Cold feet when buying, help?

Amoux

lloydb723 wrote: »

I would add to one person who said about house buying. This is just a one bed flat so not a whole house to worry about with moving.

I am by no means settled in my life or relationships at the moment to do house buying but figured a one bed flat for a reasonable amount would be ok. Is it not?

It's really up to you and what plans you have for the future. But my personal opinion is that I wouldn't buy a home if I was already thinking about possibly leaving in the short term.

House or flat it makes no difference, the principles remain the same. Like any investment, homeownership is ideally suited to someone who is thinking long term and is committed to staying there for some time. A home offers security at the cost of flexibility. Thinking of selling up a few years down the line can work in your favour, depending on market conditions, but it carries greater risk.

If I want the flexibility in order to increase my opportunities, whether that's financially related or socially related then I would carry on renting and invest the deposit for when I'm ready. Just because you can own a home, doesn't mean you should.

bertiewhite

The only thing I'll add is the question of "do you still want to be paying rent into your retirement?"

My neighbours are and they've just been told to find somewhere else to live as the landlord is selling up.

I'd get on the ladder

JayRitchie

Just to ask - could you manage to buy a non new build non help to buy flat? Ideally something which would rent out easily to young professionals?

That would give you the chance to move elsewhere and have somewhere to go back to/ getting paid off for the future. Its non really worth the risk to buy somewhere you only stay in for 2-3 years.

Smodlet

You have already had a load of good advice. Fwiw, you don't sound at all ready for home ownership to me. Have you even considered all the things that can go wrong and how much they cost to put right? Any idea how much a new boiler costs, for instance? If you rent, it costs a phone call; if you have bought, it costs £2k upwards.

It sounds a little as if your parents are bribing you to leave because they think it high time you stood on your own feet and who can blame them? Whether that means renting or buying is your decision, no-one else's; it's all part of growing up which is something you cannot put off forever. Yes, it is scary; it's supposed to be.

Stop looking at Fakelook and start making your own decisions; there's my advice.

lloydb723

Thanks all. I am going to go for it. Spoken to family and their argument is that as it is new, it will be a much nicer place to live then going back to a rented house share with people I don't know. Everything is currently under warranty including the boiler, so will be cheap to maintain. They have also said that as the mortgage will be very cheap, they would come to an arrangement with me to maintain it for a short time should I decide to move away for a while before selling it. Thanks for everyones help, and yes I probably do need to grow up!

Smodlet

What would you do if your parents were disinclined to help you?

lloydb723

They've said they will and want what is best for me, also assured nothing is forever and this will see me through for a few years. Why are you so cynical? Everyone else on here has been nothing but helpful with genuine adivce. You're coming across like you have a big chip on your shoulder mate.

Smodlet

I just hope you know how fortunate you are to have such parents, mate.