How I bought a flat in London at age 25

eddddy

They look like nice homes.

They are essentially factory-built homes intended to be a quick, cheap solution to the housing shortage - which sounds great.

But historically - quick, cheap factory-built homes haven't done very well over time. For example, prefab concrete houses. I'm sure they were great when they were new, but they can become problematic and undesirable - and so their value drops.


It'll be interesting to see how these developments perform over time, whether build problems emerge, and whether their resale prices keep pace (upwards or downwards) with more traditionally built units.

Owleyes00

Greymug said:

AdrianC said:

Greymug said:

grumiofoundation said:

So saved ~30k in 3 years. Although not completely clear if a) living at home and b) if so was rent paid?

What absolute monster of a parent make their children pay for rent?

We're talking about working adults here...

Yes, and just like my parents would not let me pay rent if I lived at home with them, the same way I would not let my children pay rent if they lived at home with me.

I guess some people are just less generous than others.

I agree. The whole purpose of living at home as an adult is to save money so unless you really need the money as a household it seems incredibly ungenerous to charge genuine rent. I lived at home for a year when I was 24/25 and I used to give my parents £100/month as a gesture and to cover some of my food/bills etc. I was able to save about £13k that year on a fairly modest salary.

AdrianC

Greymug said:

AdrianC said:

Greymug said:

grumiofoundation said:

So saved ~30k in 3 years. Although not completely clear if a) living at home and b) if so was rent paid?

What absolute monster of a parent make their children pay for rent?

We're talking about working adults here...

Yes, and just like my parents would not let me pay rent if I lived at home with them, the same way I would not let my children pay rent if they lived at home with me.

I guess some people are just less generous than others.

They are your children... but they are not children - they are grown adults. There is a very important distinction.

Do you not think grown adults should stand on their own two feet, and pay their own way in life?

I'd lay odds that the person in the article is earning more than her parents. Does that change whether she should contribute to the costs of the household?

grumiofoundation

Greymug said:

AdrianC said:

Greymug said:

grumiofoundation said:

So saved ~30k in 3 years. Although not completely clear if a) living at home and b) if so was rent paid?

What absolute monster of a parent make their children pay for rent?

We're talking about working adults here...

Yes, and just like my parents would not let me pay rent if I lived at home with them, the same way I would not let my children pay rent if they lived at home with me.

I guess some people are just less generous than others.

Well if my parents struggled financially there is no way I could justify living with them and saving tens of thousands for myself without paying rent/contributing forwards the financials of the house (whatever you want to call it if paying your parents 'rent' is a concept too morally abhorrent for you to imagine). 

I guess some people are just less generous than others right?

strawb_shortcake

Didn't the article say her only expenses were her groceries and mobile? If that's the case she was living rent free a luxury not afforded to everyone.

Flats in London are reportedly getting harder to sell so her longer term options may be stifled.  

user1977

Greymug said:

AdrianC said:

Greymug said:

grumiofoundation said:

So saved ~30k in 3 years. Although not completely clear if a) living at home and b) if so was rent paid?

What absolute monster of a parent make their children pay for rent?

We're talking about working adults here...

Yes, and just like my parents would not let me pay rent if I lived at home with them, the same way I would not let my children pay rent if they lived at home with me.

Do you mean absolutely no financial contribution towards household costs, or just not a "commercial" level of rent?

london21

Great. If it is thinkable, it is ddoable.

The trick is to either earn more or cut costs. Having a high paying role helps a lot. 

Living at home and only paying bills etc helps with savings compared to having to pay rent and also save. 

Greymug

user1977 said:

Greymug said:

AdrianC said:

Greymug said:

grumiofoundation said:

So saved ~30k in 3 years. Although not completely clear if a) living at home and b) if so was rent paid?

What absolute monster of a parent make their children pay for rent?

We're talking about working adults here...

Yes, and just like my parents would not let me pay rent if I lived at home with them, the same way I would not let my children pay rent if they lived at home with me.

Do you mean absolutely no financial contribution towards household costs, or just not a "commercial" level of rent?

No rent. If my parents were paying a mortgage on their property, they'd be paying the same whether I live there or not.

Contributing to other expenses such as utilities and food is another story and more understandable. Although again I wouldn't let my kids pay for anything and my parents wouldn't let me pay for anything.

hazyjo

Not the best financial decision, a pocket living new build flat in Barking.

Nice to own your own place, but I'd not want to totally give up on having a life to get it. Especially in my early 20s.

Newnoel

hazyjo said:

Not the best financial decision, a pocket living new build flat in Barking.

Nice to own your own place, but I'd not want to totally give up on having a life to get it. Especially in my early 20s.

Hmmm.. buying some place small is far better than chucking money away on rent though. I came over from Ireland about 20 years ago, and bought a tiny one bed flat in a not so nice part of London. People told me I was mad - place has quadrupled in value since. 

As for Barking, it wouldnt be for me, but its less than half an hour from the West End on the train, and less than that to a job in the City.