Leaving the nestWatch
I’m an 18 year old collage student who is wanting to move away from home as soon as possible. As strange as it may sound I do not wish to go down the rent route. I have put 75% of my trust fund money straight into a lifetime isa and add to it monthly. As well as save on the side. I work full time and currently go to collage.
Most my earnings going into savings for car insurance however once that is paid off I’d like to save more towards getting a message mortgage for a flat nearer to a city. My parents haven’t been very supportive and aren’t offering me much advise or disagree with any of the decisions I have made or are considering. I know that I’ll need to save for my Atleast 10% deposit. Which is looking to be £8000. As the flats I have been looking at are around 80k.
I want to move away from where I currently live as I dislike the area and haven't had the most positive experiences here. I would like to move somewhere and start fresh. I have ideas in mind but know that moving somewhere fresh will be difficult as mortgages require job stability so I'd have to find a job and rent somewhere until I have gain that stability.
Does anyone have any advice or recommendations? I don't wish to live in luxury I just need somewhere to live.
Thank you Danni
You'd also struggle to rent tbh - they tend to also want to see evidence that you can afford at least a year's rent, though you may be able to work something out there.
Is a car something you need right now? You seem to be trying to save for two huge purchases at once - obviously that will make things twice as hard!
Also remember that the deposit is not the only up front cost to a property purchase. You'll have legal fees, land registry fees, couple more things. Will you need to hire a van to move? All told that'll likely be a couple thousand I'd imagine?
Do you currently own furniture?
Also remember how long it typically takes to complete a property purchase. Even with no chain (i.e. the people you buy from are waiting on someone else to move out of their house, who are waiting on others etc...), it typically takes 3 months just for paperwork.
And the job market at the moment is clearly pretty atrocious for young people. Although you do have experience which is great. I guess what you'd have to do, is apply for jobs in the new area, then once you have one apply for a mortgage and find a place?
It'll be a long difficult process!
I've definitely been considering flat share more than rent as its looking like a cheaper option as most flat shares utility bills are included into the over weekly cost of living there. By having that 6month money already saved up I'm giving myself the chance to find a job and start the mortgage process in those six months with out the stress of having to pay up. If I werent to find a job a for awhile then the mortgage process will be delayed.
I don't have much furniture just a bed and a couple of shelving units however things like TVs, sofas, chairs and pinning room tables arent an important aspect wheb I first move in. However can be some ing I purchases a with in the first few months.
I already have a car and the issue would be paying for the rest of my lessons and insurance. This is something I need as I need to driving myself to work as there are no public transport routes where I live. I live in a very rural area and plan to move hours away from where i live now.
I know the job market now especially is quite hard which is why i dont wish to rush anything and am hopefully staying in the job i currently have now until I have more then the appropriate fundings to help support me.
Realistically it might be 2-5 years before I can leave. However in that time frame I will turn 21 and will Theb be earning slightly more which will make a difference. The objective of this post was definitely to leaner more about moving out and you've definitely given me some things to think about and consider. Thank you
▪ Mortgage and fees.
▪ Monthly bills (gas, electricity, water, council tax)
▪ Home insurance, plus any other cover like gas, water, maintenance fees for a flat
▪ TV and licence? Stereo?
▪Any additional furniture (sofa, dining table & chairs, bed, wardrobe and drawers, shelving, storage) or appliances like kettle, toaster, microwave, white goods (washing machine, cooker, fridge-freezer)
▪Bedding, towels, tea cloths, curtains, cushions
▪Crockery, cutlery, cookware, kitchen storage
▪Cleaning and laundry products, inc Hoover, clothes horse or outdoor drying, iron, ironing board
▪Socialising (including travel, food, drinks) and holidays
▪Travel to work and visits to friends and family (including car insurance, fuel, tax, servicing, MOT if applicable)
▪Birthdays and Christmas
The list is not exhaustive, and will obviously vary as to individual needs, and what is a priority and what are ongoing expenses. You say you want to 'pay off' your car insurance, but that will never happen as long as you have a car...