Associate
- Joined
- 26 Jun 2005
- Posts
- 1,487
How about a shared ownership scheme with your council?
House Buying Advice
- Thread starter PiKe
- Start date
Why would you want to live on a council estate?
A few miles from my house there's a lovely council estate that's mostly private now. You'll get a big 1940's Semi with a big garden and garage for £120K.
Cheapest is 100K with a smaller garden and no garage.
I live in nice area and wouldn't think twice about movig there should I want to move.
I hate to say it but unless your other outgoings are very low (ie no car, little socialising etc) you're not going to get much at all on 16k, even with a reasonable deposit. You're going to be taking home about 1k a month net (depending on pensions, student loan etc) and a repayment mortgage for £90k would take about half your wages (£500 p/m). Add council tax (£80), gas and electric (£60), water (£30), other bills (broadband, TV etc) you've got less than £300 a month to feed yourself
Try looking at shared ownership as has already been suggested.
Try looking at shared ownership as has already been suggested.
You say that like £300 isn't a crazy amount to spend on a months food.
It's not just food though is it, it's everything other than bills, £50 a week is far from unreasonable food spending and that's before considering going out drinking or anything
Soldato
- Joined
- 19 Oct 2002
- Posts
- 18,626
- Location
- Shakespeare’s County
You join the ignorant of the housing market, lets pull out a cliche out of my pocket brigade
I was just saying that £300 is crazy for food, considering I got by easily on less than £25 a week!
Soldato
- Joined
- 19 Oct 2002
- Posts
- 18,626
- Location
- Shakespeare’s County
Do they make it more yours that means its enough to cancel out the falling value?
Do investing in the capital give your a better return than just sticking the difference in a saving account? Then have the freedom to move when you want?
Or does £2200 paid off capital on a £170k mortgage after 1 years really look very silly when the house fell in value £17k and you have paid £150 more a month to do that than just renting for the joys of home 'ownership' (renting off a bank)
Permabanned
- Joined
- 5 Apr 2006
- Posts
- 7,704
would you be happy getting by on £25 a week for the next 25-30 years?
Consigliere
- Joined
- 12 Jun 2004
- Posts
- 151,034
- Location
- SW17
Points taken however i won't know where i will be for in 10 years time for the short time where i am getting my career sorted, i shall rent as i could be relocating or want a change of scenary. So just easier.
What utter nonsense. Please do some research before posting rubbish like that.
I'd have got a payrise or another job by then and moved house.
And yes I would be happy, It wasn't bread and water you know, and you can grow your own food, homemade chips are the best by far!
Last edited:
My point was it depends, if you do your own cooking every night and make your own lunches for work then yes its crazy. But a few takeaways, ready meals and tesco sandwhiches and you'll easily be pushing a few hundred
Thats before you allow for any socialising, other debts (loans, credit cards), phone bills, DIY work on the house, train fares etc etc etc etc.......
you're working on the assumption that it's cheaper to rent than to buy, which isn't always the case, I'm in the process of buying a house which is going to save me £50 a month over the room I was renting in a shared flat, or £200 over renting the same house that I'm buying. Should I wish to move my mortgage is portable or the house will be easy to rent out for as mentioned significantly more than the repayments.
Soldato
- Joined
- 19 Oct 2002
- Posts
- 18,626
- Location
- Shakespeare’s County
Yes, because its a sensible assumption to make applicable to 95% of the properties in the UK.
How on earth does a buying a place work out cheaper than half renting a house anyway
Yes, because its a sensible assumption to make applicable to 95% of the properties in the UK.
How on earth does a buying a place work out cheaper than half renting a house anyway
I believe it's because lots of people can no longer meet the requirements to get a mortgage and therefore have no other option than to rent, thus making higher demand for rented properties enabling landlords to ask for higher rent.
How is this rubbish? You are paying monthly for something which yes you are living in, but you are getting nowhere closer to owning it.
You spend 30 years renting, I'll spend 30 years with a mortgage at the end I own a house you own....nothing.
I could sell this house and make the same money back, more or less depending on the market. You can sell nothing.
When I die I leave the house to my children, who sell it and get some financial gain from it. Or if I had a single child they could move into the property.
Renting is fine if you have no other option, I have rented myself but it is throwing your money down the drain.
just depends where you are, some places have a bigger rental market than purchaseYes, because its a sensible assumption to make applicable to 95% of the properties in the UK.
How on earth does a buying a place work out cheaper than half renting a house anyway
Associate
- Joined
- 2 Sep 2007
- Posts
- 2,016
While house prices are going down rent is by no means chucking money down the drain. I'm not going to do the calculations for you. Long term, buying is better.