Buying a house outright
Hi there peeps, I'm new on here so please be nice to me 
Basically, I'm renting at the moment, but paying the rent, bills etc is preventing me from saving for a house. I've been looking into buying a house outright, via an auction, where I could maybe get some semi-decent for fairly cheap. I don't mind working on it a lot, and could take my time with fixing it up. Once you own it, you own it, so don't have to rush anything!
Anyway, to do this, I would have to move back home with my family! Which isn't so bad, except for the fact I'm 28! My parents have said they would be happy for me to have my old room back, free of board, as long as I contributed to the household chores, and basic things like food, phone, etc. I think this is great as it would allow me to save nearly all my earnings, excluding the above mention, plus occasional socialising etc) for a couple of years and then look into the property auction thing again.
My question is, would it be so bad for a 28 year old girl to be living at home with the family? I know a lot of people luck down on it, but it's really my only hope of ever owning my own house/flat, unless I win the lotto, mainly because my income isn't LOTS, and my credit rating is crap...Plus, I would prefer to have a more modest house owned outright rather than a chain (mortgage) around my neck for the next 2 decades!
Opinions please? Thanks
Basically, I'm renting at the moment, but paying the rent, bills etc is preventing me from saving for a house. I've been looking into buying a house outright, via an auction, where I could maybe get some semi-decent for fairly cheap. I don't mind working on it a lot, and could take my time with fixing it up. Once you own it, you own it, so don't have to rush anything!
Anyway, to do this, I would have to move back home with my family! Which isn't so bad, except for the fact I'm 28! My parents have said they would be happy for me to have my old room back, free of board, as long as I contributed to the household chores, and basic things like food, phone, etc. I think this is great as it would allow me to save nearly all my earnings, excluding the above mention, plus occasional socialising etc) for a couple of years and then look into the property auction thing again.
My question is, would it be so bad for a 28 year old girl to be living at home with the family? I know a lot of people luck down on it, but it's really my only hope of ever owning my own house/flat, unless I win the lotto, mainly because my income isn't LOTS, and my credit rating is crap...Plus, I would prefer to have a more modest house owned outright rather than a chain (mortgage) around my neck for the next 2 decades!
Opinions please? Thanks
Original post by oohlaalaa
Hi there peeps, I'm new on here so please be nice to me
Basically, I'm renting at the moment, but paying the rent, bills etc is preventing me from saving for a house. I've been looking into buying a house outright, via an auction, where I could maybe get some semi-decent for fairly cheap. I don't mind working on it a lot, and could take my time with fixing it up. Once you own it, you own it, so don't have to rush anything!
Anyway, to do this, I would have to move back home with my family! Which isn't so bad, except for the fact I'm 28! My parents have said they would be happy for me to have my old room back, free of board, as long as I contributed to the household chores, and basic things like food, phone, etc. I think this is great as it would allow me to save nearly all my earnings, excluding the above mention, plus occasional socialising etc) for a couple of years and then look into the property auction thing again.
My question is, would it be so bad for a 28 year old girl to be living at home with the family? I know a lot of people luck down on it, but it's really my only hope of ever owning my own house/flat, unless I win the lotto, mainly because my income isn't LOTS, and my credit rating is crap...Plus, I would prefer to have a more modest house owned outright rather than a chain (mortgage) around my neck for the next 2 decades!
Opinions please? Thanks
Basically, I'm renting at the moment, but paying the rent, bills etc is preventing me from saving for a house. I've been looking into buying a house outright, via an auction, where I could maybe get some semi-decent for fairly cheap. I don't mind working on it a lot, and could take my time with fixing it up. Once you own it, you own it, so don't have to rush anything!
Anyway, to do this, I would have to move back home with my family! Which isn't so bad, except for the fact I'm 28! My parents have said they would be happy for me to have my old room back, free of board, as long as I contributed to the household chores, and basic things like food, phone, etc. I think this is great as it would allow me to save nearly all my earnings, excluding the above mention, plus occasional socialising etc) for a couple of years and then look into the property auction thing again.
My question is, would it be so bad for a 28 year old girl to be living at home with the family? I know a lot of people luck down on it, but it's really my only hope of ever owning my own house/flat, unless I win the lotto, mainly because my income isn't LOTS, and my credit rating is crap...Plus, I would prefer to have a more modest house owned outright rather than a chain (mortgage) around my neck for the next 2 decades!
