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

[Ukelele3]

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?

Studied economics so knew it was a good bet. Saved a bit, bought jointly with DP (at the time) with the first mortgage payment coming out of my first proper job pay packet

Moving house the weekend before starting a new job was not ideal but I eventually started to remember to drive back to the new house after a long day at work.

Split up and sold at a bad time but still had enough deposit to buy a very small house on my own.

Overpaid and could have been mortgage free by 40. Instead moved to buy jointly with now DH and pushed ourselves to pay that off in ten years rather than really stretch to buy the biggest how w could afford.

Realise that we have done well out off the peg market. Wonder how the next generations will fare.

I was 27, and didn't like the area I was renting in so my friend offered me a room in the house she owned. She was my age so it then occurred to me that if she had bought a house, why couldn't I?
I saved most of the deposit myself and my parents kindly gave me £5k to help, and I bought a 3 bed house with a garden in a working class but friendly and quiet area. I absolutely LOVED it.

I was 23 and new to that city, ended up with the flatmate from hell, didn't know anyone else who might be looking for a flatmate, mortgage was £156 a month, rent was £280...

I bought my first home in January this year and I'm moving next month. I'm 29 and a single parent. I want somewhere that I can call ours and I'm sick of renting. It's taken me 6 years to save up.

Unfortunately now due to coronavirus my job is at risk so I'm not excited like I should be. If I lost my job while renting I could claim housing benefit. I'm trying to save as much as I can to cover the mortgage for a few months if I get made redundant.

Ah well that is the difference 25 years made. Back then all my friends just bought their first place themselves. So wrong that this has changed so much. Something else this thread has shown me is that if waiting to have a partner is now a factor in house buying, that's going to have a detrimental effect on women's (and men's) financial independence.

At the time they were giving you cash back 95% mortgages - took a loan for the 5% deposit , returned as cash back after completion and mortgage payments were a lot less than rent. Couldn’t have done it in today’s market

I had been saving up since I got my first graduate job. I was dating my future husband but decided who knew where it would lead and I had just about enough for a small deposit on a flat and went for it alone.

One of the things I noticed in my friendship circle at the time was no one was prepared to buy anything they didn't see themselves marrying and having a baby in (i.e. wanting a house, garden etc). This meant that they HAD to wait until they were in receipt of inheritance or had savings from both them and a partner to be able to afford it. Hence were older by the time they bought anywhere and generally with a partner.

Bought my first flat at 21.No help financially, no inheriatnce or gifted money from family. l had been working part time jobs since 16 and at college. Started working at 18 started a tiny business at 20.....I remember working 70+ hours a week to save, and spent nothing unnecessary.
Although not an expensive area, (South West) I realised I would struggle with all bills and mortgage if I bought a one bed so particularly looked for a 2 bed so that l could rent to a lodger.

I saved 10% and got a 90% mortgage, moved in with £15 in the bank account, no functioning kitchen or shower, and sleeping on a blow up mattress on the floorboards. I worked like crazy during the day, and at night decorated the 2nd bedroom, fitted out the bathroom and kitchen with help from any friend who could hold a drill, and a DIY book!
Lodger income paid 60% of the mortgage and half bills.

Why?
I really wanted financial security as fast as possible and never expected to be a high earner, so had to be smart with what skills l had. Working and living from month to month, slave to your employer and incresing rents looked like a pontless, restrictive way to live, l wanted more options as fast as possible, so was determined to start paying off a property as early as l could.
Also l never wanted anyone to be able to take away my home.
Lastly l never wanted to have to rely on a man to support me.

Ah well that is the difference 25 years made. Back then all my friends just bought their first place themselves. So wrong that this has changed so much

I think that is more your experience and friendship group.

I bought my first flat 25 years ago and was the only one of my peer group to buy on my own. Read my previous post- everyone else thought I was mad.

I actually had some issues buying as a single woman- cheques made out to “mr bbz”, letters addressed, banks and estate agents wanting to speak to my husband. On one particular occasion walking into an estate agent to be told everything was under offer and they had nothing for me to view. So I don’t think young single women buying property was as common as you think...

I bought on my own when I was 35 after splitting with my ex. Initially I was going to rent but realised one of the flats I was looking at the mortgage would be cheaper than the rent. I had a bit of money saved so went for it. I ended up buying a 2 bed house in a cheap area.

When I moved in my mortgage was similar to the rent for the house next door. Over time I've been able to remortgage to better rates and the rent next door has increased. The rent for next door is now double what my mortgage payments were, in 8 years (I took out critical illness insurance when I bought the house and had to make a claim, so my mortgage is now settled).

