SB's Savings Diary

StrawberryJam132

UPDATE: I forgot to say what price bracket for a house I'm looking for! :doh:

Well after discussing ideas with mother bear, I'm thinking of aiming for an apartment in a popular location. This one is my dream place atm: http://www.rightmove.co.uk/property-for-sale/property-39995992.html

I want to get a large deposit, 30%? And then in the future I could rent it out once I move (hence the popular location).

I believe I can borrow around £80,000 atm. But I'm hoping to get a small pay rise before I'm in a position to buy. That would increase it (fingers crossed).

Thoughts??

SB

EDIT: Although saying that, isn't it likely property prices would have boomed in two years time?

COOLTRIKERCHICK

You are not alone with how you feel, In an ideal world we would all make the right choices in life, an everything would run smoothly, BUT in reality it never goes that way:D and you always catch yourself saying 'If only' or I wished I had.

None of us have a crystal ball to see if we are making the right decisions...

So only YOU can honestly answer any of these questions or feelings etc you have.

At first glance, your current employer is potentially offering you a good deal, and I think (I might be wrong) the extra qualifications that you can get from the coarses they will pay for, might be a good for potential jobs in the future...

NOTHING is set in stone, and nothing ever goes to plan:D You will find your outlook on things change,

I don't know how old you are, but don't be too strict with your savings at the mo, treat yourself now and again...you do need to find a balance... as you do need a life now as well

StrawberryJam132

Agggggh, you're repeating everything my mother has drilled into me this evening :rotfl: You're right. A balance is needed.

I'm 23. Thanks for all the advice! I'll post updates when needed

SB

The_Magnificent_Spoon

SBOWDEN wrote: »

UPDATE: I forgot to say what price bracket for a house I'm looking for! :doh:

Well after discussing ideas with mother bear, I'm thinking of aiming for an apartment in a popular location. This one is my dream place atm: http://www.rightmove.co.uk/property-for-sale/property-39995992.html

I want to get a large deposit, 30%? And then in the future I could rent it out once I move (hence the popular location).

I believe I can borrow around £80,000 atm. But I'm hoping to get a small pay rise before I'm in a position to buy. That would increase it (fingers crossed).

Thoughts??

SB

EDIT: Although saying that, isn't it likely property prices would have boomed in two years time?

That is a fantastic apartment - I would absolutely love that place (if I were a welshy, anyway :rotfl:). But then I have a natural affinity with the water/sea - I always choose where I live based upon their being some sort of water nearby (My last three homes have been on a beach, around the corner from a fishing lake, on a riverbank, and the house I'm looking to buy is next to a canal lock!)

Plus you're right, it would be a great place to rent out. Don't count too much on property prices booming within the next two years. Everybody will tell you something different, and the HTB scheme being available on all properties (not just new builds) next year may increase things a little, but the economy simply cannot sustain any large rises in the near future. Wages just aren't going up compared to RPI/CPI, and people need money to buy houses.

You say you're well on the way to your ambition to be a stay at home mother - this implies you're making plans with a partner? Are they helping towards your savings plans (if they exist!)?

Don't scrimp all your pennies while you're still young. You can't afford to alienate yourself from friends etc - its much harder making new friends when you're older! Same goes for your social life, don't put it aside too much for work. While its tempting, and I am as guilty as anybody (I get great overtime rates at weekends!), it ultimately doesn't do you many favours to avoid making happy memories for a few quick pennies!

COOLTRIKERCHICK

IF I had my time again:D, and if I can financially do it now, I would def try and get some 'cheaper end' properties under my belt and rent them out..so potentially when I am older, I would have a passive sort of income.

I am a welshy, and if you look towards the valleys there are some real cheap bargains to be had, for cash buyers..which potentially can make you an income of between £300 - £400 per month..