How can I afford a property where I live?

HiToAll

Here you go, an idea.

Whitley seems to be cheaper,
Park homes are cheaper

Any Park homes in Whitley?

HappyMJ

PasturesNew wrote: »

New is never the way to go if you're alone, on a single income, trying to get your first place and you're not earning big bucks.

New has always been pricier. It's all shiny and new and you want it .....

You have to compromise on something - and shiny/new might just be your compromise.

Work out where you CAN afford, then adjust your mindset from "I'm doing all right in life, I should be able to afford a great place" to "OMG I'm single and doomed, I'll get what I can afford, put up with it and at least have a settled roof over my head".

With the equity loans only valid on "new" homes "new" might be the way to go with little actual deposit saved as 20% is provided by the equity scheme. The deposit can be 5% and the mortgage 75% on the "new" homes value. It'll depreciate quickly though so I wouldn't recommend it but it's a way of getting something "new" with little maintenance required. OP could spend £144,000 on a "new" home. £7k deposit, £29k equity loan and £108k mortgage.

chrishar

I'm 35
Unlikely I'll receive any inheritance anytime soon, parents house worth nearly 400k but they aren't going anywhere and are still paying their own mortgage.
Don't want a park home
Partner would be nice but I still want my own place first and would help in meeting someone!
Pay rise not possible where I am, it's well paid for what it is and there are plenty of jobs round here with lower pay.
Not worried about a new property but used ones are still well over 200k round here.
Problem with moving out say 10-15 miles is the daily cost of commuting, 6 days a week will add up.

[Deleted User]

Are you looking only at newbuilds?

In my area newbuilds are the most expensive, ex-local authority the cheapest. Ex-LA are about 2/3 of the price of similar sized newbuilds. Obviously you don't get the benefit of new appliances and everything guaranteed, but it may bring home-owning closer to your reach if you want it.

spadoosh

Found you one!


http://www.rightmove.co.uk/property-for-sale/property-56820917.html

xylophone

Is there any chance that you can live with your parents and save as much as possible?

Get a second job?

You might start a HTB ISA with Santander or Halifax.

spadoosh

chrishar wrote: »

I'm 35
Unlikely I'll receive any inheritance anytime soon, parents house worth nearly 400k but they aren't going anywhere and are still paying their own mortgage.
Don't want a park home
Partner would be nice but I still want my own place first and would help in meeting someone!
Pay rise not possible where I am, it's well paid for what it is and there are plenty of jobs round here with lower pay.
Not worried about a new property but used ones are still well over 200k round here.
Problem with moving out say 10-15 miles is the daily cost of commuting, 6 days a week will add up.

So your being picky then no?

You could afford to buy, what your actually saying is you cant afford to buy the property youd like to.

No me neither, just cant get affordable 18 bed country homes anymore!!

moneyistooshorttomention

xylophone wrote: »

Is there any chance that you can live with your parents and save as much as possible?

.

OP is 35 years old.

mildredalien

New flats in very convenient locations are often small and expensive - there are plenty of alternatives and unfortunately for you the alternatives are what you have to go for!

I'd have loved to have bought a 3 bed detached house with a garage and a hot tub but a 2 bed terrace will do the job nicely for the time being.

[Deleted User]

spadoosh wrote: »

Found you one!


http://www.rightmove.co.uk/property-for-sale/property-56820917.html

There isn't even space for an estate agent to swing a camera! :eek: