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How the heck do people my age and younger afford to buy houses?! Watch

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    (Original post by Snufkin)
    Aren't you worried about buying at the top of the market? I've heard a lot of people say that they expect prices outside London to go down, and that was before Brexit!
    No, we've been ready to buy to for about 2 years, but job issues and circumstances beyond our control kept getting the way. Prices are expected to go down but that would only affect us if we were looking to sell and we are not. Why wait?
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    (Original post by Snufkin)
    But not everyone can live at home. I certainly won't be able to. It doesn't matter how frugal you are, if half your income is spent on rent every month then you're unlikely to be able to save a big enough deposit to buy. And of course, the longer it takes you to save, the more expensive houses become.
    Yes, in my circumstance, living at home made things exceptionally easy. However,

    My cousin works in London and lives in Hammersmith, pays around £550/pm including bills for a single bedroom. He has around 35k savings now without parental help after just 2 years of working. 2 of my tenants in Bristol also just submitted their notices to me (after 2 years of renting from me at £480/pm incl. bills) to buy their own homes. All of these people are aged 23-25 and earn no less than 1.7k/pm. Which I believe is easily achievable for a graduate / junior working in the south. My point is, room sharing with inclusive bills needn't cost half your income each month and usually have plenty left over for saving.
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    (Original post by NX172)
    Yes, in my circumstance, living at home made things exceptionally easy. However,

    My cousin works in London and lives in Hammersmith, pays around £550/pm including bills for a single bedroom. He has around 35k savings now without parental help after just 2 years of working. 2 of my tenants in Bristol also just submitted their notices to me (after 2 years of renting from me at £480/pm incl. bills) to buy their own homes. All of these people are aged 23-25 and earn no less than 1.7k/pm. Which I believe is easily achievable for a graduate / junior working in the south. My point is, room sharing with inclusive bills needn't cost half your income each month and usually have plenty left over for saving.
    How much was your cousin earning? It can't have been anywhere near 1.7k pm, has to be at least double.
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    (Original post by fallen_acorns)
    Your right about getting lucky.

    Thanks for the advise on transferring it back!
    Your working in China story is very inspiring - thanks for sharing!

    It sucks how essential a degree seems to be there though - I don't have one because I find studying very difficult and tiresome and much prefer working. But oh well, I suppose it's something I could still try for one day when I have the right mindset :yep:.
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    (Original post by CherryCherryBoomBoom)
    Your working in China story is very inspiring - thanks for sharing!

    It sucks how essential a degree seems to be there though - I don't have one because I find studying very difficult and tiresome and much prefer working. But oh well, I suppose it's something I could still try for one day when I have the right mindset :yep:.
    I am pretty sure you can get a working holiday visa for 1 year without a degree from Canada, Australia or NZ. Australia is probs the best choice if you actually want to at least 'break even' during the holiday as pay is good
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    (Original post by cipi)
    I am pretty sure you can get a working holiday visa for 1 year without a degree from Canada, Australia or NZ. Australia is probs the best choice if you actually want to at least 'break even' during the holiday as pay is good
    I already did the working holiday in Australia, and it was a bit crap for finding work tbh. I couldn't find any suitable work and I ran out of money. Not to mention, Australia is expensive. Can't get another one if those visas either as it's a once-in-a-lifetime thing. I wouldn't rule out working abroad completely, it just depends if a more stable and suitable opportunity came up.
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    (Original post by Snufkin)
    Aren't you the guy who regularly posts about being left money in trusts, owing multiple houses, land, expensive cars etc? I don't think you're in any position to lecture people on how they can afford to buy if they are prepared to make sacrifices and work hard, because if your post history is to be believed, you've never done either.
    Expensive cars? All cars are expensive in Norway. I don't own any cars in England any longer.

    Multiple homes? It isn't anything terribly unusual to own your main residence and a weekend cabin in Norway. I do own a home in England but it is also something I actively use for my business.

    Land? I am a developer and therefore it isn't unusual to own land since that's what we require for a living.

    Trust? Yeah I have access to a trust, I was given £500 at 18, £2000 at 21 and only at 35 I could withdraw a monthly income from it. Everything I own and have access to today was all from hard work and plenty of sacrifices.

