want to get out of parents

MFWannabe

tiger135 said:

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!

You really need to look at this positively 
You say you have a good amount in the bank; is this enough for a good deposit? How much would you be able to afford to spend on a property? What’s available in your desired area within budget? 

Six months if it takes that long is really not a long amount of time if you know that’s your light at the end of the tunnel 

Schwarzwald

JReacher1 said:

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

true it isnt the end of the world
all depends on circumstances and context
but in the absence of v strong reasoning why somebody that age still / again (temporarily) lives with their parents in the same house, one should critically assess how healthy that is for all parties involved and what has caused a fully grown adult to not be fully standing on their own feed independently, parents that age wont be around forever, what happens then?

badger09

tiger135 said:

i know i could be getting 600 a month in interest if i dont buy and fix in a savings acc. 
should i offset that against what im seeing as high rent prices ?

That implies you have savings of around £150k. 

What sort of property are you considering & what is the approx cost?

Schwarzwald

tiger135 said:

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!

the 6 months would go by v quickly, 1-2 months viewing and till an offer is accepted, then 3-5 months conveyancing process, but most important probably is the outlook: once you have an offer accepted, it changes outlook and mind as you have a goal in front of you that you work towards .... time will then pass by quickly

reg % of take home pay for rent: others please correct me, but i think something in the area of 20-30% of take home pay (gross or net) is more standard, I regard 60% as v high! once you add utilities, food, insurances, transportation there will hardly be much left to (i) save and cover for unexpected occurences, and (ii) enjoying life I guess...?

badger09

EssexHebridean said:

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.

That’s not how I read OP’s post. She said she could earn £600 a month on savings if she fixed. 

£600 x 12 = £7200
£7.200 x 100/4.3 = £167442 (4.3% being best rate available on 2 year fix, which has probably already changed😘)
so savings of approx £167500

apologies @EssexHebridean
Just realised you were replying to a post relating to @Sarah1Mitty2

I’m still confused by OP’s comment regarding interest😊

tiger135

yes my deposit is 170 but i dont necessarily want to use all of that.
so i could earn good interest right now on that, 600 towards the rent if i rented. or try and survive on wages and grow the deposit. or get back on the ladder now but maybe compromise on the property. 

JGB1955

Have you thought about asking what your parents REALLY think about you still living with them?  My children fled the nest at 21... well, one of them was pushed.... no way would I put up with an adult child in my 'space' at age 25+ unless they had REAL problems with finding their own home.

tiger135

i guess my parents are unusual then lol. i can see my mum is already getting worried and saying she will miss me. my dad is also saying i could stay longer and save more for a better house. not sure why its like this, as above poster said i think if i had kids i would want them out a lot younger. 

MFWannabe

tiger135 said:

i guess my parents are unusual then lol. i can see my mum is already getting worried and saying she will miss me. my dad is also saying i could stay longer and save more for a better house. not sure why its like this, as above poster said i think if i had kids i would want them out a lot younger. 

They’re parents, they’ll always worry about you no matter how old you are 👍

mi-key

MFWannabe said:

tiger135 said:

i guess my parents are unusual then lol. i can see my mum is already getting worried and saying she will miss me. my dad is also saying i could stay longer and save more for a better house. not sure why its like this, as above poster said i think if i had kids i would want them out a lot younger. 

They’re parents, they’ll always worry about you no matter how old you are 👍

They often prefer to worry from slightly more of a distance though