How can I afford a property where I live?

HiToAll

Cherry_Gale wrote: »

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

and at 5.7m x 2m, that cat is going to have a sore head too.

chrishar

That's the problem 4x wages for a tiny room like that

Cakeguts

What is so special about this job in Reading that you are prepared to live there and be paid 24k for doing it? Can't you get a similarly paid job in a part of the country where you can afford to buy somewhere to live? Have a look and see if you can find a similar job in a cheaper part of the country. Reading has always been expensive this in nothing new.

xylophone

OP is 35 years old.

Does that make a difference? I have known people over that age who never left home at all!

If the parents have the room and are willing, and the son can get to work, why not?

moneyistooshorttomention

The fact that OP has mentioned their age is one I interpreted as meaning "I'm well into adulthood. Should be fully independent and with home of my own by now" - which I would agree with. Add that the parents probably expect their home to themselves by now - and may no longer have the room (downsized/using OP's old room as hobby room/spare room/whatever else they want by now).

Re "what is so special about Reading?". Nowt imo - but it's probably OP's home town and that probably means something to OP and is why they don't plan on leaving it and fair 'nuff = that's understandable.

marksoton

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.

Then you need to assert a change yourself if you want to get on the property ladder....

missbiggles1

Rightmove shows several 1 bed flats within 10 miles of Reading for arounf £150K - in your situation, that's what you should be looking at. If you extend your radius to 30 miles of Reading you're looking at similar properties for around £100k.

[Deleted User]

How much are 2-beds? This might be of interest:

http://www.ft.com/cms/s/0/e1a5bb68-ed02-11e5-888e-2eadd5fbc4a4.html#axzz45v2dDXW2

Also:

https://www.helptobuy.gov.uk/equity-loan/equity-loans/

And as suggested above, flexibility with location, age, condition etc will bring you closer to your goal. Good luck, hope you find a way.

ERICS_MUM

Start with how much you could afford. Mortgage versus salary, savings. Then look for property in that price bracket, widening your net until you find something suitable. It won't be perfect as long as it's liveable, and you can tidy it up and make it yours.

You could even look at studios (or are they purely a London 'phenomenon ?)

At 35 I'm assuming you have quite a nest egg saved for a deposit ?

Have you checked travelling costs from further out, season tickets, driving versus bus/train/bike ? Is it worth looking for a higher paid job in London or would commuting costs wipe out the extra salary ?

There probably is a way of achieving this, just a matter of flexibility and not aiming too high.

Fruittea

Why not look in Didcot or Wallingford - there are direct links to Reading and they are half the price. And loads of one beds.