Can Millenials Buy A House?

Masomnia

caronoel wrote: »

Back to the OP's question....

Mrs caronoel was born in 1982, and is about 10 years younger than me. She bought her first flat in London in 2008, as a trainee lawyer and without parental assistance.

...

Millenials can do it, but need to grow a spine

That was ten years ago. Even at a magic circle firm I don't see you earning enough as a trainee to get a mortgage for a flat, never mind save a deposit.

FTBuyerGlasgow

We bought when I was 26, OH was 22 - combined salary of about £40k.

Spent a year saving £650 a month, just enough for a 5% deposit on £120K house in Dec 13, never looked back.

It can be done.

Strebor123

ukcarper wrote: »

On the things a service charge would cover I don't think I do.

Zero_Sum wrote: »

Bought it 5 years ago, cant think of a single penny ive spent so far which wouldve been covered under a service charge.

capital0ne wrote: »

What on earth do you spend maintaining your house? What does that £600+ cover?

My £50 a month covers all works done on communal areas of the house. Painting, new carpets, guttering, roof works. Whatever.

It pays for the buildings insurance and anything else we have to pay for that isn't exclusively one flat owners responsibility.

If you aren't spending money on your house, all that's going to happen is in a few years time you're going to have multiple large payouts to make. Be it a new roof, new floors etc.

The money we all pay in builds up a pot and then we have that money ready to use for larger purchases when we need to.

ukcarper

Strebor123 wrote: »

My £50 a month covers all works done on communal areas of the house. Painting, new carpets, guttering, roof works. Whatever.

It pays for the buildings insurance and anything else we have to pay for that isn't exclusively one flat owners responsibility.

If you aren't spending money on your house, all that's going to happen is in a few years time you're going to have multiple large payouts to make. Be it a new roof, new floors etc.

The money we all pay in builds up a pot and then we have that money ready to use for larger purchases when we need to.

You don't have those communal areas on a house.

Zero_Sum

Strebor123 wrote: »

My £50 a month covers all works done on communal areas of the house. Painting, new carpets, guttering, roof works. Whatever.

It pays for the buildings insurance and anything else we have to pay for that isn't exclusively one flat owners responsibility.

If you aren't spending money on your house, all that's going to happen is in a few years time you're going to have multiple large payouts to make. Be it a new roof, new floors etc.

The money we all pay in builds up a pot and then we have that money ready to use for larger purchases when we need to.

You dont buy a new roof every few years. It should generally last a lifetime unless you're a bit unlucky with storm damage. And new floors? Ive never heard that one before.

You're basically paying to decorate an area every few years that doesnt exist on a house & buildings insurance with you have no idea if you're being over charged/getting value for money.

AdrianC

ukcarper wrote: »

You don't have those communal areas on a house.

Yes, you do. You have 100% of them.

ukcarper

AdrianC wrote: »

Yes, you do. You have 100% of them.

Must admit my drive isn't carpeted.

Graham_Devon

ukcarper wrote: »

Must admit my drive isn't carpeted.

Ahhh, you must be part of the riff-raff!

lisyloo

AdrianC wrote: »

Yes, you do. You have 100% of them.

The difference is that a lot of stuff like gardening as a example, householders would do for themselves in their spare time with labour at zero cost.


That's not the case with flats and communal facilities.

Malthusian

lisyloo wrote: »

The difference is that a lot of stuff like gardening as a example, householders would do for themselves in their spare time with labour at zero cost.


That's not the case with flats and communal facilities.

It's not zero cost.

Many householders are skilled professionals (which is what enabled them to afford the house) so the time cost of their labour will be in the £15-20 an hour region at the absolute minimum.

If I spend two hours a month gardening I've already paid more in service charges than the £50 a month Strebor mentions, after you add how much I'm paying for buildings insurance. That's just for the garden.

True, gardening is something of a leisure activity for me, but would I get down on my knees and pull at weeds if I could pay £50 a month for someone else to do it with the same standard of care that I take, and all the other maintenance on the house, and with the cost of buildings insurance included? Would I !!!!. This is the price I pay for having a house with my own garden instead of a flat, and I pay it gladly.

The idea that the service charge that flat owners chip into is a cost that householders don't have is absurd.