Time to grow up

jamesd

LOL, will369 provided the information about location to help us reply so I hope that will369 finds the research and answers useful.

I happened to be looking at prices in that broad area a few weeks ago so I already knew a fair bit about what to expect.

paddyrg

Life's not all about money. He who dies with the most toys does not 'win'. Weigh up the downside of living with parents - for instance you meet a girl/guy you really like and they suggest going back to your place? Or what if they're put off with "I still live with my parents" (I know I would be)? It //suggests// a less independent individual, less worldly-wise, less resilient.

OK, so I'll get flamed for this I'm sure, but just flagging that renting a place is more than just a bed.

VT82

will369 wrote: »

Abit about me....I currently live in Exeter with 2 flat mates, I have done for past 6 months. I pay £440 a month rent which includes, sky, wifi and all bills.

I don't understand how rent + bills for a house can be £1,320pm (3x£440) in an area where you can buy a one bedroom place for £80k.

I own a house in a similar sounding area, and rent rooms out at £320pm including bills. Or you can rent a whole house for about £600, with bills of maybe £250.

Before I succumbed to living back with my parents (that's how I would see it, I know it sounds like you don't) , I would see if I could get that £440 down.

dprice

Do you want to live with your parents for 3 years? This is a long time...


Are you parents willing/happy for you to live with them for 3 years? This is a long time...


The moment you decide you want to buy your own place, your mentality should be all about saving and reducing your outgoings, even beer money.

will369

Thanks for all the replys guys

Much appreciated.

The main thing is for me to save. After say 2 years of saving my parents did say that they will help me out with the rest if I need it.

Problem is......I currently earn around £1100 a month...

in 2 years time, I could be on around £1400 a month...

If I was to buy a 1 bedroom / house / flat how much roughly would mortgage / bills be? Could I afford it on my own?

Or do I buy a 2 bedroom house and rent it out?

My Dad is very good when it comes to handy work. So we could even 'do up' the house and sell it, hopefully making profit.

Thanks again.

atypical

will369 wrote: »

Renting to me is just dead money.

This is worth a read for a different perspective:
http://monevator.com/a-mortgage-is-money-rented-from-a-bank/

atush

paddyrg wrote: »

Life's not all about money. He who dies with the most toys does not 'win'. Weigh up the downside of living with parents - for instance you meet a girl/guy you really like and they suggest going back to your place? Or what if they're put off with "I still live with my parents" (I know I would be)? It //suggests// a less independent individual, less worldly-wise, less resilient.

OK, so I'll get flamed for this I'm sure, but just flagging that renting a place is more than just a bed.

Not flaming you at all, but I don't see a good retirement for you with this attitude? Perhaps not even a good life with a family (being shunted from one home to another at a landlord's whim)

atush

will369 wrote: »

Thanks for all the replys guys

Much appreciated.

The main thing is for me to save. After say 2 years of saving my parents did say that they will help me out with the rest if I need it.

Problem is......I currently earn around £1100 a month...

in 2 years time, I could be on around £1400 a month...

If I was to buy a 1 bedroom / house / flat how much roughly would mortgage / bills be? Could I afford it on my own?

Or do I buy a 2 bedroom house and rent it out?

My Dad is very good when it comes to handy work. So we could even 'do up' the house and sell it, hopefully making profit.

Thanks again.

James gave you figures for a mtg, you can figure out from what you pay now what essential bills would be? Obv a 1 bed flat would pay less in most things.

jamesd

will369 wrote: »

If I was to buy a 1 bedroom / house / flat how much roughly would mortgage / bills be? Could I afford it on my own?

Likely mortgage rates in my post. You probably can't afford to buy on your own at the moment. Your income is too low for you to get the amount of mortgage you'd need. The highest income multiple that's reasonably available is 4.5 times. That's £59,400 of mortgage. At your income level you probably won't get so much because a relatively high proportion will be used for other necessary living costs.

For bills you could start with about £90 a month for electricity and gas, £50 for water, £100 for Council Tax, all assuming a fairly cheap place and lowish use.

Lots of saving and parental help needed until your income is a lot higher. Not impossible, just takes sufficient commitment and flexibility.

Fiveboy

Me and my girlfriend and little one are trying to buy in Exeter, it's very difficult if you are trying to buy on your own. We decided to move into my mum's house and have saved £70,000 together, we are just waiting for my girlfriend to finish maternity leave then we will buy.

If BOMAD can't supply the cash, then move home it's not easy and you have to save properly, we don't go on holidays or buy the latest gadget, no beer money. You need some treats I have £40 a month I can spend on anything I want.

Exeter is a University city hence rental demand is high, I've been watching local house Prices for 3 years they are stable and increasing in price.

Good luck with your savings it's not easy and its annoying when something breaks so you cant save as much.