Feeling unsafe in my apartment, thinking ahead.

[imnina]

I’m 19 and currently living in an apartment my mum bought about 10 years ago so I’d have a place to stay during uni (she was renting it before I moved in). She doesn’t live here – I do – and I’ve put a lot of work into renovating it with my BF.

I’m incredibly grateful for her support, especially since she’s actually losing money by letting me stay here instead of renting it out. But the truth is: I don’t feel safe in this neighbourhood.
The area has a « dangerous » reputation. I don’t have a car, so moving back home (over an hour away) isn’t an option – and honestly, I don’t want to. I want to stay independent.

I’ve been thinking seriously about buying my own apartment. My mum won’t help me financially with it, but I’ve saved just under €45k – so I’m starting to feel like I can be a little ambitious.
I don’t want her to help me so I won’t ask for her help financially, and it’s thanks to her that I have money saved up.

My idea is to live in the « new » apartment (the one I would be buying) for the next 2 years while I finish uni, and then rent it out when I (probably) move to another city (8 hours away) (just for a year, so wouldn’t be buying anything there). So it’s not just about feeling safe now – it’s also an investment for the future.

I’d still need to take out a mortgage, which is a big step. But having something that’s truly mine, in a place where I can actually relax, is starting to feel worth it.

If anyone’s done something similar or has advice about buying young, I’d really love to hear it.

Few qs-

are you working would you be approved for a mortgage?

could you give your mum back the apartment and her rent it out and would she help with that rent money helping you rent elsewhere that’s safer?

xx

You're a 19 year old student who doesn't pay rent....who.is going to give you a mortgage?

Hi! im not working at all but I receive yearly interests because I'm a share holder. I believe I would be approved a mortgage, or if I am not approved one, then I would ask my mum to take one for me (I would really like it if I didn't have to ask her).
Thanks

In France, there's a system where someone acts as a "guarantor" to cover your rent or payments if you're unable to. My mother would be my guarantor, and since she has quite a bit of money, it should be fine. Thanks for your concern!

I think you need to jut carry on living where you are living and buy an apartment withh your own money when you've finished. A mortgage is a massive commitment but it's for you to make for yourself. Not for other people on your behalf. Be grateful for what you have which is more than most people your age.

You are going to apply for a mortgage based on your income from dividends from being a shareholder? Dividends are not guaranteed income so I doubt a bank will accept it. You must own a heck of a lot of shares to generate the income needed for a mortgage.

Maybe speak to a mortgage broker to find out whether you can get a mortgage first on your own steam. I strongly suspect you will have to ask your mother to take a mortgage.

Also, why tie yourself down to one place by buying at uni especially since you are going to move away. There are a lot of transaction costs with buying and selling. Unless you think property prices are going to go up and up, so long as your rent is not substantially more than the interest on a mortgage, you'd be better off renting simply because you can easily up sticks and go where your job will be.

That is a nice chunk you have saved up for a deposit. Any reason why you have to buy and buy now? If you are most likely going to have to ask your mother to take out a mortgage for you, it would be easier to ask her to rent out this place and subsidise you renting somewhere else in the meantime. That is less risk for you.

thanks a lot

If you are in France, then the property market and mortgage practices will not be familiar to most mnetters. I don't think this is the right forum to be asking such specific advice on money and investment matters.

My take away is you want to be independent but when that doesn’t work, ask mum to fix it because she has a lot of money. That’s not being independent.

you’re young, that’s good savings. Keep saving and use it when you need it for somewhere you want to live. The investment may turn into a cost dependent on how they leave the property

Don't live somewhere where you feel unsafe. Does you mother know how you feel?

If you were my child I would re rent the property where you currently live and use that money to rent somewhere else for you.

You have the rest of your life you have bills and responsibilities. Enjoy not having them while you're still a teenager.

That's an interesting interpretation of independence

I would encourage you to book an appointment to talk to a Mortgage Advisor, assuming that you have such things in France? If you do this of your own volition, you will be better informed, and then you can discuss with your Mother, where you should go from there, if you find you can't get the mortgage you're hoping for.

However, having said that, I think you would be better off continuing to save while your Mum is prepared to carry on funding you, as you will never have such a good opportunity to save and get a big chunk of money behind you once you have a mortgage.

Also, do bear in mind, that if you do buy and then rent out for a year, if things are the same in France as they are here, you will still be responsible for dealing with any issues that come up while you're away, ie, if the heating should pack up, or there is a leak, etc. All extra expenses that may arise.

Will your BF make any contribution to your purchase, as I note that you renovated with his/her help?

Sorry, no advice but I have to ask ....have you posted about this before?

It sounds really familiar.

Hi! No I haven't!

No worries, I was just having one of those moments of feeling like I'd read that scenario before.