent until you can.
Northerners I'm not talking about you with your 70k houses 
quiet alot of my friends have benefited from this and others have simply been given money by their parents.... mildly fustrating but i know that me and the mrs saved for our house.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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quote:
Originally posted by Jambo
And yeah neef £200k for a house/flat here
There are quite a few Homebuy Direct developments going on round there matey. They've just finished one at the end of my parents road - fucking nice place to live and they were dead cheap. Keep an eye out for those kind of deals too because the initial purchase price was below £200k and to get something like a £60k loan for free over 5 years is a win in my eyes
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ed
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Registered: 10th Sep 03
User status: Offline
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quote:
Originally posted by Paul_J
Down south even renting = expensive. £700 + £150 council tax for a small, 2 bed flat (both small rooms), bathroom, kitchen and small lounge. Then bills etc on top.
Cheaper than my rent
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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I'll be living with my parents until I'm 50 tbh. Have it too easy da Silva, is that Cosmo in your avatar 
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andy1868
Member
Registered: 22nd Jun 06
Location: Burscough, Lancashire
User status: Offline
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live with my parents. its too sweet!
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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Well in my case I did everything in life earlier than most people expect you to, I bought at 18 as I have a big family and although my parents have a nice spacey pad, I had no peace and quiet.
I've had a few homes since I left home 9 years ago, some I've kept and rented out, but I'm happy in my current place and don't intend to move anymore as I have my own little family now and the business is thriving.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Own one (awaiting Nath or Aj. to post something).
And Eck, no thats not me
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Conway563
Member
Registered: 7th Jun 06
Location: Yate, Bristol
User status: Offline
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I'm currently renting but hoping for a nice couple of payrises over the next 2 years which will go towards a deposit
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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quote:
Originally posted by J da Silva
Well in my case I did everything in life earlier than most people expect you to, I bought at 18 as I have a big family and although my parents have a nice spacey pad, I had no peace and quiet.
I've had a few homes since I left home 9 years ago, some I've kept and rented out, but I'm happy in my current place and don't intend to move anymore as I have my own little family now and the business is thriving.
How did you afford to buy a place at 18?
I couldn't even afford to insure my corsa when I was 18
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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living at parents, but buying very soon
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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Matt L
Member
Registered: 17th Apr 06
User status: Offline
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still living at home, couldnt afford to buy/rent at all on my wage .
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Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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Living with Mum but I'm on the mortgage.
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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Yes, i have my own place..have done for 3 and a half years
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MJFF88
Member
Registered: 30th Apr 08
User status: Offline
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With the rents. I can live in my car but I cannot drive a house. Therefore car is more important 
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JohnnyR
Member
Registered: 21st Sep 06
Location: Sheffield
User status: Offline
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Just bought, got the keys and moved in 2 months ago on the 27th of November 09. It's great, can't imagine it any different now!
Your neck of the woods actually J, in Dinnington.
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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quote:
Originally posted by Paul_J
quote:
Originally posted by J da Silva
Well in my case I did everything in life earlier than most people expect you to, I bought at 18 as I have a big family and although my parents have a nice spacey pad, I had no peace and quiet.
I've had a few homes since I left home 9 years ago, some I've kept and rented out, but I'm happy in my current place and don't intend to move anymore as I have my own little family now and the business is thriving.
How did you afford to buy a place at 18?
I couldn't even afford to insure my corsa when I was 18
I had the right advice at a young age, even when I was 13 on my milk round I valued my money.
I suppose the big part of it was seeing my parents have the high life if you want to call it that and I wanted it, so I set about going down a career path where I could afford things and be secure in my life.
My first car was a corsa and I still buy second, third hand cars now.
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Dione J
Member
Registered: 22nd Sep 04
Location: West Midlands Drives: Leon Cupra Turbo
User status: Offline
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Homeowner, on my 2nd house now.
