Is it normal to settle for a home you don't like?

[Namedrop000]

We're FTBs. We've been patiently saving for many years for our first home. But there's just nothing on the market at the moment? The places we've seen fit none of our (pretty modest!) needs, and have been in terrible condition. We don't have the cash for big renovations.

We've been looking for about a year and prices are going up, so I think we just need to buy something we don't even like just as a stopgap so we're on the ladder, and have somewhere to live. Is this normal? We were hoping to buy a very long term home that we actually had a fairly good feeling about, but seems like that's unrealistic.

I find it hard to stomach spending 400k+ on something I don't even like or care about and would be embarrassed to invite friends or family over to.

Are you really showing as a Generation X how out of touch you are.
I’m Generation X and bought my first house at the age of 18.No inherited money.Deposit from earnings and mortgage less than 3 times earnings.
It was piss easy in those days to buy.
Something very few will actually admit but claim it was due to hard work and sacrifice not just being born at the right time.

I have been thinking about this. I am 70 so early boomer years, and it occurs to me that the the concept of first, or indeed any home, being dream home is quite a modern concept. If you were in the sector who were not housed by the council, a lifetime renter, or so dizzyingly rich that you either inherited or purchased from family wealth, then you took what you could afford and were grateful that it was better than where you were born. Yes I know that sounds like we lived in a cardboard box and walked uphill to and from school...but its true.

Yes we just bought what we could afford!

I think people buying what they can afford now too?

I dont believe there's ever been a point where people haven't wished they had a bigger budget, or tried to get the best thing they could for their money.

@Spendonsend , yes, but when I bought, my deposit (nearly a year's salary) and 3.5 times my salary were enough to buy a 2-bedroom house (in a cheapish area). The same house today would cost twice as much, and salaries haven't increased proportionally.

If I was buying now with the same sort of deposit and borrowing 3.5 times my salary, I'd only be able to get a 1-bed flat in the same area.

I know. That's why I was a bit confused by people saying in the old days we just bought what we could afford.

Well yeah? That's what people do now.its just salaries haven't kept up with house prices.

This. It’s taken me this long to be able to afford go buy anywhere. Forgive me for not wanting to leave in a crap shack age 40!

@KarenOH , it took me a long time to save up.

I lived in the same place for years previously renting, and the rent was quite low because it wasn't so crazy in the rental market back then. Had I bought back then instead of renting, I'd have made money, but my then DP was reluctant.
Life's full of shoulda coulda but you do what you think is best at the time.
I hadn't had financial security then or now.

People are quite scornful of where I live but it's home. It ticked a lot of boxes.

I mean, I don't think anyone wants to live in a "crap shack" lol.

Unfortunately though, you have to manage with the hand you've been dealt. If all you can afford is a two up, two down terrace then you don't have much choice if you want to get on the property ladder.

No but we didn't turn stuff down because it wasn't a long term home. OP hasn't said what their modest needs are (or I may have missed it) but I bet mine were modester!

But did you have hope that over time you move on?

I think we have had a huge period of wage stagnation combined with wild house price increases and the younger generation aren't so much, expecting to buy a magic forever home first time out of entitlement, but realistically thinking, this is my only shot at a home and has be long term as my salary is never going up and the gap between this house and the next will get bigger.

I dont think the ladder that existed when I bought is really functions now. I think its much harder. I feel very blessed I bought before this mess.

I mean, I still live in the two up, two down terrace that needed work doing - we've been here ten years, won't be moving anytime soon and it still needs work doing to it.

But it's ours, the mortgage is cheaper than the rent would be anywhere else, and we don't need to worry about being kicked out with a moments' notice.

No, not really... we did move because of DH's job but we didn't buy it with a view to moving on again. My syb is still in their modest first purchase bought late 60's

We've now moved from first time buyers shouldn't think longer term to of course everyone stayed in their first purchase long term.

The two up two down round here are all over 400K! And we are in a run down area of London. I can’t wait for my own two up two down!

We live at the opposite end of the country - our little fixer-upper terrace was 58k!

Well, the reality is that many people don't have a choice if they want to get on the housing ladder. They either compromise with location, size and modernity, or accept that the alternative is to stay renting forever.

We chose to buy a run-down fixer-upper in the old mining town DH was born in because it was cheap and it was the only way we could get on the housing ladder. We had to compromise on a lot of things, but it was absolutely worth it to own our own home.

Would I like to own a modern home that doesn't constantly need work doing to it? Absolutely, but I know we can't afford it, so we just have to make do.

An alternative if you want to get on the property ladder is to buy something you don’t want to live in but has a high rental demand. Then continue renting something you do want to live in. Not as good an option as finding the one you want to buy to live in, but better than just renting as at least you’re on the property ladder.

I dont thinknyou are describing a housing ladder. The idea of the ladder is you move up the ladder.

You are describing what people complain about. That you buy the best thing you can afford and you have to stay there because it's the best you can afford.

In lots of the south east a two bed fixer upper with damp cost 400k.
And if everyone moves to cheaper areas it pushes the prices up there.

Sadly I don’t think my salary translates up north!

Well, the housing ladder generally means (to most people) buying a house. Lots of people are happy just buying a home and not ever really progressing into a bigger or better property for a whole variety of reasons.

I'm not complaining about staying where I am either, it's better than throwing thousands of pounds away on the rental market. And I appreciate the prices are worst down south - it's why I moved

Well, I could earn much more down south (as could DH) but we'd never be able to buy as the housing market is just insane.

Neither of us earn massive salaries, (household income of around 50-60k) but we don't need to earn more as the cost of living here is so low.

However, it's also an area that comes up on the "worst place to live" or "crap towns in the UK" threads quite a lot, haha.

I dont know if it's cos I'm older (45) but the housing ladder and getting on the ladder very much implied something you were supposed to climb. There's loads of articles about the ladder being broken and not a thing anymore.

If it's not something you are supposed to climb, you are indeed just buying a house or you could say having a stake in the property market. And that's a valid thing. Its secure, if rents go up your mortgage might not, if you can afford thus house now, you might be not be able to afford it in 5 years.

I know not everyone moves up the ladder or wants to but there are also lots of people giving advise to buy unsuitable properties 'to be on the ladder" which to me implies you climb up later and in some bits of the country it's not always the right thing to do. You might be better looking elsewhere for instance.

I think we're probably saying the same thing but talking at cross purposes, lol.

I agree that buying somewhere completely unsuitable isn't always the right thing to do but I do think you have to be realistic too. If (for example) you want to live in London or within 50 miles of family, or within commuting distance of your job in X city, then you either need to compromise on the type of property or accept that the only viable alternative is probably going to be renting, which in turn will make it even harder to buy a property in the future.

I think social media doesn't help - so many people seem to live in perfectly done up homes with brand new furniture and appliances whereas in reality, the vast majority of people don't actually live like that.

This absolutely.