Found a one bedroom flat for sale, is it worth getting

sim2335

If I keep saving only till end of next year I will have 28500(1k from isa) in savings and my mum could help with 10k, I would rather do it all myself though.

even then if I’m getting only 105k from bank, still can’t afford a freehold.

Also I would still be spending about 800 a month on mortgate, council tax etc.

which at the momment are about 180k chepeast.

SavingPennies_2

Is your salary likely to go up? Buying is often tight at first but becomes easier if/as income grows. 400-500 left over isn't too bad but this will quicky get eaten up at first by costs on the flat (repairs, decorating, buying furniture and white goods etc) you'll have to be very restrained with your spending. Also it will probably cost a lot more than you think if you've only ever lived at home, also some of your estimates are out.

100 for food is very low especially if you're not used to cooking/ budgeting for yourself

40 for home insurance seems high (you prob won't need buildings if buying a flat)

100 for bills is low (especially at the moment with electricity prices)

75 for tv is high, it's about 14 a month

sim2335

Salery will go up but only slighlety maybe 500 a year thousand if I’m lucky.

3 thousand if I get promoted job, diffent department see if I get a interview and get it 

Always lived at home

At the moment I’m saving 1000 a month.

Have 500 spare which seems a lot but isn’t quickly gets eaten up 100 a month car

100-150 a month food 

If I go to a trip or show that month like a diffent city football match or play etc 100

Then razors hair cut etc 50

Sometimes get clothes 50.

If I have something big like mot I just save less that month.

HampshireH

Have you ever lived away from parents and paid bills/ managed a budget.

We know you get taken advantage of by others and the advice has been previouslybhas factored this in.
Is it a case of you had somewhere and lost it or you never moved out?

If the latter I would recommend renting first

Bendy_House

Hi Sim.

Didn't know we weren't allowed to discuss house prices on here, but I guess that's reasonable since no-one can say with any certainty what's going to happen. If you follow the news, tho', you should be able to pick up an idea of what IS happening, and what that MIGHT mean if you delay a bit further. That is NOT advice, of course, because no-one can advise on this - it would have to be your judgement. Also, what appears to be slowly happening, might not apply evenly to the entry/ftb market. 

This 1-bed is in ready-to-move-in condition? Are you 'practical' at all? Are there any alternatives out there that could be more affordable but require cosmetic work?

Thinking back to my first purchase - also a flat - I held out for a 2-bed, as it always held the contingency that I could rent out the spare room if needed. Thankfully I didn't, but the place needed a complete reno, and I could only do a small amount each month as funds allowed. Ultimately worth it, tho'.

If you give an idea of the locations you are prepared to look at, I've seen folk on here suggest some great alternatives worth checking out.

sim2335

HampshireH - always lived at home,yes I have been taken advantage, and when I think of that didn’t happen I could have a freehold now, it’s hard but anyway I know it doesn’t sound likely but it won’t happen again., as I have blocked and never take out a lon for anyone no matter what and always seek advice first if I feel too much pressure, 

I’m looking in Leicester area, don’t mind a bit futhur as long as no motorways. 

Before I came on here I  did put in offer of 110k for 120k leashold flat over 900 years left on it.

Shall I cancel it?,

The new flat doesn’t really need any work, other then, of course furtinure .

Leashold even if prices go up won’t make much money, when sell.

I just want a freehold move in, not waste money on lease 100 plus extra a year and not worry about moving out etc., but will I ever be able to afford that, and getting alwahold might make it even harder to afford.

Isn’t there any government schemes that could help?

Bendy_House

sim2335 said:

I’m looking in Leicester area, don’t mind a bit futhur as long as no motorways. 

Before I came on here I  did put in offer of 110k for 120k leashold flat over 900 years left on it.

Shall I cancel it?,

Leashold even if prices go up won’t make much money, when sell.

I just want a freehold move in, not waste money on lease 100 plus extra a year and not worry about moving out etc., but will I ever be able to afford that, and getting alwahold might make it even harder to afford.

Isn’t there any government schemes that could help?

I’m looking in Leicester area, don’t mind a bit further as long as no motorways. Could you narrow down the areas you like a bit?

Before I came on here I  did put in offer of 110k for 120k leasehold flat over 900 years left on it. A leasehold with 900 years is almost as secure as a freehold - there is nothing wrong with going for a leasehold property, as long as you check out the obvious - maintenance charges, ground rent, stuff like that. Apparently, 98% of properties in London are leasehold!

Shall I cancel it? Lawdie! How can anyone give a recommendation on that! We know NOTHING about the place you are considering.

Leashold even if prices go up won’t make much money, when sell. They should make the same proportion increase as a freehold. Why shouldn't they?

I just want a freehold move in, not waste money on lease 100 plus extra a year and not worry about moving out etc., but will I ever be able to afford that, and getting a freehold might make it even harder to afford. Yes, a freehold property will almost certainly be an individual house standing on its own ground, so is almost bound to be more costly. BUT, once things like convenience (to a station or shops or schools etc) and desirability of the location (leafy, near parks, good parking, low crime etc) is taken into account, a leasehold flat can easily cost more than a leasehold house of the same size - and usually will.

Isn’t there any government schemes that could help? Sorry, no idea. I have to say that it sounds as tho' you haven't explored all the options, and are being driven by your gut rather than common sense, which is fair enough and understandable. It is, tho', a HUGE decision, so you should really feel confident that it's the RIGHT thing to be doing NOW, and with the BEST property you can find.

I don't know how legit this site is, but perhaps worth a read: https://www.ftb.help/

Also, if you post a link to the actual place you are considering (have put an offer in on...), then I'm pretty sure folk on here will give good opinions on whether it's the best move you can make, or whether there are decent alternatives.

SavingPennies_2

sim2335 said:

HampshireH - always lived at home,yes I have been taken advantage, and when I think of that didn’t happen I could have a freehold now, it’s hard but anyway I know it doesn’t sound likely but it won’t happen again., as I have blocked and never take out a lon for anyone no matter what and always seek advice first if I feel too much pressure, 

I’m looking in Leicester area, don’t mind a bit futhur as long as no motorways. 

Before I came on here I  did put in offer of 110k for 120k leashold flat over 900 years left on it.

Shall I cancel it?,

The new flat doesn’t really need any work, other then, of course furtinure .

Leashold even if prices go up won’t make much money, when sell.

I just want a freehold move in, not waste money on lease 100 plus extra a year and not worry about moving out etc., but will I ever be able to afford that, and getting alwahold might make it even harder to afford.

Isn’t there any government schemes that could help?

I don't know why people (not just you OP) get so hung up on leaseholds. Many of the houses (don't assume house = freehold) where I live in the North West are leasehold, as they are in other parts of the country. My last house was leasehold, 900+ years left, peppercorn rent (never paid a penny), most houses on the street had all sorts of extensions and modifications, very popular area, prices have gone up and they sell like hotcakes. In other words it didn't make a jot of difference. Obviously with flats its a bit different, but if you have a long lease then you aren't going to have to move out (not sure why that worries you?) and the price will go up, albeit less so than a house, since a house is generally worth more, therefore value will increase more.

sim2335

I’m happy to send the house to anyone by private message, if they message me,don’t want to put it on public bored just incase somone looks and finds all my posts and if I move in that’s  my address.

my ultimate aim is to move in freehold hence the need to move out eventually.

elsien

Have you seen the statement of affairs in the debt free wannabe board? I’d suggest taking a look at that when working out your budget - it’ll identify spending you may not have thought of.