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Have I budgeted correctly for my dream home?
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Hi all - sorry i've been away!
Im not on working tax credits anymore - I recieved a lovely pay rise at work and no am no longer entitled. I need to update my sig! After I posted, I went back to the development and found out a bit more. Its a leasehold flat, even if it is above the garages - I dont understand, but either way ground rent would work out at £255 per year which I didnt and can't budget for.
There is also the fly in the ointment which is the flat is being sold at 85% of its value, to make it ideal for first time buyers - fab as you get 100% of the property for 85% of the ocst - who wouldnt want that! But the catch is you have to sell it on, regardless of when you move for 85% of the value at the time! My parent were really concerned at this!
Anyways, Like most of the comments on here my 15K budget doesnt stretch far enough. I would probably survive the first year, but 2-3 years down the line maybe another issue. Plus its a 1 bedroom - what if I end up pregnant? I would have to move.
We have seen a different property which is more in the region of what I was paying when I rented for 6 months when I was on less income, which we are going to view. Plus its a 2 bedroom which means it would last longer and I could probably raise my family in it one day. Its also being sold with furniture which makes it easier for me as it wont eat up my budget before I move in. So the £1000+ I will have will be for emergencies. Its being marketed for £64K and we have a deposit of £10K + fees to put down, so would mortage for approx £54K which would bring payments to around £320 per month fixed for 2 years, over a term of 18 years! I paid £355 for my crappy flat and dodgy parking space!!!!!!!! per month plus bills and still lived happily! I also had a gym membership and car of £200 per month.... how did I do that???
Anyways... I need to re-do my SOA and run it past my parents before we even entertain getting anywhere!
Thank you all for your advice! I will keep you updated on what we decide to do.
PS I dont think I have to worry about my job situtation. Fingers crossed.
Soubds more sensible OP - The best of luck, and keep us updated x0
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