Need to find cheap BidSit

toomsie

I currently live in bed sit with 8 others. I have a sink in my room, share toilet and kitchen. It is not a house-share, and manage to stay out of other folks way as a result. Unfortunately my land lord is giving up the property, so I have to leave. I am looking for similar property at similar price. Unfortunately, I don't know the best way to do this. Also the price seems considerably more then what I am paying now,£325. I don't like the thought of taking a £100+ haircut .

it seems that buying a flat seems to be a better option if I am to pay so much in rent. Though, don't like the thought of buying a property at the top end of a housing bubble.

Mallotum_X

Where are you in the country? Can you get a mortgage?

Why do you think we are the top of a housing bubble. Prices have only just started to rise again after the crash, if anything we are the start of the next housing boom. Although clearly not all of the country is at the same stage yet.

SailorSam

When i see some of rents people are charged for tiny bed-sits or house shares i'm glad i had the opportunity to buy my own house 35yrs ago.

moneyistooshorttomention

Gobsmacked with astonishment that anyone would put up with living in that sort of set-up if they can afford a place of their own...:eek:

Nope....I don't think we are at "top of housing bubble".

Yep...I do think you should buy in those circumstances if you can manage it.

toomsie

Mallotum_X wrote: »

Where are you in the country? Can you get a mortgage?

I hope I can get a mortgage. I am 42, I earn 16k in my main job and selling books on Amazon for about 10k. I live in Croydon but wiling to locate to lambeth, merton or sutton

maninthestreet

£10k p.a selling books on ebay - where do you keep your stock if you live in a bed-sit with 8 others??

Mallotum_X

toomsie wrote: »

I hope I can get a mortgage. I am 42, I earn 16k in my main job and selling books on Amazon for about 10k. I live in Croydon but wiling to locate to lambeth, merton or sutton

26k a year is not going to get you anything other than shared ownership in those areas (assuming you have a deposit)

If you really want your to own your place then you are going to need to move out of London.

toomsie

Mallotum_X wrote: »

26k a year is not going to get you anything other than shared ownership in those areas (assuming you have a deposit)

If you really want your to own your place then you are going to need to move out of London.

I keep my books on Amazon FBA, so I don’t need to store them. I aint going to leave London. London is where the car boot sales and frith stores are. I also need to up my gain in the office before I can become competitive enough to get a job elsewhere. I feel a little like London Cabbies living on borrowed time.

maninthestreet

Look on rightmove for the cheapest residential properties for sale in the areas you would like to live.
Do you have any savings for the deposit and other one-off costs of buying a property?

fairy_lights

How much, if anything, do you have saved for a deposit?

toomsie

fairy_lights wrote: »

How much, if anything, do you have saved for a deposit?

About 7k. It mainly comprised of assets I don't want to sell because of a future bull.