Opinions please? Thanks
no
sounds like a fairly sensible idea just depends on how you would get on with your parents. Personally I would hate it, and I say that after having been home from uni for a month now every holidays I go crazy and hate living with them even though I love them and look forward to visits when I am away I just hate living with them. The prospect of having to move back in temporarily after uni is bad enough for me.
House sharing would save you at leave some money as there will be multiple contributors to the rent, but otherwise yeah seems like you have a good plan.
House sharing would save you at leave some money as there will be multiple contributors to the rent, but otherwise yeah seems like you have a good plan.
No, it's fine. If you're comfortable with it that's the main thing. There'll always be someone who becomes overly concerned with other peoples' living arrangements and decides it's strange/abnormal, but it they're a minority and it doesn't really matter anyway if you're happy. Living with parents into and beyond your late 20s is a reality for a lot of people these days, houses aren't cheap anymore.
You'd be doing the smart thing, go for it.
You'd be doing the smart thing, go for it.
(edited 10 years ago)
Original post by oohlaalaa
xx
You can get some very cheap houses if you look in the right places, but before you jump into something you need to think about how much work on a house you can actually do. Contractors are expensive, so any work that needs doing and is beyond you will realy start to add up.
These days living with your parents isn't so uncommon, I imagine if you are working and keep yourself busy it would be ok,
Hi, thanks for the replies!
I'd never even thought of flat/house sharing to be honest, so i'm going to look into it. The only problem I would have with that is that I'd be paying rent, which I could be saving! I'm sure there must be some reasonable prices around...all inclusive would be amazing!
I've seen some right crackers that have gone through auction, and if you're not faint-hearted,I think it could be a great way to find a decent little home. Luckily I can get mates rates on most trades i.e joiner, electrician, brickie, etc, etc!
I'd never even thought of flat/house sharing to be honest, so i'm going to look into it. The only problem I would have with that is that I'd be paying rent, which I could be saving! I'm sure there must be some reasonable prices around...all inclusive would be amazing!
I've seen some right crackers that have gone through auction, and if you're not faint-hearted,I think it could be a great way to find a decent little home. Luckily I can get mates rates on most trades i.e joiner, electrician, brickie, etc, etc!
Original post by oohlaalaa
Hi there peeps, I'm new on here so please be nice to me
Basically, I'm renting at the moment, but paying the rent, bills etc is preventing me from saving for a house. I've been looking into buying a house outright, via an auction, where I could maybe get some semi-decent for fairly cheap. I don't mind working on it a lot, and could take my time with fixing it up. Once you own it, you own it, so don't have to rush anything!
Anyway, to do this, I would have to move back home with my family! Which isn't so bad, except for the fact I'm 28! My parents have said they would be happy for me to have my old room back, free of board, as long as I contributed to the household chores, and basic things like food, phone, etc. I think this is great as it would allow me to save nearly all my earnings, excluding the above mention, plus occasional socialising etc) for a couple of years and then look into the property auction thing again.
My question is, would it be so bad for a 28 year old girl to be living at home with the family? I know a lot of people luck down on it, but it's really my only hope of ever owning my own house/flat, unless I win the lotto, mainly because my income isn't LOTS, and my credit rating is crap...Plus, I would prefer to have a more modest house owned outright rather than a chain (mortgage) around my neck for the next 2 decades!
Opinions please? Thanks
Basically, I'm renting at the moment, but paying the rent, bills etc is preventing me from saving for a house. I've been looking into buying a house outright, via an auction, where I could maybe get some semi-decent for fairly cheap. I don't mind working on it a lot, and could take my time with fixing it up. Once you own it, you own it, so don't have to rush anything!
Anyway, to do this, I would have to move back home with my family! Which isn't so bad, except for the fact I'm 28! My parents have said they would be happy for me to have my old room back, free of board, as long as I contributed to the household chores, and basic things like food, phone, etc. I think this is great as it would allow me to save nearly all my earnings, excluding the above mention, plus occasional socialising etc) for a couple of years and then look into the property auction thing again.