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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quote:
Originally posted by J da Silva
quote:
Originally posted by Paul_J
quote:
Originally posted by J da Silva
Well in my case I did everything in life earlier than most people expect you to, I bought at 18 as I have a big family and although my parents have a nice spacey pad, I had no peace and quiet.
I've had a few homes since I left home 9 years ago, some I've kept and rented out, but I'm happy in my current place and don't intend to move anymore as I have my own little family now and the business is thriving.
How did you afford to buy a place at 18?
I couldn't even afford to insure my corsa when I was 18
I had the right advice at a young age, even when I was 13 on my milk round I valued my money.
I suppose the big part of it was seeing my parents have the high life if you want to call it that and I wanted it, so I set about going down a career path where I could afford things and be secure in my life.
My first car was a corsa and I still buy second, third hand cars now.
Didn't really answer the question there, unless you're either saying that you bought your house at 18 with milk round money, or that you're 'high life' parents gave you some money?
This is in no way intended to be aimed at you / cosmo, but I do think generally in life, it's easier to make money when you have money.
What I mean by this is, if you have money to fall back on you can take more risks in life, to get more places. If you have money behind you (e.g. parents) they can maybe seed you money for a new business idea, rather than you have to work your way onto having enough money / taking a crippling loan to try it out (and once again, risk if it fails).
I decided to try to pick a career path that paid well, and have achieved it. Software Development is a fairly good trade, wages generally range from 25-35k starting, 35-60k normal and 60-90k for top senior positions in london, plus the chance to develop your own product / company off of the trade.
The problem is, this path meant having to be in education solidly, GCSE's, A-Levels, Degree... I have achieved the best at every level and am now on the career path. However, I don't see myself earning and renting, being able to afford a house any time soon. Also I'd love to try some business ideas / start my own company at some point (probably bootstrap it while I work), but I can't afford the basic minimal costs for start up / risk of it all going tits up in the current financial situation. Therefore, I'll have to wait on both accounts.
I too have only ever bought things 2nd hand, cars / mods / laptops etc... but it doesn't mean that I was able to afford a house at 18.
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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Live at home. If I get a serious girlfriend then will look to move out if we can get a big enough deposit sorted. Cant afford t buy on my own. Or very last resort maybe rent. But I'm very reluctant to do that as it makes it even harder to save for a deposit to buy somewhere in the future. Renting is a rip off round here, bit like the house prices.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by Cosmo
Own one (awaiting Nath or Aj. to post something).
And Eck, no thats not me
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nathy_87
Member
Registered: 14th Aug 08
Location: West Mids. Drives: koda Fabia VRS 5J
User status: Offline
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Live with the g.rents, £200/mnth board everything in. I'm not complaining. 
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
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quote:
Originally posted by Paul_J
P.S. most people I know down south who are my age and have houses, have all had inheritance from dead relatives...
That's how every single one of them have got their deposit and on the ladder.
I think it's extremely hard in todays age to save up and move into a house, even more difficult if you choose to move out and rent until you can.
Northerners I'm not talking about you with your 70k houses
Paul, this is exactly what me and Rach were talking about at the weekend. We sat down working out how much we will save this year and were questioning how everyone else had managed to move out well before us then it clicked, most of them had inheritence or parents that had chipped in as they had recieved inheritence. It's a shit excuse sometimes as we do spend a fair bit but then if you are given a headstart it doesn't half make a difference to saving.
There is a new mortgage avaliable now though for those that have parents willing to help, Natwest & Lloyds are doing a scheme where by your parents chip in with 10% of the deposit so lets use 175k as an example, so parents put in 10% which is put aside into an account with the lender and earns interest, you the buyer then put in another 5% which is much more realistic target to save to.
It's a win win situation as parents can shift their savings around to help the kids, and they can take the 15% once the house has gained enough equity to do that and have earned some money out of it at the end.
Obviously it's good for the lenders as well as if you default on your mortgage repayments the lender has some capital to take it from.
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