Buying a home Advise

hethmar

kev, you dont have to buy with mates - just rent a flat on your own if you want. If you do meet the love of your life, youll want a bit of privacy from mum and dad anyway?

Mum should have a slap on the wrist for not teaching you a bit of basic cooking and cleaning BUT you can get lots of books to help you - the basic student type cook books would be a start for you and give you confidence.

I do think it would be good for you all round, god forbid but one day your parents will be gone. If you dont get out in the wider world now you could regret it greatly later on.

kev2009

Hi all,

Thanks for the replies.

i like in Essex.

Most of the properties around here are quiet expenise... i'll take a look at the current prices as i expect they have come dowen a bit but a 2bed flat woudl cost around 150-175k!!! which is a great concern as i don't thik i would ever get a mornage for thsi amoutn or if i did, the repayments woudl just make it impostible to keep up.

The thing is, the area is ok,its coming down hill in my opinion compared to what i was when we moved here some 20 odd years ago now. but it is convenient for me to travel to work. I walk to the tube station, and depending which office in London i'm goign to (we have 4) it is no ore than 2 trains, which are easy to swap between the 2 lines.

So location wise is fine for work but if i was to get my own place, i think i'd have to be lookig furhter afield whcih then starts to bring a 1.5hr - 2.5hrish commute to work on overhead trains which i presume will cost a fair bit in commuting fees.

The thing is my mum hates cooking so i have given little hints that she needs to leave some recipies but i don't think she can cos no 2 meals are the same, she just judges how much of whatever to put in and it varies all the time

I have to say, it is a concern that when my parents do pass away i'll be stranded so to speak let alone at present woudl probably loose the house as i don't think i coudl afford to pay the inheritance tax as a mate of mine who was living in his grandma's house who sadly passed away, they wanted him to pay all the inheritance tax in one go so they have had to sell it.

i fear i may need to do the same and then i'm wondering how does the whole house buying/selling work as i have no idea and what woudl i do with all the stuff in our house (4 bedroom house)...... anyway thats another thread

Problem is, i'm too much or a worrier, if i moved out i'd be worried sick that i'd loose my job, then loose the house and loose the moey i put into it...plus i'm not a fan of my own company, liek to have people around, if that makes sense???? although its a bit of a catch 22 cos i'm not exactly the most out going of people either....

20% deposit so on 156k, thats around 30k.. yikes..... plus then additional money to buy stuff for it... wow.. thsi is expense stuff.. i thik i will start to save hard...

if i really push myself, i can save around 800 quid a month.. whcih i have been doing but recently its all gone to pot..

Mums 60th b'day (took family away on hols - uk hols, not abroad (not that rich! )) then in sept. parents 40th wedding anniversary, not decide what to do for that yet... maybe just a meal & a cake...

but due to job situation whci is highly likely i'll be out of a job come end of the year, i'vejust signed upto do a course (self funded and bought a computer to use for the course as i dont have one that will run the OS.... so all in all thats 1k i just spent.. Hols money i split over couple of months.. plus just had car service/mot/insurance - car service was outrageous - 800 quid that was! dam car only 3 years old!!!! Fords.. what can you say....

I'm hoping my Aug, i can be back on track...

so to summaries..

House/flat - around 150-175k
deposit required 20% minimum, more = better
bills:
TV license 120 qudi a year is it?
plsu others...

elsmie - wht part of the countyr you live in?

whaere is everyone else living?

maybe the key is to move out of london and get a job in another city in the Uk? but i presume salaries are less.

i duno - the more i thik, the morei think it may just be out of my reach....

i seem to have always missded the boat so to speak... i work in IT and by the time i got graduated form uni, IT was ont he down turn and getting a job wasnt easy, then i switch from development to support site and market salaries had dropped quiet alot and now i've just got a couple years of experience and managed to save a little bit - around 10k, the house prices are still i thik a bit too high and also salaries are coming down whcih is my fear as i been lookign on the job market to possiblly change jobs but the market isn't good and salaries are low becuase employers can get away with paying low due to the high unemployment... its all a big swiss really

Anyway, keep opinions coming

kev2009

TTMCMschine - wow nice deposit, i see it makes a REAl difference thas quiet a saving.... Thanks for the comment!

kev2009

hethmar - i understand what you mean but i just don't know.... i think i may need more money saved first before taking the plunge.... i dunno i kinda thingk perhaos save and then if i meet someone , its worth buying own place but if its just me, why dont i live at home and spend my money on my parents as my mums always been at home and my dad has always worked, in his early years 7 days a week self employed and to be honest they have very little to show for it and i suspect i earn more than his does now as he how works as a caretaker in a local school and the pay is poor so i tend to pay for meals if we go out for dinner and help pay for some bits for my dads hobby etc...

Most of the men in my family have died at a younish age 950-60) so i'm suspecting i will be the same so i'm wondering if its realyl worth it as i dont have a family or anytng yet.. cant' decide....

poppysarah

Don't ever feel obliged to move out because you feel society judges you for where you live.

