My situation. Advice appreciated.

IT_nerd

Bump... Do I rent. Do I buy?
If I choose to buy, it will have to be a 1 bed flat.

JimmyTheWig

Prices are almost definitely going to come down further than they already have. Do you agree with this? (Most people do.)

If you agree then I really can't see the point in buying right now. I'd suggest (can't quite remember everything that's already been said) you rent a room in a shared house. It would be cheaper than renting / buying on your own, meaning you could continue to build up your savings, and you would get the social aspect of living with others.

IT_nerd

I've got to a point in my life that I don't really want to live with others. Been there, done that. I wouldn't mind friends, but i cant risk being in a house with a berk.

The other option is to rent a 3 bed in my hometown and have 2 friends live with me.
It's £750 per month. But it's been vacant for ages. I think they would take 700.
It would mean that including utilities and council tax it would be £300 odd each.

Hmm.

Castleman

IT_nerd wrote: »

I've got to a point in my life that I don't really want to live with others. Been there, done that. I wouldn't mind friends, but i cant risk being in a house with a berk.

Dude, get out and live a bit. or a lot! you're 20 and you're fed up with living with others? I thought you lived at your dads? So you can't have had much/any (?) experience of living with friends, or even with complete randoms, can you? Most people I know do it for years, at least into their mid-20's. It's great fun nearly all of the time! As for risking living with a berk...on the very very small chance you do move in with someone you don't get on with (and remember you get to visit them and decide whether you want to move in first!), whats the worst that can happen? You just move out and onto your next adventure/flatshare!

Don't be middle aged before your time. I managed to travel the world and have all sorts of fun, without touching my savings at all. You don't have to save every last penny! bet there aren't many 20yo's with that much cash!

IT_nerd wrote: »

My Dad got an offer...

Exactly, your dad got the offer. His house, his debt, his decision. Of course, you can advise, but I wouldn't let it keep you up at night worrying on his behalf. He's presumably not!

IT_nerd

I just really like my own space. I've been living with my brother and even though he's a pretty great person to live with (Even if I do end up paying for a % of his food) I just really like the idea of living alone.
Also, my sister has been doing exactly what you're saying I should do. And it didn't work great. First she had a room where every time she went to the toilet her landlord who also lived in the house would listen to her pee! What the hell?
And now she's in a flat with someone who has a repo men coming around.
It's all very bleak.
I like the idea of being self sufficiant.
Also, I do plan on traveling. Just not yet.
And while it may sound a bit boring, I really do enjoy saving money
It's a real kick to see it add up. More of a kick than buying stuff with it.

I also have 2 or 3 business ideas that I want to develop one day. Already invested £150 in one of them. Just need the motivation to get programming and marketing...


It's just the home thing that I need to worry about really. Also you're right. Most 20y/o don't have as much as me. And I like that.
Wait, I don't mean I like that they don't have money. I mean I like that I do... Ah, it sounds pretentious no matter how I put it :P

IT_nerd

My Dad officially sat me down and explained just how without a paddle he is...
Basically he needs me to loan him £1,100 after everything I said to him about this.
He has no job, and the bank have been trying to get in contact with him for months.
He's missed 3 or 4 payments on the mortgage and they're going to start reposession stuff unless the money is there by this weds..

I can get him the money, but I know the only way he will be able to pay me back is if he sells.
I might say I'll only lend it to him as long as he gets a job.

It's stressing me out.
Youngest in a family of 4 and I'm the one he turns to. God !!!!ing damnit.

shaven-monkey

if he's in the country, take his passport as security on the loan.
go with him to the bank or lender to pay the money direct to whoever he needs to pay off rather than having him disappear back to sunny thailand.
get the house sold before you return the passport then he can pay his wife for hire for a while at least.
I think it's called tough love. If he argues then i'd call it tough excrement.

if he's not in the country, start looking for somewhere to rent and get your stuff out before any baliffs turn up to reposess it.

It's possible he's already tried tapping your siblings for loans, they may have even given him loans. Refusing to just throw money at him doesn't make you a bad person, throwing money at him would just enable him to remain a paddle, as you put it.

IT_nerd

He's living in the house with me. He's got no money to his name.
I'm recomending he auction it with a 220K reserve in a 9th dec auction.
That would let him break even.

Back to £0..

That's the best I can see this turning out.
But he's still asking the EA's for less %. What % do auctions cost? We can only reall afford 2% tops.
I'm still not sure about it.
I've told him that for the loan he would have to:
Get a job.
Agree to auction.
Let me take away the internet router between 9am and 5pm so he wont be on the internet 24/7.

bandraoi

What happens if you buy the house?

IT_nerd

Negitive equity within a year.

Anyway, I lent him the money...