General Chat Thread, First flat. Excited but scary times. in General; ...
14th August 2014, 02:36 PM #16
Good on you ese.
If i am to be completely honest (which i usually am regardless of other peoples frowns) i would have said that you should have stayed at home (or if you didn't get on too well) 'put up and shut up' until you have enough money for a deposit on a mortgage (usually £10 - 15k?). Primarily because rent (in my opinion) is like throwing money down the drain. The house isn't yours, and never will be, unless you can afford to buy it all at once, or reach some sort of agreement, which again would be costly. I'd rather you have stayed at home until you can pay a good deposit, and leave knowing your mortgage payments would be low over (25?) years or so. However, each to his / her own.
Will say one thing, you're brave for going in on it alone. I don't know many people that would think about trying that.
Best of luck mate, and i hope it works out all well for you!
P.s. Lad rule number 1 - Always have enough alcohol!!!
Last edited by Sunnyknight; 14th August 2014 at 02:38 PM.
14th August 2014, 06:03 PM #17
- Rep Power
First flat. Excited but scary times.
Was that for me SunnyKnight?
Got a mortgage. Did exactly that. Stayed until I could afford to get out and do it properly. Got a 11k deposit for a 100k properly. Was saving until the right place came up.
Not been the best of times but ok.
I've got the mortguage coming out on the 1st of each month and trying to do the same with the bills. I'm then putting money for the car into a seperate account and the same with some savings each month.
Then I know what's left if for food and fuel and don't have to worry. Get all the have to pay items out the way.
Yep, got the first evening planned, just need to get the projector up, and fridge stocked. Not too loud though as don't want to annoy the neighbours.
Last edited by dany2010; 14th August 2014 at 06:08 PM.
14th August 2014, 08:19 PM #18
That's assuming the goal is to own property.
Originally Posted by Sunnyknight
Looking at it the other way - buying is like throwing your money down the drain. The building and its infrastructure is entirely your responsibility to maintain, repair and fix over a long period of time. The value of the property could either increase or decrease. If you ever want or need to sell, there's no guarantee that a buyer will pay the price you ask for it.
Renting and owning have their pros and cons and I don't really see one as better than the other, it entirely depends on people's situations and what they want.
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