How I bought a flat in London at age 25

Slithery

I inherited around £90k when I was 18 (25 years ago). Instead of buying a property I blew the lot on having a fantastic time with my mates.

If I could go back and do it again I wouldn't change a thing.

Bonniepurple

How I managed to buy our new house (4 bed detached):-
my grandfather died and left me some money 
my grandmother died and left me some money 
I used the above legacies to buy a 25% of a shared ownership property 
My mother died and my father generously offered me the life assurance payout which meant we could buy a run down house with no mortgage.
I gained a promotion and worked more hours which meant I could get a small mortgage.  

So, in a nutshell, my property ladder has been due to rellies dying off.  This is not something that you can plan the exact date for (unless they are given a helping hand, in which case the police might be interested!).

lookstraightahead

Greymug said:

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.

Until what age?

my kids earn more than me now (not that they live at home). I like to think they've done a good job of supporting themselves.

in not saying I wouldn't support them, but not paying for anything? 

lookstraightahead

grumiofoundation 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.

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?

This. There are some decent kids about who feel the need to contribute. 

Monsternextdoor

Congratulations- Give you a clap.

Cheaping out on your parents and generally sponging off them.

You will go far in journalism. 

grumiofoundation

Monsternextdoor said:

Congratulations- Give you a clap.

Cheaping out on your parents and generally sponging off them.

You will go far in journalism. 

The journalist wasn't the subject of the article. 

StandingInTheSun

Monsternextdoor said:

Congratulations- Give you a clap.

Cheaping out on your parents and generally sponging off them.

You will go far in journalism. 

I'll ask the same question I didn't get an answer to earlier - if you believe people in their 20s should pay rent to live with their parents, do you believe elderly parents should pay their children to perform a caring role for them?

After all such services are not routinely free!

lookstraightahead

StandingInTheSun said:

Monsternextdoor said:

Congratulations- Give you a clap.

Cheaping out on your parents and generally sponging off them.

You will go far in journalism. 

 

I'll ask the same question I didn't get an answer to earlier - if you believe people in their 20s should pay rent to live with their parents, do you believe elderly parents should pay their children to perform a caring role for them?

After all such services are not routinely free!

Not direct at me, but ...

As a parent I wouldn't expect my children to care for me, and as an adult child I wouldn't  expect to not contribute if I lived with them.

are you of the belief that if you give free accommodation to your children at some point, they will look after you in your old age when you need it?

Hardly free accommodation is it? Sounds like an emotional bank account.  They're not your carers, just like you've not got a money tree to support your adult children for ever.

AdrianC

pinkteapot said:

For those interested, brochure for one of the developers' other sites which has floor plans for the flats towards the end: 

https://www.pocketliving.com/bucket/pocket/developments/current/30_60f69515559c1.pdf

p.21 has the 417 sq ft flats like hers. 

Yes, small (I'd struggle in that bedroom!) but the living/kitchen room isn't *that* bad. I've definitely seen worse studio flats on Rightmove. 

A reminder...

417 square dibnahs is 38.7 square metres in real measurements.

The government's National Space Standards (part of building regs) say that 37m2 is the BARE MINIMUM for a single-occupant single-bed property with a shower, 39m2 with a bathtub. For two occupants, 50m2 is the minimum.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/524531/160519_Nationally_Described_Space_Standard____Final_Web_version.pdf

Greymug

Monsternextdoor said:

Congratulations- Give you a clap.

Cheaping out on your parents and generally sponging off them.

You will go far in journalism. 

To be fair, what's the real difference?

You either get help/money from your parents now or you get it in a few years when they finally bite the dust.