Is it possible to afford buying a home these days?

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Anonymous #1
#1
Report Thread starter 6 months ago
#1
Honestly I'm looking at house prices everyday and i'm wondering if it's even possible to be able to afford it.
Little backstory:
My parents started looking for houses back in the 2000's when it was cheap, but my father has always been very stubborn. The slightest fault in the house, or if he thought it was too expensive he would reject it. He would take everyone else's advise but my mothers, even when she said we could fix it up easily (Which they could). Eventually, prices shot up and so now we have lived in a rented flat for the past 12 years. My mum always gets so upset when she thinks of this, because her sisters who live in different countries fully offered to pay for a house ( which we then pay back eventually), but my dad refused because of his pride or whatever.
So now my mum always says how me and my sister shouldn't make the same mistakes as my dad.
I can see how much it upsets her that he never listened to her, and dismissed her, I can tell she hates living here, and so I really want to own a home just for her.

I'm currently in final year at Uni, still applying for grad jobs.
Combined with part time jobs and saving as much student finance, I should have roughly 13k by the time I graduate. I know this is barely half way to a deposit, but it's a start.

But then I look at mortgage rates and I have no idea how i'm going to afford those as a single payer. My dad will help, but he is in his 60's now and I don't know how long he will work for.

I feel like it's almost impossible to buy a house these days, if I had a partner yes it would be easier, but I don't. I want this home for my family and I don't know if it will happen.

Has anyone bought property by themselves? Or have any tips that could help me?
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DrawTheLine
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#2
Report 6 months ago
#2
(Original post by Anonymous)
Honestly I'm looking at house prices everyday and i'm wondering if it's even possible to be able to afford it.
Little backstory:
My parents started looking for houses back in the 2000's when it was cheap, but my father has always been very stubborn. The slightest fault in the house, or if he thought it was too expensive he would reject it. He would take everyone else's advise but my mothers, even when she said we could fix it up easily (Which they could). Eventually, prices shot up and so now we have lived in a rented flat for the past 12 years. My mum always gets so upset when she thinks of this, because her sisters who live in different countries fully offered to pay for a house ( which we then pay back eventually), but my dad refused because of his pride or whatever.
So now my mum always says how me and my sister shouldn't make the same mistakes as my dad.
I can see how much it upsets her that he never listened to her, and dismissed her, I can tell she hates living here, and so I really want to own a home just for her.

I'm currently in final year at Uni, still applying for grad jobs.
Combined with part time jobs and saving as much student finance, I should have roughly 13k by the time I graduate. I know this is barely half way to a deposit, but it's a start.

But then I look at mortgage rates and I have no idea how i'm going to afford those as a single payer. My dad will help, but he is in his 60's now and I don't know how long he will work for.

I feel like it's almost impossible to buy a house these days, if I had a partner yes it would be easier, but I don't. I want this home for my family and I don't know if it will happen.

Has anyone bought property by themselves? Or have any tips that could help me?
It is possible. You'll probably have to live at home for a few years before buying. My brother is 23 and is in the process of buying a flat. He basically hasn't spent money since he got his first job at 18, saved birthday/Christmas money etc. It's helped that he's lived at home so hasn't had to pay more than £100 towards household stuff a month. You seem pretty sensible with money so hopefully after a few years of working and saving, you'll be able to put a deposit down
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Emma:-)
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#3
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(Original post by Anonymous)
Honestly I'm looking at house prices everyday and i'm wondering if it's even possible to be able to afford it.
Little backstory:
My parents started looking for houses back in the 2000's when it was cheap, but my father has always been very stubborn. The slightest fault in the house, or if he thought it was too expensive he would reject it. He would take everyone else's advise but my mothers, even when she said we could fix it up easily (Which they could). Eventually, prices shot up and so now we have lived in a rented flat for the past 12 years. My mum always gets so upset when she thinks of this, because her sisters who live in different countries fully offered to pay for a house ( which we then pay back eventually), but my dad refused because of his pride or whatever.
So now my mum always says how me and my sister shouldn't make the same mistakes as my dad.
I can see how much it upsets her that he never listened to her, and dismissed her, I can tell she hates living here, and so I really want to own a home just for her.

