Graduate wanting to move out of parents house. Best options?

Fletchasketch

Whilst buying in London would be difficult, depending on the area I certainly don't think it would be impossible.

I've always gone on the rule of thumb that rental/mortgage costs should be no more than a third of your net income. I think any higher than this and you will really struggle to save any money.

I'm 30 now and only moved to London last year; it's a regret that I didn't move up straight after uni as my life has improved considerably since.

If it were me I would go travelling, then look for an inexpensive house-share in London. You're in a great position with the savings, well done, but I would certainly aim to get a feel of the areas you're thinking of buying in first before taking the huge step of getting a mortgage. Good luck!

olly300

I_have_spoken wrote: »

Aye, you missed the bit where g/f get preggers to trap you into marriage.

Doesn't mean you have to marry her at all or marry her immediately.

I know a few men who haven't.

19lottie82

OP show us or ask your parents to show you, a half decent place in London that you could buy in London for your salary, that you believe you can afford on your after travelling salary (25k). With a 20% deposit that would be about £125k.........

You're still young and just entering your professional career. I'm guessing that your salary may increase in the next 3-5 years and you might be in a better position to buy, you might even meet the love of your life and want to buy somewhere together - who knows?
If so why not chill out until then? If you want to move out then rent, enjoy a house share and try and save as much cash as you can.
The worst thing you could do would to buy a grotty studio flat and five years down the line want to get shot of it but can't due to negative equity.

Reue

Ronaldo_Mconaldo wrote: »

Quit your job and go travelling and you'll likely find you have no money and that there might not be any jobs for you to go back in to. If you're a graduate you should have got the travelling thing out of your system as soon as your exams finished, now it's too late, fun's over. It's time for the drudgery of modern day life to take it's toll on you.

Utter rubbish! Whether you go before or after uni makes no real difference. Op - £21k may seem like a lot right now however it isnt worth giving up your dream of travelling for. Believe me; Once you move out, get your own place, get other financial commitments etc you will be stuck and regret never going when you had the chance.

Personally; I graduated and then went travelling for a year. Came back and took a 'seasonal temp' job for another half a year before then settling down into a proper career job.

BobQ

Reue wrote: »

Utter rubbish! Whether you go before or after uni makes no real difference. Op - £21k may seem like a lot right now however it isnt worth giving up your dream of travelling for. Believe me; Once you move out, get your own place, get other financial commitments etc you will be stuck and regret never going when you had the chance.

Personally; I graduated and then went travelling for a year. Came back and took a 'seasonal temp' job for another half a year before then settling down into a proper career job.

Just because you do not agree with something does not make it rubbish.

The OP has a choice to make and cannot know for certain whether resigning to travel the world is a good or bad idea. But he cannot have his cake and eat it!

olly300

BobQ wrote: »

Just because you do not agree with something does not make it rubbish.

The OP has a choice to make and cannot know for certain whether resigning to travel the world is a good or bad idea. But he cannot have his cake and eat it!

Most people who travel the world come back with at least a more open mind - well the ones who do come back....

J_i_m

I think the house is a pipe dream at the moment. Quitting your job to go travelling and assuming you'll be able to simply walk into a new job on your return or else be a successful entrepreneur is a little bit pie in the sky.

Of-course it's up to you what you do but my advice would be to get your priorities right. If you really want to buy a house ASAP then remain at your parents for the time being, keep your job and build up more deposit.

Travelling can wait, or just do what most other people do, take the odd holiday.

ILW

Sorry OP.
You do not become an entrepreneur, they are born.
If you have done nothing in the way of starting a business or earning extra money at the age of 23, it is unlikely you have what it takes.

Reue

BobQ wrote: »

Just because you do not agree with something does not make it rubbish.

The OP has a choice to make and cannot know for certain whether resigning to travel the world is a good or bad idea. But he cannot have his cake and eat it!

In my opinion, the line "If you're a graduate you should have got the travelling thing out of your system as soon as your exams finished, now it's too late, fun's over" is utter rubbish as it is presented as an absolute with no alternatives. I went travelling after graduating so prove that it is not too late for the op

BobQ

Reue wrote: »

In my opinion, the line "If you're a graduate you should have got the travelling thing out of your system as soon as your exams finished, now it's too late, fun's over" is utter rubbish as it is presented as an absolute with no alternatives. I went travelling after graduating so prove that it is not too late for the op

As I said just because you disagree with a statement (In my opinion you say) does not make it rubbish.

I agree that its nothing to do with when you graduate, but I think the point being made was that when you are at university you have the flexibility to go off and travel with relatively little impact on your career. Once you begin working the impact of resigning and going off travelling when you feel like it is that much greater in terms of your career, financial aspirations etc.

The OP can do as he pleases but its fair comment that the time to go off travelling was before he started planning to buy a house, develop a career or become an entrepreneur. That is an opinion about realism, not rubbish.