AIBU to ask how much you had to sacrifice to purchase your first property?

[Theegghashatched]

Sigh

I'm on year 3 of saving and it seems like were being faced with set backs after set backs!

Currently living with DPs parents (god bless them) and they have kindly allowed us to rent at a cheap price whilst we save the last few thousand of a deposit. We are both 30 so no spring chickens and this situation is far from ideal but hope that it will be short term pain for a long term gain!

DP has also had his hours cut considerably at work due to covid - this affects our income and we will now need to obtain a new mortgage in principle and determine how much this would affect what we can borrow.

I shouldnt moan I know we are in a far better position than others but I cant help but feel so so deflated!

So aibu to ask if you had to sacrifice a lot and if so; do you saying what?

Also how did it turn out for you? Was it a good decision and worth the sacrifices?

(Mine are ... living with dps partners and sacrificing our freedom, delaying TTC, minimising spending and buying second hand clothes, no holiday for the last 3 years)

A parent.

@DreadingItBadly Yes! I think staying in a 1 bed until DS was 14 months made a huge difference. We saved so much on the mortgage and it stops you buying baby crap you don't need. I didn't love room sharing once he got over about 10 months, but I'm really glad we did it.

I didn't even think of it as a sacrifice until COVID came along and we were all trapped in the one bed ALL THE TIME .

Our flat was bought after saving for the deposit via a credit union scheme at work. We literally lived on beans on toast for three months - it was DEFINITELY worth it.

We were so lucky, we were renting it and they told us they wanted to sell so we had to sort finance very quickly!

Got a higher paying job with very long hours, which I hated and stayed there for 5 years whilst I saved. Quit the day after I completed on my house!

However that meant I had less salary to cover the mortgage so I then had to have a lodger for the next 3 years until I met DH and he moved in and splits the mortgage with me.

Totally worth it for me as I was in my 20s for that whole 8 years and I saw that decade as my “grafting” decade. Not sure I’d be so up for those sacrifices now.

notanothertakeaway

I do think that nowadays, people probably have higher expectations and may be less willing to compromise“

Agree, that’s a fair point, mostly because young people now probably grew up in much more well appointed houses than previous generations. It’s raised expectations. Not a bad thing but will lead to disappointment for some.

Nothing really as bought in the late 90’s with a 105% Northern Rock mortgage but the mortgage was on a 2 bed house and was much higher than our rented 1 bed flat plus bills were higher and we had nothing so had to get furniture, carpets etc so it took a good few years to pay for all that. That was when we had no holidays etc!