Would you buy this house in my position?

MaiseMeal

!!!!!!/37q84Sy

I'm 22, single and work from home. I have a puppy. Not planning on having a family / long term partner any time soon.


I technically can afford up to 450,000 comfortably. Around 100k deposit & £1000 p/m mortgage


Since I know I will be alone for a long time, I don't know if it's wise to have a "go big or go home" mentality.


I consider my self a minimalist and only need 3 rooms (bedroom/office/livingroom).


I'm renting a 3bedterraced house at the moment for £725 which has an extra dining room/conservatory/box room/garden. I never go inside any of these spaces (unless taking dog out to pee/poo in garden. This makes me think that the house in question will be a suitable purchase.


I should also add that im a Youtuber and play games for money. Youtube is great but nobody can say for sure if its going to be around in 10 years. If i continue making 110K+ a year, I could pay off a £370-400k house in about 5 years.


Resale potential of this house !!!!!!/37q84Sy is low, it seems. So I could just rent it out if I wanted to get a bigger place after about 5-10 years?



So I'm not really sure what to do right now. Really appreciate your advice!

getmore4less

https://www.zoopla.co.uk/for-sale/details/53354882

Would not touch that with a bargepole.

Open plan living room
Coach house


Get a proper house.

MaiseMeal

Thought it would be quite distasteful to alot of people. For an extra 50K, garden + boxroom
!!!!!!/33d59tf

bouicca21

https://www.zoopla.co.uk/for-sale/details/53117281?search_identifier=f45acaee28e35af3160399b4a92b42d3

I work from home. I still consider that I need a 3 bed - it’s useful to have an extra room for guests and/or junk.

Of the houses I prefer the detached one but I know nothing of the area so my preferences really aren’t much good to you. I assume the drive under the house is for others to access the back as well as you? That is quite likely to end up problematic.

You also need to think about facilities in the neighbourhood. Because I work a lot at home, I risk going stir crazy and absolutely need to get out, so I live near green space, cafes, restaurants, shops, cinema and good transport links to get elsewhere.

kinger101

You'll be the one living there, so what others think is mostly not important.

What I would recommend is seeing a mortgage broker. Your income stream is unusual and by your own admission, somewhat precarious. So finding the right lender is critical.

In your shoes, I'd go for something I could buy in around 10 years. You also want somewhere that's good to live in for the foreseeable future. You have one FTB stamp duty exemption. Don't waste it.

You should also seek financial advice on pensions if you have not already done so.

connors07

I'd go a little bigger than you need. I did and I don't regret it. I have a minimalist mentality too. But while I never ever planned to rent out one of the spare rooms and I have, twice and it has gone well despite the horror stories about lodgers most have.

I understand you have an 'erratic' market that you work in. I am a keen gamer and watch through youtube and twitch. I'd say more casuals are getting into it and it is here to stay. Regardless in some event where the market didn't go your way. Renting out a room could theoretically pay your monthly mortgage (obviously depends on what you negotiate) but its nice to have that option. I'd go for a freehold house over a flat (I know flats have advantages) but freehold is yours and you know what you've got while leasehold can be murky. I don't know what games you play and if you're loud doing so but got to think of noise and affect on your neighbours. Some houses have amazing big cellars which would be a gamers/content creators paradise; harder to find I know but it would mean you've got a home separate from your work. Always good to future proof.

Just my two cents. Good luck. Sounds a great position to be in so make it count.

snickersbars

There are also nicer areas of Coventry than those two parts which have places at good prices. Try the Stonehouse Estate for one.

[Deleted User]

If you can get it, the 'separate' relatively sound proofed game playing area is a good one. I know my adult son drives us crazy shouting out and talking top volume when playing. I know he sits in his darkened tomb bedroom, happy in his own world when playing or recording. I also know when there is a sound from the outside world that disrupts any recording, it drives THEM crazy (I have two of them lol).

Personally, a coach house with cars driving underneath it, sometimes very noisily, any shouting etc would not be a good idea, then there's door slamming etc. They can also be cold if poorly insulated.

Murphybear

getmore4less wrote: »

https://www.zoopla.co.uk/for-sale/details/53354882

Would not touch that with a bargepole.

Open plan living room
Coach house


Get a proper house.

Totally agree. Open plan living room/kitchen layouts are a fire hazard. A kitchen needs a proper door that can close. After a small fire in my over 55s housing court the local Fire Brigade came round for tea and cakes and this was one of the things we talked about. They brought their fire engine with them so if there was an emergency they were prepared :rotfl:

getmore4less

I have a puppy.

I missed that first time round.

NO garden and stairs to take the dog for a walk.

Also I did not like the garage and store(which had its own door at the back) should just be a bigger garage open under the stairs and would have preferred an access door to the garage from the bottom of the stairs.


Anyway with £100k deposit and your income

You need to be maxing out pension to ring fence the money and get the tax benefits, net won't reduce that much.

You should be able to find £2kpm after maxing out the pension unless you have some seriously expensive lifestyle.
(£50k brings in £3k and £1kpm is quite a lot for 1 person to live on)

The key in the early days of high income is cash preservation in assets/investment, it is very easy to allow lifestyle to consume far too much and come unstuck after a year or two if going well that can be adjusted.

I would even consider an offset to allow for cashflow management should income dry up. Go long on term to have a low contractual payment but high on payment/savings to build up a buffer

You may not need loads of rooms but go for bigger ones if you can.

Take note of bouicca21 and the need for access to facilities also with a dog you want walking routes close by.

Can't comment on the areas but do think about some key element to a property.

dog single work from home how big a garden do you want/need.
maintenance is the big one with those.

parking and garage/storage

Guest space, as well as at least one bedroom I would have min 2 bathrooms.

Work space/office it can be good to have dedicated space that can house all your works stuff, with room to have someone else if you ever collaborate.
To keep the space totally separate, toilet facilities and space for drinks snacks etc. can be good.

With potentially variable income lodger space gives a good fall back.

What kind of non work relaxing space do you need?

epinjy

I agree with other comments about which house. I would definitely buy in your position though.
Keep enough money on the side to cover bills+mortgage for a year or so which will give you enough time to consider options if income dries up.