General Chat Thread, Owning your own home..... in General; cpjitservices really wants to own his own home and so does his wife!!!
10% deposits and 3 year working history! ...
24th July 2012, 03:20 PM #1
Owning your own home.....
cpjitservices really wants to own his own home and so does his wife!!!
10% deposits and 3 year working history! - not easy in this day in age.... especially when I've only been working about a year!
ARRRGGH! I want to do it mainly for my 9 month old daughter! Some where safe she can call home!
no ones got any houses they dont want have they !
24th July 2012, 03:26 PM #2
I take it you've already considered this but what about renting?
Like yourself, i'm reasonably young so getting on the ladder is a pain so i've been renting for the past two years and i love it. Nice house and if anything goes wrong, i make a phone call and it gets fixed. Then while you're renting, you can stick £x into a bank account and save that 10% deposit That's my plan anyway
24th July 2012, 03:30 PM #3
Same Situation mate. My hometown is on the London to Brighton mainline. The cheapest a 1 bed flat is around £160k+ and a 2 bed (which i would rather) is a minimum of 200k. So i've gotta get myself 20k before I can even think about anything!
Originally Posted by cpjitservices
Renting a 2 Bed flat here is around 8/900 a month
24th July 2012, 03:32 PM #4
HOW MUCH?!?!?!?!?! You need to move "up north"
Originally Posted by glennda
24th July 2012, 03:33 PM #5
Well you can get a cheapo one for about 740/750 but they tend to be a hole!
Originally Posted by Millgate
24th July 2012, 03:36 PM #6
I have the cheapest 2bed flat around (£50k when I bought it (worth about £80k now)). Now I wish I had done whatever it took to get a council/housing association rent. Home ownership is too much hassle IMHO. I'm only just in positive equity and need to spend £££'s on windows, heating, kitchen, etc, etc, etc. Can't sell/move even If I wanted to. Too much work needs doing, I'll defo be at a loss if I tried selling anytime soon.
What we need is (a hell of a lot more) more social housing not more affordable (sic) housing!
24th July 2012, 03:42 PM #7
I'm renting at the moment, house isn't bad at all BUT the rent seems to be on the increase since it's gone up again! and there's things what we'd like to do to the house that the landlord will never agree to.... the kitchen is only about 8foot by 8 foot, would be great extended. We don't even have any drawers to put cutlery, cant really afford to move into another rented house. The deposit on this house was nearly £700 and that was without a months rent on top of that. My rent was £330 which is cheap but its now gone up to £350 which is getting a bit high now. I could pay a mortgage off for less than that a month!
I know that if anything goes wrong we just call the landlord and all will be fixed but I can do alot of building work that needs doing and a few other things and what ever I don't know how to do I have very good friends that do - I know builders, plumbers, sparkys etc that are very good friends!
I don't mind places that are a "hole" It's fun doing them up and achieving something!
Last edited by cpjitservices; 24th July 2012 at 09:23 PM.
24th July 2012, 03:44 PM #8
I know that pain! Even a pokey little turd of a place in the worst part of town is still £130,000 down here! To buy an older property in a place that isn't necessarily the best area but not the worst you're probably looking at £150,000. How do you manage to save £15,000 when you have cars and kids and rent to cover! It's impossible.
You could look at those shared ownership schemes but personally I think they shaft you and you get tied into community charges and things.
When we bought our place both sets of parents gave us half the deposit - that was the only way we could afford it. If we start saving now we might just about have enough money to help one of our children buy a house. The whole system is ludicrous! Renting is a joke when the rents are MORE than a mortgage with bills and council tax on top! It's like a punishment! You also can't redecorate :-(
Unfortunately the only way you are going to get your own home is to look at the shared ownership and 'affordable housing' schemes. Talk to your local housing authority as 'housing association' doesn't have to mean 'Council house' - when LeBoyfriend and I were looking for a house there were a lot of schemes run by Housing Associations and local authority housing in association with building companies like Taylor Wimpey and Bovis - it is law that a part of any new build estate must be reserved for 'Housing association' use. The problem we had was that we earned TOO MUCH to qualify. It was ridiculous.
Either way, they can help you and it is really worth going to a local 'home buyer' event (if for no other reason than free lollipops and jute bags)
Thanks to AMLightfoot from:
cpjitservices (24th July 2012)
24th July 2012, 03:47 PM #9
We were building more houses as a nation back in the 1800's, when the population was half the size...
