Life science - Buy or rent

Titus_Wadd

We relocated for my husband's job from a large 3 bed in Lancashire to a small 3 bed in Sussex just when we really wanted a larger home for growing kids.  It's what many folk do...move to improve job prospects and buy what you can afford.  Now we're nearing our 60s we finally bought a 4 bed detached for the two of us plus cat.  It was a lucky move as the adult kids moved in with their partners at the beginning of lockdown and saved their rent money towards a deposit.  The first ones to fly the nest work in Brighton, where they can't afford to buy, so they negotiated to work from home full time and are buying a house in the NE; a modest semi with a tiny garden and no garage.  It's a start!  When they've built up some equity in their first home maybe they'll use it to buy a bigger place.  Having a foot on the property ladder gives them that option.

If you can't buy where you want to live, buy somewhere cheaper, look for a job outside London until you have the experience or qualifications that would command a higher salary.

You have to cut according to your cloth...or make more cloth!

FirstTimeSolo

Interesting reading but struggling to understand the point of this thread. Is the point that the OP is complaining about not being able to afford the house they want in the location they want?

RobHT

FirstTimeSolo said:

Interesting reading but struggling to understand the point of this thread. Is the point that the OP is complaining about not being able to afford the house they want in the location they want?

That seems obvious, but yes, it's one of the key points here.

I could give you another example, 120k in London for a financial firm, quite high level position, the highest level could pay probably 250k in IT, with some exception to 300k.
The mortgage affordability says that you can buy a .... box with these money , that's the kind of mortgage you are gonna take (120k).

I think that there is a big misconception here about shared ownership, remortgage another property etc, all things that I consider extremely risky and silly, not really in my plan.
So, who buys in London usually can't afford the property and end up into troubles, troubles that I pay with my taxes, and you too  

Slithery

Did you have a new question or are you still just complaining about not having enough money?

FWIW I've been on minimum wage for the majority of my career yet still managed to buy a property. Perhaps your expectations are just too high.

grumiofoundation

RobHT said:

FirstTimeSolo said:

Interesting reading but struggling to understand the point of this thread. Is the point that the OP is complaining about not being able to afford the house they want in the location they want?

That seems obvious, but yes, it's one of the key points here.

I could give you another example, 120k in London for a financial firm, quite high level position, the highest level could pay probably 250k in IT, with some exception to 300k.
The mortgage affordability says that you can buy a .... box with these money , that's the kind of mortgage you are gonna take (120k).

I think that there is a big misconception here about shared ownership, remortgage another property etc, all things that I consider extremely risky and silly, not really in my plan.
So, who buys in London usually can't afford the property and end up into troubles, troubles that I pay with my taxes, and you too  

If someones earns 120k they are eligible for a mortgage of at least 540k (4.5x) but probably higher as lenders will lend more.

They would (well should) be able to save say 60k pretty quickly.

So thats a 600k box.


On a completely unrelated subject has anyone seen my tiny violin?

Owleyes00

Very few people can afford their dream home, especially at first. I would love a double fronted detached 5 bedroom period home with double garage, front garden, drive way for two cars, utility room, large kitchen diner, two living rooms and a summer house in the (large) back garden.

I have a very lovely 90s 3 bed semi with semi detached garage and one parking space. It is an asset that may or may not allow me to have the dream home in the future but if not, it is security, roots and (hopefully) a way to not have to factor housing costs into my retirement plan (bar bills and maintenance of course). It is also home.

I’m not really sure what the point of the OPs thread is. Yes there are other investments that can make a better return than property but home ownership is about more than money.

Seems like the OP is laughing at others for being silly enough to buy a house?

canaldumidi

OP has other similar discussion threads eg how/whether to buy a van.......

https://forums.moneysavingexpert.com/discussion/6299983/wanna-buy-a-van#latest

What's happened to the old 'discussion' board that seems to have vanished since the forum re-vamp?

RobHT

canaldumidi said:

OP has other similar discussion threads eg how/whether to buy a van.......

https://forums.moneysavingexpert.com/discussion/6299983/wanna-buy-a-van#latest

What's happened to the old 'discussion' board that seems to have vanished since the forum re-vamp?

I think that everyone is free to talk here, I collect info and I make my choices, if that bothers you, you can skip my threads.

RobHT

Owleyes00 said:

Very few people can afford their dream home, especially at first. I would love a double fronted detached 5 bedroom period home with double garage, front garden, drive way for two cars, utility room, large kitchen diner, two living rooms and a summer house in the (large) back garden.

I have a very lovely 90s 3 bed semi with semi detached garage and one parking space. It is an asset that may or may not allow me to have the dream home in the future but if not, it is security, roots and (hopefully) a way to not have to factor housing costs into my retirement plan (bar bills and maintenance of course). It is also home.

I’m not really sure what the point of the OPs thread is. Yes there are other investments that can make a better return than property but home ownership is about more than money.

Seems like the OP is laughing at others for being silly enough to buy a house?

I came back on this old discussion without a specific reason.

If I ever laugh, it's because when I see people instisting that they can afford something in London, instead they are always at 1h distance with the car, or 45 minutes by train, minimum.
Even with that, they struggle and go beyond their possibilities, the rest of the country pay their debt  

Slithery

RobHT said:
If I ever laugh, it's because when I see people instisting that they can afford something in London, instead they are always at 1h distance with the car, or 45 minutes by train, minimum.

So you're saying that no-one lives within an hour of Central London then? I don't believe you.