We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying my house...in 3 years time
will369
Posts: 527 Forumite
Please ignore the other thread I created the other day.
I am 24 years old, and in 3 years time I would like to buy my own house.
I moved back to my parents house last year, gives me a chance to save.
I aim to buy a house in 3 years time. I will roughly have £25,000 saved up.
Would I need around £5000 to buy new stuff for the house?
Sofa etc, bed…list goes on.
£5000 for solicitor fees etc?
I would like to buy a house in Exeter, this is where I work and where most of my friends are. I currently live in a village just outside Exeter.
I am currently on £9.60 an hour, and work 37.5 hours a week.
With my job, I get a pay rise each year.
Main problem is, I am not on a permanent contract. They renew it every 4 months. I have been with the company for 14 months now. I will try and work on getting a permanent contract, but it's not as easy as that.
I suppose I can't go wrong if I am saving?
I would love a 3 bedroom house, means I could rent a room out to a friend & my newphew could stay round.
I have alot of friends in the trade that will help with the house if it needs work doing.
I don't want to be tied down to the house, being skint every month due to bills.
Thats why I think if I was to rent a room out to a friend that would almost pay off my morgtage?
Is there any advice you can give me?
Or really should I just keep saving then in a few years time see where I am and what I want to do.
I am 24 years old, and in 3 years time I would like to buy my own house.
I moved back to my parents house last year, gives me a chance to save.
I aim to buy a house in 3 years time. I will roughly have £25,000 saved up.
Would I need around £5000 to buy new stuff for the house?
Sofa etc, bed…list goes on.
£5000 for solicitor fees etc?
I would like to buy a house in Exeter, this is where I work and where most of my friends are. I currently live in a village just outside Exeter.
I am currently on £9.60 an hour, and work 37.5 hours a week.
With my job, I get a pay rise each year.
Main problem is, I am not on a permanent contract. They renew it every 4 months. I have been with the company for 14 months now. I will try and work on getting a permanent contract, but it's not as easy as that.
I suppose I can't go wrong if I am saving?
I would love a 3 bedroom house, means I could rent a room out to a friend & my newphew could stay round.
I have alot of friends in the trade that will help with the house if it needs work doing.
I don't want to be tied down to the house, being skint every month due to bills.
Thats why I think if I was to rent a room out to a friend that would almost pay off my morgtage?
Is there any advice you can give me?
Or really should I just keep saving then in a few years time see where I am and what I want to do.
0
Comments
-
-
Salary of £18k or so won't buy you much/enough in that area. There's a limit to what you can borrow, based on your income. Even at 4x annual income of £25k plus the £25k deposit might only get you a £125k house.
Right now for £125k you'd have a choice of two 3-bed terraced houses: one in Tiverton, one in Crediton.
In Exeter itself there's just one house in your budget - a 1.5 bed house in Exwick.0 -
worry about the specifics later on at the time.
right now, save as much as you can - you can never save too much when it comes to having a depositGC Jan £431.490/£480.00 :beer: £48.51 under budget!0 -
My friend has just purchased a 2 bedroom new build in Exeter, he said to me he put down a £13,000 deposit.
How has he managed that?0 -
Being on a contract isn't necessarily a barrier to getting a mortgage, particularly if it keeps getting renewed.
£25k is a great start, keep saving although in your case you might find that your salary is the limiting factor in whether or not a lender will allow you to borrow enough to purchase a 3 bedroom house in Exeter.
Making sure you keep your credit files in good order will also be a boost when you come to apply for a mortgage.
I doubt your solicitor's fees will be anywhere near £5k. As for furniture you can pick up some bargains from British Heart Foundation and Gumtree. When I bought my first place the thing I spent the most money on was getting a good mattress because I have a dodgy back.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards