To worry that I won't ever get on the property ladder

[Chicago15]

I'm 29 and since my early 20's it's been my goal to try and buy my own property. I don't earn mega bucks but have been able to save a bit each month for the last few years. I always work overtime if possible. Properties here are ridiculously expensive (even flats) and it's even harder because I'm trying to buy on my own with only one income. Moving further afield won't make a huge difference in price either and I do have to consider my job. I finally thought I'd done it back in April but the purchase fell through after 6 weeks and I haven't had the heart to try again. It was so disappointing the first time round. I do look on rightmove occasionally but hardly anything comes up that's within my budget. It's so hard when house prices have sky rocketed but wages don't go up and getting a better paid job is easier said than done. I'm sure I'm probably being unreasonable but I just feel like it won't ever happen for me

Please reassure that it will happen one day, these things just take time and I can't buy a property overnight. I would love to hear your stories of finally getting on the property ladder, how old were you when you finally managed to do it? Hopefully it will cheer me up as I've been feeling pretty miserable about it all recently!

P.s, my parents keep on saying that it's not the be all and end all to own my own property. Easy for them to say they already have one! 😆

I was 35. Someone died and left me some money. It’s literally the only way to get on the property ladder nowadays.

I think you're absolutely right @RosyPoesy. Glad to hear that you managed to do it though

P.s, sorry to hear about a loved one passing away @RosyPoesy

Around the same age as you, my husband and I bought a crappy place outside of our preferred area. We did it up and sold it on for a big profit within 18 months. We bought another slightly nicer place and repeated. This is our 3rd house currently that we’re doing up now. This one is in our ideal area and a very nice house. We’ll sell this on next year and buy our final home. We couldn’t have possibly dreamt of buying anything in our dream area just 4 years ago.

You are still younger then average I think. It doesn't help the overall issue but could you buy somewhere else & rent it out so at least you are on the ladder.

Have you considered buying a bit further out or even moving? Shared ownership? Looked into help to buy schemes available?

I would try to buy anything (studio flat, far out, whatever) as that will at least earn you equity rather money thrown away at rent. Best of luck x

Personally the idea of moving up the ladder isn't so realistic these days. Lots of people get stuck because what they want to move up to has increased by the same % which is more cash. People are buying later & later & often stretching themselves so it's harder. Plus moving often is expensive due to costs.

Whatever you buy you ideally want to future proof so if you have to stay there a long time you can make it work.

Would you say it made it easier for you to get on the property ladder by buying a doer upper @BleshRed? I have considered this, although many of the properties here that need work are still expensive!

Definitely don't fancy being a landlady. My step dad had nightmare tenants who didn't pay any rent for 6 months and it took him 2 years to get them out. He was ill with stress and I'll never forget what he went through (not possible to buy the property off him incase anyone suggests, it's his dads house and is sentimental. I think he also wants to keep it just incase my mum kicks him out ).

I have looked into shared ownership recently, but heard some horror stories. It also put me off that the service charges increase each year.

I would also suggest a doer upper! The only house we could afford in the area we wanted to live in was in quite a state. We're now 18 months in. It's been a lot of hard work (most of which we've done ourselves) but we've spent much less than we would have if we'd bought a house that was already done.

I would look carefully at shared ownership. Some are fab and others aren't but don't discount on a general horror stories basis

I bought a small ex-council flat in a part of London generally described on MN as a “stabby shithole” and then kept it for ten years because as it turns out, I came to really like that shithole. By the point I sold the area was on the way up and it had tripled in value.

So I always say to young FTBers to lower your expectations. Buy whatever you can afford, even if it’s not exactly where you saw yourself living. In the long run it will increase in value and help you to move on, and is far better than living somewhere naice but paying rent for it.

I'm 41 and still haven't bought a property, although I hope to in the next couple of years. I also live in an expensive area, but can't bring myself to spend nearly £200k on a flat so I'll be moving further out.
Getting on the property ladder is hugely overrated as a life goal in my opinion!