I inherited 10k when I turned 18, so saved like mad through uni and for a year afterwards to make another 12k, which gave me a 15% deposit and cut the mortgage down enough that it was classed as affordable. The mortgage was about 2/3 of what the rent on the same place would have been, so I just figured it was a waste of money not to. Been here 4 years now, didn't occur to me to wait until I met someone - I was seeing someone when I bought which didn't work out, but if it had we'd just have lived in one place and rented the other out.

I worked and saved throughout university, lived at home for a year, and then bought my first house. I was single, no financial help/inheritances- but I started working at 16, and lived in cheap student accommodation at uni, which allowed me to save a lot.

Truthfully I bought alone as I couldn't ever envisage being in a long term relationship . It meant every decision was 100% mine; I never had to accommodate anyone else's preferences, and it was 100% down to me to sink or swim.

I should add this was only a couple of years ago - so I didn't benefit from the cheap prices of ~30 years ago

I did at 19 because I wanted to move out of home and it was cheaper to buy a tiny respossessed one bed flat than to rent. I saved nearly every penny of my salary to pay the deposit and fees.

I was 27. But it was 25 years ago. I don’t know anyone who waited to find a partner before buying, if they could.

I was 27 and had been renting since I left home at 20. I hated the uncertainty, the reliance on a landlord not messing me about etc etc.

Anyway, the stars suddenly aligned and I could afford a tiny flat. But it was MY tiny flat. It made me very happy.

31 after a failed relationship. I don't want to spend my later years/ pension age paying rent and being poor. It's a better financial decision to own your own flat/house at some point. Your monthly expenses go down so it will give you more choices.

It seems a bit pointless to wait until you have a partner to buy, unless you have no other option at all. Because half of these relationships won’t last anyway, and then you have the added hassle of being forced to sell up and start again because they want to leave and you can’t afford to buy them out.

And because women earn less than men, its more likely to be the woman who loses out.

I can’t believe the number of women who move in with their partner into his house ( which he owns ) , then have a baby, take maternity leave and go part time. Then when they split up, the mum and baby are homeless, she has damaged her career , earns less but has much higher outgoings as she has childcare costs and two to support. Total madness.

I got a better job and the offer of a deposit from my family. The tiny studio I was renting cost twice as much for the mortgage on my flat. It was also the realisation that I was probably not going to get married or even get another boyfriend and that I needed the security of my very own home without fear the landlord could boot me out or the rent becomes too high. It is one of the best decisions I have ever made. Sure my flat is small but the thought of being in my old studio, or worse a shared house during lock down makes me shudder.

I bought my home just over three years ago when I was nearly 30.
I had been desperate for my own place for a long time. I went to see what sort of mortgage I could get probably 5years before that. Despite having a decent deposit my earnings were my downfall and what they offered wouldn’t have got me far.

So I saved money every month to increase my deposit. I have never rented but stayed with my parents paying money towards the bills etc. Which made a massive difference in being able to save.
I guess I wanted my own independence and a space where I could make it my own which was a massive drive for me.

I really feel like the house I purchased was meant to be everything just clicked into place.
My house is a work in progress but I love it!

I'd got a dog with my ex as we lived together in a home he owned. When we split up, there was no way I'd leave her but I very quickly realised you can't rent in my city with pets so I ate and did bugger all for months to save my 5% deposit and legal fees. It's a tiny wee place and needs some modernisation but we've a shared garden and in an amazing location for rural walks. Best decision ever.

I bought on my own at 28 after 3 years of renting. I also bought my next 2 properties on my own. The only one I have bought jointly is our current one 18 years ago with my now husband. I didn't see it as a leap, buying on my own, more a natural progression. I was in a well paid job and it seemed the sensible thing to do.

After a divorce which I didn't want, I was determined to have my own roots and feel safe. It was very hard going for about four years but I improvised when I couldn't afford much furniture and it was worth it in the end.

Single mum, 1 child here. Second landlord in 4 years sold up on me. Was working really hard and long hours to survive. Realised if I didn’t do SOMETHING I was going to be working that hard until I retired. Decided to do 3 years extreme saving, working like a maniac, living somewhere tiny to buy. So glad I did it. Was very very hard but I’ve done well out of it. I had nothing at 35 and due to two very good buys I hope to be mortgage free by the time I’m 45.

I’ve still never owned a new sofa though and wouldn’t be at all surprised if I dont for another 3 or 5 years. 🙈