want to get out of parents

EssexHebridean

MFWannabe said:

Sarah1Mitty2 said:

MFWannabe said:

Sarah1Mitty2 said:

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

Spoke to someone recently who went back to parents in their 30`s, now saving nearly 1k extra a month and SO glad they didn`t get sucked into a mortgage last year, rates are going to continue to go up it looks like from the latest data so get your savings into the highest paying account you can and wait for interest rates to do the heavy lifting of bringing down prices.

Then come back on here in 2 years time and say the same things again and house prices haven’t dropped by the amounts some people on here have been predicting for years 🤷‍♀️

The person I spoke to is just happy to be banking an extra 1k in savings a month instead of paying an extra bundle to a bank for an already overpriced flat somewhere, the feeling of seeing your savings pile up is Gold they told me, I would imagine the feeling of coming off a fix having bought in the last few years (as they almost did) would be a feeling not very much like Gold?

Seriously, if someone can earn that amount of interest per month they’d have enough money to buy somewhere outright 😂

Sarah is talking about the amount stashed into savings, not the amount of interest being earned. No place for mocking IMO.

EssexHebridean

OP in my view onky you can decide what is best for you,

If you need to get out now, and you have enough in the bank to do so, then what are you waiting for? sure, prices “might” come down in the next year, but then again they “might” not. What if  they don’t? 

Don’t stake your life based on what might happen, make your plans based on what is best for you.

lookstraightahead

Are you paying your way at your parents' house?

Karr55

tiger135 said:

Ive just got stuck ... not finding the properties id like to buy none are coming on the market. i moved back after lodging at a friends which had a bit more independence. he moved on elsewhere so i had to leave.

Spare room dot com might help you out here. 

Schwarzwald

You are 40, you really need to move out.

start viewing properties, process takes 4-6 monts to exchange once you have an offer agreed, so summer earliest. By that time we all know even more about where house prices go. If that “crash” is really coming, which i personally doubt - you can still
amend you offer or drop the purchase.

if your savings are not yet sufficient, go into rental, but get out of your parents place, at this age you dont have to explain yourself why this is better for you (and most likely them too)

JReacher1

Ignore the judgement. Living at your parents when aged 40 isn’t the end of the world. 

Personally if I was you I wouldn’t make a hasty decision. You’ve got money in the bank and no urgent need to leave your parents. I would take some time to think about what you want to do and then try and do it. I wouldn’t lock your money away for two years though

elsien

I was living back at home at that age, having moved out then move back again for various reasons. 

The people who are judging and saying you’ll never find a partner if you’re living at home really don’t know what they’re talking about. I was very sensitive about it throughout and but I realise now that most people really don’t care.
it worked for me at the time because I was paying a fair share towards household expenses I was still saving a lot of money and I was using it to do the things I really like to doing – travelling et cetera that I wouldn’t have been able to afford in the same way as a homeowner. When it stopped working, I moved out and bought my own place.

It really comes down to is working for you at the moment. But you indicated that actually it’s not really working for you so on that basis even if it costs more I would consider looking at what your options might be.

mi-key

I think I would feel kind of weird taking a girl back to my parents house if I was 40... Mind you I left home at 16 so didn't have that problem !

tiger135

ok great replies, thanks! so i know i need to buy eventually .. and the sooner i have an offer accepted the sooner i moved out. however, the thought it could be six months is a bit unbearable.
i know its just a number but the thought of being 42 and here is really not acceptable, ie my lifes over.
so i look at private rentals via rightmove and find anything acceptable is around 60% of my take home wage. is this affordable? im not sure i'd pass an agents checks as they usually ask for a minimum income. although if required i could pay up front 6 months  it seems like one bedroom prices are only affordable for couples these days?
so then next move i look at airbnb and find prices even higher , i feel like im hitting walls at every turn!

MrsHomeWife

Think it comes down to how desperate you are!

I think it's likely house prices are going to come down at some point in the next 1-2 yrs so if you're able to hold off until then, maybe that would be best.

If you're desperate to go though then maybe could rent somewhere for a year and see if the market changes?