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

Yurt.

(so jealous of your options)

You also need to consider what will happen to the yurt over winter?

Of the two couples I know who have lived in yurts as their main residence - one couple would take it down every autumn and live elsewhere through the wnter - then put it up again every spring... hard work.

The other couple - he would stay and keep the yurt 'tended' on his own and she would move out for the winter.

You can't just leave the yurt for the winter and return next spring without some knd of plan - you will find it mouldy, damp and unihabitable!!!

But the flat and rent it to cover mortgage. Go live in yurt till you're ready to move into the flat or sell for something else. You get on the property ladder and have a great life. Double win

Buy flat, rent out flat, live in yurt.

Do it all.

Can you sub-let? Not many people have the luxury of a reasonably-priced, furnished rental property. Could you ask the landlord if you can have a friend come and live with in the flat while you are away assisting family? If you can do this, they can take over the cost of the flat and keep the tenancy and you have something secure to come back to if it all goes wrong.

Living in a tepee in Wales will be fun over the summer but a nightmare over winter, so make plans for the winter that will avoid outlay. Prioritise your paid work until such time as something better comes along and keep saving. Invest your savings for growth. Then wait for a year or two.

I bought my first property for £83,000 in 1989, at the peak of the market. Then interest rates went up and up to 15% and two years later my flat was valued at £65k. Wait till that point — till there are loads of properties on the market and people who need to sell — and then buy if you still want to.

Wales is lovely. I've lived in west Wales myself. But if you've lived in a good city with things going on you may find that rural smallholding life doesn't suit you for longer than a year or two. So keep your options open.

The idea of things are often not the same in reality.
I'd buy a house,not necessarily the one that needs doing up ,one that you could rent out over the summer/autumn then move into in winter whilst spending the summer in yurt.
I say this as prices for houses will likely increase so your saving will be less and working part time you may not get a mortgage.
Yes a thirty year mortgage feels like a responsibility too far right now but turn it around and see it as an investment.
Good luck.

Yurt for a year and then see how you feel?

I follow a lot of 'exploring alternatives' channels on YouTube that give a good insight into that way of living off the land. It's my dream!

Buy house, rent it and live in yurt . No brainer. Rent unfurnished you don’t need spend money on stuff….. I know someone who gave rent free for 3 months so the tenant decorated.

Yurt all the way

For those wondering whether buying a property over a long period via a mortgage, can I suggest that the 65-year-old you will thank you for it. I have friends faced with playing rent for the rest of their lives and it really impacts the quality of their retirement.

Agree with your plan OP to do the yurt for a year then buy. I couldn't be bothered with the risks and bothers of a buy to let while trying to have my 'freedom' time.

A friend lived in a bedsit with awful shared toilet for a few years in order to save for a deposit, and a yurt sounds much better than that! I'd do it with the aim of saving hard to get a better deposit and then buy. I've increased my wealth by buying and selling and it's given me financial security as a single parent so I'd always advise investing in property if possible.

Find out how many hours you're expected to spend gardening. Work out the cost per hour of your work vs rent/mortgage.

Personally I'd buy the house. I like walls and heating and a kitchen. But that's just me.

Live in the yurt. I'd do it if someone offered, and I'm much older than you. What an adventure, even if only for a few years!

@whydoesthedog makes an excellent point. Exactly how many hours are you going to be expected to put in to be accommodated in this yurt? 10 hours? 20 Hours? It might be fund for a few weeks to do your usual work remotely and then work among the veg for a couple of hours in the evening or at weekends. But as a long-term prospect?

Yurt! This is DP and I’s ultimate plan, buy land, put up eco homes/yurts, build a community, live on the land, work part time to buy in essentials/extras. Nothing in life is fixed OP, you might as well give it a go!

A friend lived in a yurt for years. With kids. It’s totally doable.

Will your p/t work be providing you with the NI contribution towards your state pension? And any other pension?

I wouldn't have thought so.
Trying to get the credits would involve informing HMRC. Once they get wind of it the accommodation becomes a taxable benefit in kind, and the friend becomes an employer needing to pay employers NI and employer liability insurance.

A very good point about NI credits. Maybe you should have a quiet word with an accountant or HMRC themselves to ask about any tax implications before you do it.

The last thing you want is HMRC investigating asking why no NI credits or payments.
My friend with a SAHD had it flag up on credit checks when they went for a mortgage that the DH had no NI credits.

Surely 1 and 3 (tenant to pay off your mortgage while you live in the yurt).

If one of your reasons for living in the Yurt is adding to your house deposit remember house price inflation has been running at 10%. If that continues you would have to be saving at quite a rate just to stand still.

With the cost of living crisis it is possible that house prices will stall or even fall but as demand outstrips supply there are no guarantees.

You are going to be 50 anyway so may as well be 50 and a home owner.

Can I come too? Seriously if I had had that opportunity in my 20's and been in the position to work remotely I'd have leapt at it, as long as you have a safety net temp place to stay while you look for a flat if you ever need it.

Sounds like an experience to remember!