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I secured a 245k 3 bed semi. I'm feeling an overwhelming sense of dread

46 replies

YourGreenDreamer · 14/05/2024 17:20

Hello all,

I (F27) have an offer accepted on a 245k property. it's a 3bed semi. So I have found an absolute bargain and I love the house. Should probably mention that I'm buying on my own.

My take home after NI, tax, student loan and pension is £2,565. My monthly repayments will be £893.11pm (5years fixed rate). I am budgeting 400pm for:
£159 council tax (excluding single persons discount - rather overstimate just in case)
£75 gas
£75 electric
£50 water
£27 broadband
£12 sim only deal

I haven't included building+content insurance as i will pay that in full by exchange.
I do not have a car
I work from home

I will have £1,273 left for day to day living whether it's food, saving, shopping.

I feel extreme dread going into this as I started looking for properties within the 210-230 range. They'd typically be smaller houses and I would probably outgrow it in the next few years. This property is spacious, with 3 bedrooms and I can see myself in it for the long term. But I fear I'm overstretching myself here?

(The first sale I had that fell through was 210k and monthly repayments would have been 863 on a 2yr fixed rate. The difference between that repayment and my current offer is £120 so why am I so much more anxious...)

My saving grace is that I can get a lodger in, charge £625 for a room which will take my disposable up to around £1.8k. Much more comfortable and i'd be able to overpay my mortgage. But I have anxiety around not finding a lodger full stop.

I also have anxiety that after I pay my deposit, i'd only have around 8k to fit underlay and carpet in the 3 bedrooms, landing and stairs and buy furniture. I'd have little to no emergency fund. Very scary.

About me
I work for a council so fairly secure job.
Although I'm single at the mo I would like to settle down and have kids soon.

Perhaps I should hold off buying and wait? Or just go for a smaller property?

A lot of this is just me thinking out loud and getting some of the pent up dread out, so i'm sorry if this is all over the place or if I sound annoying lol.

Any advice will help.

Thank you very much

OP posts:
Cerialkiller · 14/05/2024 19:26

It sounds perfect op. Yes it's daunting but the hardest point is the first year or so when you have no savings and mortgage is highest.

I would spend the bare minimum on doing up the house to a livable standard. IKEA is your friend. Yes prep the lodgers room but as long as you have a bed and a working kitchen and maybe a simple sofa in the lounge that will be fine. I would then sit on things for a while and decide on a minimum savings threshold say 5k or so then anything over that, overpay overpay overpay. Ensure the bank is told to use the overpayment to reduce the monthly payment not shorten the term of the loan. That should slowly make things easier and easier and you will have more and more money to throw in savings or on the overpayment each month.

This is what we did for the first couple of years with our first house that we could barely afford. Have saved tens of thousands over the life of the mortgage.

JanglyBeads · 14/05/2024 19:35

I presume the "after completion" figure means you've realistically allowed for all legal fees, stamp duty etc (sorry can't remember if you're over or under that threshold)?

ohsobroody · 14/05/2024 19:41

Sounds comfortable and much better than my position after buying my first house. Carpets shouldn't be more than1500 unless you go crazy so do the minimum rooms you can for now and get furniture of marketplace!! Keep some sack a and get a lodger. My lodger ended up my best mate and maid of honour ❤️

Cotswoldbee · 14/05/2024 19:43

Sounds good to me and don't overthink whether you need 3-bedrooms, if the house suits you and it is affordable (which it sounds like it is) then you have future proofed yourself for the future.

My first two houses were 3-bed and I was single when I bought both.
Yes things were (very) tight at the beginning but it got better and I appreciated the space.

