Is It The Time To Buy?

donny-gal

Our DS left uni 20 months ago, and is working about 200 miles away from us. He is renting a room in a flat, which isn't bad, but isn't home and he is getting fed up of not having his own lounge with comfy settee/tv, etc.

He has just asked me if I think it is the time to look around to buy a property. He is earning sufficient, though it will make thing tight, and does have a good deposit courtesy of his grandad.

It would be an easier question if his GF of 2 years who left uni last June with a 1st (hons) degree in Fashion & Design could get paid employment, that is not easy in that industry, they offer "Work Experience" but only pay travel expenses, complicating it further is she has to be 150 miles away in London (with her parents fortunately) to have a chance of starting her career.

There is the possibility of short time and voluntary redundancy where he works, but our advice is to hang on to what you have, as jobs are like rocking horse manure at the moment, even though it would be easier if he moved his career to London.

So folks - is it time to buy, should he hang on a while?

DG

bristol_pilot

"There is the possibility of short time and voluntary redundancy where he works" you have answered your own question.

There are attractive females living all over the country, they are a lot less rare than jobs.

LydiaJ

He's got a deposit - that's good. But his job is a bit insecure, his plans for the future (GF etc) aren't settled, buying would make things tight for him even with really low interest rates (which will probably rise in a year or two) and the market is still falling. I think buying sounds risky.

If he's frustrated with the room in a shared flat, perhaps he could look into renting a small property instead, so he could feel he had a home without being tied to a property that he owns and might not be able to sell if and when he wants to.

Why not suggest he comes on the forum himself? Following the debate for a few months will give him a much more rounded idea of all the arguments about when is a good time to buy.

Good luck,
Lydia.

Catblue

Everything is in a state of flux for your son at the moment, so no - not a good time for him to buy.

His job may be unsafe and his girlfriend doesn't even have a proper job, but when she can get employment it is 150 miles away from where he is now. Seems like there might be big changes for both of them in the next year or so.

Apart from the gift from his grandad, has he been able to save up any of his own money to put towards a deposit?

donny-gal

No, he hasn't managed to save himself, but has financed a holiday but the expense of the travelling both to London, and to home is taking up the slack, which is what I am pointing out to him. He did start job hunting in London, but the cutbacks started hitting, and he realised the sense in staying put.

Maybe an unfurnished place is a way forward, but what then if he has to move out? I don't want to try to store things.

DG

Robert_Sterling_3

[ "Our DS left uni 20 months ago, and is working about 200 miles away from us."]:(

[ "He is renting a room in a flat, which isn't bad, but isn't home and he is getting fed up of not having his own lounge with comfy settee/tv, etc." ] OK

["He has just asked me if I think it is the time to look around to buy a property. He is earning sufficient, though it will make thing tight, and does have a good deposit courtesy of his grandad." ] Well done grandad

["It would be an easier question if his GF of 2 years who left uni last June with a 1st (hons) degree in Fashion & Design could get paid employment, that is not easy in that industry, they offer "Work Experience" but only pay travel expenses, complicating it further is she has to be 150 miles away in London (with her parents fortunately) to have a chance of starting her career." ] I guess she has taken some other job in the meantime. Is it out of sight and out of mind or is it absence makes the heart grow fonder?

[ There is the possibility of short time and voluntary redundancy where he works, but our advice is to hang on to what you have, as jobs are like rocking horse manure at the moment, even though it would be easier if he moved his career to London. ] Get closer to a) London b) G/F C) Mum & Dad

[ So folks - is it time to buy, should he hang on a while?]

Hang on with regard to buying

JoeA81

The answer to finding somewhere that feels like home doesnt automatically mean buying. He could look into renting a small studio or one bedroom flat if he is wanting his own space (which you definately dont get in shared accomodation). I also think that thinking that unfurnished equals cheaper is a bit of a red herring. The times when I've been scouring the lettings pages I often noticed how little difference in price there seemed to be between furnished and unfurnished rentals.

He could try moving in with a close friend into a two bedroom flat, which often makes things much cheaper than living on your own, but gives you a bit more control over your environment when compared to sharing house with a greater number of people. I lived with one of my mates for a year after I finished uni and it was great. Much better than shared living, but much cheaper than living on my own.

donny-gal

Robert_Sterling wrote: »

["It would be an easier question if his GF of 2 years who left uni last June with a 1st (hons) degree in Fashion & Design could get paid employment, that is not easy in that industry, they offer "Work Experience" but only pay travel expenses, complicating it further is she has to be 150 miles away in London (with her parents fortunately) to have a chance of starting her career." ] I guess she has taken some other job in the meantime. Is it out of sight and out of mind or is it absence makes the heart grow fonder?

She works full time Monday to Friday at the "work experience", this is one heck of a "taking advantage" industry they expect at least 37 if not 45 hour weeks while not paying them. She works in a shop at the weekends when they need her, and this results in DS going to London and staying with her parents (luckily they get on) most weekends. She is getting very fed up if not dispondent, as there seems no way out. She attended an interview recently at a "good" place for a paid job, they came back and said they now had a 12 month employment freeze, but offered her a "work experience placement!" Short of forgetting her dream, and 4 years work at uni, and getting a job there is no other suggestions. The travelling is taking all their spare cash, and what makes me say that house purchase in this situation is a no-go.

Robert_Sterling wrote: »

There is the possibility of short time and voluntary redundancy where he works, but our advice is to hang on to what you have, as jobs are like rocking horse manure at the moment, even though it would be easier if he moved his career to London. ] Get closer to a) London b) G/F C) Mum & Dad

London (which is GF) is the answer - but there has to be a job and at a salary to pay London prices. Job situation in Yorkshire totally dire, and salaries lower too!

hamblettamaud

what's a DS?

clueless

barnaby-bear

hamblettamaud wrote: »

what's a DS?

clueless

[strike]Dozy Dipstick Dippy[/strike] Dear son

donny-gal

Dear/Darned/Damn (as appropriate) Son