My question is, would it be so bad for a 28 year old girl to be living at home with the family? I know a lot of people luck down on it, but it's really my only hope of ever owning my own house/flat, unless I win the lotto, mainly because my income isn't LOTS, and my credit rating is crap...Plus, I would prefer to have a more modest house owned outright rather than a chain (mortgage) around my neck for the next 2 decades!
Opinions please? Thanks
Thats fine.
As long as you are happy with it, and your parents are fine with it, then its ok. It isnt such a bad thing living with your parents at 28, so i wouldnt worry about what other people think.
Original post by oohlaalaa
Hi there peeps, I'm new on here so please be nice to me
Basically, I'm renting at the moment, but paying the rent, bills etc is preventing me from saving for a house. I've been looking into buying a house outright, via an auction, where I could maybe get some semi-decent for fairly cheap. I don't mind working on it a lot, and could take my time with fixing it up. Once you own it, you own it, so don't have to rush anything!
Basically, I'm renting at the moment, but paying the rent, bills etc is preventing me from saving for a house. I've been looking into buying a house outright, via an auction, where I could maybe get some semi-decent for fairly cheap. I don't mind working on it a lot, and could take my time with fixing it up. Once you own it, you own it, so don't have to rush anything!
Buying from auctions is not for the faint hearted. It does involve some luck if you haven't visited the property before the auction, to see what you are buying, and you usually have to completion the transaction in a short time period. So if you plan on auction buying, make sure you have all your paperwork and mortgage ready beforehand.
Original post by oohlaalaa
Anyway, to do this, I would have to move back home with my family! Which isn't so bad, except for the fact I'm 28! My parents have said they would be happy for me to have my old room back, free of board, as long as I contributed to the household chores, and basic things like food, phone, etc. I think this is great as it would allow me to save nearly all my earnings, excluding the above mention, plus occasional socialising etc) for a couple of years and then look into the property auction thing again.
My question is, would it be so bad for a 28 year old girl to be living at home with the family? I know a lot of people luck down on it, but it's really my only hope of ever owning my own house/flat, unless I win the lotto, mainly because my income isn't LOTS, and my credit rating is crap...Plus, I would prefer to have a more modest house owned outright rather than a chain (mortgage) around my neck for the next 2 decades!
Opinions please? Thanks
My question is, would it be so bad for a 28 year old girl to be living at home with the family? I know a lot of people luck down on it, but it's really my only hope of ever owning my own house/flat, unless I win the lotto, mainly because my income isn't LOTS, and my credit rating is crap...Plus, I would prefer to have a more modest house owned outright rather than a chain (mortgage) around my neck for the next 2 decades!
Opinions please? Thanks
I completely agree with your plan; with today's market and the banks wanting high deposits, most people have to save whilst living with parents, there's nothing wrong with this situation. I would agree that buying a house is better than renting, so for those who are ashamed or mock others who lives with parents whilst they save, that's their problem, not yours.
Don't waste anymore money on rent.
Hope this helps.
Original post by moneymanager
Don't waste anymore money on rent.
How is rent wasted money?
Had I bought when I started my job in 2008 I would have lost capital equal to the rent I've paid since. Instead cash has been in the bank making me money.
Also unless you buy outright, the interest on what you borrow is wasted money. Yet I don't suppose you'd say don't waste your money on a mortgage...
Don't waste your money on clothes, be naked.
To the OP...
How long do you expect to be living with your parents? 3 months? 6? 1 year? 5? a decade?
Are they happy for that and are you? Personally I could only do it on a short term basis (say 4 months max). It it wouldn't annoy you then its cool, but if its not something you'd do because you'd enjoy living there then doing it for a prolonged period wont be fun.
Buying outright is the way forward though. Don't waste money on a mortgage
How long do you expect to be living with your parents? 3 months? 6? 1 year? 5? a decade?
Are they happy for that and are you? Personally I could only do it on a short term basis (say 4 months max). It it wouldn't annoy you then its cool, but if its not something you'd do because you'd enjoy living there then doing it for a prolonged period wont be fun.
Buying outright is the way forward though. Don't waste money on a mortgage
Original post by Quady
How is rent wasted money?
Had I bought when I started my job in 2008 I would have lost capital equal to the rent I've paid since. Instead cash has been in the bank making me money.
Also unless you buy outright, the interest on what you borrow is wasted money. Yet I don't suppose you'd say don't waste your money on a mortgage...
