Moving out - where to start?

pinkshoes

If you badly want to buy a house, then you need to save up a 10% to 20% deposit, which will no doubt mean either living with your parents, or living in a house share. Renting on your own will mean it'll take you MUCH longer to save up a deposit, so you need to decide which you want more; saving a deposit, or living on your own?

Buying a 1 bed flat is a bad idea, as there's such a limited market for them (single people and childless couples), and you have no spare room for guests. You should aim for buying at least 2 bedroom property one day.

If you have the option to live with your parents then do it!!

sarah_elton

I second pinkshoes BTW. I rented and then bought a two-bed flat. And yes, renting a two-bed on my own was a total waste of money but it was only £50 more per month than a one bed. But in retrospect I should have saved that £50 a month.

Renting - take the smallest place you'll fit in. Buying - get the biggest place possible.

Around here at least, the lounge is a much better size in two-beds rather than one-bed. The whole place feels more spacious and now with OH living here, I think we would have felt very cramped in a one-bed place.

Incisor

hailstorm wrote: »

... Anyhow, I have to admit going a little cross eyed with all the different options available. Ideally I'm looking for a 1 bedroom flat. I was looking at renting but in my area anything half decent seems to be £500+ a month. To me it doesn't seem all that far off what I would be paying on a mortgage for my own flat.

The biggest stumbling block with buying somewhere is of course the deposit. ....

I'm have been told by family that there is something else called shared ownership. ....

edit: Just wanted to add my concern about buying at the moment. I'm guessing its a bad idea with prices falling at the moment.

It is not just about what goes out each month. You correctly identify that prices are falling. So you might save £50/month by buying. £600/year -yipee!!! :beer: all the time forgetting that the flat has lost £10,000 in value over the same year :eek:. You are celebrating your £600 'profit', while you are really sitting on a £9400 loss.

If you have a small or no deposit, it is not your money you have lost, it belongs to a lender. So you will not be able to sell the flat, because you won't be able to pay off the lender.

Shared ownership is a scheme dreamed up to make it easier for the unwary to buy property before it loses value and take the losses off the hands of the developers.

LittleMissAspie

£300 a month to your parents is quite a lot, I'm sure you could find a houseshare near work for about the same. Sure you won't get the same privacy and freedom of living on your own but if you've never lived away from your parents before it will give you good practice without having 100% of the responsibility for the house and repairs etc.

Once you've got your 10-20% deposit and prices in your area are no longer falling, then see about buying

hailstorm_2

Thanks for all the replies. It's given me plenty to think about. Some really useful points made too. I was a little quick dismissing house share.

In a nutshell it sounds like house sharing or renting is my two options at the moment. House sharing could mean being able to saving a deposit quicker than I would be able to renting. House sharing would just mean sacrificing some privacy until I can afford my own place.

Nosht

Don't rent, house share or go for joint ownership but stay with your parents & save like mad.It will be worth it in the end & if you can have a big deposit to put down when buying then the mortgage deals will be all the sweeter.Your parents will also see that you are no longer a child & will appreciate the fact that you are doing something for yourself (albeit with their assistance), but that is what they are there for.Regards,N.

monkeymaster

My advice would be to stay with your parents for the next 12 months, cut back as much as you can and save a deposit. In 12 months time the flat you want will probably be at least 15% cheaper (meaning your deposit won't need to be as big anyway) and the mortgage probably will be as well.

CHARDONNAY_3

I think you should put your name on the list for every Housing Association in the area you are moving to. Unlike the council, they still work on a points system, so if you have to move for a job, you should receive more points.

Also it is a misconception that Council & HA properties are for single parents or people on benefits.

In the meantime stay with your folks and if they see you are saving like mad you may be able to negotiate a cheaper rent for while you live with them.

Francesanne

Would have thought she was pretty low priorty for a council property but it might be worth a try. Think renting is the only real option. Property prices are falling and no point buying yet plus she'll need a decent deposit. Very difficult all round. Think I'd find a nice person to share with and it would also work out a lot cheaper.

hailstorm_2

I'm not having to move because of work. My motivation to move out if purely so I can have my own space.

I've decided to wait a few months and save. I will need some money saved up regardless of whether I rent or buy. If I can speed up saving for a deposit then I'll probably just stay put for now. Thanks again for all the advice.