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

sim2335

Yes had a look

I think I should just get it, won’t  be cheap but at least I get my benefits double bed, room just for sleeping less headaches.

Living room put PlayStation in

Always can move back home if it doesn’t work out and sell it.

You only live once, and when will I ever be able to afford freehold prices keep going up.

My main savings will be the mortgage. 

And could save say £100 separate for emergency’s etc 

sim2335

The other option is turning garage or attic into a 1-2 bedroom and bathroom.

it would be a lot cheaper, but will I get a loan anywhere.


my house I live in now is semi detached 3 bedroom, which will be passed down to me and my brother.

elsien

sim2335 said:

The other option is turning garage or attic into a 1-2 bedroom and bathroom.

it would be a lot cheaper, but will I get a loan anywhere.


my house I live in now is semi detached 3 bedroom, which will be passed down to me and my brother.

You do realise that there are no guarantees about that, don’t you? 

How many houses and areas have you actually been to view, as opposed to just seeing them on the internet? 

sim2335

I might not get leashold now, just keep saving, don’t feel happy to dump all that money for leashold, when I can be so close to freehold this time next year will have 27k savings compared to 10k I have now.

im looking in 4 mile radius of LE1 area 

JReacher1

hazyjo said:

How much is the flat and how much will you need to borrow? That's a very low wage and I doubt you'll be able to borrow much more than £40k. Have you spoken to a broker?

Don't forget service charge. Ground rent should be low. Do you need to run a vehicle? Buy transport fares?

Why do you think someone on a salary of £23500 could only get a mortgage of £40k?

theoretica

You don't mention anywhere how keen your parents are for you to move out.  Personally, I really liked moving into all my own space - and my parents liked their space being all theirs too. Of course starting out I couldn't afford as much as people later in their careers and lives, and paying for yourself does leave less for saving or discretionary spending - but for me, my own space was definitely worth it.

Of course your offer may not be accepted - most people need to offer on several properties before getting one.

SavingPennies_2

JReacher1 said:

hazyjo said:

How much is the flat and how much will you need to borrow? That's a very low wage and I doubt you'll be able to borrow much more than £40k. Have you spoken to a broker?

Don't forget service charge. Ground rent should be low. Do you need to run a vehicle? Buy transport fares?

Why do you think someone on a salary of £23500 could only get a mortgage of £40k?

In the first post the OP implied their salary was 10k when I think they actually meant they had 10k saved. They have since update it with accurate figures.

t1redmonkey

sim2335 said:

I might not get leashold now, just keep saving, don’t feel happy to dump all that money for leashold, when I can be so close to freehold this time next year will have 27k savings compared to 10k I have now.

im looking in 4 mile radius of LE1 area 

I think ultimately you just need to have a lot more of a think about this, you don't seem sure at all of what you want to do or achieve.  You went from saying you were going to buy it, to saying you weren't going to buy it in the space of 3 hours.

And I don't mean to sound patronising but you do know there are also other options which are less of a commitment than getting a mortgage on a place right?  I saw on page 2 of this thread you said you've always lived at home.  Why not try a house share or renting a flat first so you get the experience of living independently from your family for the first time?  You don't have to go for the 'all eggs in the basket' approach but it sounds like from the tone of your posts you aren't considering other options.

Murphybear

Don’t forget when you buy a property it will be totally empty, probably not even a cooker.  Have you got enough funds to kit it out?  Even buying basic things can be very expensive.  

You can often get free things to start with on Freecycle.  Some of the big charity shops sell furniture at reasonable prices.  If you need ideas then people on here will have lots of them if you ask 

sim2335

The reason I don’t do a house share if you mean shared ownership, is there all leasehold houses, and no point renting just for e prince May is well move out for experience., after amount of money I wasted in past and lose of money by not earning as I couldn’t find or keep a job, I don’t want to waste anymore.

t1redmonkey what other options, other the. Two mentions I would be intrested.

it’s so expensive, moving out, I wish I released earlier, I thought it wouldn’t be that expensive otheriwse how do so many people afford and I live with prnets and don’t pay rent so I quickly save and thought bank would offer lot more.