Advice needed

cuthbertlilly

i'm a 27 year old male, earn £14,900 (= net £1,016pcm). might be moving to a £18-20k job in a few months.
have £29,000 savings.
live with parents atm, want to move out - should I rent a flat (c£500pcm), buy a flat (ave. £100k where I live) or go into a house share (c£325pcm)?
advice needed please...

herbertthehelper

rj2009 wrote: »

i'm a 27 year old male, earn £14,900 (= net £1,016pcm). might be moving to a £18-20k job in a few months.
have £29,000 savings.
live with parents atm, want to move out - should I rent a flat (c£500pcm), buy a flat (ave. £100k where I live) or go into a house share (c£325pcm)?
advice needed please...

Stay at home long as possible

cuthbertlilly

herbertthehelper wrote: »

Stay at home long as possible

but I share a room at home. would it be better to buy a flat/rent a flat or house share?

queenieplum

I think that if you can be happy living at home then continue with that and your savings (very good by the way!!!) - renting to me is throwing money down the drain... however, it does give you independence ... whatever greater your need is... go for it..

cuthbertlilly

queenieplum wrote: »

I think that if you can be happy living at home then continue with that and your savings (very good by the way!!!) - renting to me is throwing money down the drain... however, it does give you independence ... whatever greater your need is... go for it..

good points there, i've lived at home 6 years since uni and saved £29k. i'm worried that if I put that in a deposit and got a mortgage, then lost my job i'd be worse off. what would others do (net income = £1,016pcm) - buy a flat for £100k, rent at £500pcm or house share at £325pcm?? i live in the S.East, 1 hour from London.

stanleyunwin

To be honest mate, £15K a year isn't a lot to living on your own with in the S.East. Even £20K isn't great.

If you really need to move out, I would look for a flat share somewhere

Dinah93

I'f I HAD to move out I'd go for the flat share, but I'd do so knowing my savings wouldn't be growing anytime soon. Since I want to get a decent house one day, I would be staying at home and saving some more so I can move into my own place with a reasonable mortgage in 2 years.

00ec25

I was 28 when I left home, I had saved hard and my first step on to the property ladder was to buy a 3 bed ex council house. Starting so high up the ladder was a big advantage and has certainly helped later on.

However, with hindsight, I do regret never having shared with people of my own age in a flat and all the possible social benefits that may bring - but obviously also a very costly exercise.

I would never buy a flat on the sort of figures you are talking about, what with service charges on top of the mortgage you'd be existing not living. Either continue savings at home, or if it intolerable (and that I can understand from your post) then go share, you never know who you'll meet.

some of the messages on here make fun reading: http://www.flatsharehelp.co.uk/

Mrs_pbradley936

A flat/hous share. If you buy or rent you have to pay council tax plus all the bills. Usually those costs are pooled by the other sharers and often you get broadband, Sky TV and a landline too.

superfran_uk

Net income is a bit of a pointless number - your actual take home pay (exclusing tax, NI, pension) minus any debts would be more useful as this would indicate how much mortgage you could get.

However basically for the south east, a single income of 15k a year is not enough to buy a house with, even a cheap one. You would be better off in a cheap flatshare until you get that payrise.

cuthbertlilly

the problem is, the house shares around my area have a rep for being a bit dodgy, i.e. drugs, etc. - what sort of people should I look to share with? owner occupier?, people same age? i've been on the council list for 3 years, prob 3 years til i get a flat.