want to get out of parents

mi-key

Sarah1Mitty2 said:

silvercar 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.

I’d have thought they would be kicking themselves that they didn’t grab a mortgage last year when rates were so low. 5 year fix at under 2% or being with your parents in your 30s. Thought that would be a no brainer.

The problem is when the fix ends, far better to wait now and start off with less debt as prices fall.

And if they don't fall enough for them to buy, they can stay at their parents forever and save loads of money. They may even inherit their parents property when they pass and they are in their 60s or 70s so will have saved even more.

There is more to life than sitting there looking at how much money is in your bank account...

tiger135

yes and i have reached my limit for waiting and looking at my bank account!
other than buying and the screwed PRS are there other options to pack my bag and move in somewhere, ideally my own space rather than shared? 

mi-key

tiger135 said:

yes and i have reached my limit for waiting and looking at my bank account!
other than buying and the screwed PRS are there other options to pack my bag and move in somewhere, ideally my own space rather than shared? 

Not really. You have pretty much no chance of getting social housing, so your options are buy somewhere or rent somewhere privately. 

jimbog

tiger135 said:

yes and i have reached my limit for waiting and looking at my bank account!
other than buying and the screwed PRS are there other options to pack my bag and move in somewhere, ideally my own space rather than shared? 

Have you thought of relocating to another part of the country where housing is cheaper? Not sure what line of work you're in but is there a possibility of a 'live in' post if you decide it might be an idea to change career?

elsien

Lodger? Cheaper but less security and shared facilities. 

tiger135

lodging isnt ruled out but can you sometimes get a en suite so not sharing a bathroom? 
would spare room and airbnb be worth a search? 

Sarah1Mitty2

tiger135 said:

lodging isnt ruled out but can you sometimes get a en suite so not sharing a bathroom? 
would spare room and airbnb be worth a search? 

Are you able to post an example from Rightmove of the types of rental you have looked at?

Emily_Joy

tiger135 said:

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. 

Am I missing something? With the deposit of 170K you should be able to buy something reasonable, I would have thought?

P.S. Long long ago I had a friend. He lived with his mother and was somewhat over 40. When he turned 45, he met a nice girl, got married and moved to Australia. I believe their daughter is in a primary school now.

Sarah1Mitty2

Emily_Joy said:

tiger135 said:

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. 

Am I missing something? With the deposit of 170K you should be able to buy something reasonable, I would have thought?

P.S. Long long ago I had a friend. He lived with his mother and was somewhat over 40. When he turned 45, he met a nice girl, got married and moved to Australia. I believe their daughter is in a primary school now.

Anyone should be able to buy something decent for 170k never mind the deposit.

tiger135

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. 
someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.