want to get out of parents

Exodi

Sarah1Mitty2 said:

tiger135 said:

i will buy eventually but the whole buying process is too time consuming and stressful and i cant find what i want at the moment so renting makes sense. why would i buy something i dont really like just to get back on a ladder?

Well exactly, and with rising mortgage rates it can only be a debt ladder at today`s prices? People who stretched themselves onto this imaginary "ladder" in the last few years are wide open to financial shocks now, by luck or design you have managed to dodge a very tricky situation by not having any mortgage debt to worry about.

I'm absolutely kicking myself for engaging you, but I can't help but think your constant HPC nonsense is partly responsible for the OP's continued dallying over the past 4+ months.

Whether or not you are absolutely terrified of the idea of getting a mortgage and being left 'wide open to financial shocks' or 'debt ladders' is wholly irrelevant to the OP's situation. 

The OP is nearly 40 and lives at home with his parents. He wants to move out, it's the whole point of this thread.

So while you skillfully avoid explicitly saying it, implying that the OP just lives at home forever till he's the richest corpse in the graveyard (or your fabled house price crash prophecy comes true) is a non-starter.

In reality he has two options - get a mortgage (which for the record will be relatively small as the OP has a significant deposit) or pay rent/someone elses mortgage.

I regret to inform that if the OP does decide to follow in your footsteps in the latter, then they're still left 'wide open to financial shocks' as landlords will just pass on rent increases when they can as their personal mortgages go up.

Plus, let's just say the OP did buy a house (since based off the sums they've given it's completely possible) and your fabled prophecy does come true, house prices drop 10%, no 20%, no 30%... who cares? If the OP doesn't plan on selling during it, then what does it matter?

[Deleted User]

tiger135 said:

i want to leave my savings alone which is earning 500 interest a month.
so  1800-2200 would need to cover rent plus all other bills.
im thinking 800-1200 is the range? 

No one can tell you, because we don't know what percentage of your salary you need for basics, eg do you have to buy a rail season ticket to get to work, from where TO where. That might be a larger or smaller percentage monthly than 'average'. Do you drive to work, how far is that,  is your car on finance? Do you prefer eating steak to cheap burgers. Do you leave the lights on all night, have the heating on high, need superfast broadband etc. Do you buy your clothes at Asda or Saville Row? Knowing what percentage of your salary should be a manageable rent for you is going to be different from pretty much everyone's here, unless they are in exactly the same circumstances as you, and with the same expenses and in the same location. 

tiger135

going with the 40% rule which i believe estate agents use, my range is between 867 - 1024 . i have minimal expenses  cheap car, dont eat a lot. will see if i can rent but make sure the 170k i have stays put for when the right place appears for buying. 

Sarah1Mitty2

jonnydeppiwish! said:

Sarah1Mitty2 said:

tiger135 said:

i will buy eventually but the whole buying process is too time consuming and stressful and i cant find what i want at the moment so renting makes sense. why would i buy something i dont really like just to get back on a ladder?

Well exactly, and with rising mortgage rates it can only be a debt ladder at today`s prices? People who stretched themselves onto this imaginary "ladder" in the last few years are wide open to financial shocks now, by luck or design you have managed to dodge a very tricky situation by not having any mortgage debt to worry about.

Not entirely sure that’s correctly - you always need to pay for where you live (unless you’re in the unenviable position of not being able to work). Historically, mortgages have always been cheaper than rent. There are the obvious downfalls of maintenance of your own place, but very few statistically end up with a ‘debt ladder’ if they remain in the same place for a period of time.

The rental market has already shown there are issues with significant rent increases.

Op, you sound like a person who will never find a property that will fill all the boxes. As the ‘lovely’ couple on TV always say, compromise on something. What’s your rental criteria v buying criteria?  

I’d love to but a new car, a VW Tiguan, but it’s very expensive and not sure I want to spend that much. However, I can buy a 3 or 4 year Skoda for over half that price and it still does all the things Tiguan does. Compromise is key here.