There are something like 1.8m people waiting to get property that's suitable for them (be it rented or puchased), and we're building less than 100k houses a year.
Basically, if you want to buy and you're not rich, you've got no chance at the moment.
24th July 2012, 03:53 PM #10
Personally, in your situation, I'd make myself homeless. Not as bad as it seems as most councils have pretty decent emergency accommodation and in 6 months you could have a decent 2-3bed council/HA property at half the rent that you could get permission to knock about a bit and do it up. Then in a couple of years time, if you really want to buy, you could buy it from the council at a bargain price and then sell and move up the ladder as you wish.
Paying private rent is a joke and getting a mortgage is quiet tough at the moment for first time buyers on low incomes.
It's a risk, but I think it's worth it. It's essentially what my brother and his other half and sprog have just done. After 6 months in emergency accommodation they have a very nice 2 bed semi-detached bungalow with council rent. Puts my flat to shame
24th July 2012, 03:53 PM #11
ok.... sounds good AMLightfoot I'll have a look at some of the housing assocs -
The thing is in the street where I rent at the moment there is a derelict house (been empty for years) but it's nothing me and a few mates couldn't sort! It's actually owned by someone - I have the land registry for the house and know the owners name (address is for the house itself for the owner) but I cant seem to find him anywhere. I know the police have his number as someone broke into the house a few months ago and they called him to come and secure the property but me being at work didn't get chance to speak to him or whoever arrived. The council wont put a Compulsory Purchase Order on the property because it's not in the right area for them to do so! Apparently the guy lives in London and no one in my street has his number. The front of the house is boarded up as someone took the front windows out but apart form that it'd be a good project!
Shame I cant find him and try to do a deal.. it would be good for the street also to get this sorted would make the street look less of an eyesore!
24th July 2012, 03:56 PM #12
thought about that... but here they wont help you if you can afford to carry on paying rent for a property and you gave up the property, i thought iof this also a few years back when my landlord disappeared and left us with no heating and a house that was no good to live in. T mentioned this to the council and they said if you do that you will be put in a bedsit for upto a year, basically we'd be bottom of the pile because to put it simply we have a home to live in and can afford to pay private rent.
Originally Posted by tmcd35
Damn you council!
24th July 2012, 04:02 PM #13
Yep, I've got one for sale, but it'd be a bggr of a commute for you!
In Southampton, it looks like £140k gets you an ex-LA 3 bed, If you want to move out of town, it jumps to £190-200, and for another bedroom (and we need 4), you start at £1/4M.
PS, 1% of estate agents are good, hard-working guys, it's just the rest of them that give them a bad name!
24th July 2012, 04:06 PM #14
Not really the right way to go about things personally people that do this kind of thing do my nut...
Originally Posted by tmcd35
24th July 2012, 04:06 PM #15
I rent as well - 10% deposit is okay but the repayments are normally a killer. It is more like 20% around where I live just to make the repayments more manageable.
At the moment I am happy to rent.
I think in our country we have a fascination with owning property whereas a lot of others do just rent. I think this is why a lot of people (including some of my closest friends) end up in negative equity due to the misguided pressure to own said property. Personally although the rent is a killer sometimes I do not have to worry about the house price being at a certain level in order sell the property at a profit or potentially defaulting on my mortgage and with a months notice I am free to move. Too many jump in and over exert themselves and all the end up doing is getting in a mess financially which then takes years to get out of. There will come the time when I am ready to buy and when I do it will be somewhere small, affordable and after 2 years (to avoid paying charges) I will sell it for a profit and try and get a larger place. During those two years I will save more and then and then make the leap to a larger property that I plan to stay in for a while. Well, that is the master plan anyway.
The shared ownership schemes are okay but you are still paying your rent plus the payments for the mortgaged share also. I have heard of people getting themselves into financial difficulty with this kind of scheme also so you need to be sure.
Gone are the days when your parents paid next to nothing as a deposit and the repayments were easy to manage. We may as well face it and not hold owning a property as some sort of mark to whether you have achieved or not. When I tell people I rent they look at me gone out, like I am stupid. If you don't want to live at home with the parents and you don't want to use their money for a deposit, then other than saving constantly for the next 10 years you aren't left with many options these days.
Having said that.............good luck in your endeavors @cpjitservices
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