Your chances of owning your own home?

[TW]Fox;20070833 said:
Not yet, no. It's a goal of mine, though, so my thoughts are relevent :)
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I'm sure they are, but reality is often very different to theory.

There are huge barriers to young people trying to buy their own home, personally, I would encourage my kids to live at home untill the whole cost of housing thing becomes sensible again.

Life is for living, not for saving up only to give your money away.
 
Slam62 said:
I'm sure they are, but reality is often very different to theory.
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This is a thread about the 'chances' of owning your own home - ie, aimed at people who do not yet do so.

Life is for living, not for saving up only to give your money away.
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There is a balance to be struck. If you spend all your money on lulz you will one day reach 30 and complain of being unable to afford to move out. If you spend all your money on savings you will lead a dull and boring life. The answer, then, is a happy balance?
 
I have been living at home since university, and tbh, I have not really tried that hard to save. I have such a negative outlook that I've dismissed such notions (saving for a house) pretty quickly as being unachievable.

I have a friend in a similar situation at work who has managed to save virtually all his income, apart from buying the odd computer bit, and I wish I had done the same.

Motoring has taken a few thousand a year away from me, but the main problem is that I just haven't been prudent enough.
 
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If I'd been able to live at home or somewhere else with low rent I think between me and my partner we would be along way to having enough for a reasonable house or flat.

As it was I had nowhere to go after uni so had to start renting straight away. Such is life!

As to the original question I've pretty much dismissed the idea for the next couple of years as it's just not feasible with the disposable income we do have and the standard of living we have chosen.
 
[TW]Fox;20070728 said:
This is the bit that gets me a bit confused. How can you not afford to move out if you've been working for years and live at home? You are in the best possible opportunity to get a massive pile of cash behind you to facilitate your future. You have very low living costs and most of your money is your own yet you can't afford to move out?

Living at home is a fantastic opportunity for the future - if you don't use it as such then its a waste..
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While living at home allows you save money, it will soon disappear once you go to buy the house and then you have nothing saved at all.

And if you plan on doing it yourself with no partner it even's harder as your the one left to pay all the bills etc.

Again it's easier to do if you have a partner.
 
Slam62 said:
I'm sure they are, but reality is often very different to theory.

There are huge barriers to young people trying to buy their own home, personally, I would encourage my kids to live at home untill the whole cost of housing thing becomes sensible again.

Life is for living, not for saving up only to give your money away.
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it is about balance, i've travelled, owned decent cars but i've never blown £300 on a saturday night or similar amounts on a pair of jeans. it may seem impossible, it seemed impossible for me when i was under 25 but lifestyle changes really help though i haven't been abroad since 2008 and don't treat myself much these days but my priorities have changed and i'm happy with that.
 
I rent a property for £650 per month excluding bills and owning a house is completely out of the question. I would be happy to have savings. It just is not within reach. I would have to be on at least another £10000 per year more before i could even come close to saving enough money for a deposit. but even if i did have a fair amount for deposit, i doubt i would be able to get a place like i have now for £650. Add on all the other costs and weigh it up against the fact that within 20 years if i keep paying it off, i could sell it and get a lump sum that i could put down on another house or continue renting. That is if the property market does not crash and i can't sell it and i end up being stuck in the property or walk away because it costs me more on the mortgage than it would be to rent.
 
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I didn't think I'd be able to own my own place until I was at least in my 30's. However, last year at the age of 21 I unexpectedly inherited 50% of my grandfathers property which means if I play my cards right I will probably never have to have a mortgage.
My grandfather knew how difficult it is for young people to get onto the property ladder. If he hadn't done that I almost certainly would have had to stay living at home until the age of 26 as I'm now going to be a mature Uni student for the next 4 years.
 
If it makes you lot feel any better, I bought a place I can't really afford. I have several hundred k worth of debt so I have found my self house poor lol.

Every penny I can find ends up going into the house, I sold most of my watches, I have to think twice before travelling, I don't buy expensive things anymore and I still don't own that 911 I have always wanted.

If I could go back in time I probably would not bother buying my place, I like to have the freedom to move and not be tied down to one location.
 
Is not all the land on the Uk and world basically owned by a few very very rich people ? who tricks you into buying land even though they still own the land ?
 
I'm in the same situation really. Been renting since 20 years old. Can't see me ever owning a house. I'm being realistic. Unless something changes it just won't happen. I have and still do refuse to put every single pound possible away for a house deposit when we have a good enough life in our house we rent plus small luxuries that make life worth living. Otherwise it would be a case literally of **** life until I'm about 40 and then might just be able to buy and get a mortgage. I'd rather just not own my house. I don't find it that big a deal.
 
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I tend to agree with renting being 'dead money'.

Not saying buying is best 100% of the time, but all things being equal, paying roughly the same each month for 25 years, you either have nothing to show for it except not having been homeless for 25 years or you have a nice lump of cash saved in the property.

I've been looking at what i could afford and its not looking too good, probably got my sights set too high living in a nice-ish home with parents atm, the kind of places i could afford on my own aren't looking too appealing tbh

I could probably afford maybe 1k per month for mortgage so that would get me a 50k flat in 5 years or 200k place in 25

Not sure i wanna commit to 25 years tbh almost certainly gonna lose my job in that time and get into problems etc.
 
Vonhelmet said:
Got to agree with Fox here - calling renting dead money is stupid. It's just that people have been conditioned to believe that a house must be an investment, rather than it just being quite handy to have a house shaped box to keep yourself and your stuff warm and dry in.
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If that house shaped box can be bought for the same money you're renting it for, it is dead money.

If you are only in it for short term that's fine. Financially it would be unsound for long term.
 
Gilly said:
If that house shaped box can be bought for the same money you're renting it for, it is dead money.
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Thats a bit misleading really, if you dont have a deposit then you can't buy it no matter what the monthly repayments on a 70% LTV mortgage might be. Renting certainly isn't dead money in those circumstances.
 
I have just bought a flat, which is my first home. It was really hard work getting a mortgage! I had to put down some funny amount like 12%. Very irritating I couldn't quite stretch to 15% and still do the work on it I want to.

The mortgage is £780 and the place rented before for about £720pcm. I am going to have my good friend as a lodger so that almost halves the mortgage. Guess I have been lucky really.

I rented a 2 bed terrace and saved at the same time. But if I had not been able to buy a place I would have happily continued renting. If all your white goods etc are included and you have a good landlord then you have no worries and just a set amount to go out each month.
 
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