Cheeesus · 14/05/2024 19:45

YourGreenDreamer · 14/05/2024 18:58

I don't know but i am 27 years old, born in 1996 and female lol. Maybe 27 is just a pivotal year for a lot of us

It’s not your age that’s being picked up on, it’s that you wrote F27 rather than ‘as a 27 year old woman’. I guess F27 is used in other forums.

pizzaHeart · 14/05/2024 19:50

I agree with @Gazelda about survey, we did home buyers report and it’s very detailed and useful. Ask around for recommendations. We did 3 times while house hunting and one of the surveyors wasn’t very good but two were very thorough and it helped a lot. Leave some money for emergencies, don’t focus on carpets etc too much. We bought short curtains from a cheap shop, a table from charity shop, a few carpet leftovers from carpetright and put them into the bathroom and kitchen at the very beginning, all worked really well.
Good luck!

PickledPurplePickle · 14/05/2024 19:55

Of course you're nervous, it's a big step. From what you have put there, I would go for it, you have enough for the deposit and to buy some furniture, etc, and can afford the monthly bills.

We are buying our 5th house together and I am still nervous, it's always a big step and doing it along is scary

sleekcat · 14/05/2024 19:56

I think you should go for it. You love the house, and that should be enough to live on for one person. I have less than that and a teenage child.

AlwaysGinPlease · 14/05/2024 19:57

OlderGlaswegianLivingInDevon · 14/05/2024 17:31

' £1,273 ' is more than enough for one person for food shopping and saving.

Many families live on that, not just one person.

In what year? 🤨

qwertyasdfgzxcv · 14/05/2024 20:04

I think you seem financially set!

squirrelnutkin10 · 14/05/2024 20:16

Your finances are sound op, and not having to move if you marry and have a family in the future is huge as the costs of moving 'up' are high.

You have a 5 year fix security of outgoings for a long while.

You should have no issue getting a lodger, be very thoughtful on who you want lifestyle wise.( I did this for many years after buying as a single female in my early 20s and made lifelong friends)

Also you can have a home office as you have the third bedroom.

I agree with others that you should not spend the 8K that is your safety net, look on facebook marketplace for large rugs and furniture in the beginning.

Do the lodgers room up nicely but cheaply, be very disciplined with your disposable income and build up a 6 month emergency fund as fast as possible.
Reduce all non essential spending ie nights out and holidays until you have the safety net in place, ideally in an Issa.

Only then start overpaying the mortgage.

Good luck you will be fine!

ThirdStorm · 14/05/2024 20:29

I did something similar to you at a similar age. I felt over extended as it was me and one wage. But I regret nothing! My circumstances changed for the better a few times along the way and I was able to repay my mortgage much earlier. People asked why I needed 3 bedrooms but I’m so glad I have space (and the lodger option!) and it was the downstairs space I really wanted. House has now significantly increased in value. I’m glad I did it when I did it. Good luck! PS. I’m on a water meter and pay £15pm but otherwise your budget looks good.

PoppyCherryDog · 14/05/2024 22:24

Cornishclio · 14/05/2024 19:03

Your budget looks sensible. No way will it cost £8k to carpet 3 bedrooms.

This.

We carpeted one bedroom the other day carpet was a remnant and about £300 and fitting £75. Standard double bedroom.

Treeinthesky · 14/05/2024 22:29

Sorry but gas and electricity is more 300

Cotswoldbee · 14/05/2024 22:49

Treeinthesky · 14/05/2024 22:29

Sorry but gas and electricity is more 300

Not necessarily.
We are in a 4-bed and the most it was over winter was £140/M for both G&E. That was with heating, washing, tumble, cooking etc etc. April came in at £95/M, bills based on actual readings.

No two houses and households are the same and if the OP has a SM then she can monitor her usage and adjust accordingly. Just saying that not everyone is experiencing the sky high bills that some are.

Oversharingnamechanged · 14/05/2024 22:56

Congratulations op! What a terrific achievement to be in this position.
100% mortgages were a thing when I was young which was how I got on the property ladder. These days it's so difficult.

I bought my first house when I was quite young and your situation seems much more doable than mine was tbh.

This is what I wish I'd known and been told, I hope you find it useful about home owning and saving cash.

People will try and trick younger women. Example, I got a quote for carpets from my local flooring shop and I was chatting with my nice neighbour about it. He was horrified at my quote, went in with my measurements and was quoted almost 500 quid less. So always be vigilant.

