want to get out of parents

tiger135

hi all, i am currently nearly forty and have ended up back at my parents, which is killing me mentally!
i have a good amount in the bank but im not sure whether to buy now or wait as prices could come down.
do i have any other options when the rental market is crazy prices?
thanks , tiger

mi-key

None of us have crystal balls, so we can't say for certain what will happen with prices. The best time to buy is when you find somewhere you want to live and can afford it without stretching yourself too far.

Prices probably will drop a bit this year, some areas more than others, but you need to balance saving a bit of money with how long you can stay at your parents. 

mi-key

You also need to think long term. Over the length of a mortgage house prices always go up, it may go down a bit then up for a few years, then stay static etc... but if you are staying there long term then you won't lose out

tiger135

thanks i was wondering about lodging elsewhere but feel a sense of guilt that they might think id rather live with strangers than them. its only because im getting interest on my savings and could double that if i fixed for a year or two. 

MattMattMattUK

tiger135 said:

thanks i was wondering about lodging elsewhere but feel a sense of guilt that they might think id rather live with strangers than them. its only because im getting interest on my savings and could double that if i fixed for a year or two. 

Do you still want to be living with your parents at 42 or 43 if you are already struggling with it now? To put ot bluntly no one is going to want to date someone 40+ who is living with their parents so that is going to have further impact on your life and the mental health element will only get worse, not better.

I would be honest with your parents, make it clear that it is no slight on them and you still love them and want to spend time with them, but that living with them as an adult does not work and you do not want it to damage your relationship with them, I am sure that they will understand.

TimSynths

Buy and buy now. In ten years if no matter what happens to prices in the short term you will be sitting pretty. In 19 years my property has more than doubled in value and I have been through credit crunch, recession, Brexit, Covid, War etc. The trend is upwards over the long term. To rent the identical property next door is £1400 pcm. My mortgage is £550 and nearly paid off.

MFWannabe

tiger135 said:

hi all, i am currently nearly forty and have ended up back at my parents, which is killing me mentally!
i have a good amount in the bank but im not sure whether to buy now or wait as prices could come down.
do i have any other options when the rental market is crazy prices?
thanks , tiger

Best time to buy is when you find a property you want 
is there anything on the market you’ve viewed that you’ve liked? 

If you wait for prices to drop how long could you be waiting for? 

You say staying with parents is killing yogi mentally so that’s a big consideration to think about buying your own place; how much longer do you think you can mentally cope with living with parents? 

If you were to rent somewhere until you buy how much would you have spent renting when you could have been paying off your own mortgage? 

grumbler

tiger135 said:

 im getting interest on my savings and could double that if i fixed for a year or two. 

Sure?  Eeasy-access rates are about 3% currently. 2-year fixed rates are about 4.3%. 

northernlass29876

Waiting for prices to fall is like waiting for your lottery numbers to come up...

tiger135

im getting 2.25 i think and seen 4+ if i fix. 
so other than buying now i was considering lodging via spareroom or having to pay rent for 6 months.
out of interest has anyone seen a company called livinc, they are advertising serviced flats.
i could possibly pay 6 months up front to buy some time to buy but also get the space i need.
ive saved money for a long time so maybe its time to splash out for a furnished rental for 6 months to get my head straight and know where im going?

Mrs_pbradley936

I doubt your parents are thrilled about it either! Seriously in 2005 both of my sons were back living with us after years away, the older one got divorced and the younger one had finished university.

Get a room in a house share.