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Original poster

Those who decided to buy their first home on their OWN instead of renting - what made you make the leap?

63 replies

Ukelele3 · 23/05/2020 22:31

Those who decided to buy their first home on their OWN instead of renting - what made you make the leap? What reasons made you no longer want to keep renting, how old were you when you bought your first home and looking back now, do you think you made the right choice?

OP posts:

ToLiveInPeace · 23/05/2020 22:34

I'd been saving for ages with a vague thought of buying a house one day when I suddenly realised I had enough money. It's not my dream home but it's mine and has a garden :)

ToLiveInPeace · 23/05/2020 22:36

And I bought when I was about 40, a few years ago. We had a poky flat and wanted to be free of landlord inspections and rent increases.

inwood · 23/05/2020 22:39

I'm married and bought with my husband but if I wasn't I would have bought as soon as I could have afforded it.

HollyBollyBooBoo · 23/05/2020 22:44

In hindsight I was pushed into it by my family really who have a pathological hatred of renting! However it worked out for the best as I doubled my money in about 3 years.

BlodwynBludd · 23/05/2020 22:47

I was 25 and peak recession so suddenly my savings were earning nothing and could stretch to a deposit. I was single so wasn't even on my radar to buy with someone else. Made a lot of money on it and meant when I met dh we could buy a family home.

HundredMilesAnHour · 23/05/2020 22:48

I was 27 and living in a rented 1 bed flat with my then boyfriend. We split up. He'd always said that if we split, he'd move out. He didn't. It was horrendous living together still. I couldn't face moving back to a flatshare and I managed to find a 1 bed flat (in a very rough area) that I could just about afford to buy. A friend lent me the deposit

It was the best decision I ever made.

Changeisneeded · 23/05/2020 22:49

I moved to a new city that was much much much more affordable! When I found an area I wanted to live in I realised I could get a mortgage for a two bed flat for the same price as I could rent a one bed flat.

I decided to go for it as ultimately even if I lose money on it I am still paying less than I would have for a rented flat and had the value of security.

Had I not moved I would have waited until I could buy a house with a garden!!

blue25 · 23/05/2020 22:52

I was 28 and realised the best way to become financially secure and have the option to retire early was to buy property and overpay the mortgage as much as possible.

My flat doubled in value and I’m now in a lovely house and almost mortgage free at 46.

SpaceCadet4000 · 23/05/2020 22:53

I was 29, it was only a few months ago! I wouldn't say that it was making the leap- there was a long term financial plan behind it that involved US student loan debt and emigrating from the UK. I knew the deposit amount, income level, credit score, life stability etc that I needed. Buying itself is part of an even longer-term financial plan.

Obviously this is quite recent so things may change with time, but I'm very happy to own and space and a garden. Buying before COVID seems a bit shaky as it could have been a market peak, but I'm happier locked down here than renting an apartment.

GreasyFryUp · 23/05/2020 22:53

Split up with boyfriend, was living with him in his house. He didn't want me going into houseshare so I stayed until I found a house to buy. Odd, but doable. Parents gave me deposit from a recent inheritance. They didn't live near me so going home wasn't an option.

Covidpolice · 23/05/2020 22:55

My mortgage was £400 but to rent was at least £600. It made absolutely no sense to spend more when I was able to buy (with a 95% mortgage).

WinterBerry7 · 23/05/2020 22:55

I was saving to buy with my partner, we then split up. I’d been renting for a few years but decided to move in with my mum and save as much as I could for a deposit - it took me two years and I was 29 when I finally bought somewhere.
I’d spent a while moving between rented houses and I wanted a base that was mine and that I could stay in for a while. Although it wasn’t my original plan I actually love that I bought my place by myself. It’s probably my proudest achievement!

Elieza · 23/05/2020 22:55

I was 25.
Pushed by family but glad they did push.
I had rented previously and you don’t see anything for all the money you spend for years. Buying woukd cost the same but I’d end up with a ‘free’ house at the end of all the ‘rental ‘ payments.

Thought I’d have paid it off by now but no. Circumstances changed and I had to remortgage and take money out. Years still to go. Bugger. Wouldn’t change my mind about buying right enough. In my area houses are affordable, compared to my childhood area which is not and we were very poor as all the money was fed into the mortgage.

