Help! I don’t want to be homeless.

Abbiejade96

Hi everyone,

I’m new to this. I’m not sure if this is the right place but I will tell you a little bit about me first!
I live at home with my parents and unfortunately we do not have a very good relationship. I am very lucky to have some money given to me, left by my grandparents in their will.

This means I will be able to put a good deposit down for a house. The problem is, I’m single and only work in a supermarket.

My question is, how do I work out what I can afford and how much I can afford? Also will I get any kind of allowances for living alone? Any support from anyone else on how to do this? As I’m very scared of being homesless!

Any help would be extremely appreciated.
Thankyou!
Abbie

G_M

Most banks websites, and many indipendant websites, have 'mortgage calculators'. Put in your salary & deposit details and get the answer!


eg
https://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing


As a single occupant, you'll get a 25% discount on Council Tax.


As a FTB you may qualify for reduced SDLT (Stamp Duty). See
https://www.stampdutycalculator.org.uk/stamp-duty-first-time-buyers.htm

elsien

The only allowance you'll get for living alone is the 25% council tax discount.

dimbo61

Buying a property is expensive and you should do your research.
Do you really want to buy ?
Would you like to rent for a while and see how much it costs to live on your own ?
Council tax (25%) for single person.
Rent or mortgage
Gas, electric, water, broadband, contents insurance,
You need furniture and all the things you have at home with your parents

Abbiejade96

Thankyou for your replies, I!!!8217;ve been thinking about this for a while and I know it!!!8217;ll be expensive, you!!!8217;re comments have really helped me, I shall look into what I can get and what I need to do, how do I go about starting the ball rolling on a buying or renting? I!!!8217;m only 22 and never lived alone so this is terrifying.

ViolaLass

I would definitely start with renting then - you don't need the stress of buying and looking after a house on top of learning how to live alone.

Got any friends who rent? Do they need an extra flatmate? Start with a room, you don't /need/ a whole house.

If not, find a local estate agent and see what they've got available to rent.

Davesnave

If you work in a supermarket, then you're almost bound to meet others of a similar age who may be willing to rent a place with you, rather than living alone.


Just like buying, renting has a whole heap of legal rules which it's best to know about, but you'll risk less money and sharing fixed costs can make it much cheaper for you. Many people also find having company nicer, though it's important to have a bit of private space too in shared accommodation.


There's a section on renting (it's long!) here:


https://forums.moneysavingexpert.com/discussion/4930313/house-buying-important-threads

Gwendo40

Can't really add any further advice, but just wanted to say that you sound polite, respectful and sensible... it's just a shame you appear to have parents who aren't willing to help you out by allowing you a tolerable life in the family home for while longer, enabling you to save further and instead they seem to be quite happy to force you out at what is (these days) a relatively young age.

KL0001

Definitely consider a house share or similar to start, it!!!8217;ll be less expensive than renting/buying on your own and give you the chance to learn how to budget.

moneyistooshorttomention

Personally - I'd say take this opportunity to buy whilst you have it. Supermarket jobs aren't well-paid and who knows if you'd get the chance again.

You can always take in a friend or colleague as a lodger to help out with the bills and, if they're a nice person, then they'd be company for you as well.

First question being a joint one of:
- how much have you got available for a deposit?
- how much do starter houses in your area cost?

Then we can have an idea of just how big (or otherwise) a mortgage you'd need to have and how well it matches the sort of salary you are getting.

Don't forget the costs involved in buying a house, eg solicitor fees, stamp duty, a small amount for odds and sods (like changing the locks and making sure there is a working phone there etc).

Wishing you good luck with this and I can sympathise if you've got parents you are worried about living with - having had several different people tell me in the course of one week recently how they had been literally chucked out by their parents when they were younger (and I could see clearly each time they had done nothing wrong to warrant that). Incidentally, two of those people have gone on to make a success of their lives (one has a good career, the other one has a happy life with family of their own and the other one looks as if they are en route to getting a decent career).

Norman_Castle

If you decide to rent somewhere or become a lodger make sure you can fund this from income and not your grandparents money.

Open a HTB isa and start moving money into it.

If possible I would aim to buy.