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

Fulax said:
Last year my boiler broke down - landlord bought a new one; one of the radiators wasn't working - landlord replaced them all; shower handle broke - landlord put in a new shower.

Renting is the best.
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Until your LL decides he wants his house back and gives you 2 months to find somewhere else ;)

Or when you retire, and realise you're still paying the same/more in rent, even though your pension is a significant drop in income compared to what you were earning. ;)
 
Fulax said:
Last year my boiler broke down - landlord bought a new one; one of the radiators wasn't working - landlord replaced them all; shower handle broke - landlord put in a new shower.

Renting is the best.
Click to expand...

To be fair it sounds as if you have a very, very good landlord. That's not always the case, especially one who's as keen to splash the cash as yours :)

"best" is entirely down to each individuals circumstances.
 
Id be preparing to move on as your at the mercy of your brother, have a falling out and where do you go?

Im 24 and now starting to purchase my own place and yes its cost me an arm and leg to do but its worth it.
 
If I were you I'd stay where you are (presumably its below market rates in your area for rent), cut down on the international holidays, start saving and looking for a better job/career advancement in your current job.

Once you've got savings, better salary and/or a partner to contribute some income then it might be a good idea to look at a house - I think on 15k a year you'd really struggle at the moment.
 
Fulax said:
Last year my boiler broke down - landlord bought a new one; one of the radiators wasn't working - landlord replaced them all; shower handle broke - landlord put in a new shower.

Renting is the best.
Click to expand...

I'm the same, I spent the first 3 months getting things sorted which would have costs thousands.
Renting has allowed me to live in the city centre whilst being able to save for a house for next year. I'm moving next month but renting again for 6 months whilst looking for a house in the area I want to buy, some people may think that's a "pouring it down the drain" but I see it as a service that I will use to make sure I get the house I really want rather than rushed.
 
Buying your own place is the best thing ever. I stayed with my parents until I was 25 and could buy in West London. Having your own space that you can do anything with, without worrying about LL etc, is great.

Aiming to move up to a nice house in the next couple of years!
 
30 and living in the equivalent of your brothers basement.
I bet the chicks dig it.

I couldn't stand to live with family when I was 18, let alone much older.

You're not going to be there forever and if you get a mortgage in your 40's for example, you'll be paying it into your late 60's/70's and then have no nestegg for retirement, you'll probably end up miserable as **** in a nursing home that stinks of **** if you don't top yourself.
Because no doubt on a £15k job your pension is going to suck and make renting by yourself impossible.

And not to mention house prices will have likely risen even further but your wages won't have.

Stop ****ing your money away and do something for the future man.
 
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From looking around the internet it looks like a lot of people live with family / Parents well in to their 30s these days so I'm not worried about it but I do think I should start saving just in case something does happen where I have to move out.

I do have it easy so you can't blame me for not moving out yet.

I could if I wanted rent some where and be on my own but wouldn't that just be pointless ?

To be honest living with my brother feels like its my own home to, we share the living room , I was going to move out this year and rent with my Ex partner but that ended in June so back to where I was 3 years ago, My ex was ok with me still living with my bro, After all we did go on nice Holidays :)

I just don't want to get in a situation where I wake up everyday and think ! God why am I even bothering with all this . To be honest if I didn't have my Holidays I would feel like ****. I have a passion for Photography and this brings in a little bit of extra cash so that helps .

I agree with the fact that I really need to start saving thou. I think being realist I could set myself a 30K Target for when I hit 35. Hopefully by then I would have met someone who also has 30k to put down.......

I am pretty much in a dead end Job but where do I get a good Job at 30 ? that pays well coming from someone like myself that only has GCSE :(

I wouldn't even know where to start with that.


I do have a little Photography Business on the go but it doesn't bring that much money in as everyone in my area is under cutting each other, I am very good with Photoshop / Lightroom , hence why I like to Travel and photograph the world.
 
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Fulax said:
Last year my boiler broke down - landlord bought a new one; one of the radiators wasn't working - landlord replaced them all; shower handle broke - landlord put in a new shower.

Renting is the best.
Click to expand...

This is a terrible, terrible way of looking at it.

Your paying his mortgage + some for him. Of course he will do this for you, your lining his pockets.

I rent at £500 a month and would love to be in the OPs position were me and the GF could save for our own House. There is having it good like yourself and being stupid and regretting not having a fall back plan.
 
For the "paying rent is throwing money down the drain"
If OP moves out he would be paying roughly

£15-20 internet/phone
£~30 electric
+ TV license if he wants (~£10

So effectively his current "rent" money is ~£200 a month. I imagine the interest on a mortgage is more than this (feel free to prove me wrong though) and thus a mortgage would be "throwing money away" while he can currently just save for a house.
 
Sounds like you've got a nice life there - you've got our toys etc... However, I'd seriously consider getting your own place - or at least start saving for one. By paying only £250 a month you should have a decent amount of income (no wonder you have all those gadgets!) You'd be able to put together a decent deposit in 12-18months time with some effort.

Don't you want your independence? Sense of freedom? Somewhere you can call yours? If not then crack on, but do not be under any illusion that you are only renting, and if your brother's circumstances change yours will do as well.
 
As long as it's not an interest only mortgage though, you're paying off a massive future asset, whereas currently he's helping his brother increase the equity in his house and yes, gets a cheap place to stay but has sod all to show for it.

I'd be more concerned about earning 15k at 30 as well as not having a foot on the ladder. Imagine if you want to bring someone back? Or, as has been mentioned, if he decides he wants his space? You would then have to come up with a plan. I'd plan now.
 
The Craig said:
For the "paying rent is throwing money down the drain"
If OP moves out he would be paying roughly

£15-20 internet/phone
£~30 electric
+ TV license if he wants (~£10

So effectively his current "rent" money is ~£200 a month. I imagine the interest on a mortgage is more than this (feel free to prove me wrong though) and thus a mortgage would be "throwing money away" while he can currently just save for a house.
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He could be asked to move out though, and then be stuck with paying proper rent and not having the opportunity to save for a house (like myself). Thats the point i think people are making. Twist - Why not save if you could do so, so comfortably and buy to let? Make some money and a house there to fall back on if you need too ..
 
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.
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I was just going to say that. No way could I buy a house on £15k a year!

Actually I'm in the same (worse?) situation. 33, earning 15k a year, living at home... not a hope in hell of buying a house in this country.

I guess the stock answer would be "get a better job". Like I can just walk outside and into a job paying 60k a year :p

The powers that be have decided my job (2nd line IT support) is worth 15k. /shrug.

You get used to being poor.
 
OpethLover or PH46607 said:
He could be asked to move out though, and then be stuck with paying proper rent and not having the opportunity to save for a house (like myself). Thats the point i think people are making. Twist - Why not save if you could do so, so comfortably and buy to let? Make some money and a house there to fall back on if you need too ..
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I think the main issue with OP is that he's spent all his money on holidays and toys, and with that salary is unlikely to have saved much.

As long as he seems confident in his current position the best bet is put all/significant amounts of money towards a deposit/house and when/if he wants to leave/move out the money is there for him to do so.
 
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