If you're happy with living where you are, then stay. Some people live with their parents until they die ...

If you have an eye to move out, then save up. I'd imagine you've got quite a stash of cash if you're at home.

kev2009

hi poppysarah,

Thansk for your post.

unfortunately not as much as i'd like. I have around 10k in savings.

I didn't start work until 2000 as was at unit, then did a contract/agency type job for aroudn 4-5 years and pay was ok but not fantastic... then as the job was gogin no where, i paid to do a course to moving into IT support from IT development whcih cost me around 7k.. and just after completing the course and lookin forward to the job guarantee they promised, the company went into liquidation so i was stuffed.. i effectively took 1 year our form feb 2004-Nov 2005 as i did the course and then job hunting...

so unfortunately, alot of the money i had saved, i spent on the course and the living while doing the course as well as still payinginto my private pension etc so my funds depleated rappidly...

About 2 years ago, i took a loan out to buy a car, well my dad got the loan as i doubt i'd get a loan but i'm paying it all back, i just transfr it into his accoutn and they take the money form him, i finish the payments end of this year... so hasn't worked out too badly although i was worried atteh time with such a large amount of money to borrow. i hti it was about 6k i borrowed... as i had some money to put down in cash and then obviously part exchange.. so unfortunately, it seems so far that as soon as i start to get a bit of money, somethign happens that ends up takign it liek now.. i have aroudn 10k in savings and i've having to dip into it to do a course to learn MAC computers as i dont' use them and more and more jobs seem to be asking for those skills.. i'm probably goign to do there certfication next year whci will cost me £1k and then take the exam but that all depends if i have a job by then or not.. its only a 1 week course.. the prices are ludicrously expensive... but what can you do...

I also pay my way at home, admitedly i'm not paying as much as i was as i did a deal wit my parents, they get to use my car whenever they want, in return i pay less to them so in a way they kinda helping me out and as there care is quiet old (1996) they benfit from using the newer car, better fuel economy etc so it all irons out in the wash. and eases the brned on them to repalce there car.

i wish i had more - doesnt' everyone but i'm workign on it - savings shoudl be back on track i hope around August.....

charliee_3

you sound very sensible and hardworking and i wish you the best.. i am sure you will get there as you sound like you have your head screwed on...

kev2009

Thansk Charliee, i wish i had your confidence...

maybe eventually, have to see - i think its definately better to buy with someone than on your own. purely so you can split the bills and also if one looses there job, you can rely on the other until you find a newone etc..

I agree with a earlier post, saving up for a bigger deposit is a good thing and i hear form April next year you can put around 5k in a cash ISA so thats certainly something i am going to see if i can acheive or at least save as much as i can into it. This way in theory it will benefit for tax free interest, albeit that i know the interest rates are useless at the moment but i've got mine currently locked in for 1 year @ 3%, so have to re-assess that next year for the best option, i'm hoping the Halifax have a similar deal goign again so i can just change to that rather than transfering it to other place.. more hassle

so, how much woudl you say you woudl need to furnish a place assuming i woudl need...

sofa
washing mahcine, tumble dryer, micro wave, toaster, kettle, cuttlery, bed, dinner table 7 chairs, warddrobe, lamps as opposed to having main light on in living room ummm sure there is plenty more but i can't tingk of anyting else...

How does home insurance work? how do they evaluate how much you pay? do you have to give them a complete list of everything in your home?

Fire_Fox

kev2009 wrote: »

Hi all,

The thing is, the area is ok,its coming down hill in my opinion compared to what i was when we moved here some 20 odd years ago now. but it is convenient for me to travel to work. I walk to the tube station, and depending which office in London i'm goign to (we have 4) it is no ore than 2 trains, which are easy to swap between the 2 lines.

Problem is, i'm too much or a worrier, if i moved out i'd be worried sick that i'd loose my job, then loose the house and loose the moey i put into it...plus i'm not a fan of my own company, liek to have people around, if that makes sense???? although its a bit of a catch 22 cos i'm not exactly the most out going of people either....

but due to job situation whci is highly likely i'll be out of a job come end of the year, i'vejust signed upto do a course (self funded and bought a computer to use for the course as i dont have one that will run the OS.... so all in all thats 1k i just spent.. Hols money i split over couple of months.. plus just had car service/mot/insurance - car service was outrageous - 800 quid that was! dam car only 3 years old!!!! Fords.. what can you say....

maybe the key is to move out of london and get a job in another city in the Uk? but i presume salaries are less.

i duno - the more i thik, the morei think it may just be out of my reach....

i

Have you ever lived away from home/ cared for yourself? Why do you run a car at all when you use public transport for work? I think it's great you acknowledge you are a worrier, have you thought about addressing that?

hethmar

You sound a brilliant, caring son - but Im sure even your parents would agree you are only young once and you should be out enjoying yourself as well as looking after them.

Why worry about buying a place, just rent one at first to see how you manage.