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How much savings should we have after buying house

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WelshGlyndwr
WelshGlyndwr Posts: 121 Forumite
Tenth Anniversary 10 Posts Name Dropper Combo Breaker
in House buying, renting & selling
My partner and i will have 24k in savings after buying our house. How much should we have? 7k of this will need to be spent on repairs though. Is this enough of a buffer?

Comments

  • letitbe90
    letitbe90 Posts: 345 Forumite
    More than enough.
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    What's the value of the property, £40 thousand or £40 million?

    It's all relative...
  • SG27
    SG27 Posts: 2,773 Forumite
    Wow thats a lot! I think we had about £4k after buying our first house and I know people who have no savings at all after buying.
  • MERFE
    MERFE Posts: 2,133 Forumite
    Part of the Furniture 1,000 Posts
    We had £1000 buffer that was for incase the solicitors fees were higher than quoted, they weren't. 6 months later and we are half way to having what we had as a deposit saved. I wasn't concerned about having nothing left as I knew we could continue to save and do things to the house slowly.
  • bouicca21
    bouicca21 Posts: 6,698 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    After my first house we had precisely £0 left.
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