I'm currently in final year at Uni, still applying for grad jobs.
Combined with part time jobs and saving as much student finance, I should have roughly 13k by the time I graduate. I know this is barely half way to a deposit, but it's a start.

But then I look at mortgage rates and I have no idea how i'm going to afford those as a single payer. My dad will help, but he is in his 60's now and I don't know how long he will work for.

I feel like it's almost impossible to buy a house these days, if I had a partner yes it would be easier, but I don't. I want this home for my family and I don't know if it will happen.

Has anyone bought property by themselves? Or have any tips that could help me?
I brought a house by myself in August 2019.
So yes it's possible.
Obviously the price of houses varies depending on where you live.
But I found that being a tight wad helped. I saved up as much as I could and eventually had a big deposit.
Also living at home will help. I was 28 when I brought my house, and had lived at home until then. But by living at home I had managed to save a bigger deposit. Basically because I wasn't having to pay rent. I just had to pay £100 a month board to my parents. As you know renting can be quite pricey. Usually the rent is more expensive per month than a mortgage. You just need a deposit.
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asif007
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I think it's difficult to predict whether you will be able to afford your own house when you haven't got an income yet, nor do you know roughly how much you will be earning/how much tax you will have to pay. First you need to focus on graduating uni with the best degree classification you can achieve, and getting a job that pays well enough for you to save. I agree with the person above that living at home with little/no overheads and tightening the purse strings will definitely help you save a deposit faster. You should also consider moving to an area with cheaper property prices and don't just look in the local area near your parents' home. I see a lot of people on here who live in expensive areas, for example in London, and want to get on the property ladder but don't want to move out of London for fear of being too far away from their parents, so they have to continue renting. It's quite possible you could buy a cheap property outside London, live and work there for a few years until you've paid it off, then put it on the rental market for an additional income and use that to move to a more upmarket area, or closer to your parents or whatever you prefer.
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Paralove
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There's also the trade-off of living at home vs real independence. I couldn't face moving back home after uni (having lived abroad for part of it, and barely spending the holidays at home for residential based worked in the vacs). Nowt wrong with family, but my sister and I shared a bedroom for one, few friends back there and well, it just has nothing on my uni & now current home (Cambridge).

I can't see myself moving, and I'd still continue to prefer (long term) renting and being central here than moving out to one of the villages (not much cheaper anyway, not great public transport links + I don't drive and prefer to cycle anyway). Obvs each to their own and all that but buying a house isn't always all that. There's a new development a street over from us (moved in with boyfriend in April) that is selling 3 bed townhouses for £660k, with a smaller garden than what we have on the property we rent. I also could not face being in a flat - need the outdoor space for my own sanity. This house is probs worth around £400-450k if it went up for sale. My boyfriend and I probably have a joint income around the £70k bracket and still wouldn't think that's quite enough to contemplate buying here until we have a significant deposit (to which neither have or are likely to have family help or contributions - and I always hate the articles how X person in their 20s bought Y property all on their own when they lived essentially rent free at their parents and/or had some inheritance or family contribution.....).

Thing is, we could easily pay a mortgage. But lenders won't give you anything without a deposit - things would be so much better if they would just use your proof of paying rent for so many years which is more than enough to demonstrate affordability.

Anyway, bit of a ramble but relate on housing feels a little!
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Anonymous #2
#6
Report 6 months ago
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Personally I'd never ever buy a house because I prefer renting. I feel like it gives much more freedom as I don't have to stick around for any longer than, say 6 months or so if I don't want to. I don't plan on ever buying and I've moved about 13 times already and I'm not even 30 yet.
People used to say renting is dead money (or something like that) but if youre paying for a roof over your head then it isn't. There's no reason you can't rent for a while to see if it's for you. I've never bought a place but renting seems a much easier option. But of course it all depends on what you want.
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