What age did you buy your first house

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richard10012
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#1
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#1
I am 35 years old and feel like I am too old to buy. What age did you buy your first house please?
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Notnek
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#2
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#2
(Original post by richard10012)
I am 35 years old and feel like I am too old to buy. What age did you buy your first house please?
You are only slightly older than the current first time buyer average which is 34. You are definitely not too old to buy. Is it just money that's holding you back or something else?
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chazwomaq
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#3
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#3
I was 23 (well, first flat). First house I was 25.
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Quady
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#4
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#4
(Original post by richard10012)
I am 35 years old and feel like I am too old to buy. What age did you buy your first house please?
29, about six months after I got a grade 7 job.
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gracieee16
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#5
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#5
i wanna house rn! lol, im only 17 but i rlly want one at in my late twenties or 30 max...
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Scotney
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#6
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#6
(Original post by richard10012)
I am 35 years old and feel like I am too old to buy. What age did you buy your first house please?
Rubbish do you think paying rent to a landlord every month is a better proposition.Bought first house at 23 but a friend just bought one at 57.Rent is just a waste of money and gives you no security.
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Ghostlady
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#7
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#7
I was 20, but re-mortaged to get the house done up to how it should be. I had help from my grandparents back them bless em to get 5% of the value, but it was a loan and I had to pay it back which I did.
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Quady
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#8
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#8
(Original post by Scotney)
Rent is just a waste of money
It really isn't in a falling housing market, rent can be an excellant use of money.
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Notnek
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#9
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#9
(Original post by Quady)
rent can be an excellant use of money.
Can you explain why you think this? I've never heard renting described like this before.
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Scotney
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#10
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#10
(Original post by Quady)
It really isn't in a falling housing market, rent can be an excellant use of money.
But there is no prospect of a falling housing market in UK due to demand outstripping supply by so much.OP is talking about now not in the abstract.
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Quady
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#11
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#11
(Original post by Scotney)
But there is no prospect of a falling housing market in UK due to demand outstripping supply by so much.OP is talking about now not in the abstract.
Demand has outstripped supply over the last couple of years. In a rising interest rate environment that's not a given.

Working through my personal example....
One bed semi detached with lounge. Sole occupancy. In WA3.

From Sept 2008 to Aug 2013 I paid
Year 1: £425 x 12 = £5,100
Year 2: £400 x 12 = £4,800 (I negotiated the rent down)
Year 3: £400 x 12 = £4,800
Year 4: £410 x 12 = £4,920
Year 5: £425 x 12 = £5,100
Total for period: £24,720
Moved job/city. Stayed at a freinds for three weeks and couple weeks holiday, gave freind £150 'rent'
Oct '13 to March '14: £430 x 6 = £2,580
Total: £27,450

I did consider buying a place when I moved to Warrington after graduating. One bed flats were about £100k, I had £30k in the bank - earning 6% in my ISA. In Sept '08, base rate was 5.0%. A two year fix was 6.5%.

I'd have paid+lost interest of roughly:
Year 1: £6,250
Year 2: £6,000 (cut in ISA interest)
Year 3: £2,000 (remortgage to two year 3% deal)
Year 4: £2,000
Year 5: £1,500 (remortgage again at lower rate)
Total for period: £17,750

So I'd have paid £7k less in interest over those first five years than I paid in rent, right? Winning! No.

Those three mortgage arrangements would've likely cost £1,000 between them (if not more). I'd have had to have paid either buildings insurance or service charge, again being generous that'd be just another grand. So over the five years the saving of paying interest rather than rent would've been about five grand.

However, between Sept '08 and Aug '13 prices fell 15-20%. What I could've bought for £100k in Sept '08 could be bought for £85k. So I'd have been £10k worse off.

Then factor in I had five years use of the boiler, cooker, fridge/freezer, bathroom, carpet ect.
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Quady
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#12
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#12
(Original post by Notnek)
Can you explain why you think this? I've never heard renting described like this before.
See Post #12 and I'll re-emphase that the flexibility of mobility can make it easier to get a higher paying job by moving. The transaction cost of selling can/does put people off moving, even if they'll be better off.

That's not to say that renting permanently is good. But the attitude that rent is only a waste of money is daft.
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Reue
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#13
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#13
26. Could have done so earlier if we had gone for a smaller place/flat but decided to wait a bit longer and go straight for a larger house.
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Scotney
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#14
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#14
(Original post by Quady)
Demand has outstripped supply over the last couple of years. In a rising interest rate environment that's not a given.

Working through my personal example....
One bed semi detached with lounge. Sole occupancy. In WA3.

From Sept 2008 to Aug 2013 I paid
Year 1: £425 x 12 = £5,100
Year 2: £400 x 12 = £4,800 (I negotiated the rent down)
Year 3: £400 x 12 = £4,800
Year 4: £410 x 12 = £4,920
Year 5: £425 x 12 = £5,100
Total for period: £24,720
Moved job/city. Stayed at a freinds for three weeks and couple weeks holiday, gave freind £150 'rent'
Oct '13 to March '14: £430 x 6 = £2,580
Total: £27,450

I did consider buying a place when I moved to Warrington after graduating. One bed flats were about £100k, I had £30k in the bank - earning 6% in my ISA. In Sept '08, base rate was 5.0%. A two year fix was 6.5%.

I'd have paid+lost interest of roughly:
Year 1: £6,250
Year 2: £6,000 (cut in ISA interest)
Year 3: £2,000 (remortgage to two year 3% deal)
Year 4: £2,000
Year 5: £1,500 (remortgage again at lower rate)
Total for period: £17,750

So I'd have paid £7k less in interest over those first five years than I paid in rent, right? Winning! No.

Those three mortgage arrangements would've likely cost £1,000 between them (if not more). I'd have had to have paid either buildings insurance or service charge, again being generous that'd be just another grand. So over the five years the saving of paying interest rather than rent would've been about five grand.

However, between Sept '08 and Aug '13 prices fell 15-20%. What I could've bought for £100k in Sept '08 could be bought for £85k. So I'd have been £10k worse off.

Then factor in I had five years use of the boiler, cooker, fridge/freezer, bathroom, carpet ect.
Over 25 years our mortgage has gone up and down. My friend stayed renting but by 48 I owned my house which has increased by a magnitude of 12 and live rent and mortgage free. Friend still has to find rent every month and not getting any younger.
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Sakura-Chan
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#15
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#15
30
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Quady
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#16
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#16
(Original post by Scotney)
Over 25 years our mortgage has gone up and down. My friend stayed renting but by 48 I owned my house which has increased by a magnitude of 12 and live rent and mortgage free. Friend still has to find rent every month and not getting any younger.
Thats interesting.

25 years reflects "permanently" which is what I referred to in post #13: 'That's not to say that renting permanently is good.'
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black tea
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#17
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#17
26
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RedGiant
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#18
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#18
21. I was a single mortgage applicant as well I'm an anomaly though.
Last edited by RedGiant; 1 month ago
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Emma:-)
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#19
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#19
(Original post by richard10012)
I am 35 years old and feel like I am too old to buy. What age did you buy your first house please?
I brought mine 3 years ago ages 28
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claireestelle
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#20
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#20
22, through a stroke of luck really we were able to get a 5% deposit mortgage so we found the biggest house we could for the amount they were happy to lend to us , and since I was married at that point, much easier to get a mortgage when there are two of you.
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