Is it possible to buy a house?

(53 Posts)
fluffyduckie Tue 24-Dec-13 19:42:39

Not to sound whiny or totally pessimistic but is it possible to buy (and afford to run) a house as a single person with a job rather than a career?

I earn about 16 thousand (before deductions) a year and can't get a mortgage for enough to buy a home. sad I just want my own little home - a little cosy nest.

sooperdooper Tue 24-Dec-13 19:45:44

It depends where you live, would you be willing to look at a flat instead of a house? And how much deposit you have will also be a factor, but it's not impossible smile

DamnBamboo Tue 24-Dec-13 19:46:59

I don't know where you live, what kind of deposit you have, what other financial commitments you have etc.. so it's hard to say if you can buy a house. But regardless, you won't get a mortgage for much more than 50k (assuming excellent credit) which isn't a lot.

monkeysox Tue 24-Dec-13 19:48:57

Could do here I'm north east. 50000 house affordable on your wage

fluffyduckie Tue 24-Dec-13 19:50:33

I'm in Yorkshire and the houses around here start at about £80000. I am not super picky but I want an area that I feel safe in as I will be wandering around by myself. Especially with the dark nights in Winter!

DamnBamboo Tue 24-Dec-13 19:51:35

Well then you have a rough idea of what is required of you.
Do you have a £30k deposit? Or can you jointly purchase?

nocheeseinhouse Tue 24-Dec-13 19:52:09

I've struggled on my own, and I'm on twice your wage. Perhaps through a partbuy scheme? But... home ownership isn't all that, remember.

fluffyduckie Tue 24-Dec-13 19:54:13

I don't have much of a deposit - about £10000. I think I really need to make saving as much as possible a priority in the new year.

I panic that I will (finally) buy a house and then will struggle with the bills. Everything seems to be going up! Plus I have never lived alone so I need to become a lot more practical. It feels like the longer I stay at home the less likely I am to ever move out!

Around here, near Liverpool, you definitely can. There are some quite cute terraced houses on at around £50k according to Rightmove and some slightly less nice ones on below that. I would question how safe some of the neighbourhoods are and would carefully search crime statistics before buying, though.

ouryve Tue 24-Dec-13 19:56:19

Here, yes. 2 bed terrace in a quiet street under £70K (we're living in one!)

Most places, no.

DamnBamboo Tue 24-Dec-13 19:58:27

Don't panic too much.
You could get a lodger which will offset some of the cost and help towards living expenses.
Would you consider buying a doer-upper in a reasonable area (area more important than size in terms of resale), that way you should be able to get it a bit cheaper.

Have you looked on right move?

Do you have any other debt, loan commitments or dependents?

fluffyduckie Tue 24-Dec-13 19:59:23

Around here some "bad" areas are a bit cheaper. A lot of the terrace streets here are all rented and have a bit of a bad reputation especially after dark. It is hard to balance what I can afford with what I want!

2 bedrooms, reasonable kitchen, preferable not open plan, and I would love a garden.

I just think that I may only ever buy one house - my salary is unlikely to increase - so if I give up something (like my dreams of growing vegetables in a decent sized garden) I may never get them.

YoureBeingASillyBilly Tue 24-Dec-13 20:01:43

I am in NI and a 3 bed terrace on my street went gor £44k. Others recently have gone at auction for £35 and £45k one townhouse and the other a 4 bed semi. Good areas too.

DamnBamboo Tue 24-Dec-13 20:02:37

Well just keep your eye out in the new year. Bank rates are expected to go up sooner rather than later, which will unfortunately result in a spate of loan defaults, repossessions and probably cheaper housing.

Just keep saving for a deposit, which you need to do regardless, and monitor the situation.

We held out for our 'forever' home and it tooks months, but we got it eventualy and I'm glad we waited.

YoureBeingASillyBilly Tue 24-Dec-13 20:02:46

All with gardens.

revivingsnowshower Tue 24-Dec-13 20:12:13

Wow guys some of your house prices are low. Our 3 bed terrace with small garden is £150k ish this is in S.E coast

Earlspearl Tue 24-Dec-13 21:47:13

What about a ground floor flat?

Having a mortgage of 70 would be about 4.7 times your wage which is quite high. It depends on your overheads and potentially they could be quite low considering you have no car or kids. Ours is 4.3 ration wise. We have 4 kids though and two cheap cars but do everything on the cheap - holidays/second hand clothes etc. Nothing is ever new but my kids still attend clubs etc. we live within our means.

You could always consider letting the second bedroom and splitting the bills half way to make things affordable.

fifi669 Tue 24-Dec-13 22:10:59

I'm in Cornwall and the cheapest flat here is prob pushing 100k!

FudgefaceMcZ Tue 24-Dec-13 22:17:55

Yes. I have small terrace in a perfectly ok but not posh area and only on a wee bit higher pay than you (most of which goes on childcare). You just need to 1. not live in the south and 2. ignore dickheads who are snobby about 'location, location', when in fact anywhere you live will mainly be populated by human beings who are very similar to yourself.

OatcakeCravings Tue 24-Dec-13 22:21:19

Depends where you live, it's around £150k for a two bed mid terrace where I am, a flat would be no less.

Tabliope Tue 24-Dec-13 22:22:47

Could you get another job in the evenings or at the weekends to top up your income? Also think the idea to get a lodger in is a good one if you pick the right person (quiet, tidy etc). Wishing you luck and hope you get it soon.

YoureBeingASillyBilly Tue 24-Dec-13 22:26:54

Do you rent at the moment op or live with parents?

YoureBeingASillyBilly Tue 24-Dec-13 22:28:53

Ah- sorry i see you are with parents. You are in a good position to be able to make savings as i assume you arent paying market rate to your parents? I second the idea of taking on a second job if possible.

fluffyduckie Wed 25-Dec-13 08:31:59

I had thought of getting a second job but I work 37 hours a week in my job and do maybe 30 ish hours as a carer at home so I don't know what sort of job I could fit around that.

There aren't many flats here - mostly terraced houses near town and semi detached and bigger terraces further out.

stgeorgiaandthedragon Wed 25-Dec-13 09:26:49

Flats generally aren't necessarily notably cheaper, unless they are high-rise ex-council and I wouldn't recommend one of those as selling it again would be very difficult/impossible.

My first home was a flat and it cost more than a lot of two-bedroom houses. The point with flats isn't that they are cheaper, but they tend to be suitable for somebody in a particular position. My flat cost me £120,000 and when I sold it it was for £160,000. I bought a 3 bedroom house for £170,000, so very little difference.

I would also not advise a lodger, myself, I realise it can work well but to be frank the sort of lodger who would be attracted to the sort of home the OP can afford might not be ideal.

Anyway, it is possible - just - in some areas, but not easy. I don't live in a very expensive area but it still wouldn't be possible here.

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