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Is buying a house a good idea?

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sv722
sv722 Posts: 26 Forumite
First Post First Anniversary Combo Breaker
in House buying, renting & selling
I've got about £4.5k saved up in my help to buy ISA and was considering a transfer into the Lifetime ISA to get the £1k annual bonus but i'm having doubts. This is because i won't be able to use that money to travel or get myself nice things. I get envious seeing my friends travelling the world.

I'm 27 and looking to get my own place by age 35 at the absolute latest. So is house ownership a goal to aspire to or am i better off closing my ISA withdrawing the money and using it for something else?

Thanks
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Comments

  • buggy_boy
    buggy_boy Posts: 657 Forumite
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    It really depends what you want... You can't have your cake and eat it... Like everyone before you, if you want the benefits of home ownership you have to work for it and make sacrifices.
  • PositivelyPerturbed
    PositivelyPerturbed Posts: 26 Forumite
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    Your friends will all be living in poverty and dependent on the state when they reach retirement age (probably before). A home of your own can give you security and money when you are older.
  • Nathaniel_Essex
    Nathaniel_Essex Posts: 159 Forumite
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    Unless you have rich parents who will buy you a house, plan on winning the lottery or have a terminal illness, spending your money on a house instead of "nice things" is almost definitely the better option.

    I purchased my property at 26 and in order to do so I had to watch many of my friends go on holidays and drive cars better than mine. Do I have regrets? No.

    Not 30 yet and I own a home, still have the same cheap car, but can afford to go on holidays any time on reasonably want. Problem doing all the fun stuff first is that house prices go up, jobs get more competitive and you get older.

    Get that !!!! over and done with as soon as.
  • bobbymotors
    bobbymotors Posts: 746 Forumite
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    if you want somewhere to live then i'd say buying a house is definitely a good idea.
  • Mickygg
    Mickygg Posts: 1,737 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    edited 24 March 2018 at 9:47PM
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    Yes a good idea. But only if affordable and not if it means you sit at home eating beans on toast every night using candle light.

    Oh and before a fool called crashy time posts he will say 'absolutely look to buy in 8 years time as house prices will have crashed by at least 90%, IMO' This sort of post is his wet dream to post his utter rubbish on.
  • sv722
    sv722 Posts: 26 Forumite
    First Post First Anniversary Combo Breaker
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    Nathaniel_Essex wrote: »
    Unless you have rich parents who will buy you a house, plan on winning the lottery or have a terminal illness, spending your money on a house instead of "nice things" is almost definitely the better option.

    I purchased my property at 26 and in order to do so I had to watch many of my friends go on holidays and drive cars better than mine. Do I have regrets? No.

    Not 30 yet and I own a home, still have the same cheap car, but can afford to go on holidays any time on reasonably want. Problem doing all the fun stuff first is that house prices go up, jobs get more competitive and you get older.

    Get that !!!! over and done with as soon as.

    I have not got rich parents and winning the lottery is unlikely so i think i'll go ahead and transfer to the lifetime ISA. Is £10k a substantial deposit to get a 1 bed? I'd be looking to buy in Bristol.

    Also i've been an Economist for 6 months so my career prospects are good, but how and why do jobs get competitive as you get older?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    buggy_boy wrote: »
    It really depends what you want... You can't have your cake and eat it... Like everyone before you, if you want the benefits of home ownership you have to work for it and make sacrifices.


    https://www.mirror.co.uk/money/greedy-fantasists--how-existing-12219038
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    Crashy_Time wrote: »
    https://www.mirror.co.uk/money/greedy-fantasists--how-existing-12219038

    Ignore this, it's just pinko propaganda.
  • buggy_boy
    buggy_boy Posts: 657 Forumite
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    Crashy_Time wrote: »
    https://www.mirror.co.uk/money/greedy-fantasists--how-existing-12219038

    Another useless and irrelevant link brought to you by Crashy.... Ignore this jester he is just a Troll...
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
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    sv722 wrote: »
    I have not got rich parents and winning the lottery is unlikely so i think i'll go ahead and transfer to the lifetime ISA. Is £10k a substantial deposit to get a 1 bed? I'd be looking to buy in Bristol.

    Also i've been an Economist for 6 months so my career prospects are good, but how and why do jobs get competitive as you get older?


    Being an economist you should know the answer already, and also that 4.5k is not going to buy you much house in this bubble. If you didn`t notice already a lot of the advice you will get here comes from people with big mortgages and BTL`s who don`t want interest rates to rise or house prices to drop, so much better to DYOR IMO ;)
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