How did you manage to buy your house?

Computer_Beginner

Cakeguts wrote: »

He has more disposable income if he can do this than I ever had. I still managed to save for a deposit.

Well it's up to him. I don't tell him what to do. Its his money, from his own work. I've never given him anything. He's earned every penny since he left primary school. He doesn't drink any alcohol, or smoke. Never has. That probably makes a difference. And he cooks his own food, which I never did.

My point was that there does seem to be a different mindset among people in their 20s now. He laughs when I tell him how I used to live, says I must have been some kind of "weirdo squatter". But the problem is, if a young man can't get a girlfriend unless he's posing in a flash car on the internet etc, then he's going to get dragged into a debt based lifestyle.

cheeky-peach

I put into a HTB ISA for both me and my ex-husband. When we divorced, he had his HTB ISA even though I'd put into it which was frustrating but it is what it is. With half what I had before and now full rent to pay, I had to slash my outgoings even more and keep saving. Met my new partner and he had a keen aspiration too to buy a house and also had savings so that helped. I worked away for 4 months so had very little outgoings which allowed me to save. We pooled our money together and along with a Forces Help to Buy, we moved into our own home last month. Keep on it!

trailingspouse

First house - married a man who already owned a house...
After that marriage ended, and myself and new partner were both still linked to our old mortagaes, and had basically no money (but reasonable incomes) we bought the smallest most dilapitated house you could imagine for the princely sum of £30,500. Seriously. We did it up, bit by bit, as we could afford it. Sold it after 5 years for a shade over £100,000. Bought for £250,000.

We moved abroad, which meant selling that house (£275,000) but by the time we'd paid off the mortgage and also the car loans there wasn't a lot left.

Came back to the UK just as the recession hit, and found that we couldn't get a mortgage as not only had we been out of the country for several years, we were also self-employed. So we had to rent for 3 years, which was very frustrating, and not part of our original plans. When we finally managed to get a mortgage, we bought the house we're currently in for £225,000, did it up (we were getting good at it by this time!!), and it was recently valued at £350,000.
No plans to move.

Computer_Beginner

trailingspouse wrote: »

First house - married a man who already owned a house...
After that marriage ended, and myself and new partner were both still linked to our old mortagaes, and had basically no money (but reasonable incomes) we bought the smallest most dilapitated house you could imagine for the princely sum of £30,500. Seriously. We did it up, bit by bit, as we could afford it. Sold it after 5 years for a shade over £100,000. Bought for £250,000.

We moved abroad, which meant selling that house (£275,000) but by the time we'd paid off the mortgage and also the car loans there wasn't a lot left.

Came back to the UK just as the recession hit, and found that we couldn't get a mortgage as not only had we been out of the country for several years, we were also self-employed. So we had to rent for 3 years, which was very frustrating, and not part of our original plans. When we finally managed to get a mortgage, we bought the house we're currently in for £225,000, did it up (we were getting good at it by this time!!), and it was recently valued at £350,000.
No plans to move.

Like me, you could only afford a run down house.

But

Don't make the mistake of thinking you're making money by renovating a house. The increased prices are usually just down to inflation. Only professional builders can really make money by renovating houses.

Not something the mainstream media likes to admit to.

Smodlet

Computer_Beginner wrote: »

Like me, you could only afford a run down house.

But

Don't make the mistake of thinking you're making money by renovating a house. The increased prices are usually just down to inflation. Only professional builders can really make money by renovating houses.

Not something the mainstream media likes to admit to.

BS, imo. Tell that to Sarah Beeney. She got the TV gigs because she'd done the renovations, not the other way around at least, according to her.

Waterlily24

Computer_Beginner wrote: »

Why did you remove the chimney breasts? That's a lot of work.

It was because my hubby didn't like them because of the space they took up. It was a lot of work but well worth it at the time. It took us about 3 years to do the work, we had help from friends when they could manage it. Luckily hubby best mate was an electrician and he did the work free.


My hubby was most annoyed when we put the extension on this house as they wouldn't let us put the chimney on the outside so it takes up room in the living room and the upstairs bedroom.:eek:

The people in the first house probably hate it because they can't put a fire that needs a chimney in it now but it suited us at the time.

Must admit we weren't really worried about the amount of work as we did most of it ourselves with some help from friends. We just wanted a house that was perfect for us.

stayathomeandsave

dinkylink wrote: »

I lived at home until I was 25 and saved up a £40k deposit on not a great wage, so it is possible.

Of course I was in a fortunate position to be able to do this and my parents didn't charge me much rent. Plus this was 2009 when house prices had just seen their worst crash since god knows when.

I don't envy first buyers today. If they were in the position to buy a few years ago, I genuinely feel that my generation will be the last generation where home ownership was do-able for the 'average' person, at least in the Southeast anyway.

That's the only way I managed to do it. Left college and went straight into business (no university debt). Lived with parents and saved £100k by planning properly from day 1. I'm 25 and just bought my first house, a 1960s 3 bed in the South East which cost over £400k.
If you are renting it kills the opportunity to buy from what i can see.

Computer_Beginner

Smodlet wrote: »

BS, imo. Tell that to Sarah Beeney. She got the TV gigs because she'd done the renovations, not the other way around at least, according to her.

A TV program based around some building work being done?

Computer_Beginner

Waterlily24 wrote: »

It was
Luckily hubby best mate was an electrician and he did the work free.

Must admit we weren't really worried about the amount of work as we did most of it ourselves with some help from friends. s.

So you're putting no value on your own labour, or that of your friends?

If you add up those labour hours, how much would you have made working for an employer?

If you enjoy it and see it as a break from your usual job, then fine.
But financially it makes no sense.

Smodlet

Computer_Beginner wrote: »

A TV program based around some building work being done?

B!tch at the TV company, I didn't give her the gig.