Would you buy this house in my position?

Mutton_Geoff

It's not much more than a glorified flat. It's likely you won't own the access road underneath so the property will likely be sold with the complexity of a "flying freehold".


I'd keep looking for something more traditional.

[Deleted User]

Given your age and income you also need to be thinking of pensions and not just a house.

If you invest in your pension now and do so for the next few years there is a good chance that you might never need to make any further payments and let the money invested grow over 20-25 years and retire with a very nice pension.

And you are not too young for a pension. The younger you start the better.

Read the article below (particular the bit that says 'why it is important to save now'):

https://www.windgatewealth.com/the-power-of-compound-interest-and-why-it-pays-to-start-saving-now/

If you also combined that with buying a smaller house then if / when your income dries up in 10 years' time and you need to find a new career you will be in a great position with a house paid off and a fully funded pension.

In terms of the house if you are a minimalist because possessions 'weight you down' then do not buy a big house. It will drive you mad. The extra rooms, extra cleaning, extra maintenance will all just be a burden.

We live as minimalists for this reason. Too much stuff is a burden. Owning a larger house for no other reason than owning a large house does not make any sense.

I also work from home and we have a small two bed bungalow (I have mobility problems), but with a large garden. Each room has just what we need (for example we share one small wardrobe between us for all clothes including coats and have just three drawers each for socks and exercise kit and so on).

We have the spare bedroom as an office and it has a desk, a few shelves and a large table we can use as a dining table, for playing board games on for sewing and doing crafts and art.

So my advice would be to find a good financial advisor (be careful of fees) starts a pensions asap, have some savings too and buy the smallest house you need for you and the puppy.

getmore4less

To get an idea of what you could do.

With £100k deposit £150k mortgage £250k house LTV 60% 2%

<35y £500pm
<25y £700pm
<15y £1000pm
<10y £1400pm
<08y £1700pm
...

RelievedSheff

We looked at a few of these coach house style detached properties. We quite like them despite having someone elses garages or in this case an access road beneath them.

In the end we opted for a slightly larger 3 bed detached instead. But I think we would have been happy with the coach house as well.

lookstraightahead

No I would never buy at 22.

Problem is you're not really getting a good cross section of opinion as you're on a house buying forum .

In my opinion your flexibility is far more important. Keep saving - invest in something else. Property is not the be all and end all.

kinger101

lookstraightahead wrote: »

Problem is you're not really getting a good cross section of opinion as you're on a house buying forum .

Don't worry. Crashy will be along soon.

FTBAngst

I agree with lookstraightahead

I almost bought at 25. Mainly because I had the money, found a city I liked, with good friends nearby, and ‘renting’s a waste of money’ etc. I didn’t because of a bad survey.

But since then, I left my job to gain a more flexible lifestyle (which suited what I wanted to do at the time (travel)), when I stopped travelling I settled on a different city to the one in which I would have owned the house, and then a couple of years after that I made the scary decision to retrain, which involved moving again to a new city. Not being tied down, allowed me to apply for courses and training contracts anywhere in the country.

Not that buying a house is a life sentence. I know people who sold their house after to rent but I wouldn’t have done any of those things if I’d bought the house at 25. I would not have had the courage to leave my safe employed job if I had all my savings tied into a house. What I wanted and was ‘sure of’ at 25 have changed completely.

tom9980

MaiseMeal wrote: »

!!!!!!/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!

I am surprised you use youtube to stream games instead of twitch or mixer, given the revenue on twitch surpasses youtube generally especially when it comes to live streaming gaming. That tells me your youtube channel is fairly popular i guess.

Your self employed and i hope have an accountant who does your accounts that show your income clearly and that it has been consistent for 2+ years at least. Hopefully you have spoken to a mortgage broker and given them full disclosure because it can be a bit of a minefield for people in your profession, lenders are pretty cautious about things they don't understand.

While you describe your limited housing needs i would always consider a detached property to help minimise noise for your stream and the disturbance to others around you with any late night gaming sessions. The dog clearly requires a garden that is secure, so i would look for 3 bed detached property with a good size garden. 1 bed to sleep in 1 bedroom as an office space and the other useful as a spare room for guests.

In reality though there is no real pressing need to tie yourself down to a location given your age so only buy if you intend on staying in the area.

opteron

I think the biggest issue of your property purchasing is that your income looks unstable. Banks tend to prefer mortgage applicants with a salaried job in permanent employment. You should definitely contact a mortgage broker to figure out how much you can borrow before looking at properties..

Mutton_Geoff

I also wouldn't worry about property purchase being a millstone at a young age. I bought my first place (a studio flat in Putney) age 21 and later spent the best part of 8 years out of the country. I have also had over 10 different jobs and a change of career in my lifetime. I'm now living in the 8th property I have purchased one after another and it's worth something like 20 times my current salary. There is no way I could have afforded the place I live in now if I had not stayed on the property ladder throughout.


I'm just about to retire and downsize, releasing some tasty equity with which to supplement my pension and buy some toys 40 years after my first purchase. If you're in it for the long game, buy as soon as you can afford it, but as others said, don't forget your pension. The sooner you start, the better off you will be.


The miracle of compound interest, Einstein's 'eighth wonder of the world' Which will give you a bigger pension: saving for 40 years or just 10? Believe it or not, the answer is 10 – if those years are at the very beginning of your working life.


https://www.telegraph.co.uk/finance/personalfinance/investing/10742396/When-saving-for-10-years-pays-more-than-saving-for-40.html