Have a deposit.. Still sturggling to afford to buy?

hohum

Lala2015 wrote: »

Hi Hohum,

Nope, none of those reasons.
I want to buy my own place because after years of saving so much (well, it's a lot to me!) and for so long and having given up opportunities in order to save as much as I have, I want something to show for it.
I hate the fact that I'm paying someone's mortgage, can't make any changes/improvements or really settle... because it's just not mine.
As I've said before, it wasn't my choice to move out of my parent's and I don't have the option of moving back home.
I think it's about time I have something to show for my efforts, that's all

I have to say it's super impressive that you have saved a lot! And I do understand re the urge to own. I am saying that it is possible to settle, and make something feel like a home wherever you are. You don't need to own something to have that.

I am the grand old age of 35 and buying my first house. At one point I'd totally given up on the idea of owning. I am not sure in your situation that owning would actually make you financially better off, and could in a few years be more of a liability than an asset. What if you meet someone? Want to take a new job?

In this country we are a bit fixated on house ownership. Consider the other way of looking at this: should you buy, you won't own the house. You will own some of it with a debt secured against the property. ETA you are also putting your liquid assets into land which gives you less options on what to do with it.

The considerations you have about what is suitable make me wonder if buying really is the best option? And it is hard buying in the South East, no one is denying that (I won't be the smug northerner and tell you how much we are getting ours for).

cns06

It really can be a chicken and egg situation. House prices will be going up faster than you can save, so lets say you can save (for example) £10k a year, a £200k flat now might be £220k next year.... and lenders are only getting stricter! So you always end up just missing the target.


We are kind of in a similar position but we are looking to make the jump from a 3/4 bed semi in a bad area to a 4/5 bed det in a nice area.


Our house does not seem to be going up in value but the houses we want to buy are shooting up. We are making the gap up using savings but the prices are going up faster than what we can save.


We have been looking to move for a couple of years and started looking at stuff around £300-£350k. The same houses 2 years later are pushing £450-500k now.


Then there are issues like stamp duty, we had put £10k to one side, now we need closer to £20k. It all adds up and starts to make the dream almost impossible.

Red-Squirrel_2

I'm a big fan of owning your own home, but in your situation, would it be so bad to stay where you are? It seems you want to live in a ground floor flat with a little garden, and you already do!

If you pay rent you do have something to show for it, the roof over your head and the garden that you get to enjoy! Its a very weird British idea to consider rent as 'dead money'.

I do feel for you trying to buy in Surrey, its completely insane, but if that's where your friends and your life are, that's just as important as the property you live in.

Landofwood

The problem is your salary. 28k is definitely on the low-end for Leatherhead and its surroundings.

Homeowners tend to earn higher than average salaries. Things will get easier for you as your career progresses and if you find/want a partner.

Good luck!

Lala2015

Thank you for all the replies!


It's nice to know I'm not going completely mad and isn't actually me just being silly with my money!


I am actually going to start looking for a higher-paid job.
What makes me want my own home even more is that people are telling me I should 'stay put' or point blank can't afford it where I live.
I'm, struggling, I get that. I also get that by not finding/wanting a partner, I'm probably making things harder on myself financially, but after the drama I went through, I think it will be just my kitten and I for a while...


I'll get there eventually I guess!

steampowered

Have you considered compromising a bit more on your journey to work?

30 minutes each way is not a long commute. Particularly for people working in London, an hour or 1.5 hours each way is very common.

Yes it would result in higher petrol costs, but a cheaper property would mean a cheaper mortgage.

If this isn't an option, you shouldn't feel bad about renting for a few more years. There is no desperate need to buy a house. Some people say that "rent is dead money", but so is interest paid to your mortgage company. According to google the average age of a first time buyer in the UK is now 36.

Lala2015

steampowered wrote: »

Have you considered compromising a bit more on your journey to work?

30 minutes each way is not a long commute. Particularly for people working in London, an hour or 1.5 hours each way is very common.

Yes it would result in higher petrol costs, but a cheaper property would mean a cheaper mortgage.

Hi steampowered,


I think that is the way forward to be honest!

Red-Squirrel_2

Lala2015 wrote: »

What makes me want my own home even more is that people are telling me I should 'stay put'

Sorry, I'm sure you already realise this, but that's a terrible reason to move out of a place you actually like and be in a hurry to buy when it'd be a struggle to find anything decent.

I get that its frustrating, but don't lose your head!

Lala2015

Red-Squirrel wrote: »

Sorry, I'm sure you already realise this, but that's a terrible reason to move out of a place you actually like and be in a hurry to buy when it'd be a struggle to find anything decent.

I get that its frustrating, but don't lose your head!

Hi Red-Squirrel,


Sorry - to clarify - I wouldn't want to move out faster due to that point!
Just saying that it makes me more determined instead of wallowing in self-pity!

dancingfairy

How flexible is your job? Would they allow you to work from home one day a week or work 5 days over 4 long ones, or work a 9 day fortnight?
Would catching the train work out better for you?
Car share?
Buying a house may well restrict you in terms of where you want to apply for work. Is it better to have a house and work around that or get a job and work around that? I don't know?
df