You can`t compare historical markets to this one, the last few years has never happened before, and the task of exiting the mess we are in is largely experimental at this stage, also as the OP is living at home they won`t have issues with "significant rent increases".

tiger135

have enquired about a few rentals and all but one has already gone , the supply at the moment is no good. 

tiger135

1200 a month one bed flats near to my workplace, on a basic 415 take home, 480 with overtime, this seems to be overstretching? even if it was just a stop gap before buying? 

Sarah1Mitty2

tiger135 said:

have enquired about a few rentals and all but one has already gone , the supply at the moment is no good. 

When we eventually get the recession that the PTB hope will end inflation (Let`s hope they don`t end up with Stagflation) rents will plummet and there will be plenty of supply as younger punters losing jobs relying on non-necessary spend (pubs, eating out etc.) move back home, you are in a once in a lifetime position, able to save with an already big savings pot and with minimum housing costs, all during the biggest property bubble in history! Keep saving and tune out those baying for you to sacrifice yourself to long term mortgage debt!

MFWannabe

Sarah1Mitty2 said:

tiger135 said:

have enquired about a few rentals and all but one has already gone , the supply at the moment is no good. 

When we eventually get the recession that the PTB hope will end inflation (Let`s hope they don`t end up with Stagflation) rents will plummet and there will be plenty of supply as younger punters losing jobs relying on non-necessary spend (pubs, eating out etc.) move back home, you are in a once in a lifetime position, able to save with an already big savings pot and with minimum housing costs, all during the biggest property bubble in history! Keep saving and tune out those baying for you to sacrifice yourself to long term mortgage debt!

How are rents going to plummet when there is going to be a shortage of rental properties as more landlords sell up due to new rules and higher interest rates on their mortgages?! 

Your logic is very flawed 
OP It’s been said many many times the decision is yours and no one else’s 
I don’t see the logic in paying 1200 a month for a rental when your potential mortgage would be half that 🤷‍♀️
So the sensible option if you don’t want to buy yet is to stay where you are, if you can stick it (which you yourself have said is soo f your head in) 
Don’t end up like Crashy or Sarah or whatever they’re choosing to call themselves at the moment; waiting for the big crash otherwise you’ll still be here in 5 years time asking the same questions 

Sarah1Mitty2

MFWannabe said:

Sarah1Mitty2 said:

tiger135 said:

have enquired about a few rentals and all but one has already gone , the supply at the moment is no good. 

When we eventually get the recession that the PTB hope will end inflation (Let`s hope they don`t end up with Stagflation) rents will plummet and there will be plenty of supply as younger punters losing jobs relying on non-necessary spend (pubs, eating out etc.) move back home, you are in a once in a lifetime position, able to save with an already big savings pot and with minimum housing costs, all during the biggest property bubble in history! Keep saving and tune out those baying for you to sacrifice yourself to long term mortgage debt!

How are rents going to plummet when there is going to be a shortage of rental properties as more landlords sell up due to new rules and higher interest rates on their mortgages?! 

Your logic is very flawed 
OP It’s been said many many times the decision is yours and no one else’s 
I don’t see the logic in paying 1200 a month for a rental when your potential mortgage would be half that 🤷‍♀️
So the sensible option if you don’t want to buy yet is to stay where you are, if you can stick it (which you yourself have said is soo f your head in) 
Don’t end up like Crashy or Sarah or whatever they’re choosing to call themselves at the moment; waiting for the big crash otherwise you’ll still be here in 5 years time asking the same questions 

Because

1) Many landlords won`t be able to sell up because demand is falling

2) People who are now tenants might buy the flats, meaning less tenants

3) Rents are decided by wages, and demand, both things that fall in a recession as 4) Younger people who can (and are likely to be renting or flat sharing) move back to parents to soak up zero housing costs as landlords deal with the recession.

MFWannabe

tiger135 said:

1200 a month one bed flats near to my workplace, on a basic 415 take home, 480 with overtime, this seems to be overstretching? even if it was just a stop gap before buying? 

I don’t know why you keep asking the same questions?! 

It may be because you’re incredibly indecisive; I’m really not sure 🤔 
As I see it you have 2 options: 
1) Buy your own property with a great deposit and mortgage payments way less than rental 
2) stay where you are and continue to save until house prices may reduce (if you believe some on here crash) and mortgage rates come down; which are likely now not going to happen until next year and then I think circa 3.5/ 4% will be more the norm