Buying a house - How old were you?
Discussion
I am just about to turn 21 and I am looking into buying a house/flat within the next year or 2. How old were you when you purchased your first house/flat?
To be honest, I would much rather spend the money on a decent car but I detest the idea of renting and paying somebody elses mortgage. Mortgage repayments will hopefully work at about the same price as rent on a decent place would. However, I have the added ballache of trying to save up to pay for the 15%-20% deposit that most mortgages require these days.
At the moment I still live at home and have a good job that pays well enough so I can afford to do all the little things I want really whilst paying off a loan I stupidly took out at 18 along with dig and car insurance.
I am planning on buying somewhere and moving in with my Girlfriend. For talking sake, lets say we earnt a combined income of £50,000. Is that sort of money enough to get by comfortably enough on and still be able to afford a nice-ish car and have a holiday once a year etc?
I am very much still looking into living costs etc etc. At the minute alls I know is that it is going to be very, very costly for me to move out from home.
Basically all I would like to know is, how old were you when you first bought your first property? Did you struggle with money? Did you rent before buying? If so, did you find it hard to save for a deposit whilst renting? Are there any upsides to renting over buying? Finally, any advice one could give to a first time buyer.
Thanks,
Jamie
To be honest, I would much rather spend the money on a decent car but I detest the idea of renting and paying somebody elses mortgage. Mortgage repayments will hopefully work at about the same price as rent on a decent place would. However, I have the added ballache of trying to save up to pay for the 15%-20% deposit that most mortgages require these days.
At the moment I still live at home and have a good job that pays well enough so I can afford to do all the little things I want really whilst paying off a loan I stupidly took out at 18 along with dig and car insurance.
I am planning on buying somewhere and moving in with my Girlfriend. For talking sake, lets say we earnt a combined income of £50,000. Is that sort of money enough to get by comfortably enough on and still be able to afford a nice-ish car and have a holiday once a year etc?
I am very much still looking into living costs etc etc. At the minute alls I know is that it is going to be very, very costly for me to move out from home.
Basically all I would like to know is, how old were you when you first bought your first property? Did you struggle with money? Did you rent before buying? If so, did you find it hard to save for a deposit whilst renting? Are there any upsides to renting over buying? Finally, any advice one could give to a first time buyer.
Thanks,
Jamie
Bought my first house (2 bedroom flat) with my ex at 23, then moved again 5 years later to a larger property (3 bedroom semi).
After we split, he kept the house and bought me out...and I bought my own pad (3 bedroom semi) last August, age 35
After we split, he kept the house and bought me out...and I bought my own pad (3 bedroom semi) last August, age 35
Edited by Penny-lope on Monday 24th May 14:21
I was 25 but could only afford to do so due to an inheritance. At the time I had no plans to buy because I knew I couldn't afford it living in London, working all over the place. My dad dying shifted my perspective on life, meant I left London and had the funds to buy a 2-bed flat with parking in Bath. Moved here in Spring 2002 and haven't looked back.
From leaving Uni in 1998, I spent a year living back with my parents in Lancaster, looking for a proper job (and temping at Reebok UK), then rented in London with a Uni mate from Sep 1999 until I moved to Bath. If doing it again, I'd have rented for 6 months or so in Bath first to get a better feel for the market there, but overall no regrets.
From leaving Uni in 1998, I spent a year living back with my parents in Lancaster, looking for a proper job (and temping at Reebok UK), then rented in London with a Uni mate from Sep 1999 until I moved to Bath. If doing it again, I'd have rented for 6 months or so in Bath first to get a better feel for the market there, but overall no regrets.
Edited by ewenm on Monday 24th May 14:29
I was 24 (7 years ago)
I bought a 2 bed coach house with a garage.
Now trying to sell it.
ETA - other questions.
It was hard in the beginning, but you soon get used to it. The important thing is to get something in your budget.
I never rented. But it can have advantages if you live in an expensive area and, obviously, if the market falls you don't 'lose'
Some people think owning a house is the be-all and end-all. It's horses for courses.
I bought a 2 bed coach house with a garage.
Now trying to sell it.
ETA - other questions.
It was hard in the beginning, but you soon get used to it. The important thing is to get something in your budget.
I never rented. But it can have advantages if you live in an expensive area and, obviously, if the market falls you don't 'lose'
Some people think owning a house is the be-all and end-all. It's horses for courses.
Edited by Muzzer on Monday 24th May 14:59
I'm just about to turn 25 & bought a buy-to-let property which my auntie moved into about 18 months ago, she's paying the mortgage on that & is a long-term tenant who's really looking after the house for me so I haven't experienced many pressures associated with owning a house yet.
At the minute I'm still living with my mum & dad but I've got a few quid saved up which I'm thinking about using as a deposit for a house for myself to live in. Just can't decide whether I can be arsed with the added hassle of doing everything for myself for the added freedom & probable self-satisfaction I'll get from doing so
At the minute I'm still living with my mum & dad but I've got a few quid saved up which I'm thinking about using as a deposit for a house for myself to live in. Just can't decide whether I can be arsed with the added hassle of doing everything for myself for the added freedom & probable self-satisfaction I'll get from doing so
its totally dependant upon where you live. in the bristol area, there are no houses, terrace, semi or detached under £100K yet that will get you a nice street in some parts of the north east (joke, but you know what i mean!) and back in the days of 125% mortgages people were being offered 8 times salary mortgages so at what age people bought their first house is very different dependant upon where they lived and the availability of finance.
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