To live in a tent instead of buying my first home

[Mushroomlady]

Would love someone to give my head a wobble.

Female, single, child-free, full time job on an average wage, currently renting a spacious flat from lovely private landlord in posh area. Rent is low & I'm happy, but like most ppl I'm stuck in the trap of working to pay for a roof over my head.

I've saved and saved and saved and finally have a small deposit to buy a house or flat. Went to view one last week which was perfect, but when I did the calculations I started questioning whether it's really a good idea.

I'd still be working to pay the mortgage which won't be much less than my current rent. House requires redecorating and furnishing which is more expense. My rented flat is pre-furnished. As well as decorating I would have to spend thousands as I don't own any of my own furniture or household items.

The thought of spending all this money and amassing all this 'stuff' while having to work to pay for it all and being trapped paying a mortgage for the next 30 years is v depressing. I could Airbnb the spare room once it's in a presentable condition, but that's not guaranteed income.

A friend has offered for me to live on their land in Wales in a yurt (large insulated tent) w/ wood burner, rent free in exchange for help growing veggies, etc. Would have access to be own toilet and hot shower in the house as well as WiFi and indoor office space. Wood for fuel would be provided. Work will let me work remotely and part time. Winters could be spent indoors and/or could stay at my parents house which they would love. I'm very outdoorsy, love nature and wildlife, gardening, etc. I also love writing which I don't have time for alongside my job.

Would I be mad to forgo home ownership for yurt living for a few years, go part time and do more of what I love? Could still keep saving.
So as not to drip feed, parents own property so there's a chance I will inherit something before I retire though don't want to make that assumption in case they decide to leave it to a donkey sanctuary.
Wwyd?

1. Buy the house you fool
2. Keep renting
3. Live in the yurt

Oh I forgot to say, I’d buy. No way would I go to a yurt. But that’s just me.

I think you should buy a property. The Yurt might be fun for a bit but when you want your own place you will come down to earth with a bump when you can't afford to buy anything.

I also think after a while your friendship will be strained by you traipsing round the house for showers and to do washing. Your friends might also decide they want to rent the yurt to glampers for £100 a night.

If you would like to be involved in your friends venture you could try to buy near them in Wales. You don't need to buy everything new - look on ebay and facebook marketplace. Ask on a local facebook group telling them you are setting up from scratch. People can be very generous with what they give away.

You could consider the rent a room scheme to make finances a bit easier
www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

You can get up to £7500 a year tax free with the scheme (I can't find anything about if it applies in Wales so that would need to be checked)

If you can work remotely I would keep your full time job and offer a little help to your friend on your own terms e.g. a bit of picking for a bit of produce to take home.

Good luck whatever you decide.

Could you buy the flat, rent it out unfurnished and live in the yurt? Best of both worlds then

Yurt and buy a small house and rent it out for now. Win win

Buy the house. Whatever your mortgage is now, it will still be the same amount in 30 years time whereas rents will always go up. My BIL and family have lived in the same first time buyer house for nearly 20 years, but their mortgage is £150 per month. Rents for the same house in the same street are a minimum of £1500 per month.

I didn't get on the housing ladder as I was living abroad until 10 years after most of my uni friends did. My first house cost me 2.5 x what they had paid for theirs. But it means that I can live in a 4 bed detached house and I had a sizeable deposit because of what I sold my previous house for and my mortgage is about £400. To rent my house I would have to pay 3x that and I don't live in an expensive area.

My close friend never wanted to buy despite being able to afford to and each time she moves (because the landlord sells) she ends up paying more. Her rent for her 2 bed is £800. She doesn't live in an expensive area.

But properties have gone up a lot this year and there is talks of prices falling, so maybe do the yurt for a year and then see how you get on?

Maybe instead of a house you decide to buy some land have have yurts there or something.

What you decide now doesn't have to be for the rest of your life!

Yurt.

In between selling my old house and buying a new one (I broke the chain and sold mine first) I ended up travelling around Wales and Dorset in my old convertible with my dog for company. I bought a tent (not a yurt, I wish!) And spent over a month camping in various spots. I loved it. Luckily I had left my job beforehand and so there was no pressure to work without WiFi 😱 but it was one of the best times of my thirties.

Absolutely live in the yurt.
You will meet other people who live alternative lifestyles and learn a lot about the gigantic con that is modern life.

YURT!!!!!!!!!!

OMG, what a dream opportunity. Yurt!!!!!!

See I do think there’s a huge difference between spending a month away from work traveling round and seeing new places compared to living in a yurt in your friend’s field while working part time and doing labour to pay your keep there, using the shower and kitchen in your friend’s space.

It’s like people who say ‘oh I’d love to live in Spain’ because they’ve been on a two week all inclusive. Well if you actually lived there it would just be the same old shit as at home but in nicer weather. But people have rose tinted glasses on because their memories of Spain are no work, no responsibilities, just chilling on the beach with a cocktail and your holiday spending money in your pocket.

