Frustration of a market on a knife edge!

Sapphire

space_rider wrote: »

How about staying at home for as long as you can bear and then buy 2 bedroom house and rent your spare room.

Does anyone really need a house at the age of 24? Madness. :cool:

Just buy a flat – eventually, once the prices have come down and after living a bit in shared accomodation. You'll never get such an opportunity again once you are on the lifelong drudgery/boredom of a mortgage treadmill.

teabelly

Buying with another friend might be a good idea. If you get somewhere that needs work or which you can add value to in some way then it is a safer bet during these volatile times. You have to make sure you can live with them though. It will also allow you to buy a bigger place and you'll at least have some social contact as living on your own can be tricky if you move somewhere you don't know well.

I lived at home until nearly 25 but I rented a room during the week to save commuting time. Drove me mental as the others worked shifts so I'd either get woken at 6am when they went off to work or midnight when they returned from late shifts. Sometimes both when the other two were on different hours. They slept like the dead so they didn't notice me banging around the house which was most unfair House shares aren't for everyone and it is much better to find people with similar tastes and working hours as otherwise you are just creating conflict and will get on each others' nerves.

poppy10_2

Face it, if you are male, 25 and still live with your mum, any girl is going to think you are a bit weird.

You already say you feel ready to move out, what's wrong with renting a room in a houseshare? You can still save up for a deposit while gaining some independence.


And I also disagree that it was much easier to for older generations to get a mortgage. Until recent months, banks have been throwing money at people - CCJs, other debts, no deposit - all no problem. When my dad bought his first house back in the 70s, he earned a very good wage and had a sizeable deposit. Despite this, the process entailed many background checks and having an individual meeting with the local bank manager to assess his "moral character" to judge whether he was a good enough credit risk.

pavlovs_dog

the attitude shown by some of the posters is the VERY reason why my OH and i have bent over backwards to avoid the 20-something houseshare. ive been there, done that and have absolutely no desire to do it again, this thread has done nothing but confirm that ive made the right decision.

we are very happy living "in his parents basement", parents which we are lucky to have a fantastic relationship with - a relationship which has been cemented by the amount of time we get to spend with them. we pay our way, an amount that was agreed on by all parties as fair under the circumstances that we are saving for a house whilst i finish qualifying. the amount also means we are able to have a sort of social life, however our lodging money allows them to do the same. it is a mutually beneficial arrangement, it works for us, so 'ya boo shucks' to those of you who are too blinkered to even consider the other side of the story.

mrstinchcombe

poppy10 wrote: »

Face it, if you are male, 25 and still live with your mum, any girl is going to think you are a bit weird.

You already say you feel ready to move out, what's wrong with renting a room in a houseshare? You can still save up for a deposit while gaining some independence.


And I also disagree that it was much easier to for older generations to get a mortgage. Until recent months, banks have been throwing money at people - CCJs, other debts, no deposit - all no problem. When my dad bought his first house back in the 70s, he earned a very good wage and had a sizeable deposit. Despite this, the process entailed many background checks and having an individual meeting with the local bank manager to assess his "moral character" to judge whether he was a good enough credit risk.

One of the problems with a house share I clumsily haven't mentioned. I work shifts so I get two early shifts, two late shifts then two night shifts before my days off. This will make living with others in a house share difficult when it comes to getting enough sleep for work unless I get very lucky with who live with.

If females find that set up wierd this day in age then lets face it they aren't worth seeing more than once.

MrSafeGaz

poppy10 wrote: »

Face it, if you are male, 25 and still live with your mum, any girl is going to think you are a bit weird.

You already say you feel ready to move out, what's wrong with renting a room in a houseshare? You can still save up for a deposit while gaining some independence.


And I also disagree that it was much easier to for older generations to get a mortgage. Until recent months, banks have been throwing money at people - CCJs, other debts, no deposit - all no problem. When my dad bought his first house back in the 70s, he earned a very good wage and had a sizeable deposit. Despite this, the process entailed many background checks and having an individual meeting with the local bank manager to assess his "moral character" to judge whether he was a good enough credit risk.

Guess I have been lucky with my women then

Look, with the market as it is, I want to be in the best possible position within the next 12 months or so to buy a property, I don't feel I need to deteriorate that position to gain a year of 'independance' experience.

Agree or disagree, for the average professional of good financial standing it is financially more challenging to buy a house now than 10 years ago, fact.

In 1993 when my parents bought this house they borrowed around 3x their joint income and had no problems financing the mortgage. In terms of income I am just about on the equivelent of that joint income right now. It would be a laughable for me to try and buy a house similar to the one my parent bought back then. Actually scratch that, it would be impossible.

trudiha

I find this house buying obsession among the early 20-somethings disturbing. Why aren't you all out getting drunk, having unsafe sex, taking drugs and doing a little light political agitating?

Your first loan-to-value ratios aren't going to make for very interesting stories for your grandchildren.

MrSafeGaz

trudiha wrote: »

I find this house buying obsession among the early 20-somethings disturbing. Why aren't you all out getting drunk, having unsafe sex, taking drugs and doing a little light political agitating?

Your first loan-to-value ratios aren't going to make for very interesting stories for your grandchildren.

I would hardly call spending an hour or so debating this topic with people in similar situations an obsession And it certainly doesn't mean we can't spend time getting lashed on the weekends. Besides, its sunday!

neas

At 25... living with your parents would seem strange to a woman. Thats the real point. Cant stay in the nest forever. My point was you seem to dislike sharing with others... i'd feel like i was taking advantage of my parents... who after spending 18 years of bringing me up... deserve a break so they can enjoy each others company once again... in peace.

You didnt share at uni, which is very very odd, as it generally costs more not to share. And instead of share with friends you just stayed at home. The general argument I and others put across was that you've missed out, by becoming a 'mummys boy'.

Maybe we are wrong, but thats how people judge it. You got a good thing going, so why don't you just stay at your parents house forever, I mean itll be a big shock to you owning/taking care of your own house... why not just stay there forever... or like another poster has put forward move your girlfriend in with you... im sure your mum/dad would really love it.

Some people have been mothered too much.

trudiha

But it's not just about debating a subject, you are all putting your lives on hold so that you can save for a deposit. Of course that would be a laudable thing to do in a few years time but you are just out of uni and you have put your nose to the grindstone to save enough so that you can saddle yourself with a crippling mortgage and, undoubtedly when you are finally able to pay that comfortable you will be moving on to pension provision.

Madness, I tell you.