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Help! I don’t want to be homeless.
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moneyistooshorttomention wrote: »Personally - I'd say take this opportunity to buy whilst you have it.
Of course, if paying a mortgage off is feasible, then buying could be considered, but not everyone wants to be saddled with a debt burden tied to one location at an early age.
There's a multitude of other considerations too numerous to mention here, which is probably why others have suggested renting as a first step.0 -
I can follow the logic of renting - but, in this day and age, of 6 month contracts and no fixed rent levels - it's not what it was in our day.
The plus sides of buying:
- less pressure to marry someone/anyone just in order to get a house (yep...I've seen people do it). One is free to hold out for the Right One and, if they never do turn up, at least you've managed to be decently-housed anyway
- less pressure to work on after retirement age (in order to pay rent). One can think "I had a mortgage - now it's gone - and I only need enough to pay the bills and live on"
- always best to be "Captain of your own ship" and less susceptible to other people putting pressure on you if your opinions don't happen to agree with theirs. You own your property - and that's that and it doesn't matter what anyone else thinks - because they can't decide they just don't like you and/or prefer someone else & then stop renting to you. That matters in some parts of the country.....:cool:. Always best to make sure "no-one else can pull your strings".0 -
There's lots of research you can do into costs of buying and renting in your area to work out what is the best.
Renting a room in a shared house is often a good first step. If you find out an average cost of this and start putting that money to one side from your regular income , plus some extra towards food and bills, move it into a savings account if you can, this will give you an idea of how much you will have to live on and if you can manage on that money. meanwhile the 'rent money' will be building up into a useful sum you can use towards a deposit on either a rental or add to your inherited deposit.
Try not to use the inheritance money on rent or 'stuff' it's amazing how fast money can disappear and this could be really useful towards a deposit if you can manage to buy a place.
Also grab any extra shifts at work if they are available, extra income will help you achieve your dream too ( and keep you out of the way of parents!)Decluttering, 20 mins / day Jan 2024 2/20 -
Plenty of excellent advice already given but if my 20p's worth can help, great.
I was kicked out at 17 by my alcoholic mother; no job, no money, nowhere to go, no clue. I managed to find a berth in a homeless shelter for a few months over the summer before I began college in a faraway city where I had accommodation arranged. Not fun.
I hated college (chose the wrong course) so left after a year and got a job at the age of 20, having been unemployed for a year. I rented several grotty flats, none of which were ever a long term gig so bought a really crappy, one-bedroom flat before I was 21. I had no money behind me, only what I earned at the lowest level in the civil service so had to live within my means. It was a series of hard lessons and accounts for my tightwad attitude to money now.
Abbiejade96, please do not allow your inheritance to disappear on renting/living costs/etc. If you do as has been suggested, try living as cheaply as possible in a shared house, ideally with cool people who have a bit more experience than you, it will stand you in good stead. You will learn to budget, live on your salary alone and, once you know all about how to live away from your parents, you will be in a better position to buy somewhere (assuming this is feasible on your wages) because you will already know what utilities/food/general living costs add up to.
I cannot help but wonder if your grandparents left you that money to give you a means of escape from your parents. I suspect so. I am sure you will honour their memory by doing just that but you need to be waaaaayyyy smarter than I was. You also have the tremendous advantage of living in the internet age with access to forums like this. I wish I had had that but hey. I have now been happily married (yes, Money, to The One) for 25 years. My life could have turned out much worse.
I wish you all the luck in the world and the same happiness I have been so lucky to find. Sorry for the long saga, hope it helps.
Smod x0 -
Abbiejade96 wrote: »
This means I will be able to put a good deposit down for a house. The problem is, I!!!8217;m single and only work in a supermarket.
My daughter was 'only' a shop assistant from late school through uni and beyond, but she gained valuable experience in four cities during that time. Within a year of leaving uni, she was in management, and two years later she was running her own store with a turnover of £4m/pa. She's no intellectual whizz-kid; she has severe dyslexia, but good organisational and people skills count for much more in a retail environment.0
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