Don't waste your money on clothes, be naked.
Had I bought when I started my job in 2008 I would have lost capital equal to the rent I've paid since. Instead cash has been in the bank making me money.
Also unless you buy outright, the interest on what you borrow is wasted money. Yet I don't suppose you'd say don't waste your money on a mortgage...
Don't waste your money on clothes, be naked.
There is certainly some sense in what you're saying however for me it wasn't that sensible. After renting for 10years finally buying my own home (with a mortgage) has given me much more freedom.
With my own home I can have a dog, decorate when I want, don't have to deal estate agents or landlords, don't have to worry that I'm going to have to move each year etc.
For me personally this makes it the best option even allowing for the costs of maintaining a house.
Original post by Quady
How is rent wasted money?
Had I bought when I started my job in 2008 I would have lost capital equal to the rent I've paid since. Instead cash has been in the bank making me money.
Also unless you buy outright, the interest on what you borrow is wasted money. Yet I don't suppose you'd say don't waste your money on a mortgage...
Don't waste your money on clothes, be naked.
Had I bought when I started my job in 2008 I would have lost capital equal to the rent I've paid since. Instead cash has been in the bank making me money.
Also unless you buy outright, the interest on what you borrow is wasted money. Yet I don't suppose you'd say don't waste your money on a mortgage...
Don't waste your money on clothes, be naked.
Renting a place is essentially paying for someone else's mortgage, id call that wasting money. House prices will go up as well as down, as long as you are buying a home for long term living, house price movements means nothing since you dont intend to sell in the short term. Over long term you are more likely yo gain, just been my experience.
Sure put your money in a bank and earn a few percentages and watch it errode as inflation takes effect.
OP follow your plan, stop renting, move back with your parents and save up your deposit to buy your own place. Yes ideally you would save enough to buy outright, but realistically you'll probably need a mortgage, unless you win the lottery.
Oh dont waste you money on clothes, just get arrested for indecent exposure. Your analogy is way off left field and bears no comparison to this situation. Not wearing clothes is not an option.
Sent from my GT-I9082 using Tapatalk 2
Definitely move in - and in today's financial climate, it won't be at all uncommon. And of course, buying outright will mean that you'll be saving a lot each month on the mortgage (or rent, if you were renting a property instead of buying it) payment
And to the fool who thinks renting is better than buying, think of it this way - once you're 20 or so years down the line of mortgage payments, you'll own a house worth a few hundred thousand pounds. What will you own after 20 years of rent payments?
And to the fool who thinks renting is better than buying, think of it this way - once you're 20 or so years down the line of mortgage payments, you'll own a house worth a few hundred thousand pounds. What will you own after 20 years of rent payments?
Original post by moneymanager
Renting a place is essentially paying for someone else's mortgage, id call that wasting money. House prices will go up as well as down, as long as you are buying a home for long term living, house price movements means nothing since you dont intend to sell in the short term. Over long term you are more likely yo gain, just been my experience.
Sure put your money in a bank and earn a few percentages and watch it errode as inflation takes effect.
OP follow your plan, stop renting, move back with your parents and save up your deposit to buy your own place. Yes ideally you would save enough to buy outright, but realistically you'll probably need a mortgage, unless you win the lottery.
Oh dont waste you money on clothes, just get arrested for indecent exposure. Your analogy is way off left field and bears no comparison to this situation. Not wearing clothes is not an option.
Sent from my GT-I9082 using Tapatalk 2
Sure put your money in a bank and earn a few percentages and watch it errode as inflation takes effect.
OP follow your plan, stop renting, move back with your parents and save up your deposit to buy your own place. Yes ideally you would save enough to buy outright, but realistically you'll probably need a mortgage, unless you win the lottery.
Oh dont waste you money on clothes, just get arrested for indecent exposure. Your analogy is way off left field and bears no comparison to this situation. Not wearing clothes is not an option.
Sent from my GT-I9082 using Tapatalk 2
Completely agree with everything you've said here, but I'd suggest watching Homes Under the Hammer on BBC in the mornings - you'd be surprised how cheap auctioned properties can be up north; 5 to 10 years of saving and you could easily buy some of those properties outright and then rent them out for da monies
(edited 10 years ago)
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