Help! Advice please...from scratch!

poppysarah

Can you afford to rent a flat?

neas

its pure stupidiy to buy in a market where one year a house is worth 100k.. and the next 90k... you will be in negative equity, potentially forced to go bankrupt and then move back in with said parents 4-5 years later.

Or you could rent/sit it out for a couple years... before truly committing... if you are sure yu want to buy why not rent a small flat that would be similar to mortgage payments to see if you could afford it for a year or so.

CHR15

Rent a one bed flat for a while.

You would be there a minimum of 6 Months which will give you a wonderful introduction into making life on your own.

No matter how much you write the figures down for all your potential outgoings, nothing can replace actually living under those condiitons. There are many more pitfall waiting for you, what about furnishing a home? that will sap your savings several times over even if you do buy second hand.

Rent on your own, if it goes wrong, you can always go back home and take another run up at home ownership later on safe that you have the knowledge of what lies in wait.


Finally, try everything in your power not to drag your parents into your financial position.
Make life on your own, you will feel better about it and you will always be welcome back home.
If you drag them into it and it goes wrong, it could put a huge strain on your relationship with your parents.

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Geenie

W*W wrote: »

I am really not keen on moving in with strangers-I want to move out so i dont have to share a house with 2 other adults any more, not move in with another bunch! I love my parents just dont want to live with them anymore!

Yes Im an administrator for NHS. There was talk of redundancies a couple of years ago but my job is 'safe' for the foreseeable future. I feel pretty secure and there is no 'talk' of any redundancies etc in my NHS trust.

I pick up £1200 per month, save £550, pay my parents £70 board (lucky I know!) my only other outgoings are running my car (about £50 a month petrol) mobile phone bill- £50 or less per month and then aprox £40 CC repayments the rest is either saved towards holidays/christmas/emergencies and shopping and social life (yes I know this will have to be cut back once I move out!)

W*W

You need to find out how much your monthly payment on a mortgage would be for a property you would consider buying. Council Tax, gas, electric, water, phone, TV, internet and food.....all the things you take for granted living with your parents on £70. And lets not forget Insurance and all the other costs that build up owning a property!

You may think that £1200 is a lot of money.....but you have been wrapped in cotton wool from the real cost of living by only paying your parents £70 a week/month?!

Apart from saving £550 a month and paying your parents a meagre board, what are you spending the rest of the money you earn on?

Milly1974

I would say that you might want to hold your horses for a bit on moving out. Try living for 6 months or so on a 'moved out' budget and save the excess. For example.

Your current monthly outgoings that might stay the same are
£50 - Car
£50 - Phone
£40 - Debt

Add on to that
£450 - Rent (I am estimating)
£90 - Council tax
£25 - Electricity
£25 - Gas
£25 - Water
£100 - Food
£75 - Savings for when the car breaks/needs MOT/needs insurance etc
£10 - Contents insurance
£30 - Home phone and broadband

So budget that for 6 months, you pay out:
£50 - Car
£50 - Phone
£40 - Debt
£70 - Board
£760 - Savings


You have survived the last 31 years without moving out, a further 6 months won't kill you. Good luck