When should you buy your first house?
Discussion
As above..
Live in the South East, 22 at the minute, probably need to wait at least a year or so to service a mortage with the salary, deposit is sorted though..
Better to do it young? Or wait untill its much more affordable?
My parents are not great advice givers as the cost of housing was tiny compared with income. So my dad bought his first place at 19, so his advice is somewhat n/a.
Live in the South East, 22 at the minute, probably need to wait at least a year or so to service a mortage with the salary, deposit is sorted though..
Better to do it young? Or wait untill its much more affordable?
My parents are not great advice givers as the cost of housing was tiny compared with income. So my dad bought his first place at 19, so his advice is somewhat n/a.
Personally I would argue that it is better to judge on situation rather than age. If you can afford the deposit and can manage the mortgage but still have enough left over to live and have a contingency then you are ready to go ahead with the purchase. However consider if a better deal could be had by waiting to save a larger deposit and consider long term job prospects before blindly leaping into huge debt.
Darth Paul said:
I'm in the same boat and managed at 27 to get myself to the point were I can put down a 25% deposit on a place. That's the figure I've been working too in order to get a decent interest rate.
Fair enough.25% is a lot to aquire when a 1 bed costs £200k, though.. But of course this depends on how willing people are to shift where they live etc..
Is it worth moving away from work freinds etc, to buy in a s
te area?As others have said, when you can afford it is definitely the best time....
Remember, there is a lot more to owning a house than the mortgage - Factor in
Electricity
Gas
Council tax
Water rates
Phone bill
Food
All of wich when added together can pretty much double your monthly outgoings, and they're just the 'must have, must pay' items.
Then you'll want all of the nice to have things - Including a car, petrol, insurance, RFL, repair costs etc...
Oh, and don't forget the beer fund, the 42" tv, the Blueray player, the Xbox............
Having a house id great - I was lucky to buy my first place at 24, but property was a lot cheaper then.
Oh, almost forget... At your age, you're likely to want the most expensive thing of them all........
A girlfriend
Remember, there is a lot more to owning a house than the mortgage - Factor in
Electricity
Gas
Council tax
Water rates
Phone bill
Food
All of wich when added together can pretty much double your monthly outgoings, and they're just the 'must have, must pay' items.
Then you'll want all of the nice to have things - Including a car, petrol, insurance, RFL, repair costs etc...
Oh, and don't forget the beer fund, the 42" tv, the Blueray player, the Xbox............
Having a house id great - I was lucky to buy my first place at 24, but property was a lot cheaper then.
Oh, almost forget... At your age, you're likely to want the most expensive thing of them all........
A girlfriend
okgo said:
Darth Paul said:
I'm in the same boat and managed at 27 to get myself to the point were I can put down a 25% deposit on a place. That's the figure I've been working too in order to get a decent interest rate.
Fair enough.25% is a lot to aquire when a 1 bed costs £200k, though.. But of course this depends on how willing people are to shift where they live etc..
Is it worth moving away from work freinds etc, to buy in a s
te area?okgo said:
Darth Paul said:
I'm in the same boat and managed at 27 to get myself to the point were I can put down a 25% deposit on a place. That's the figure I've been working too in order to get a decent interest rate.
Fair enough.25% is a lot to aquire when a 1 bed costs £200k, though.. But of course this depends on how willing people are to shift where they live etc..
Is it worth moving away from work freinds etc, to buy in a s
te area?I kick myself daily that I didn't buy somewhere back in 2002/2003 and could have gone and bought something with £10k in hand. Now, when you need £50-60k for anything decent it isn't so easy and took a long time to get here.
Well I live in rented at the minute with a mate.
I have a sizeable inheritance in the proccess (still).
But was just wondering how high people place buying property on the list of things to do when you are young. Obviously I could move elsewhere still within strike distance from work and afford a lot more. But going on the above I would not only need £25k, I would also need to earn around 50k to get a mortage.. Seems very difficult to me.
I have a sizeable inheritance in the proccess (still).
