Worried

tessy_t

I shouldn't be worried because I'm in a pretty good situation financially, no debt, healthy savings account. And here's the but, a few years ago I was a home owner having had the mortgage for 5 years and invested in the property. Due to lack of employment in my native South Wales I took a job In a new area over 100 miles away, met a man, moved in with him, sold my house and was set on a future together. A few years on, the relationship hasn't worked out but we are on good terms. Enough for me to continue to live with him. I have always contributed the going rate of rent as he has a fairly large mortgage, I thought it was only fair. The only difference now is that I have the spare room. I'm now feeling like the decision to sell my house was hasty and emotional based on an unhappy time when I lived there. Though I can't dwell on this as its already been done, I don't want to make another financial mistake. I would like to own my own property again but the new area in west berkshire is so expensive I could barley afford a 1 bed flat, and that would take up all my savings of 40k plus for a deposit, which I'm not sure I would be happy to do given make that My contract may finish next year. I'm a self employed contractor.
I am confident of gaining further employment but it may be in a different area, though still in the south East. I also feel I would like to put roots down somewhere and here would be as good as anywhere. The arrangement I have right now is convenient and reasonable but I can't stay with my ex long term. As at some point we will both want to move on, Confused and unsure.

brendon

You can't change the past. Buying a house doesn't make you 'settled'. Rather, being settled should be a prelude to buying a house. So, for now, just rent a house, make sure you can secure work in your area, and think about buying a house in a few years if that's what you want.

Ryan_Futuristics

Hey, there's a lot to be said for *not* being tied down (the author of Rich Dad, Poor Dad - and others - would even tell you a house is NOT a financial asset ... I tend to agree)

I also work freelance, so taking on a big liability without job stability is a risk ... (Plus, I don't know about Wales, but most think we're in a housing bubble at the moment - so you might well have sold at the right time)

I wonder if there might be some attractive shared ownership schemes in nearby areas? (part buy, part rent ... half the commitment, half the risk) ... But personally I'd stay flexible - rent and set aside a little each month into investments

Thrugelmir

Keep saving. Until my personal circumstances changed I used to live in West Berkshire. I moved further West to a cheaper area in the end.

lalman

Tessy don't get to down- life is never in straight lines and you don't know what's around the corner.

Also, don't have regrets because they can be so negative to your frame of mind and affect how you make decisions in the future that might not be in your long term interest. I.e become to risk adverse as you didn't have a good experience in the past.

Renting isn't bad and I agree- a home isn't an asset... But buying one you might lack the flexibility to do what you want...

I am in a situation where I rent a flat (share) and save up... The money I earn down south is far more than the region where I come from... So my strategy is trying to buy assets up north so when I do return (in 4 years I think) I'll hopefully be set up. If you liked where you used to live you could do similar and get a company to manage your property for you.... Just an idea.

Primarily keep your head up. :-)

tessy_t

Thanks guys, it's nice to get a bit of perspective on here. Really appreciate the posts. I certainly won't be panick buying, may even read that book you suggested Ryan.