    Now quit making excuses because I got to where I am today not by making excuses after excuses of why something can't be done.
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    (Original post by CherryCherryBoomBoom)
    I already did the working holiday in Australia, and it was a bit crap for finding work tbh. I couldn't find any suitable work and I ran out of money. Not to mention, Australia is expensive. Can't get another one if those visas either as it's a once-in-a-lifetime thing. I wouldn't rule out working abroad completely, it just depends if a more stable and suitable opportunity came up.
    Its' never been easy to get on in Australia unless you're willing to perform all the crappy jobs or you are able to work in the healthcare or trades industry.

    NZ is a better option but you must be willing to do work in the building or agriculture industry to get ahead.
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    I managed to save a lot of my student loan and grant money from when I was at uni.*Since I was from a low income household, I got the maximum loan/grant, and I also had a scholarship to university so all my fees were reimbursed. Plus I hardly spent any money at uni.

    Also, as soon I started my job, they gave us a pretty substantial interest-free loan as part of the new joiners package.

    So I ended up with a pretty healthy amount to put down as a deposit on a 1-bedroom flat in London without ever having to rent.
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    What people mean when they say they bought their house is "I essentially got a huge loan to buy my house (or a "mortgage" as it's commonly called)".
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    (Original post by NX172)
    My first grad job only paid 23k. Lived at home, didn't spend much money at all. Had about 10k of savings from previous jobs and freelancing Software from age 16 to Graduation, bought my first house at 22. So I suppose my biggest tip would be to just keep your costs and expenditures down. Probably easy to say in my case, but even among the 3 other graduates that I started working with, who had to rent, 2 have also bought their own homes within 3 years of saving. I don't see what's so hard. Oh and if you can, don't drive, it really eats into your saving potential.
    Not many have a grad job. Elusive things!
    Most are stuck in minimum wage jobs, it seems.
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    (Original post by Alfissti)
    Expensive cars? All cars are expensive in Norway. I don't own any cars in England any longer.

    Multiple homes? It isn't anything terribly unusual to own your main residence and a weekend cabin in Norway. I do own a home in England but it is also something I actively use for my business.

    Land? I am a developer and therefore it isn't unusual to own land since that's what we require for a living.

    Trust? Yeah I have access to a trust, I was given £500 at 18, £2000 at 21 and only at 35 I could withdraw a monthly income from it. Everything I own and have access to today was all from hard work and plenty of sacrifices.

    Now quit making excuses because I got to where I am today not by making excuses after excuses of why something can't be done.
    Funny, because your previous posts tell a completely different story. Apparently you have access to 2 trusts (one of which is clearly worth a substantial amount as you claimed that you could support yourself, your family, pay the mortgage and pay for holidays on the trust alone). You were given land, property, money and jewellery. You were also effectively given a house by your grandfather.

    And you have the nerve to tell people that they should have to work hard and make sacrifices in order to buy a house? I repeat, you've never had to do either.

    (Original post by Alfissti)
    I receive from 2 trust funds more than enough for my and my children's needs and some of my wants.
    (Original post by Alfissti)
    I had fairly good amounts of savings as from age 18 onwards I had money coming from a trust fund.... I did buy a house which my late grandfather sold me for £70k, he simply gave me the title and told me to take my time to repay him.
    (Original post by Alfissti)
    Trust fund : - I pay mortgage, children's expenses and household bills from this, save around 25% every month, this goes straight into the holiday money pot.
    (Original post by Alfissti)
    I was set up with 2 trust funds by my 2 grandparents.On one side I was made co-owner of 5 pieces of real estate and 2 pieces that I was given full ownership rights. My late grandmother from this side also left me with 30 pieces of her jewelry. Been holding the jewelry for the last 17 years, 10 of those pieces is on loan to a museum while the other 20 is locked up in a bank vault. The properties, of the 5, 3 of it I decided to relinquish my rights to it for a token amount. 1 of it was acquired through a compulsory purchase order as they were widening the road, the other piece, I bought out the party and then sold it on as I needed some capital. the 2 pieces I was given full ownership off, 1 sold to buy something else closer to Oxford and the other I had it converted to 4 flats and collect rental on it.