I think you'd get very tired of living in a yurt after a year or so. And what happens if you fall out with your friend or she decides to sell up? Or the yurt leaks and you can't get it fixed. Or the ground floods. Or its freezing outside for weeks on end and you have to navigate your way to the toilet in the snow? Or you meet a partner and their circumstances mean they want to move in with you? Or family come to stay? High winds and storms?

You are talking about living at your parents to cope with the winters. Wouldn't that feel like regressing in life rather than going forwards? None of this compares to the freedom of owning your own place and the feeling of satisfaction that you have achieved it on your own.

Its a crazy idea. Appeals to the freedom lovers of course but the dream is best kept as a holiday idea, and not as reality.

Buy a house - flat then rent it out and live in the yurt fro a year or two and come back to your house. Invest and the best of both good luck

Buy a plot. Build a tinyhouse. Its the future

What does "help growing veggies etc." actually mean? How much work on the land do your friends expect you to do? Will it be physically demanding? Will there be harvest times when you won't have time for anything else? How far from the yurt will the toilet be? Living in a yurt might be an appealing idea in theory, in practice not so much. And like PP said, your savings will only lose in value.

Goodness. Responses have been very split! Reflects my indecision and state of mind too.

I'm concerned that I won't be able to afford the costs of maintaining a house and being a landlord so that would require a lot of investigation and calculations. I'm quite a cautious person so wouldn't go into something like that lightly.

I'm now thinking it might be best to try the yurt option for a year, then revisit the buying option later. Who knows, the market might be in a better place and with any luck I will have saved a bit of money too.

I agree with PPs who are wary about the work exchange scenario. I would be willing to pay some rent / money towards bills etc - whatever felt like a good exchange. They are very fair and open so I'm sure we'd find the right balance and could keep reviewing it. After a year the novelty of yurt living might have worn off and I'll be all nice and ready to settle down!

Thanks to whoever suggested taking photos and recording the adventure on Instagram etc. Hadn't thought of that!

Yurt definitely.
Come to Wales it's lovely here ! I live very basically myself...Yurt would be an upgrade.
One thing though, make sure you have a good idea of how much help is expected of you, friend or not some people can take the piss and expect you to be at their call 24hrs a day in this type of situation.
Go for it though !!

Try the tent. Save the rent equivalent. In a year or so buy a flat or house.

The yurt sounds so fun do it now as you cant do that as your older have a partner/ have children

Inflation is at 8% and mortgage rates are surely no more than 2% , inflation will eat into the value of your mortgage meaning in a few years it will be smaller in real terms. Inflation will also eat into your savings pretty quickly. I can totally see the attraction of the yurt, but if you want financial security buy the house. It may well be that in a couple of years house prices are even higher, rents are higher and interest rates are only going one way.

Try & do both - could your parents help you with start up costs just to do up flat & getting it rental ready which you could pay back within a few months of renting out. Then you have security plus the freedom to yurt & write & enjoy being commitment free. Go for it while you can!!

Meh, yurt sounds fun but reality might be very different/lonely. Lots of rain in Wales. Limited earning potential.

I would look at where I want to be in five years time and then work backwards.

Personally, I would get on the housing ladder now if that was anywhere near possible.

offered for me to live on their land in Wales in a yurt (large insulated tent) w/ wood burner, rent free in exchange for help growing veggies, etc. Would have access to be own toilet and hot shower in the house as well as WiFi and indoor office space. Wood for fuel would be provided.

Much as I'd love to be on Team Yurt (sorry!), I'd strongly advise you not to take up this deal with your friends.

What does the etc involve? It's not just growing veggies is it? It's hard manual labour in wet Wales. How long do you get wood for fuel provided? It all sounds like it will go tits up with your mates and you'll not only sour a friendship but not be independent either.

Buy a house if you can.

Op call me old fashioned but get your toe on the housing ladder.
The Yurt sounds great until reality kicks in , friend needs help you have work, she realises she'd be better using it for holiday let.
Don't mix business with pleasure!

Buy the house, make it look "livable" (there's a big difference between renovating for the owner vs for the tenant), rent it and go and live in the yurt if that's what you want! However, did I get it right that between this yurt and the "hot shower" there would be some walking outside? That's what it sounded like. If so, honestly, that'd be fine and dandy during summer but not when it's freezing or even if's not freezing but hair's wet...
The money you have is enough for a deposit today but would it be enough for one tomorrow? You don't know. A house you buy today will be worth more tomorrow (99% of times that's the case) so you can always keep it for a while and then sell it on -even with a morgage, provided the lender agrees.
This day and age, owning a house isn't sth everybody can afford. It's a sound investment and you're unlikely to regret it because you can always get rid of it. It's like saving for a rainy day but instead of putting it in a bank you'll actually know where you money is.
If your life turns to crap and you are unable to work in the future this is a safe way to know there'll always be some money coming in.