Don't ever get into debt doing it up, that was my mistake (I was 20, so it was all new to me) slowly and steady, not all at once on credit cards. I fucked up majorly with that. Made life much tougher.

I wish back then I'd have had things such as Instagram for home accounts to see what I liked before I spent money on things I never.
Fb marketplace - godsend, really it is. Gumtree also is brilliant.
Free and cheap. Look for everything... paint/rugs/wardrobes/drawers second hand. Those massive IKEA drawers, the 8 drawer chest is £250 in IKEA, they're often £50 second hand.
Ebay/vinted/charity shops. Best sofa I've ever had was free and I once spent 2k on one that barely lasted 2 years.
Do hire a sander for a week or so and sand/varnish the floors, it'll be so much more beneficial than carpets, if you're wanting kids much easier to maintain.
Lots of places have things youd not expect to find before you're doing a house up, so places that are paint banks almost, donated paints and hardware supplies, Google what's local to you.

Get everything cheap as possible and save for things you truly want that will bring you joy, but I don't mean buying things that won't last 5 minutes. Save your money. My best friend bought a new couch for 200 quid online, I've sat on comfier swings. 200 pound would have gotten a decent 2nd hand couch until she had saved for one she loved, that kind of thing.

Try finding a reliable and skilled tradesman for work that needs doing so you're not paying out more to have shoddy work repaired. That'll save you a fortune. If its someone you feel easy about having in the home even better.

Get Insurances on white goods, your boiler and make sure the guttering isn't in need of any repairs.

Get quotes on everything, absolutely everything and always ask to see a portfolio, often they're online now anyway on social media business pages.

Never be bullied into anything from tradesmen, if they're too pushy, red flag. Go elsewhere.

I often would lie back in the day I was just waiting for my partner to discuss things with him, very sad I felt I needed to but I did.

I wasn't sensible because I wasn't shown and even though it all comes good in the end for me, I wish I'd have had a adult in my life whos mistakes I could have learnt from, or a mumsnet type group to chat to about these things. Always seek advice with big decisions, you'll find, especially places like mumsnet women, contrary to some of the posts, but on the whole, women who've been in the position of a young/solo buyer will want to give you the advice and encouragement they could have used.
And next year, when you've had a year in your new place there will be things you'll have to share with someone else. It really is constantly learning. I'm 20 years into owning a house now and I still worry about doing the right things and have found being able to discuss issues with other posters invaluable. I've found the posters on the property and gardening sections to be incredibly knowledgeable, I'm eternally grateful for tons of advice given here.

It's all trial and error, but financially you're going to be much better off if this is your forever home. And so many positives to not needing another person to make it affordable etc, you sound really sensible and i hope my kids have this level of drive 💐

You'll absolutely smash this out of the park, I wish you the very best.

Quitelikeacatslife · 14/05/2024 23:03

This sounds amazing and sensible. Start looking out for great prospective lodger now, so you can be really fussy who you choose, it's ok to turn people down.
Get local carpet shop in and say you've got £2k max to do whole house including underlay and fitting , what can they do.
Furniture maybe buy a nice sofa that you love, then save rest, and buy bits from your wage, look out for vintage shops that you can upcycle mixed with a bit of IKEA and build it up as you go along .
Good for you, it is a great achievement

SprigatitoYouAndIKnow · 14/05/2024 23:24

You sound to be in a great position. I think it is better to stretch your budget now, while you have few outgoings with no kids etc. As it is a place you can grow with, you will not have moving expenses, which you would if you outgrew somewhere smaller.

Go for it amd make do with everything you can to begin with. In my first flat, I had an inflatable arm chair and "cupboards" made out of moving boxes on their sides to start. Everything can happen over time. A friend of mine lives in a city and has 2 week day lodgers, who stay there when they have to do their 2 days a week in the office. That might be something to consider too.

YourGreenDreamer · 14/05/2024 23:34

Oversharingnamechanged · 14/05/2024 22:56

Congratulations op! What a terrific achievement to be in this position.
100% mortgages were a thing when I was young which was how I got on the property ladder. These days it's so difficult.

