Page 5 | I’m never ever ever buying a house. How do people even do it?!

Lockheart · 30/04/2023 18:19

MintJulia · 30/04/2023 17:54

A one bed flat in Essex costs £350,000.

Really? You must be able to find something less expensive than that, surely.

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A one bed flat is fine when you're single / in your early 20s.

It's not suitable for couple who want to get married and have children soon, however.

All this sneering about "why aren't you looking at starter flats" - the position of "starter" has changed somewhat in the last few decades.

Back in the day a young couple could buy a small "starter" flat no problem.

Now the age at which people buy property is significantly increased thanks to the huge rise in house prices. So they need a starter home which can accommodate a young family. A tiny grotty flat isn't going to cut it.

AbreathofFrenchair · 30/04/2023 18:19

misstartan · 30/04/2023 16:57

I’m 26 and I just feel like giving up. I currently flat share with a friend but want to move in with DP soon.

I have £2500 saved up and that’s it. DP has about the same so we’re nowhere near a deposit. We’re both earning a decent amount but we’re not putting enough away. I’ve tried budgeting etc and put about £300 a month away if I’m lucky.

But realistically deposits will be around 30k now, so I’m only about 28 away… 😂😭

Thing is, I’ve always had it in my head that I’d have bought a house and got married before I have kids. And I’ve always wanted to start having kids by 30. Only gives me 4 years..
I genuinely genuinely do not see how this is going to happen and it really upsets me 🙁

How do people do it?! The

Where are you keeping your deposit? Have you looked into a Lisa where the Gov add a percentage of what you pay in? You can only use for a mortgage deposit though.

Any chance of moving back home and ploughing all your wages into the deposit? My sister had to do this. My parents never charge her rent because she was saving but for 2 years the only thing she kept out of her wages were her travel costs each month

Scousefab · 30/04/2023 18:19

firstly Can you move back in with parents/ relatives. You have to have a starter home don’t go too large sometimes you have to take a step up. Speak to a mortgage broker. It’s not easy but you have to take a look at everything on your bank statement. Lose the holidays, nails etc if applicable.

FelicityFlops · 30/04/2023 18:19

However as a house owner, with no mortgage since 2016, it is almost impossible to find people to come and do maintenance jobs, which I cannot.

lauraisa · 30/04/2023 18:20

Just to add, it is easier to buy a home before you have kids because you have way more time to take on second, third jobs and don't have to worry about childcare expenses. If you wait until you have kids it will be so much harder. Not saying it's impossible. I met my DH at 24 and we spent 4 years living with roommates, working extra jobs, saving and staying home. We didn't do vacations or dinners/drinks out often but neither did our friend group bc we were all saving for houses or poor bc of buying starter homes. It helps if you surround yourself with friends who have similar goals. We are now all married 10 years later with family homes that have gone up significantly in value. We still aren't rich btw but have security of our homes and our work ethic has helped us progress in our careers.

Echobelly · 30/04/2023 18:21

Sad to say people (me included) do it by inheriting property. I think soon the only class distinction that will matter is 'property owning or not property owning' and the former will shrink away as each generation's capital goes less and less far.

Undermyredumbrella · 30/04/2023 18:26

I live in North East Essex, the house prices are ridiculous here. All the new builds in the village that I have lived in all my life are going for £500k+, many for £700k. My sister rents in the same village and is in the same position as you, I honestly don’t think she and her partner will ever be able to own their own home unless they move counties.

TerfIngOnTheBeach · 30/04/2023 18:26

Lower your expectations. You can get a two bed terrace in Colchester for less than 200k and a two bed new build type flats for around 170 in various Essex locations.

Batalax · 30/04/2023 18:27

It’s not even the the deposit for some people. For a £350 house you need a deposit and high combined income. How much do you earn? Would you even be able to borrow over £300k?

MayDayMay · 30/04/2023 18:27

You need to price up a 2 bedroom flat possibly in a nearby but cheaper area and save like crazy. Do you have any free time where you could get a second job or start a small business?
For most people a first purchase is about a lot of compromises.
My 22 year old DS has set up business, he lives of this profit from this and because he lives at home is able to save his whole salary.

MXVIT · 30/04/2023 18:27

It's rubbish OP I feel for you.

The only way I was able to get on the ladder was by sheer fortune that I

A) had parents who let me move home and stay rent and bills free for three years meaning I could put a lot away every month

and

b) i have a high paying job in a cheap area of the country

If I was on the average wage and didn't have that family support then no way would I have my house.

If I may say so though, you're putting far too much pressure on yourself to do things by a certain age in a certain order, this is the main source of your stress I'd say so give yourself a break and don't be so rigid around "I must do this by this age"

wildfirewonder · 30/04/2023 18:30

UnshakenNeedsStirring · 30/04/2023 17:49

Could you move back and stay with your parents? That would save you money. I am a lot older than you and do 2 jobs. Not saying its great but if you need something then you have to work extra for it. You are young, at your age it will be easier for you to take up a second job

This is just rubbish
-live with parents - not great for anyone
-work two jobs - knackering!

