Buying property as a single person - am I crazy?

PasturesNew

I'm single and own a house.... it's scarey, but any alternatives (long term) are scarier ....

Remember re lodgers... other people are really, really, irritating

goodwithsaving

Erm, no. From my experience, what is "mental", is buying with someone else when already having relationship problems. There are pro's; no having to negotiate when you want a new kitchen etc, living on your own doing what you want. The con is not splitting bills. Personally, I prefer owning on my own!

GoodnessGraciousMe

DumbMuscle wrote: »

I hope you're not crazy, because I'm doing the same and most of the way to exchange....

Remember that you only pay 75% council tax if you're the only resident.

Remember to factor in house insurance into your bills. Consider whether you want better protection on your insurance to offset your lack of an emergency fund.

Check your mortgage offer terms to be sure you can take a lodger, and bear in mind that the bank won't take their payments into account when working out what you can borrow in most cases.

Have an emergency fund for repair work. If you can't afford for an emergency to happen in the first 6 months after you move, you can't afford the house (unless you're willing to take that risk). If it does happen, you either borrow money or go for the cheapest repair option until you can get something better - or you get good enough insurance to start with that it's covered by that.

Budget about 10k for mortgage fees, survey, stamp duty, etc. It won't be that much, but that'll give you some spare money at the end. Remember you need furniture for the property, so budget for that as well. You might also want to redecorate more thoroughly.

Ask friends/acquaintances/coworkers for recommendations for local tradespeople (at least gas, plumbing, electrics, windows, locks), so you know exactly who to call when something has gone wrong (or, get insurance with an emergency line who will sort that all for you).

Thanks for your advice!

I was trying to save £6-8k for stamp duty, legal fees, etc so may need to up that. I may just put down a smaller deposit so I have some spare funds for repairs in the first year or two.

I am yet to get a mortgage in principle but will check about lodgers, when I do.

missg2210

Not mental...in fact this sounds just like me.

I currently have 42/50k for my deposit and then need some more for fees etc. I'm on 51k but took home 70k last year so it's doable. I like to know I'll be in full control and believe I can do it

Good luck

Red-Squirrel_2

Polly05 wrote: »

And me! 😁



...

Me three, I'm on my second place bought as a single person, both worked out much better than the one bought as part of a couple! :rotfl:

You're earning a good salary there, about 18k more than me! You might just need to improve your budgeting a bit, and learn some DIY skills.

lush_walrus

Go for it, I did the same years back. If you are worried about being lonely or if you need extra cash, why not rent a room out.

I was early 20s when I purchased everyone thought it was high risk, I had also just set up a business so it was all going on at once!.

I moved in, moved one friend in and rented the room to her then another. Had a fab time living with the girls, the rent I got I used to over pay my mortgage A few years later I purchased another and did the same.

It's scary at first and lonely at first if you aren't used to living on your own. But both are easily solved.

ali-t

Having bought on my own (3 times) and had lodgers i would say if you could stretch to 3 bedrooms do it and turn the 3rd one into a 2nd living room for the lodger. It makes house sharing way more bearable.

amateur_house

Buying on my own too, with a £28k lower salary

agrinnall

I'm now in my 6th property, all bought on my own, mortgage free on the current one.

Marvel1

Soundgirlrocks wrote: »

Another crazy single homeowner here! (on a much lower salary LOL)

Me too.......