    On the other side, when I turned 18 I was given the equivalent of £2000 to which I spent 1/3 of it for a trip for my 18th birthday, I went to Hammerfest in Norway. The rest I saved it. Then when I was 25, I was given the equivalent of £5000 to which I used it towards a deposit for a summer home in Sweden. Then when I was 30 I received £27000 to which I put it towards buying land in Norway. Then when I turned 35, each month I receive an amount equivalent to the median income of UK + 15% tax-free and will receive it till I turn 70. The summer home in Sweden, when I took it over it was still considered "outskirts", fast forward 13 years and it was already part of a suburb. I built several flats on it and sold it on. The land in Norway, I built 3 blocks of flats on it and sold it on. The money I get each month, I generally use it for all the household expenses which isn't cheap when you live in Norway with 4 kids to feed on your own.
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    (Original post by WoodyMKC)
    What people mean when they say they bought their house is "I essentially got a huge loan to buy my house (or a "mortgage" as it's commonly called)".
    Yes. As apposed to pissing money away so someone else can pay of their mortgage of the house. At least a mortgage ends with you owning the property as apposed to be someone elses serf. It's an escape route from serfdom basically. Go from renter to rentier.
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    (Original post by ChaoticButterfly)
    Yes. As apposed to pissing money away so someone else can pay of their mortgage of the house. At least a mortgage ends with you owning the property as apposed to be someone elses serf. It's an escape route from serfdom basically. Go from renter to rentier.
    Oh absolutely, nothing wrong with mortgaging, it's almost an investment and much less short sighted than simply renting. That's why I hate it when people are like "Oh yeah, I bought my house" and forget to mention that tiny little detail - someone else bought it and they're a decade off of paying them back, so the house isn't theirs yet. If you mortgaged your house, just say you mortgaged your house, what's the deal??? It's not anything to be embarrassed about, by any stretch.
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    (Original post by Alfissti)
    Its' never been easy to get on in Australia unless you're willing to perform all the crappy jobs or you are able to work in the healthcare or trades industry.

    NZ is a better option but you must be willing to do work in the building or agriculture industry to get ahead.
    But those crappy jobs can pay very nicely e.g. mining and fishing. 60kGBP+ a year for miners. Yea agree about NZ - tradesmen get paid ridiculous salaries. People here often have to save up for a few months just to get a plumber round for some basic jobs - we need some Polish people lol!
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    (Original post by Snufkin)
    Funny, because your previous posts tell a completely different story. Apparently you have access to 2 trusts (one of which is clearly worth a substantial amount as you claimed that you could support yourself, your family, pay the mortgage and pay for holidays on the trust alone). You were given land, property, money and jewellery. You were also effectively given a house by your grandfather.

    And you have the nerve to tell people that they should have to work hard and make sacrifices in order to buy a house? I repeat, you've never had to do either.
    Lol. Ouch.
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    How on earth can anyone buy a house!? In fact, how are we soon to afford renting a room, particularly in London.
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    (Original post by Damien96)
    How on earth can anyone buy a house!? In fact, how are we soon to afford renting a room, particularly in London.
    How much is it these days? Maybe things will get better after the brexit. Certainly prices etc. should be better - although dunno about salaries.
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    (Original post by LavenderBlueSky88)
    This week 3 of my Facebook friends have posted the nauseating "finally got my keys" status. They're all between the ages of 24 and 27, I know none of them earn more than £25k and the houses they've bought look pretty decent. How in gods name have they done it? I'll be lucky to be on the property ladder by the time I'm 40 - I have absolutely no savings, very little chance of family inheritance, no rich boyfriend. sigh.*
    Although it may move you away from job and family, houses in Scotland, and in other parts of the country are much cheaper, there are places where a 1 or 2 bed flat or house may sell for as little as £30K and with any form of government help-to-buy scheme you should be able to get in there.
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    (Original post by cipi)
    How much is it these days? Maybe things will get better after the brexit. Certainly prices etc. should be better - although dunno about salaries.
    Excluding the most expensive areas you are talking about £600 per month for a room. If you are lucky maybe £500 in horrible areas.
 
 
 
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