Best option finically

Mutton_Geoff

sim2335 said:

Even a leashold will I struggle my salary is only 23500 before tax,
then I will have to pay council tax, service charges etc.

You may have answered your own question. The best investment you can make is not property but in yourself. Rather than property for now, are you able to do a course that would help you improve your earnings?

https://www.youtube.com/watch?v=S01ydjRBGAU

Schwarzwald

sim2335 said:

Schwarzwald said:

sim2335 said:

    3. Gets leasehold flat and move in, really want freehold

I pretty much live by the principle that "progress is more important than perfection", sure a free hold is always better than a leasehold, so is a 3 bedroom over a 2 bedroom, a detached than a terrace, but if all you can afford right now / foreseeable future is a nice and decent leasehold flat then GO AHEAD and make it a reality rather than dreaming of this perfect property for the next years and staying put and staying stuck.

the detached freehold house might come one day, but for now, make a move if sensible

Even a leashold will I struggle my salary is only 23500 before tax,
then I will have to pay council tax, service charges etc.

Then keep renting, maybe a small 1-bdr / studio to have more privacy vs living with others, and keep saving while trying to increase your income, either from your current role, or add a side hustle to it, etc

then potentialy revisit to buy in a number of years.

could you use the money your mum would be willing to gift you to start some business instead of buying a property?

sim2335

just a quick background I live with my parents at the momment.

Don’t pay rent

I have had 15 diffent jobs and lot of time unemployed and wasted a lot of money through lending too friends etc

My current job longest job 6 years

So I’ve totally lost intrest in better jobs etc been there done that and diffent courses etc

I have tried all that in past business, didn’t really get off ground eBay looking into side hustles.

The only thing I would be intrested is maybe a easy small side hustle if that is realistic.

Or a easy job with better pay if that’s realistic

I don’t want to rock the bot with my current job and who said it will be better elesehwere and they may let me go.

[Deleted User]

I understand your wish to have something as soon as possible; I’m the same and have been for years. 

Buy to let would be a terrible choice. Sure, you might have the mortgage covered, but you would also need to cover the other costs of being a landlord, which are far from pocket change. And still cover your own living costs. On your salary alone, you’d never manage it.

Leasehold I view with extreme caution. I think for me to jump into a leasehold it would have to be something special, something that feels worthwhile for my own living standards. As something to get ‘on the ladder’, to live in and sell in five years time, eurgh—so many of them just feel like a trap. Too many leaseholds around my area are appearing for sale, many having sold only a year or two ago; a couple less than 12 months. All overpriced. I see them and think, somebody bought that and now regrets it. Especially when I see some of the service charges! Those, on top of a mortgage. No way.

Right now, I could buy an absolute pit, in a terrible area, but I’d then have to scrape by because of it. Finances would be too stretched to improve my pit; any spare money would be getting consumed by desperately needed maintenance. I’d hate it. 

So, I’m just going to keep on saving. My worst case scenario is I hit pension age with just enough money to buy my retirement home without needing a mortgage. 

Plus, the more I save, the more accessible things become. Over the last few years (longer) I’ve gone through the wanting just anything stage, I get it. These days I’m into thinking more sensibly. It’s not about ‘holding out for a detached freehold’, for me, it’s about not jumping in feet first with eyes closed, and damaging those chances of a future detached freehold.

sim2335

[Deleted User] said:

I understand your wish to have something as soon as possible; I’m the same and have been for years. 

Buy to let would be a terrible choice. Sure, you might have the mortgage covered, but you would also need to cover the other costs of being a landlord, which are far from pocket change. And still cover your own living costs. On your salary alone, you’d never manage it.

Leasehold I view with extreme caution. I think for me to jump into a leasehold it would have to be something special, something that feels worthwhile for my own living standards. As something to get ‘on the ladder’, to live in and sell in five years time, eurgh—so many of them just feel like a trap. Too many leaseholds around my area are appearing for sale, many having sold only a year or two ago; a couple less than 12 months. All overpriced. I see them and think, somebody bought that and now regrets it. Especially when I see some of the service charges! Those, on top of a mortgage. No way.

Right now, I could buy an absolute pit, in a terrible area, but I’d then have to scrape by because of it. Finances would be too stretched to improve my pit; any spare money would be getting consumed by desperately needed maintenance. I’d hate it. 

So, I’m just going to keep on saving. My worst case scenario is I hit pension age with just enough money to buy my retirement home without needing a mortgage. 

Plus, the more I save, the more accessible things become. Over the last few years (longer) I’ve gone through the wanting just anything stage, I get it. These days I’m into thinking more sensibly. It’s not about ‘holding out for a detached freehold’, for me, it’s about not jumping in feet first with eyes closed, and damaging those chances of a future detached freehold.

Apw31 - my main worry is if I don’t get something soon house prices will just keep going up then I will never even have a chnace 

With beign a landlord all costs associated with it, you can just pay the agency and they deal with the it, of course things breakdown etc only separate 

Martico

I've not been a landlord, but have read through enough threads here to know that it is not a simple or risk-free way to make money. There are a lot of pitfalls and potential problems. A healthy bank balance and a strong knowledge of legislation are two of the things that you need before you think of starting on that road. 
Take a look through some of the links that the guide here offers:  https://forums.moneysavingexpert.com/discussion/5180214/tenancies-in-eng-wales-guides-for-landlords-and-tenants/p1

It's definitely not something I think you should consider in your position. Sorry.

Mutton_Geoff

sim2335 said:

Apw31 - my main worry is if I don’t get something soon house prices will just keep going up then I will never even have a chnace 

Your view is not shared by the mainstream press -

https://www.bbc.co.uk/news/business-63676119

https://www.ftadviser.com/ftadviser-focus/2022/11/09/house-prices-will-fall-5-in-2023-but-some-markets-will-outperform/

https://www.savills.co.uk/research_articles/229130/334947-0

https://www.thetimes.co.uk/money-mentor/article/will-house-prices-drop/

etc

macman

With beign a landlord all costs associated with it, you can just pay the agency and they deal with the it, of course things breakdown etc only separate 

Absolutely not. If you use an agent, whether to let, manage or both, you as the LL remain legally and contractually responsible for the many statutory requirements of  letting a residential property. If the agent screws up, then it's you that gets fined or sued, not the agent.

Sarah1Mitty2

sim2335 said:

Money from my mum is a gift

best option meaning I save and buy that could be when I’m 40 if prices not gone up

or get a leashold flat and move in 

I would do shared ownership only problem is it’s leashold

Financial media are saying that interest rates will need to keep going up because inflation is still a threat, prices won`t be going up in that scenario, don`t throw any of your savings into the property market at this stage, keep saving and wait until interest rate rises have stopped and we get clearer picture on the effects of that.

Sarah1Mitty2

Schwarzwald said:

sim2335 said:

    3. Gets leasehold flat and move in, really want freehold

I pretty much live by the principle that "progress is more important than perfection", sure a free hold is always better than a leasehold, so is a 3 bedroom over a 2 bedroom, a detached than a terrace, but if all you can afford right now / foreseeable future is a nice and decent leasehold flat then GO AHEAD and make it a reality rather than dreaming of this perfect property for the next years and staying put and staying stuck.

the detached freehold house might come one day, but for now, make a move if sensible

The problem with that is that if prices crash or even correct substantially that flat will become your reality for a very long time as you go into negative equity, best to keep your powder dry and keep clear of a falling market.