But was just wondering how high people place buying property on the list of things to do when you are young. Obviously I could move elsewhere still within strike distance from work and afford a lot more. But going on the above I would not only need £25k, I would also need to earn around 50k to get a mortage.. Seems very difficult to me.
31 yrs old - not bought a house, live in a fantastic place that i can afford to rent but to get a decent mortgage right now i'd need a £400k upfront amount which I don't have (yet) at the same time I don't see the point in buying somewhere for less/smaller/whatever as I'm unsure of the market and am quite happy living within my means, saving money and still having a nice place... obsession with ownership is a very British thing.
did you see Horizon the other day.. how long is a piece of string? (!)
the key thing is at the moment it's probably better to risk prices going up and staying up rather than for you to stretch to buy now (in case they do go down).
despite this.. i think you should aim to buy in 5 yrs time. and aim properly. save up. make your own lunch for work that sort of thing. think about what you spend your money on. at least then you'll hopefully find youself in a position where you can choose whether to buy or not when you're 25/6/7/8.
more often than not middle aged people really don;t know the score more often than not. as you say they all bought their houses for fvck all and low multiples. they had greater job security etc etc etc the number of times i have heard how people's parent's have been aghast that they've sold only yo tgo into rented "you've stepped off the property ladder, oh my god!"...
prices may go up but i'd venture that in the short term you won;t be 'eft behind' if you don;t buy.
just don;t be a tw4t and spend all your money on st in the mean time ( 
)
the key thing is at the moment it's probably better to risk prices going up and staying up rather than for you to stretch to buy now (in case they do go down).
despite this.. i think you should aim to buy in 5 yrs time. and aim properly. save up. make your own lunch for work that sort of thing. think about what you spend your money on. at least then you'll hopefully find youself in a position where you can choose whether to buy or not when you're 25/6/7/8.
more often than not middle aged people really don;t know the score more often than not. as you say they all bought their houses for fvck all and low multiples. they had greater job security etc etc etc the number of times i have heard how people's parent's have been aghast that they've sold only yo tgo into rented "you've stepped off the property ladder, oh my god!"...
prices may go up but i'd venture that in the short term you won;t be 'eft behind' if you don;t buy.
just don;t be a tw4t and spend all your money on s
t in the mean time ( ) oh and.. we (the now-wife and i) bought at (just) 24. we'd been to university though (i don;t think you did..?) so that tended to delay things a bit for a lot of people.
sold at 28 1/2 and bought again at 29 1/2.
we did the 1st house up, overpaid like b4stards, sold at an okay price and bought again.
_____
another thing i meant to say was once you've bought most people get tied to the place.
esp given the market you might find it easier to move around both geographically and change jobs etc etc.
i'd have more money if i'd bought in central manchester straight out f university... but i would have found it hard to see the wife in herts, work in greece for a bit, change jobs etc... and getting all those things done are what mean i am now settled enough and probably have a better job than i might have had...
sold at 28 1/2 and bought again at 29 1/2.
we did the 1st house up, overpaid like b4stards, sold at an okay price and bought again.
_____
another thing i meant to say was once you've bought most people get tied to the place.
esp given the market you might find it easier to move around both geographically and change jobs etc etc.
i'd have more money if i'd bought in central manchester straight out f university... but i would have found it hard to see the wife in herts, work in greece for a bit, change jobs etc... and getting all those things done are what mean i am now settled enough and probably have a better job than i might have had...
Correct, no uni for me, and I have been a silly boy with jobs. I.e. starting to earn good money then going to the next one etc.
However, I am happy where I am and the plan is all set out quite nicley.
Some good tips here, I do not have this obsession with owning, I just don't like sharing much. So I think the first step for me would be to move into my own place for a while, and see how I cope financially etc.
I should add that if and when the cash comes through, I would have probably going on £100k. But do I really want to put that in bricks so soon..
However, I am happy where I am and the plan is all set out quite nicley.
Some good tips here, I do not have this obsession with owning, I just don't like sharing much. So I think the first step for me would be to move into my own place for a while, and see how I cope financially etc.
I should add that if and when the cash comes through, I would have probably going on £100k. But do I really want to put that in bricks so soon..
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