My offer on a 3bed semi-detached for £245k was accepted. Overwhelming feeling of dread now.

AskAsk

As others have said, a lot of us were in your position when we bought our first property.  A lot of us had help from mum and dad!

I had to pay for refurbishment on my first property, and I hadn't budget for how much that was going to cost.  I didn't have any money to buy anything for the house and had to wait for my pay to slowly buy stuff.  I got a lot of help from my mum and I borrowed money from my brother.

Yorkie1

When I first moved into an unfurnished (rented) house, a friend said that all you need furniture-wise is something to sleep on and somewhere to sit when you watch the TV. The rest could come with time.
(Obviously, you need white goods etc.)

She was right, to a degree. As others have said, you don't need everything at once, and you don't need it to be new as long as it is safe.

Good luck!

amandaleeds

I furnished my big 2 bed flat for less than £2k including appliances. It was either free or 2nd hand, albeit maybe a few things from Dunelm. I blew all my savings on the deposit so had to wait each pay day to gradually get everything, but you don't need much to start with 😊

RHemmings

I'll add another vote for go ahead. You seem to have things planned well. As others have mentioned, there may be some other expenses you haven't accounted for, but it sounds like you can make it work out. If you're careful you might even be able to make some overpayments assuming your mortgage allows it. If someone moves in with you, be careful about the legal consequences if they are contributing to the mortgage etc. 

TheJP

You are in a good position, i think some of the budget for your utilities are high for 1 person. Example, we are a family of 4 and we pay £90 pm for gas and electric, water is £45pm. 

Don't rush to get a lodger, enjoy the independence home ownership brings, sometimes that is worth more than the lodger brings in.

Based on your potential salary you would qualify for child benefit (£82pm or £120 for 2) which helps for things like swimming lessons or nursery.

Do what is right for you in the now not what could be. 

All the best! 

white_tree

jimbog said:

I think you have your head screwed on well. You'll be fine Remember if you didn't buy you'd still be stuck with mum and dad (regardless of how well you get on with them it's not ideal) 

certainly not ideal! thank you

white_tree

Groover24 said:

I was exactly the same when I signed on the bottome line for my house and had a bit of a wobble when I was about to hand over my hard earned deposit - this was mainly due to someone at work suggesting I wait for the crash in 2008. Yes, it came to an extent a year later but I have not regretted buying. 

I was in house shares for many years as it suited me - it used to be incredibly cheap and I got used tohaving a lot of my income for myself as well. You have got used to the idea of having pretty much all of your income to do as you please and have been lucky that you do not pay rent. You may have to adjust your lifestyle to suit your new situation but that is life I am afraid - I changed habits but have not really had any regrets.

If your friends and family are handy with a brush then ask them to help in decorating.  You can do the essential rooms first - I started with the lounge, then the bedroom and then continued through the house when time allowed. There is no rush to get it perfect and I started with lots of reasonable second-hand items and replaced later when I found my feet. If the house has good bones then you should be OK 

Based on my experience I would go for it and enjoy the house.

thank you groover. you hit it nail on head. it's life. there will come a time, take home will be less because of rent/mortgage bills. must be FTB jitters! 

white_tree

millie said:

I got some nice curtains from charity shops. When my son bought his first property we got all the furniture he needed except for a bed and fridge freezer we preferred to by those for him new. The suite, television table dining room suite and bedside cabinet was all delivered for £250 from BHF. That was 10 years ago so probably a little more now.

i must say, i am looking forward to get my hands on some bargains. 

white_tree

annetheman said:

A lodger is definitely great back up if you can stand living with a stranger. I couldn't, so never got around to getting one...

Your actual disposable income amount is healthy. I really believe what it comes down to attitude towards finances and mindset around spending. You seem to have the right one, seeing as you started this thread and are aware of your financial position and have a rough SoA already. It is for that reason I concur that you will be absolutely fine!

When I first bought, my disposable income dropped so much from about £1,600 pcm to £600, BUT I didn't adjust my lifestyle. I bought new stuff, continued to live lavishly (lobster dinners every Friday, yes, that lavishly lol) and drank A LOT of alcohol, holidays, all sorts. I ended up with tens of thousands of credit card debt that I am only now paying off as a high earner.

This is my second time buying and in that time I have learned:

• Know your outgoings, write up a Statement of Affairs (SoA) and keep track of spending monthly - check.
• Pay off debts with a clear overpayment plan, stick to it and be diligent - check.
• Second-hand furniture - never buy new!*
• Mindset over everything

*I decorated my home with almost every item of furniture from charity shops (even the cushions, books, picture frames etc) over time, not all at once - I've had lots of compliments on my interior design, and you would be shocked at how little it cost. 

I also had recent significant pay rises (which you will if your partner moves in, too). This was mostly due to a change in my mindset overall. Because of your responsible attitude and mindset, you will be fine. Don't underestimate the power of that SoA and keep it in use!

hi thank you very much. reassuring to hear my disposable is healthy. i'm sure 'll be okay with it, i suppose it's just the '...but what if i'm not'. anyway, you're right about mindset. i'll probably be too scared to continue living lavishly and spending frivolously with a mortgage over my head lol!

thanks for all the tips, well received.

horsewithnoname

Join your local freecycle groups, people give away loads of decent stuff.