To move or not to move

skinally

Hi
I have just heard the Radio1 show and I need some help.
I'm 26 and still living at home with my parents I have almost no savings and am thinking of moving out I don't really understand about morgages and stuff like that . I really not sure what to do.
Please HELP!!!

tanith

skinally how about chatting to your parents , they may have good advice to give..

You can't even think about buying somewhere with a mortgage until you have established good savings and getting your finances in order... even if you want to rent something you are still going to need savings for a deposit and a bit put by for the first lot of bills etc.. sounds like you have a lot of planning to do but good on you for wanting to break out and stand on your own two feet..... are you working ? do you earn enough to be able to put some by on a regular basis? better to save up a lump while you are with your parents they may even help out with you paying less to them (I am assuming you do pay rent) or even give you some towards you savings.... ask lots of questions there is lots of expertise hereabouts...

nutmegman

In the current climate you wont be able to purchase a property without a deposit.

You will also need cash for legal fees, valuations, surveys, stamp duty etc.

Dont rush, read up and come back here with specific questions and i am sure someone will help you.

Fred1_2

Have a look at the local rental market and see if you can afford the rents being asked. Also add on amounts for Council Tax, Electricty, Gas, Water, contents insurance, TV licence, telephone, internet, and any other costs you can think of that your parents currently pay for you.

When you've got that total, subtract from it whatever you pay your parents now. Then start saving the difference. If can save that amount without trouble, you can afford a place of your own. Don't even start seriously looking for a place until you have 1 month's rent, deposit and enough for any furniture/furnishings you need saved.


If you are even thinking about buying a home, then check out the asking prices for the type of property that you're interested in. You'll need to save at least 10% of the asking price, preferably more, to get anything approaching a good mortgage deal.

Above all, don't rush. When you make the move, make sure you are financially prepared for it.

Oh and most importantly - good luck

moneysavinmonkey

what was the radio 1 show about???!

Think maybe you just had your lightbulb moment!

If you are 26 and living at home you really should be saving a great big wonga of cash every month.
Do a statement of affairs and look at how much you have coming in and going out each month - then improve it with the help of this website the Debt free wannabe, boost your income + moneysaving oldstyle boards are good places to start.

Once your on your way you can look at whether you want to continue living at your parents, rent somewhere or buy. At the moment house prices seem to be falling (maybe even crashing) so you aren't loosing out by waiting and getting your finances in place first.

skinally

Thank you all for your advice i think i have a lot of thinking and saving to do
Thanks again

moneysavinmonkey

you are in the right place so good luck!

ps what was on radio1 to bring you here???