Anyone bought their own flat/house?

Tembo · #1 10th April 2015, 22:49

I'm just wondering how many of you have been able to buy your own home. Especially single people.

I actually have an aim in life now (there's a first time for everything!

), and that is to be able to buy my own house (well, would have to be with a mortgage, unless I win the lottery). Its highly unlikely I will ever have a partner, so it would probably be on my own.

I've had enough of wasting money away on rent, and I also want my own place, so I can do whatever I want in it.

I've never heard of a single person in their 20s being able to buy their own house. I will have to do some research into this, as its just an idea at the moment.

This is probably an unrealistic aim of mine, particularly living in the overpriced South East.

Tembo · #2 10th April 2015, 23:52

Quote:

Originally Posted by Gipsy Danger

You can get one up north or in wales easily, in some places the amount you'd need for the deposit down here is enough for the whole house rofl.

Indeed. I've been to the North East on work training, and was surprised about the price differences for housing. The economic disparities in this country are ridiculous.
I know some of the wages up north are not as good as the south, but I've heard, for example, the fire services pay pretty much the same no matter where you are in the country (I've heard that from a colleague who's partner is in the fire service).

Custard_cream · #3 11th April 2015, 07:39

Hi Telex,

I'm single, 27 and bought my own house (with a mortgage).

I bought it a year and a half ago. Prior to that I had been living with my parents, so that's how I'd managed to save the money for a deposit, with low outgoings, obviously paying my parents some board, but other than that my wages pretty much went into my savings.

House prices up here in the North West are not too bad. I only had to pay around £8k for my deposit, which is probably a tiny amount compared with what you would pay in the south.

If you can afford to buy a house then you should go for it. Renting is dead money really and I find that my mortgage payments are much lower than it would cost to rent somewhere.

Emma

Bambos · #4 11th April 2015, 07:41

Bought a house as a single twenties chap. I'm in the North which as you say is much kinder price wise. Looking forward to selling it now.

Spectrelight · #5 11th April 2015, 12:53

Quote:

Originally Posted by Custard_cream

Hi Telex,

I'm single, 27 and bought my own house (with a mortgage).

I bought it a year and a half ago. Prior to that I had been living with my parents, so that's how I'd managed to save the money for a deposit, with low outgoings, obviously paying my parents some board, but other than that my wages pretty much went into my savings.

House prices up here in the North West are not too bad. I only had to pay around £8k for my deposit, which is probably a tiny amount compared with what you would pay in the south.

If you can afford to buy a house then you should go for it. Renting is dead money really and I find that my mortgage payments are much lower than it would cost to rent somewhere.

Emma

That's why I'll be heading North in the near future. It's impossible for me to buy on my own down here. If I could get a mortgage with a 10% deposit I could afford it now. I'd just need to get a steady job that pays enough to afford the repayments. It's a massive advantage living with the parents while you save though, I worked out that I've paid over £50000 in rent since I moved out 10 years ago.

Spectrelight · #6 11th April 2015, 13:07

http://www.rightmove.co.uk/property-...-46843496.html

Indigo_ · #7 11th April 2015, 13:33

Quote:

Originally Posted by Luna.

I would love to buy my own place but I would be near retirement age before I could save enough to do it on my own.

Yep, me too. I've got a pretty well-paid job but I'm living in the wrong area of the country

Quote:

Originally Posted by Spectrelight

I worked out that I've paid over £50000 in rent since I moved out 10 years ago.

When I first read that I was like

but I've just worked out that I've paid almost £31,500 in rent for my current flat over 3 years (not taking into account that I was renting roughly 2 years before that too). Madness.

Spectrelight · #8 11th April 2015, 13:41

Quote:

Originally Posted by DefyingGravity

Yep, me too. I've got a pretty well-paid job but I'm living in the wrong area of the country

When I first read that I was like

but I've just worked out that I've paid almost £31,500 in rent for my current flat over 3 years (not taking into account that I was renting roughly 2 years before that too). Madness.

I've been living in houseshares most of that time as well

If I'd been living on my own and I included all the bills for the whole time it would be closer to £100,000 now.

Indigo_ · #9 11th April 2015, 13:41

^^ It just seems like such a waste of money doesn't it? I'm trying to convince myself that you can't put a price on your own freedom/independence/space but I'm not sure how successful I'm feeling about that at the moment

Indigo_ · #10 11th April 2015, 13:43

Quote:

Originally Posted by Spectrelight

I've been living in houseshares most of that time as well

If I'd be living on my own and I included all the bills for the whole time it would be closer to £100,000 now.

We could have been millionaires by now

or at least significantly richer

Indigo_ · #11 11th April 2015, 13:47

^Better than the alternative...staying with my parents

no thank you

Sunshine Recorder · #12 11th April 2015, 15:57

Owning my own place seems like an impossible dream for me. Even renting a place of my own is out of reach at the moment.

Mo34 · #13 11th April 2015, 17:39

I can't see myself ever being able to buy unfortunately, certainly not by myself anyway.

Indigo_ · #14 11th April 2015, 18:33

^^ I'll never be able to buy anywhere by myself either but I think if I could I would feel sad about it too.

Tembo · #15 12th April 2015, 00:30

Quote:

Originally Posted by DefyingGravity

I've got a pretty well-paid job but I'm living in the wrong area of the country

.

I notice you live in Kent, that's also where I am!

Although its still cheaper than my hometown. I used to live in Essex, right on the outskirts of London, where a 2-bedroom cottage can go for around £500,000.

My Mum currently lives 20 minutes away from where I work, so it would make sense for me to live with her so I can save money to afford my own place. However, she will be moving away from the area next year, and I couldn't expect her to be restricted in buying a place near to where I work. If she lives too far from my work, i'll have to carry on renting.

The company I work for is all over the country, so there is the possibility I could in the future transfer up North somewhere (one of the places they are is the Lake District, which would be rather nice!). However, the idea of moving so far away from familiar territory is scary. And it all depends on if my company carry on employing me (I'm a trainee on a trail year).

Perhaps a better option is to start playing the lottery?

Indigo_ · #16 13th April 2015, 21:34

At this rate there'll be no one left living in the South

R.H.I.N.O. · #17 17th April 2015, 00:42

I thank god every day that i own my own home outright. It means i don't have to work too hard and earn lots of money to pay the bills which is a huge relief. I was lucky enough to buy my first house before they went crazy pricewise. One of the few advantages of being older than most on here.

flumpsy · #18 17th April 2015, 01:25

Bought mine in NW london 20 years ago, it was before my SA got too bad but because everybody around you will be interested it is easy to use the momentum, I always had somebody interested to come with me on a viewing. And the legal parts afterwards.

I am fine where I am but there is no way I could deal with moving now. It is good enough though.

Estate agents are quite intimidating(read w4nkers) but if you are very clear at the begining that you want the details to take home and you will let them know they will normally oblige.

However despite how much of a huge stretch and commitment to mortgage it was back then things seem just insane now.

I can only suggest stay away from london. London is bad for folks like us anyway. I need some n SPACE

Memory · #19 17th April 2015, 21:15

I'm in the south east too and it is awful for house prices. I'd say buying a flat would be more realistic than buying a house, but mortgage repayments are often as much as you could be paying in rent... So go for it!

I've only recently starting renting a flat though, having been in house shares previously, so I have no idea what I'm talking about!