I bought my first house when I was quite young and your situation seems much more doable than mine was tbh.

This is what I wish I'd known and been told, I hope you find it useful about home owning and saving cash.

People will try and trick younger women. Example, I got a quote for carpets from my local flooring shop and I was chatting with my nice neighbour about it. He was horrified at my quote, went in with my measurements and was quoted almost 500 quid less. So always be vigilant.

Don't ever get into debt doing it up, that was my mistake (I was 20, so it was all new to me) slowly and steady, not all at once on credit cards. I fucked up majorly with that. Made life much tougher.

I wish back then I'd have had things such as Instagram for home accounts to see what I liked before I spent money on things I never.
Fb marketplace - godsend, really it is. Gumtree also is brilliant.
Free and cheap. Look for everything... paint/rugs/wardrobes/drawers second hand. Those massive IKEA drawers, the 8 drawer chest is £250 in IKEA, they're often £50 second hand.
Ebay/vinted/charity shops. Best sofa I've ever had was free and I once spent 2k on one that barely lasted 2 years.
Do hire a sander for a week or so and sand/varnish the floors, it'll be so much more beneficial than carpets, if you're wanting kids much easier to maintain.
Lots of places have things youd not expect to find before you're doing a house up, so places that are paint banks almost, donated paints and hardware supplies, Google what's local to you.

Get everything cheap as possible and save for things you truly want that will bring you joy, but I don't mean buying things that won't last 5 minutes. Save your money. My best friend bought a new couch for 200 quid online, I've sat on comfier swings. 200 pound would have gotten a decent 2nd hand couch until she had saved for one she loved, that kind of thing.

Try finding a reliable and skilled tradesman for work that needs doing so you're not paying out more to have shoddy work repaired. That'll save you a fortune. If its someone you feel easy about having in the home even better.

Get Insurances on white goods, your boiler and make sure the guttering isn't in need of any repairs.

Get quotes on everything, absolutely everything and always ask to see a portfolio, often they're online now anyway on social media business pages.

Never be bullied into anything from tradesmen, if they're too pushy, red flag. Go elsewhere.

I often would lie back in the day I was just waiting for my partner to discuss things with him, very sad I felt I needed to but I did.

I wasn't sensible because I wasn't shown and even though it all comes good in the end for me, I wish I'd have had a adult in my life whos mistakes I could have learnt from, or a mumsnet type group to chat to about these things. Always seek advice with big decisions, you'll find, especially places like mumsnet women, contrary to some of the posts, but on the whole, women who've been in the position of a young/solo buyer will want to give you the advice and encouragement they could have used.
And next year, when you've had a year in your new place there will be things you'll have to share with someone else. It really is constantly learning. I'm 20 years into owning a house now and I still worry about doing the right things and have found being able to discuss issues with other posters invaluable. I've found the posters on the property and gardening sections to be incredibly knowledgeable, I'm eternally grateful for tons of advice given here.

It's all trial and error, but financially you're going to be much better off if this is your forever home. And so many positives to not needing another person to make it affordable etc, you sound really sensible and i hope my kids have this level of drive 💐

You'll absolutely smash this out of the park, I wish you the very best.

wow, you have really made me tear up.
thank you for all of your advice. i'm in the position you were in years ago. i've no-one to ask when it comes to mortgages, so your advice means a lot.

thank you again

OP posts:
JellyBeanFactory · 15/05/2024 00:02

Fantastic advice from @Oversharingnamechanged
In fact I've screen shotted it to act as an aide-memoire for my own DD.

OP @YourGreenDreamer Buy the house, you said you loved it so enjoy owing your very first property. You will be fine, even without a lodger!

Good luck in your new home 🏡

Treeinthesky · 15/05/2024 08:28

@Cotswoldbee wish mine were that. I've been paying 200 I live in a 3 bed new build mid terrace. I'm 700 in debt to gas and electricity hence why payments are 300. It used to be 80 per month :(

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