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Advice on best way to get on the property ladder
Matt1990
Posts: 1 Newbie
Hi there I would like to ask for some advice on the best way to get on the property ladder within the next 18 months I will try and include as much information as I can think of to help...
I am a 21 year old graduate who has recently moved to Australia to work in a well paid but boring and job which I have a 1 year contract for. I have current savings of around £8k which is fully invested in the stock market and importantly NO STUDENT DEBT (very kind parents). After living costs I expect to clear £35k in the next 12 months (conservative est.)
I live near oxford, property is pretty expensive in the area so I need some creative ideas to max the potential of the money. I have thought about possibly buying a cheap house up north in need to some work, adding a little value then rent out? If I do manage to buy a house in my home town I have 3/4 friends who would live with me to help pay down my mortgage.
Hoping to get a grad job when i get back but if not there are plenty of temp jobs at a number at large companies available so would hope to get a salary around 20k.
Any ideas and opinions appreciated... gov schemes, mortgage options, general ideas good or bad. If i have no hope let me know if I should pick red or black at the casino!!
Many thanks
Matt
I am a 21 year old graduate who has recently moved to Australia to work in a well paid but boring and job which I have a 1 year contract for. I have current savings of around £8k which is fully invested in the stock market and importantly NO STUDENT DEBT (very kind parents). After living costs I expect to clear £35k in the next 12 months (conservative est.)
I live near oxford, property is pretty expensive in the area so I need some creative ideas to max the potential of the money. I have thought about possibly buying a cheap house up north in need to some work, adding a little value then rent out? If I do manage to buy a house in my home town I have 3/4 friends who would live with me to help pay down my mortgage.
Hoping to get a grad job when i get back but if not there are plenty of temp jobs at a number at large companies available so would hope to get a salary around 20k.
Any ideas and opinions appreciated... gov schemes, mortgage options, general ideas good or bad. If i have no hope let me know if I should pick red or black at the casino!!
Many thanks
Matt
0
Comments
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I guess the main question that jumps into my mind is: Why are you thinking about this now? The housing market seems uncertain and you are just about to start a great adventure on the other side of the world.
My advice would be to relax and enjoy your year abroad. You've got the rest of your life to worry about property prices!0 -
are you only allowed to stay one year ?
Where will you live ( is it rent free?) so guess you will spend most of what you earn in OZ but its a great country so enjoy yourself0 -
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