What are my chances of owning my own home?

zackyv6661

Hi all,

I have recently moved back in with my parents after a bad breakup and renting for the past 2.5 years (I'm 29). I am currently working on paying off my debts, which should be paid off by this time next year, or sooner if I can!

I have no savings at the moment. I earn £21K pa, walking away with £1300 per month after tax etc.

I really do not want to go back to renting. I want to own my own home next. I want a place of my own, that I can decorate and refurbish as I wish, get a pet etc without having to seek permission from a landlord. I understand that if I am buying on my own, I would need a large deposit, but I am wondering how achievable is it to own a place of my own? My dad seems to think this is something I will never be able to afford on my own, but I am determined that this is what I want for myself.

I should say that my parents are happy for me to stay with them until I do save up my deposit which may take 3-4 years, as I will of course be paying my way whilst I'm living here.

If anyone has any "success stories" who were in a similar situation, I would love to hear them!

Pixie5740

A lot depends on how much properties cost in the part of the country you want to live in. In some parts of the U.K. it's perfectly possible to buy a home with an income of £21k. Whereas in some parts of the country you'll have you work cut out unless you can see your income increase...a lot.

zackyv6661

Pixie5740 wrote: »

A lot depends on how much properties cost in the part of the country you want to live in. In some parts of the U.K. it's perfectly possible to buy a home with an income of £21k. Whereas in some parts of the country you'll have you work cut out unless you can see your income increase...a lot.

Sorry, yes I should have mentioned that in my first post. I am currently staying on the outskirts of Edinburgh. Edinburgh itself would most likely be > £140K for a 1 or 2 bed flat. Whereas it would be slightly cheaper if I could stay around the area I am in at the moment, with 1-2 bedroom flats starting at around £100K

exiled_red

I would say that it depends on property prices in the area you want to look at and how much you are able to save for a deposit in the time that you are living with your parents

KingS6

How long is a piece of string?

The more hunger you have for a goal the greater your chance of success.

You may have to make sacrifices to achieve the ultimate goal. For example own your own home but not get a pet or redecorate until you're financially strong enough to do so.

missbiggles1

What salary would you anticipate earning in 3-4 years?

shortcrust

If you can save 25k and add another 5k to your salary you should be able to buy a 140k flat. I would say that's achievable in four years.

Pixie5740

A £100k flat on your income is doable. £140k+ would probably be too much unless you managed to save a substantial deposit.

How much are you managing to put towards your debts each month?

zackyv6661

missbiggles1 wrote: »

What salary would you anticipate earning in 3-4 years?

If I were to stay in the same job, I would estimate it could be around £23K, so not a huge amount more (we don't get huge pay rises and are seriously underpaid for what we do!)

zackyv6661

Pixie5740 wrote: »

A £100k flat on your income is doable. £140k+ would probably be too much unless you managed to save a substantial deposit.

How much are you managing to put towards your debts each month?

I am currently paying out £600 a month towards debts. I am still tied in with my last property for another month, as we had just moved into a rented property when I had to leave and move back with my parents. So once I have paid my last half of the rent for that house I can put that towards my debts too

Jamiesmum

Chances of promotion?
What will you be paying your parents?
Can you be frugal?
Willing to go without luxuries?
How much can you save per month?
Can you make any extra cash?

Absolutely possible, of course it is. A promotion would help, how generous your parents may be will help. Being as frugal as possible + ditching anything that costs too much (without depressing yourself).

Set yourself a target and a time limit, say 4 years at your parents - if you exceed your savings by then just carry on until the 4 years are up then look. Don't get carried away if it's within reach suddenly with extra costs. Extra cash to boost the balance will get you off on a positive start and be a good reminder.

Good luck!