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tyr92
Posts: 3 Newbie
Hi there,
I've recently been accepted to buy a Shared Ownership property, however I'm wondering if it's the best time to do so...
I take home roughly £1,600 per month, I'm single and would be buying in a village roughly 40 minutes commuting distance from where I work. I've been told I can afford a 35% share of a £250,000 three bedroom house, and I've worked out that it will cost me in total £986 per month in mortgage, rent, service charges, council tax and bills. I've budgeted £200 per month for fuel and a further £200 for groceries, which brings my total to £1386 per month.
I've been looking under the provision that I'll need to have the extra rooms further down the line, and for now I can just take a paying lodger to help cover the costs, however it may be harder as it is a village not within easy commuting distance if you don't have a car.
The house is a new build semi-detached house in East Anglia. My worries are if I can afford to live happily using the above budgeting (which I have been for a couple of years now, however renting at only £500/month), and also if the housing market is to drop, I would lose what I've put into it.
Any advice?
Thanks:beer:
I've recently been accepted to buy a Shared Ownership property, however I'm wondering if it's the best time to do so...
I take home roughly £1,600 per month, I'm single and would be buying in a village roughly 40 minutes commuting distance from where I work. I've been told I can afford a 35% share of a £250,000 three bedroom house, and I've worked out that it will cost me in total £986 per month in mortgage, rent, service charges, council tax and bills. I've budgeted £200 per month for fuel and a further £200 for groceries, which brings my total to £1386 per month.
I've been looking under the provision that I'll need to have the extra rooms further down the line, and for now I can just take a paying lodger to help cover the costs, however it may be harder as it is a village not within easy commuting distance if you don't have a car.
The house is a new build semi-detached house in East Anglia. My worries are if I can afford to live happily using the above budgeting (which I have been for a couple of years now, however renting at only £500/month), and also if the housing market is to drop, I would lose what I've put into it.
Any advice?
Thanks:beer:
0
Comments
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Tying yourself to somewhere in a small village "not within easy commuting distance" is a big step. I am not sure a "new build shared ownership" in such a place will be an easy sell if you ever want to move away. Why not see what is available to rent nearer work, to cut down your commute time and release all those travel expenses. This might enable you to save up a deposit for your own house reasonably quickly.0
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Thanks, I'm currently renting within the city (5 mins from work) and have done for the past 5 or so years, so I'm looking for the space and additional options I get with home ownership (renting in Cambridge does NOT get you a lot for your money, and house share is the only reasonable way)0
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Ah, now you have mentioned Cambridge it becomes clearer. My daughter lives 20 miles south west of there and the prices are just mad. Oxford and Cambridge are the least affordable places outside London in the country.0
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Do you specifically want to live in a village? Have you considered St Neots? Nice market town, plenty of things to do/good shops etc. I have a friend who lives there, it's (from memory) about half an hour to Cambridge.Liechtenstein, the world's sixth smallest country, is the largest exporter of false teeth.0
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