It is just broken. Two people working fulltime should be able to live a regular life.

Haveallthesongsbeenwritten · 30/04/2023 18:31

wildfirewonder · 30/04/2023 18:30

This is just rubbish
-live with parents - not great for anyone
-work two jobs - knackering!

It is just broken. Two people working fulltime should be able to live a regular life.

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100%! Working two jobs, moving back with parents. What kind of life is that. Broken system, costs of living is ridiculous and we are just suffering.

Willmafrockfit · 30/04/2023 18:32

you have to start small,
do it up
sell

MintJulia · 30/04/2023 18:35

But in answer to OP's question 'how do people do it', they buy somewhere small and scruffy, do it up, and then move up.

Expecting to buy a recent-build two or three bed house would be beyond most FTBs.

I bought a scruffy 1950s maisonette (it had a 'garden' a metre deep in weeds 🙂), redecorated it, cleared the garden and tidied it up, spent three years sorting it out, then moved to a scruffy two bed terrace and started all over again.

I had DS after 4 years in house 2.

Somanycats · 30/04/2023 18:35

My adult DS takes lodgers. You could lodge with him in an ensuite double bedroom ( you and your DP) for £1000, probably less if he liked you! Basildon. Its not an amazing area as you will know, but its safe and you'd have parking nearby. Flats in that block are going for £240000 two bed. If you both shared a room like this, you could double your savings surely without much hardship? It doesn't have to be Basildon. There are loads of lodgers advertised for all over the place.

CookieDoughKid · 30/04/2023 18:38

What do you do for a living, can you move into a higher paid job by increasing your skills? I think you should double down on increasing your earning power big time.

Haveallthesongsbeenwritten · 30/04/2023 18:39

MintJulia · 30/04/2023 18:35

But in answer to OP's question 'how do people do it', they buy somewhere small and scruffy, do it up, and then move up.

Expecting to buy a recent-build two or three bed house would be beyond most FTBs.

I bought a scruffy 1950s maisonette (it had a 'garden' a metre deep in weeds 🙂), redecorated it, cleared the garden and tidied it up, spent three years sorting it out, then moved to a scruffy two bed terrace and started all over again.

I had DS after 4 years in house 2.

Not everyone fancy buying, selling on and on though. We bought our house, two bedrooms even if we wanted 3 at least because of the location etc. We are considering doing extension because I would not be bothered to go through the whole buying process again!! So we settled for something smaller which had scope to be extended

Curseofthenation · 30/04/2023 18:39

We had to move in with my (now in-laws) to save for a deposit when we finished university. We bought our home after travelling, when we were 25. It took two years as they kindly let us live rent free. I think a lot of people have to either move back home or have financial help from parents. It can be done, but as you say, it just takes longer. Would it be the end of the world if you had your first child at 32 rather than 30?

You don't have to have a fancy wedding either. We would have had a very simple budget wedding if it weren't for family contributions. I do think it is a good idea to get married before having children personally, as it is often the women that takes the hit to her career and this offers some protection. I appreciate that this is not the case for all women.

Maroon85 · 30/04/2023 18:42

wildfirewonder · 30/04/2023 18:30

This is just rubbish
-live with parents - not great for anyone
-work two jobs - knackering!

It is just broken. Two people working fulltime should be able to live a regular life.

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And they can. But if they also want to save a huge chunk of money, then it's obvious they if they live a regular life it's going to take ages to save enough.
This is nothing new. My parents only managed to save a deposit by both living at home while they saved.
All these things need to be done for a couple of years and that's it. It's worth it to be able to buy your own place at the end of it.

Strawberrydelight78 · 30/04/2023 18:44

Could you possibly move in with him or he move in with you to reduce your rent? You should really live together first before buying together.

Willmafrockfit · 30/04/2023 18:44

you have to lower your expectations.

Gettingbysomehow · 30/04/2023 18:45

I had to help DS buy a house or he would never have been able to buy one. He had 30k saved up but still couldn't get a mortgage with his partner.⁰

wildfirewonder · 30/04/2023 18:46

Maroon85 · 30/04/2023 18:42

And they can. But if they also want to save a huge chunk of money, then it's obvious they if they live a regular life it's going to take ages to save enough.
This is nothing new. My parents only managed to save a deposit by both living at home while they saved.
All these things need to be done for a couple of years and that's it. It's worth it to be able to buy your own place at the end of it.

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It has changed massively since the 1970s/1980s. To deny this is to deny reality.

It was not necessary to live with parents, maybe yours did so but my parents and their peer group did not need to do that.

Dibblydoodahdah · 30/04/2023 18:46

Are you planning to buy with your DP? If so, can’t you move in together to save money? If you can manage to live off one salary then you can save the full amount of the other. So, if he clears a similar amount to you, you will have saved over £20k in 12 months.

I also would get over having a baby by 30. I had mine and 34 and 37 which was similar to most of my friends and colleague. Establish yourself in your career and home first. It will make life much easier for you.