Move back in with parents to save deposit??

ladylouise62

Please ignore those who claim you are sponging off your parents. If they are happy to do it for a good reason (i.e. to help you buy your own place, rather than for you to have more to spend on holidays and clubbing), then there is no harm.
Your children are always your children and you want to do the best for them. In my family 3/5 have returned home as adults for various reasons (although no longer than a year), and we would all be happy to put up our siblings to help out financially (I have an invite out to my brother who has varied income, that should it ever drop to silly money he can move in here for free until he gets sorted)... it's what families do!

buttscratcher

The day has finally come and its only when your moving all your stuff back into your old home does the gravity of the situation fully present itself.

The guilt of the added burden I'm now placing on my old folks, the sense of failing my family by not beng able to buy a house through the more traditional channels and the general sense of fear of what the future will bring.

This really is our only realistic chance of becoming homeowners within the next 5 years, so we will make the best out of this situaton and focus on the positives it brings rather than the obvious downsides.

I will periodically update/check this thread if anybody is interested in what can be achieveved by running back to mum and dad when you yourself are a parent

Joe_Bloggs

I wish you good luck in your new/old home and savings venture. I am tempted to suggest that a change of career/retraining is a worthy of consideration given how it has been rewarded in the past.
J_B

Jaybo10

Though not quite the same, myself and my husband moved in with my dad in order to save money for a deposit for our first home (we're early 30's no kids). We pay all the utilities and 2/3rds of the rent/mortgage.
In one year we have saved nearly 30k. It can be worth it, you have to adjust A LOT and with kids that may be harder.
Maybe you could try it for a short-ish spell first? Maybe 6 months or so, see how you get on and decide if the sacrifice is worth it?

Good luck

Angry_Bear

buttscratcher wrote: »

The guilt of the added burden I'm now placing on my old folks, the sense of failing my family by not beng able to buy a house through the more traditional channels and the general sense of fear of what the future will bring.

That's nonsense. You've made a decision to do something that you know might be difficult in order to provide the best future for your family that you can - there's nothing to be guilty about in that!

I'm sure you'll be amazed at how much you can save towards your deposit - it's always nice to read people's diaries and see the progress they make (hmm, that makes me aound a bit like a voyeur ). Best of luck

buttscratcher

Really nice to read all these positive comments/experiences! We're feeling very positive overall and feel its a simple case of short term inconveiniance versus long term benefit

Really looking forward to our first payslips where we don't instantly spend £1030 on rent and council tax! I am so grateful to the folks for giving us such a huge get out of jail card :j

buttscratcher

Ok thought I'd post a quick update- moved in a couple months back in may and have saved 2 thousand so far.

Its not easy at all. The tension in the house is immense and the lack of privacy and space is difficult to cope with. My wife is feeling the brunt of it and is already near breaking point having to live with the in-laws.

Before moving in, we did discuss all these issues but we were confident that we could overcome them but it seems much like the big brother house, even the normally insignificant things can seem to be massive issues!

Really depressed and really stuck- just had to vent, thanks for reading

Dave_Ham

I imagine it is murder, but £2k and counting....

Hang on in there.....

mcurtis

After reading the original post, I had to join the forum just to share with you my experience of moving home to save a deposit. This is my first post and apologies but it's a long one.

In November 2011, after having our new-build first home on the market for around 2 years and not being able to sell for enough to give us our deposit for the next house, my wife and I decided to move in with my parents to save a 10% deposit.

They were happy to have us and agreed to let us live rent free, provided we pulled our weight in terms of food, domestic duties and utility bills. We aren't messy so no problem for us.

We both earn good (in our opinion anyway) salaries, total £65k pa, and having looked at the figures made a commitment to ourselves and my parents that we would save £1000 each, every month.

It hasnt been easy to keep to that commitment but we have maaged it. Lots of cutbacks make you realise how easy you had it before, and living out of one room and a storage unit just makes it harder. Living with family has its ups and downs, but we do talk about it so usually things are resolved pretty easily. However my wife has also found it a lot harder to deal with than I have, and about three months in she was really at a low. Thankfully as the savings grow things will seem much more achievable, and it does get easier once you get into a routine - both with spending less and in adjusting to life with a lot more people.

So to cut a long story short, our savings account now contains our £19k deposit - £2k each month, plus the sale of my motorbike (I can tell you that really tested my resolve). We found our house, and after one horrible mortgage experience we should be exchanging contracts in two weeks and completing mid August.

It sounds like you will be with family for a while longer yet, but I just wanted to tell you that it is possible (with a bit of hard work) and to stick with it - definitely worth it in the end. Good luck!

Angry_Bear

I'm sorry to hear you're finding it so hard but that's already 2k in a short space of time. Do you have a goal of how much you need to save?

Maybe a chart of some sort to track your progress would help - my mental image is one of those cheesy thermometer thingys that you always see at fundraisers but I'm sure you could come up with something more tasteful

That way whenever either of you are feeling the strain you can look at how far you've come and maybe even push yourself to be extra-frugal to reach your goal quicker.