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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To think DSis should buy her own flat

87 replies

user1494157537 · 27/05/2017 20:17

I was talking to Dsis today. She's 27, she's been out of uni for a 5 years now and in her job for 3. She has just over £50,000 in saving and earns between £49,000 and £50,000.

She lives in a rented flat with a friend but I hate the thought of her throwing away £900 rent every month!

She says she can't afford anything within half an hour of her work (currently Westminster, soon to be Canary Wharf as her office is moving).

I think she should be looking to buy somewhere. She'd love to and she's saving hard but surely London isn't THAT expensive?!?

OP posts:

Original poster

user1494157537 · 27/05/2017 21:05

No, I'm just worried if she doesn't buy soon she'll never be able to afford to as prices rise but if she does she's on the ladder. Maybe she should do shared ownership.

She wants a flat but I worry she's leaving it too late. I want her to be happy.

And I haven't said anything to her. We met up today and she was talking about wanting a flat. I kept my thoughts to myself!

OP posts:

NicolasFlamel · 27/05/2017 21:07

I wouldn't want to live in flats like that either. Leave her to do what she wants.

Notalotterywinner · 27/05/2017 21:08

Why doesn't she buy a property not in london and rent it out. The UK needs more decent landlords.

sparklefarts · 27/05/2017 21:11

You are joking right?

You want you sister to buy a high rise flat because you think that's what she should be doing?

Your sister is earningherself a decent living after having studied hard, so I'm assuming she has a brain. I'm hoping she uses it to remind you that she is 27 years old and I'm sure can figure her own life out.

SwimmingInLemonade · 27/05/2017 21:13

I second buying elsewhere and renting it out. She could buy a great house up north for £50k, rent it out and remortgage it for equity release later on.

RestlessTraveller · 27/05/2017 21:16

Is that you Phyllis?

RestlessTraveller · 27/05/2017 21:17

Swimming I have no idea where these great houses for £50k are?

Conceptionzilla · 27/05/2017 21:18

Mind your own business?!

That flat in Kennington is in a dodgy block near crime central. Not sure about the others.
You can't always get a mortgage for high rises or ex council places if they are built with the wrong type of cement etc. Might not be as easy as you think.

SwimmingInLemonade · 27/05/2017 21:21

Restless try having a look on zoopla maybe?

RestlessTraveller · 27/05/2017 21:22

I live 'up North' please tell me where these great houses for £50k are.

PickAChew · 27/05/2017 21:23

Who in their right mind would choose to sink quarter of a million into a crummy flat in a concrete tower block? Would you choose to live there? Tower blocks like that are being demolished in most of the country because they're structural duds.

I can understand her wanting to rent for a little longer. It gives her flexibility.

Waltermittythesequel · 27/05/2017 21:27

Those flats are vile.

I'd pay my sister not to live in them.

Waltermittythesequel · 27/05/2017 21:27

The idea of buying a house elsewhere and renting it out is a good one though!

RestlessTraveller · 27/05/2017 21:28

Swimming I just looked on Zoopla for houses in my nearest city for £50k and few that were available are all in high-crime and terrible areas. I know it's a lot cheaper up north but a 'a great house' for £50k is laughable.

PickAChew · 27/05/2017 21:29

I live in one of those areas up North which has some great houses in nice, quiet streets for a little over £50K but they often sit empty for months at a time with no tenants. Empty houses still need council tax paying, even with no mortgage.

And the ones going for £50K or under in the nicer areas usually need a lot of work to get up to standard, which OP's DSis probably isn't up for and which would eat into all potential profits made. £50K houses in the bits of the North remote enough to have £50K houses don't magically appreciate by £20K in a year without doing anything to them. Sometimes a new development gets built nearby and they depreciate, as a result.

And many £50K houses are in shitholes like Ferryhill.

happypoobum · 27/05/2017 21:33

My DD isn't much younger than your DSIS and she rents in London. I would be worried sick if she were to buy one of those flats you just listed.

I can only imagine you have never lived in London OP?

I think it is far more sensible for her to wait until she can afford something she really wants. In the meantime she has a cheap rent, is saving hard, and probably living a great life in London. You sound very bossy!!!

MatildaTheCat · 27/05/2017 21:33

Very few 27 years olds in London are at the stage of buying property especially if they are single. She's saving so in a great position for when the time is right.

At the moment she has the luxury of choosing her location purely for what she wants. When you buy, for most, that's down the drain and you go where you can afford.

She sounds as if she's doing just fine.

Ummbopdoowap · 27/05/2017 21:35

There are parts of London not too far from Canary wharf where she could buy. But the decision is hers. I disagree strongly that renting is throwing money away. She's paying for a roof over her head each month. That's not a waste of money.

LadySalmakia · 27/05/2017 21:37

OP you're hilarious. Would you live in one of those flats, or buy them as an investment?

Your sister's doing a great job of saving and having fun in London at the same time, and when/if she meets someone who's done similarly, she'll have a great deposit for moving to the home counties and buying something on two salaries that they actually want to live in.

Allthebestnamesareused · 27/05/2017 21:45

Those flats are saaaarf of the rivva! No wonder she doesn't want to live there

Seriously she is better off at the moment saving as much as dhe can so that if she eventually wants to move out of town she'll be well placed to buy. She may even meet someone special and they may be able to pool resources to buy somewhere nice.

ExplodedCloud · 27/05/2017 21:45

£300k for a high rise flat in need of modernisation with a 2k service charge? Eek.
Perhaps she doesn't like heights?

dailydance · 27/05/2017 21:52

This isn't far from Canary Wharf and isn't too bad an area:
www.rightmove.co.uk/property-for-sale/property-59892847.html

StarUtopia · 27/05/2017 21:56

I also think she should buy someway up North (more like £180k though)and rent it out. Once it's all paid off in 25yrs, she would then have income from it and own a property. On that kind of salary, she could easily afford rent and a mortgage.

user1471548375 · 27/05/2017 21:56

What I don't understand is why you think it's your place to get involved - would you buy a house or flat you didn't like just because your sister thought you should?

tethersend · 27/05/2017 22:01

She could consider shared ownership- there are developments all over London, particularly around docklands. Not sure if you can see the properties available without being resisters with Sharetobuy?

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