I was 30 and dh 33. We bought one in a horrible area, 2 hours each way to commute to work, then moved 8 years later. That was in 2000. I've since changed town, changed job and live in a better area but earn half as much. We'll never pay the mortgage off and it needs repairs we can't afford. But it feels more permanent I suppose. It's very hard if you live in an expensive part of the country. Keep trying and you'll find your place, one way or another.

but hardly anything comes up that's within my budget

Key point.

You can afford to buy.

You just don't want any of the properties that have come up.

But thats positive at least and it means you do have a hope of buying.

Younger than you but took full advantage of having no dependents so took a second job to save for the deposit. House ownership was important to me so I went with many extras and worked long hours to ensure it happened. I’d advise my children to do the same.

Trying to buy on one income just isn't realistic for most people these days. Are you single? Why not focus on finding a partner for now?

Most relationships move quickly in your 30s - at your age I was single, living in London, & had absolutely no chance of buying somewhere, but 5 years later I was a married homeowner with a toddler and another on the way!

@RosyPoesy

I was 35. Someone died and left me some money. It’s literally the only way to get on the property ladder nowadays.

People need to start adding "in some areas and situations".

I met quite a few people who thought they will never buy because news and people say it's impossible and mortgages are impossible to get and so on BUT they actually can because we live in affordable area🤷🏻

@ComtesseDeSpair

I bought a small ex-council flat in a part of London generally described on MN as a “stabby shithole” and then kept it for ten years because as it turns out, I came to really like that shithole. By the point I sold the area was on the way up and it had tripled in value.

So I always say to young FTBers to lower your expectations. Buy whatever you can afford, even if it’s not exactly where you saw yourself living. In the long run it will increase in value and help you to move on, and is far better than living somewhere naice but paying rent for it.

This was me at 28 - shit part of Birmingham, rough as a dogs arse but it was all I could afford - had no real issues living there - the odd bit of asbo behaviour but nothing scary

@AllAroundTheWorldYeah

Trying to buy on one income just isn't realistic for most people these days. Are you single? Why not focus on finding a partner for now?

Most relationships move quickly in your 30s - at your age I was single, living in London, & had absolutely no chance of buying somewhere, but 5 years later I was a married homeowner with a toddler and another on the way!

Around the nineties it was quite common for 2 or 3 friends to buy together. We knew several people who did that, then went on to buy their own places later down the line. You make a bit of equity and you progress in your job a little in the meantime.

You can do it OP!

Its not going to be what you want to live in, but you will make it a home.

I am just moving now from my first shitty house and I am feeling quite sad to leave. We really made it lovely. Its amazing what a bit of paint and personality can do

Goodluck!

@RosyPoesy

I was 35. Someone died and left me some money. It’s literally the only way to get on the property ladder nowadays.

My son and his girlfriend were 21 when they bought their first home (2 years ago and in the south east!) I think that you would need 1) good (ish) wages but more importantly a chance of doing overtime if you want 2) buying with somebody else

The only way my son 27 is going to be able to buy is because I asked my parents to give him what they would have given me in there will
They have both passed away now and now once the house is sold and everything is sorted out he will have a min deposit of 50k but could go as high as 80-100k if needed and still have a decent amount money left over but it’s still not enough to buy in our home city
He will probably move about 45 mins away where at the moment he can buy a 6 year old townhouse with 4 beds 3 bathrooms and double drive for around 250k
Something similar where we live would be around 450 -500k
Even a 1bed flat where we live is 180 -200kplus and they are tiny and horrible 😂

We were 30. I bought with my husband, but we only have one wage (I'm a sahm) we bought a fixer upper and did the work slowly ourselves (still have the kitchen to do!) We were lucky that we got a cheap house (the seller was divorcing and wanted a quick sale) and we already lived in a cheapish part of the north west. There is no way we would have ever been able to afford something in the south. We saved for 5 years for the deposit, but 10% was only 13k.

My parents used to be homeowners. They’re renting now. In a nursing home. The council takes their home once they die to cover costs.