Any point buying my own home when I pay £250 Rent month

jasonsony735

jasonsony735

jasonsony735

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Some where in England
I keep thinking that I should maybe buy my own home but cant help but think if I do ill never have any money for Holidays and luxury goods.

I don't earn that much money may be like 15k a Year max .

I Currently live in my brothers 4 bedroom house and pay £250 rent a month Total and this covers everything from SKY HD to BT Broadband.

I have the biggest room in the house , I have Top range 46" TV , PS3 , Xbox , £1000 PC . £500 Monitor ect. I could easily save for a deposit on a house but what's the point right ? If I had partner and children then its makes sense but because I'm single guy it just makes sense to carry on the way I am as I'm happy :)

I also go on 3 Holidays a year , went to Mexico this year and went on Ski Trip in Tignes in Feb so I live a good life.



What would you do ? Save and move out or stay carry on with my life how it is, Just want some advice from a different perspective

Just so you know I just turned 30. ;)
 
To be honest you sound like you've got it good, but personally I'd still want to start saving with the goal of owning my own home because you're not going to be able to live there forever and once you need to move out and you're no longer paying brother rates it's going to get a lot more expensive.
 
So it's your brothers house from what I'm understanding?

What happens when he wants to...evict you for his own family etc?

Need to be prepared for that eventually.
 
Depends if you want to own your own house or not?

It's not just the cost of the deposit and the mortgage, but the additional fees that go along with a house purchase, any work that needs doing to the property, repairs, maintenance etc.

Home ownership tends to make borrowing slightly easier, though I wouldn't advocate that if you're going to be leveraged to the hilt with a mortgage. All of this being said, I'm a transient 23 year old with no aspirations of home ownership within the next 7 years. :p
 
Well I don't think anyone can answer that without knowing what you and your brother want out of life. What the consequences are for you if he wanted you out for whatever reason etc. I would value my independence and control over my own destiny more than some superficial electronic items or holidays - but that's my thing I can't answer for you and I doubt anyone else.

The fact you do mention these things though I think means that the pertinent part of your post is this "but what's the point right ?" If you are asking that question in itself, and I suspect subconsciously you are, then you are going to be getting very different answers.
 
My brother lives with us, I charge him £60 a week board.

He gets everything for that, food, BB laundry etc.

He'd never be able to afford to live on his own so what can you do.
 
You might not have a partner and kids right now, but what if you do, or your brother does? Might be worth saving in case either of those scenarios occur!
 
All depends if you want to settle down and have a family in the future imo, if you do then a family home is going to be a necessity if not then live as you are as it sounds go to me:)
 
Earning 15k a year could you even borrow enough to buy a house anyway?

In which case your question is irrelevant, because buying simply isn't an option.
 
if your happy with it now just stay there but start saving for the time when you will want your own place. while you able to save do it, it gets a lot harder when you do get your own place
 
I don't think you could actually afford a house ether way but it would be sensible to start saving, you never know what will happen.
 
Firestar_3x said:
Earning 15k a year could you even borrow enough to buy a house anyway?

In which case your question is irrelevant, because buying simply isn't an option.
Click to expand...

75K max borrowing plus the deposit, so is possible. Perhaps put away in savings the amount extra it would cost you to get a mortgage?
 
Dunks said:
You might not have a partner and kids right now, but what if you do, or your brother does? Might be worth saving in case either of those scenarios occur!
Click to expand...

Absolutely this.

You may not want to get married and have kids but if the right person comes along and you decide to then isn't it better to have some money already saved?

Even if you don't want the above I think everyone these days should save something for the simple reason that the economy is poor at best and it's always the prudent thing to have a reserve of some kind.
 
Trifid said:
75K max borrowing plus the deposit, so is possible. Perhaps put away in savings the amount extra it would cost you to get a mortgage?
Click to expand...


Someone is going to lend him 5x his 15k salary? If so he's going to get totally done interest rate wise.

Even at 4.5% a 75k mortgage over 25 years is £420 a month, which isn't far off half his take home pay each month, with council tax and bills, he will be left with nothing to feed himself.
 
Well I have a friend who is only earning £18K a year and he is buying a house so it is entirely possible. The house he is buying is a brand new property too, not even finished been built yet.
 
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