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Comments
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Move north, you can get a nice house for the money you've saved, and only need to earn enough to live as you'd be mortgage free.0
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Looks like you’re quite wrong about that.
The biggest single issue for most people I reckon would be divorce, but there would be a number of other isssues such as failed business or career, health (physical or mental), addiction.
The latter you could call going very wrong, but divorce is common and normalised these days.
From my quick googling it is 5% of people over 50 that are renting......
I didn't literally mean every single 50+ year old owned...I mean't the vast majority.
Apparently there are approx 21million people aged over 50 and 1million of them are renting.
And also - possibly this 1 million includes people renting out a care home.
Although this thread is supposed to be about millennials and how they are doing..... it's still interesting. I definitely want to avoid a divorce at all costs, so will likely avoid marriage. This scares the hell out of me as with my big deposit I will be putting a large chunk of hard earned savings into a property, to get kicked out of it would devastate me as I'd be on low wages and may not even be able to afford to rent.
I feel sorry for those that get kicked out of their own home with nothing to show for it while their ex partner gets the home and the kids. It's awful.0 -
The thing is that if you can move to somewhere cheaper and change your job to get there you might also meet someone in the new place which would mean that you could afford an even better house than you are ever going to get where you live now. Not only that but your quality of life could also improve.
I have picked this house as an example. https://www.rightmove.co.uk/property-for-sale/property-61098981.html because you can commute to Manchester from here. I don't know how much you have in savings but if you work in Manchester you won't earn that much less than you do in the South East.0 -
I definitely want to avoid a divorce at all costs, so will likely avoid marriage. This scares the hell out of me as with my big deposit I will be putting a large chunk of hard earned savings into a property, to get kicked out of it would devastate me as I'd be on low wages and may not even be able to afford to rent.
I feel sorry for those that get kicked out of their own home with nothing to show for it while their ex partner gets the home and the kids. It's awful.
It’s a great shame if you are avoiding something that can be wonderful through fear.
Assets obtained before a marriage are usually regarded as yours but you could do a pre-nuptual agreement to ensure that.
Often women get to stay in the home with the kids as clearly it’s easier for one adult to move out, however that doesn’t mean she gets the entire house. Sometimes people do swap house for pension if they want a clean break, but another way is the father keeps the equity (or a %) and gets it back when the youngest child reaches a certain age.
Clearly it’s not practical to put kids out of the streets but that doesn’t mean that she gets 100% of the equity.
Having kids means a commitment to look after them and the woman only stays in the home if she is the main carer, so it’s only for the kids benefit.
It is awful if a man gets kicked out of his home, but if you aren’t prepared to prioritise the kids you are not ready for fatherhood.
But you seem to be overthinking it as you are single.
I would guess you don’t want it enough as you’ve said you could move but you’ve actually done nothing about it for quite a while.
I’m not judging you at all but perhaps you need to ask why you haven’t taken the obvious option to move?
Is it simply you don’t want it enough at the moment to go through the inevitable upheaval?
I would recommend renting or taking short term accommodation in your new area before buying Unless you are familiar with the area.0 -
From my quick googling it is 5% of people over 50 that are renting......
Do you have a link?
It doesnt match what others have found so I’m curious and doesn’t sound right as roughly 30% never earn enough to own.
I reckon you’ve got a figure for private rentals only and assumed everyone else owns which is incorrect.
Some are in social housing, some in care facilities, some with relatives and some in hospital (but mainly social housing).0 -
I own a 1 or 2 bed property (without help from a scheme) - I don't know how I can up-size.0
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Saved a large deposit and bought in my late twenties.
Should be mortgage free by 40 unless something unforeseen happens, which is of course possible.
I'm lucky to not live in the South East / London though.
No scheme or 'bank of Mum and Dad'.
We have three beds, probably big enough long term.0 -
We bought our 3-bedroom house in 2016 for £260,000 with a 5% deposit in Essex. Aged 24 & 25. Just missed out on using the Help to Buy ISA as it was over £250k! We saved for about 9 months but were lucky enough to be able to move back in with our parents to save more money. No help to buy schemes & no gifts from our parents - apart from being able to live with them for 6 months!
We will probably move in 3-4 years but the price difference to buying a 4-bedroom house is crazy!I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0 -
I'm 21 and we've just bought our first house (3 bed semi detached) in Essex. We saved for around 4 years before we could buy but we were lucky enough to live at home while at uni so we could buy as soon as i graduated!0
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