want to get out of parents

MFWannabe

Well you are certainly capable of making the change as you’ve already achieved saving such a huge deposit 
it all boils down to how much you want the change. If you really want it and find someone you really want to buy then time etc won’t matter 
If youre still indecisive you’ll still be here in 12 months time asking the same questions 
OR 
You could be living in your own property 
It may take approx 3 months to buy your own place but surely that’s your light at in the grand scheme of things not really that long 
if you’d found somewhere when you first posted you’d be in or getting the keys now 

Bluebell1000

tiger135 said:

buying is obviously the best option but it takes so long , first trying to find somewhere and being sure about it. i am still not sure whether to consider leaseholds , i'd rather freehold but i am limiting the market if i insist on that.
the time it takes means if i found somewhere tomorrow it will still take months, possibly sept/oct to complete. which means im stuck here until then.

if the rental market hadnt gone so messed up i know i could do that , but now with the lack of supply, one bed flats are costing 2.5-3 weeks of my take home pay. with overtime i take home 2000 a month, could i afford 1200 rent a month for a year to buy some time with the aim in mind that i will buy within a year?

the last option is lodging with other people other than my parents as a stop gap, and may only cost 5-600 a month but it feels a bit weird living in someone elses house especially at my age. i am starting to feel like im not capable of making a change, like its all pointless and i havent the energy. 

Maybe you could ask yourself what would happen if you do nothing? How do you feel about that?
Secondly, think about where you see yourself personally in 5 years - being realistic though. What do you need to do to get to your idea? 

Good luck with whatever you decide.

[Deleted User]

I haven't read all of this, but one think strikes me OP, you started this in Feb' it's now June, if you wanted really to buy or rent a property for the independence ( and maybe compromised on what property you chose, ie a stop-gap rather than 'perfect home') then you could have  been well on your way to exchanging contracts now. Indecision, waiting for 'the right place at the right time' might keep you stuck exactly where you are. if you want to go...go! Yes it could be a mistake, but so could doing nothing and becoming increasingly unhappy about living at home. 

eidand

I would definitely start looking asap. There are a number of things you can do to protect yourself.
Don't max your budget is the first thing.

Second, take the longest term possible, that lowers the mandatory payments, but it gives you the freedom to overpay when you can afford it. You should aim to overpay as much as you can.

Then you need to decide on the fixed term, if you  think interest rates will come down in a couple of years then fix for that. If you think they are, likely to increase then fix for longer.

I could not bare to go live with the parents in the 40s and it doesn't sound like you are thrilled either.

The important thing is to find a place you're happy in, in a decent area and make sure you don't max your affordability, you need some maneuvering space. Everything else is noise.

In terms of overpayments, be careful who you go with. I am on a 5 year fixed right now, but my bank allows me to overpay up to 3 times the monthly mortgage payment so that's what I am doing.

Nobody can control the market so that does not even become a factor. You can keep waiting for your lucky break and never buy or you can just live happily in your new home.

If you need to make more money then do that, it's not actually that hard.

Martico

If it's indecision / nerves / feeling paralysed by such a big step that's holding you back, that's understandable, it is a big step to take. But it doesn't have to be one big step. Try baby steps, and keep seeing how you feel as you go along. To start with, just book a few viewings of places that appear to be within your price range and that tick several of your boxes.

See how you feel then, and if encouraged, carry on doing so until you come to the next point where you have to move onto the next step or not. The process may well help to make your mind up one way or the other

JGB1955

The title of this thread is 

want to get out of parents

BUT - you don't WANT do you?  You're not showing ANY wish to move out.... and you'll still be living at home when you're 50 years old (and expected to be looking after your parents)!  Your choice.

YoungBlueEyes

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

What made you leave before @tiger135? 

Hedgepigs

Martico said:

If it's indecision / nerves / feeling paralysed by such a big step that's holding you back, that's understandable, it is a big step to take. But it doesn't have to be one big step. Try baby steps, and keep seeing how you feel as you go along. To start with, just book a few viewings of places that appear to be within your price range and that tick several of your boxes.

See how you feel then, and if encouraged, carry on doing so until you come to the next point where you have to move onto the next step or not. The process may well help to make your mind up one way or the other

This is sound advice.

I could have bought sooner than I did because of indecision and nerves (not helped by some of the HPC lot that haunt these boards!). I was slightly different situation as I was in a private rent that despite being a bit shabby, I really liked and had put quite a bit of effort in to making nice(r). The catalyst for me was the landlord putting the rent up to a level I'd no longer be able to really add to my deposit savings anymore. 

So I just got my act together and got a DIP online and started booking appointments to view houses. Even ones I knew I wouldn't really want - just to get a feel of what I could realistically get fory money. No deadline or pressure on when to put an offer in.

It actually only took about a month to find the one that felt right. And I'm here sitting in it now. Is it my 'dream house'? No. But it was easily within budget and ticked enough boxes to make it a house I can stay long term in without worries. I don't regret making that scary leap one bit.

Emily_Joy

MobileSaver said:

So you graduated, couldn't get a well-paid job initially and couldn't afford to buy your own property until 14 years later when you eventually increased your salary sufficiently?

Not being able to afford to buy is rather different than choosing not to buy for 14 years (which is the point I made about the HPC crowd)...

Sort of with couple of corrections (1) it was 5 years, not 14 - I am now in my second house (2) I knew that to be successful in job I wanted I need some extra qualifications, so I decided to do that first.

Emily_Joy

tiger135 said:

the time it takes means if i found somewhere tomorrow it will still take months, possibly sept/oct to complete. which means i'm stuck here until then.

True. You probably realise it has been now a few months since the first post in this thread.