Buy now or wait?

woohooteehee

Hello,

I have been confused on whether I should buy a home so I would appreciate any advice on the following situation:

I am 23 years old and I am able to buy a 1 bed for about 190k, in a location where the commute to London is possible (greater London). I have can put down a deposit between 28-32k which brings me to a monthly payment i can afford. I believe this is a good chance to get onto the property ladder at my age/stage of life. Another reason for me wanting to get onto the property ladder now, is that my parents do not own a property in the UK and i believe this would be a good way to secure their future as well as mine.

I currently live with my parents and i am happy to move away however, i believe that there may be a time in the next few years where i might need to move away from this property i buy, or come back home (my mum is a carer for my dad so if anything were to happen i would move back to help).

However, i am currently very confused on whether i should buy now and take the option of 'consent to let' when needed, which is a risk as they may reject if it is a problematic lender/ or increase interest rates to a payment i do not like. I have heard all sorts of rules of getting the leaseholder permission, having a certain LTV etc.

Or whether I should wait and buy a 2 bed (with a higher deposit and new salary), so even if i have to move back or anywhere else i can still have a lodger for the 2nd bedroom so my payments will still be covered?

I would love any advice on the matter.

Thank you!

FlorayG

If you have a lodger and you move back to your parent's house and it's too far to travel back and stay one night a week in your own home you may have problems; if you move back 'full time' to your parent's house then your lodger may potentially become a tenant with all the rights therein so be aware and careful of that.

Albermarle

Do you actually want to move out of your parents home? If you are not that bothered, you might as well stay there and keep saving money for a house purchase later ( have you got a LISA?)
Over the next few years you may meet someone and want to buy a house with them.
Also although thinking ahead about your parents care is very kind, you are only 23 and YOLO.  I am sure your parents would want you to enjoy life, and not worry too much about them.

tacpot12

Are you relying on getting a new job in Greater London to be able to afford the 1 bed property? If not, then I think it would be best to buy the 1 bed proeprty now. House prices are going to continue to rise, and I don't think consent to let will be a problem IF you choose a reasonable lender (most are), and if you live in the property for a couple of years before asking for the consent. You will then be on the property ladder, which is a good thing at your age. 

It sounds like you are open to the idea that you might have to move back home at some point, but that there is nothing that indicates that this is going to be necessary in the short term.