How can I afford a property where I live?

brodawel

What about the 50% or 75% shared ownership? Could you get a 2 bed and rent the room out? I feel for you, there are loads of retirement flats in your area but that's not much help. Kind of glad I was born up north tbh.

bigfreddiel

chrishar wrote: »

I live in a room and work for 24k a year in Reading. If I work my !!!! off I can earn about 30k a year with overtime.
There are some new one bedroom flats on the market, with a price of 250k! They are only small and have a lounge kitchen together.
How is someone like me supposed to afford a small property? On my basic wage I can borrow 108k, meani g I would need a deposit of 142k? Even if they take into account overtime and lend 128k I still need 122k deposit.
What is going on?

Even in the 1970's I couldn't afford to buy where I lived! Not a snowballs chance in h@ll! As a graduate engineer I earned £50/week!

To buy I had to move to a cheaper area, so had a long commute to work.

That's what you need to do!

Oh did I mention mortgage rates, 17% at one point!

Good luck

Cheers fj

nubbins

Erm, think we have a serial make-up-threads-about-different-property-scenarios person.........


https://forums.moneysavingexpert.com/discussion/5414767
https://forums.moneysavingexpert.com/discussion/5436635
https://forums.moneysavingexpert.com/discussion/4934975
https://forums.moneysavingexpert.com/discussion/4902320

bigfreddiel

nubbins wrote: »

Erm, think we have a serial make-up-threads-about-different-property-scenarios person.........


https://forums.moneysavingexpert.com/discussion/5414767
https://forums.moneysavingexpert.com/discussion/5436635
https://forums.moneysavingexpert.com/discussion/4934975
https://forums.moneysavingexpert.com/discussion/4902320

And your point is?

nubbins

My point is Big Freddie is that the OP is a bullsheister

AnotherJoe

HiToAll wrote: »

Here you go, an idea.

Whitley seems to be cheaper,
Park homes are cheaper

Any Park homes in Whitley?

No, the locals would have dismantled them and taken them away whilst the owners were out at work

Whether the OP is buying new isn't that much of an issue, I sold a 1980s 2 bed terrace for £250k 5 miles from Reading 18 months ago and they are now going for £300k. The one bed maisonettes in the same estate are probably around £200k now. Mad.

jimbog

chrishar wrote: »

I live in a room and work for 24k a year in Reading. If I work my !!!! off I can earn about 30k a year with overtime.
There are some new one bedroom flats on the market, with a price of 250k! They are only small and have a lounge kitchen together.
How is someone like me supposed to afford a small property?

You could sell the the house you are renting out
https://forums.moneysavingexpert.com/discussion/4934975

HappyMJ

jimbog wrote: »

You could sell the the house you are renting out
https://forums.moneysavingexpert.com/discussion/4934975

The question was "How do I afford a property where I live?"

Owning a property that is too far from work and family does not count. I could own a dozen properties in Ireland if I wanted to as the property there is so cheap but I couldn't afford just one in Reading.

Dan83

I'm not from reading or even close, so have no idea about property or property prices in that area but, have you tried typing reading into right move, then clicking the sort by cheapest button?

dc197

I think jaydee's opton 4 is the way for you. Payrise, possibly by changing jobs.
At age 35 and earning only 24k your expectations for owning a property without changing areas are perhaps too high.