Aib ungrateful?

[Changemymindchangemylife]

I am about to move to London to start a grad scheme. Have found some friends to live with and will be renting a houseshare as part of my salary. Was really thrilled earlier today when I found friends to share with and called my mum to share the news.

She criticised the decision a bit as she has very kindly saved a sizeable amount of money which she wants me to use as a deposit for a property. It is quite a lot of money and of course is only going down in value as the housing market in London rises. She is understandably anxious for me to get on the market.

Thing is, while I'm very grateful, I don't think she understands London is so expensive these days that I can't really buy somewhere just like that. Her logic is that I should just move further out.

I don't know! I feel ungrateful but I got a bit angry and upset that she wasn't feeling pleased for me at having sorted things myself. It's a long hours graduate job that I don't want to mess up and I don't feel like living far away will be beneficial for me. I also think I might as well live with friends while I'm in my early 20s as soon that won't be an option. She sees it as throwing money down the drain...

WIBU?

Hotdiggedy - I'm not sure. My parents had me late in life, they had normal jobs, normal beginnings but made some lucky property decisions. They are also baby boomers and very frugal with it. As I understand it, my dad got some redundancy money about 25 years ago which they invested to make a lump sum. They don't go on holiday often and although they don't want for anything, they're really not greedy people. I have to admit if I were in their shoes, I would probably be spending the money! I'm lucky, I do know that.

Thanks for the thoughtful and very useful advice on this thread. Off to have a think. Will let you all know what happens!

My parents are both past retirement age too so I get the impression this is a sort of early inheritance gift. I don't know. Don't like to think about it too much!

I'd suggest that you tell your mum you want to hold off for a year. First, you're just moving to London. You might not like living in London. Second, you might not like your new job and/or find your dream job in Edinburgh (or somewhere) in a year's time. Third, buying a property to rent, and therefore becoming a landlord, even if you have an agent, can be time consuming and expensive (e.g., the boiler breaks - you have to pay someone to repair it). Fourth, you might not know London well, and a year will help you decide where you'd like to live there longer term.

Seriously -is this for real. Someone is offering to give you a massive amount of money to get on the property ladder and you are questionin if you should do it. Honestly, if you don't buy a flat with this you need your head examined.

Alice have you read the thread. OP might not be able to get on the property ladder, sadly not as simple as that.

Two hundred grand? Saved up? I can't ever imagine having that kind of money. Take it and buy. You'd be mad not to. Your mum is right.

Do what you want to do. If you don't need it you could always give the money to Shelter or put it with Kiva or Funding Circle where it can do you and others some good. It's MUCH more fun to share with friends. I'm really hoping the new mayor will get a grip on foreign investments in the city and that prices won't keep going up - also beware BREXIT.

You can get a mortgage on a good sized house in zone 3 for that money and rent rooms out to your mates. That way you still get the house share experience, still own a property and don't have a ridiculous commute involving not being able to stay out because you have to get the last train home to the sticks.

You should use the money to buy a property outright on the London outskirts. Renting when you don't have to is throwing money down the drain.Its not just about fun and camaraderie, there could also be massive arguments and irritations in flat sharing. You have just graduated, the world of careers is not an easy one.

Buy with it now, it a good deposit, you can get a great flat in zone 3 or 4. for about 320 - 350 if you are happy to be East London. I am am i love it. You could even try for a 2 bed and rent out a room to help mortgage payments.

I don't think you're being necessarily being ungrateful but maybe you need to think bigger picture and longer term.

PS your Folks are total heroes for doing this for you!

When my partner moved to London as a young man to start his working life, his parents offered to help him get on the housing ladder. He refused as he wanted to live with his mates. Not siezing that opportunity has been a major regret in his life as it made buying a house later that much harder. We are homeowners in our forties now but despite him having a job with an investment bank at the time we bought he still wasn't sitting on the good amount of cash he could have been if he had bought years ago. It brings a tear to his eye when he realises what the flats his parents could have bought him for not very much are going for now. Just something to think about! Good luck with the job X

I know a fair few people who regret renting when they in a position to buy especially when they could've got a 100% mortgage. The market quickly got away from them.

Buy a property definately. You lucky thing!

Buy! Jesus you would be crazy not to!

Wow. Rich girl problems.

Wow! bitter much!

it's absolutely the right thing for the OP to give this offer (and the responsibility that'ld come with property and potentially being a landlord) careful consideration, it's not like she's saying "MINE, WANT! " and grabbing the cash before running to a corner where she doesn't have to share