How can I afford a property where I live?

sheramber

sell your rented flat

11th Apr 16 at 9:53 PM
#1
I am looking at buying somewhere to live and either want to sell or keep my current consent to let flat, details as follows:
Lease 63 years, value 190k, rent 750.
Mortgage 77k if I keep would increase to 130k proper buy to let to gain a 53k deposit for another property ( to live in).
Is this worth keeping as it is? I can't really afford a lease extension AND buy another place as I need the money for a deposit for the property I will live in.
Thanks

018125

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.

That is just not true. 24k is about the lowest possible wage in Reading. You can't afford a house, and why should you? The poorer people in our society have never been able to buy a house.

There are alternative accommodation options available to you.

csgohan4

owning a house is not a right but earned

onlyroz

When have single people ever been able to afford a property on their own?

cadon

OP, you've turned your nose up at the studio flat suggested in this thread because it doesn't have enough space... Studio flats are the smallest of properties, therefore surely as a single person on a low wage, you're the target demographic for one?

You can afford a property where you live, you just don't like it.

I suggest you do the calculations to find out how much it would cost to live in another area within commuting distance (don't guess, cost up a season ticket), and how long it would take. Then consider whether you would rather put up with that for the extra space, or if the studio flat is suddenly more appealing.

Different people make different compromises, but pretty much everyone has to make a compromise.

lincroft1710

onlyroz wrote: »

When have single people ever been able to afford a property on their own?

1970s, Several friends and myself all bought our own houses as single people

AdrianC

018125 wrote: »

That is just not true. 24k is about the lowest possible wage in Reading.

Umm, cobblers. There will be PLENTY of jobs in and around Reading paying NMW - £7,20/hr. For a 37.5hr week, that's £14k.

The difference is that the people doing those jobs don't have some kind of expectation that they can buy a property on one person's income in a high-cost area.

katejo

Early 1990's after the crash. I bought a 1 bedroom flat in 1993 for 42K when I was earning 14K

alchemist.1

Did it not really go crazy until after the millennium?

amandaxx1

Move up north... I just got a 3 bed semi for 100k. I don't know how you all manage around London 😕