Covidpolice · 23/05/2020 22:57

(I stayed with my parents after uni and saved instead of jumping into renting like my friends. It was the best thing I could have done, although obv not an option for everyone)

mumma2be2020 · 23/05/2020 22:58

I went to view a rental on a new build estate. The rent was double what a mortgage would be. Ended up buying exactly the same type of flat that I'd looked around to rent. Mortgage was £495pm instead of just shy of £1000 rent!

KenDodd · 23/05/2020 22:59

I don't really understand the question. It seems to imply people wait until they're married or something before buying somewhere to live? Is this the case? I didn't know that was a thing, why would anyone do that? To answer the question, I bought my first flat on my own, it wouldn't cross my mind not to, when I met my husband he also had his own flat. Twenty five years ago for context so property was much more affordable.

bluebluezoo · 23/05/2020 23:01

Simply because mortgage was way cheaper than rent.

I was 22, i’d saved my student loans (had a job to survive on) and had enough for a deposit. Found myself a nice flat, got a flatmate who paid a chunk of the bills. A few also were snobby about a flat, they had plans for a 3 bed with garden - which i don’t think they ever got because they priced out.

Doubled my money in 5 years.

Seemed a no brainer to me. I did have friends who thought I was “tying myself down” with a mortgage (including one very vocal who got accidentally pregnant the following year and had a baby!), but i’d bought near a hospital and university so it was always going to sell or rent well should I want to move at short notice, so it didn’t feel like a massive commitment.

MidnightHangingTree · 23/05/2020 23:03

I was 23 and bought with my boyfriend after 4 years of living with his parents to save money. I had the vast majority of the money saved (~£30k to his ~£5k) as it had been my only goal since leaving school and I have the better paying job. I knew if we started renting we would probably be stuck there forever as we wouldn't be able to afford to save for a deposit.

LuluJakey1 · 23/05/2020 23:05

I grew up in a council house and my parents had nothing to show for 30 years of renting. I wanted to have some security.

VenusClapTrap · 23/05/2020 23:07

I was 24. I wanted more space for all my stuff; I was bored of cramming everything into a rented room in someone else’s house.

Covidpolice · 23/05/2020 23:09

KenDodd I assumed it meant without an inheritance!

NellWilsonsWhiteHair · 23/05/2020 23:09

I was 30, and a change in circumstances (significant pay rise + offer of deposit from family + on maternity leave so no need to factor childcare costs into mortgage application) meant it was possible. M

Extortionate cost of renting made it a no-brainer, but I wouldn’t have even looked closely at it without nudging from my family - I didn’t think it was at all affordable, but I was wrong.

After my one and only cohabiting relationship completely failed in my early 20s, I’ve been very clear that I wouldn’t want to live with a partner again, so buying alone didn’t feel at all unexpected in that regard.

ArchbishopOfBanterbury · 23/05/2020 23:17

Inheritence from a relative. I'd never have been able to save enough whilst renting too.

Original poster

Ukelele3 · 23/05/2020 23:19

Thanks a lot everyone so far for your interesting stories on why you decided to buy :)

In answer to what I meant "on your own" - I meant it in terms of not with a partner as often people in a serious relationship/marriage do it as a next step towards a secure future, for kids, etc. and I'd not heard of many considering buying on their own (as most people I know seem to concentrate on dating so they can eventually buy with someone else which would effectively double the property value they could afford) but yes, also interesting to hear when people haven't done it using an inheritance but rather saved the deposit themselves.

OP posts:

C0RA · 23/05/2020 23:20

I was 28 which is 30 years ago. I bought for all the usual reasons - the security, not having to leave when a landlord wanted the property back, not wanting to waste money on rent.

It took me about 6 years of saving really hard. I took a job with accommodation provided so I could save every penny and also took an evening job. No foreign holidays, only cheap evenings out, spent very little on clothes and only cheap or free hobbies.

Then I bought a flat ( in a cheap part of the county ) that needed a lot done and spent about a year working on it every evening and weekend. It was all very hard but absolutely worth it.

I had no help from anyone and it makes me bloody angry when people post here about how easy it was for “ my generation “ and how it’s so tough for them. It’s never been easy for a single woman on an average wage to get onto the property ladder in most of the Uk for the simple reason that most buyers are couples or single men who earn more.

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