What sacrifices did you make to own your own home?
Discussion
I'm 23, have a good job and currently share with my best mate in a rented flat.
As I live pretty close to my place of work, I am looking into selling my car, and cycling / getting the bus to work.
This way I can save up more ££ for a deposit and start on the property ladder, I will be gutted to loose my car, but I figure the sooner I get on the ladder the better!
What do you think?
As I live pretty close to my place of work, I am looking into selling my car, and cycling / getting the bus to work.
This way I can save up more ££ for a deposit and start on the property ladder, I will be gutted to loose my car, but I figure the sooner I get on the ladder the better!
What do you think?
Quite a few but it was worth it. Then 18 years later I got divorced.
THen I had the option of buying a TVR or buying a couple of flats to let out. The estate agent friend really tried to get me to buy the flats. Bought the car which lost money the flats increased (double).
Times are I wished I had forgone the TVR experience then and now I would have money to buy what I wanted, but then again I loved that car and really enjoyed having it.
Guess at 23 you could go out and get your new home, a mortgage will be cheaper than renting then in a couple of years (which will seem a long time at 23) return to motoring
THen I had the option of buying a TVR or buying a couple of flats to let out. The estate agent friend really tried to get me to buy the flats. Bought the car which lost money the flats increased (double).
Times are I wished I had forgone the TVR experience then and now I would have money to buy what I wanted, but then again I loved that car and really enjoyed having it.
Guess at 23 you could go out and get your new home, a mortgage will be cheaper than renting then in a couple of years (which will seem a long time at 23) return to motoring
Just for the flip side of the coin i'm 26 and buying a house is the least of my priorities, I like the flexability renting gives me. Also even with a quite well paid job there was no way I could afford to buy somewhere as nice/nice area as I rent.
Now looking back going back to uni for 6 years so houses are well off the radar. If you really want to buy I'd wait, I dont think its worth selling all your possesions for
Now looking back going back to uni for 6 years so houses are well off the radar. If you really want to buy I'd wait, I dont think its worth selling all your possesions for
None. In fact, much better location and nicer property than I was renting before.
I didn't want it to feel like a chain around my neck, so we purchased well within what we could afford and raised a substantial deposit saving hard whilst renting. I'm a cautious chap, so the good sized deposit will go a long way to protecting us from a negative equity situation and I'm overpaying the mortgage like nobodies business, currently 12 months into the 25 year mortgage and it looks like it'll be paid off within 9 years.
Getting on the property ladder wasn't a big incentive for me, I just had enough of renting the previous place and wanted to move out into the countryside - not that many rental properties suited and to be honest I prefer the security of owning vs. renting.
I didn't want it to feel like a chain around my neck, so we purchased well within what we could afford and raised a substantial deposit saving hard whilst renting. I'm a cautious chap, so the good sized deposit will go a long way to protecting us from a negative equity situation and I'm overpaying the mortgage like nobodies business, currently 12 months into the 25 year mortgage and it looks like it'll be paid off within 9 years.
Getting on the property ladder wasn't a big incentive for me, I just had enough of renting the previous place and wanted to move out into the countryside - not that many rental properties suited and to be honest I prefer the security of owning vs. renting.
I got rid of my 330i for a Focus diesel, and got rid of OH's 1.2 Clio for a 206 GTI (for a bit of fun and her Clio was on its way out).. Pocketed 2k difference which went into the deposit and probably save around 120 a month in running costs.
I didn't NEED to do it but it has helped a lot. Will return back to PH-type cars in 2 or 3 years.
Only problem now, looking to save or finance a new car at circa £300 a month, i'd rather over pay on the mortgage.
I didn't NEED to do it but it has helped a lot. Will return back to PH-type cars in 2 or 3 years.
Only problem now, looking to save or finance a new car at circa £300 a month, i'd rather over pay on the mortgage.
schmalex said:
To be honest, none. When I bought my first house, I didn't want it to feel like a ball & chain tying me down, so I rented until I could I could afford the mortgage without having to make sacrifices so that I could enjoy the place properly when I finally bought.
i rented for nearly 10 years (either flat sharing or laterly with the then girlfriend now SWMBO) to save before making the commitment.As it happens i now live in rentals for a different sort whilst owning property that i am landlord of (but not in UK / Europe) and do this by personal and not financial choice.
For several years before I bought a house I was living reasonably frugaly in a shared rental and bunging as much as I could in to savings, that way when I bought the house I had a 25% deposit and knew how much I could afford per month on the mortgage. If you can afford to spend a while saving it's well worth it as the interest rates go down the more deposit you can stump up.
my time
I buy the worse house in the best street and do it up myself
despite b
hing, moaning, cuts, bruises, arguments, aches, pains, stress, being tired and generally feeling that I don't have a life beyond work or the house it pays off
it's going to kick off again next year when I buy another property and I'm dreading it already but it'll be the house I die in so will be well worth the short term pain
I buy the worse house in the best street and do it up myself
despite b
hing, moaning, cuts, bruises, arguments, aches, pains, stress, being tired and generally feeling that I don't have a life beyond work or the house it pays offit's going to kick off again next year when I buy another property and I'm dreading it already but it'll be the house I die in so will be well worth the short term pain
Well, I guess I gave up going out every night and spending a lot of money on clothes etc.. But then for about a year before buying I had already reduced my outgoings to save the deposit and legal fees and money to buy all the furniture we needed. But I made sure I could keep the TVR.
sleep envy said:
my time
I buy the worse house in the best street and do it up myself
despite bhing, moaning, cuts, bruises, arguments, aches, pains, stress, being tired and generally feeling that I don't have a life beyond work or the house it pays off
it's going to kick off again next year when I buy another property and I'm dreading it already but it'll be the house I die in so will be well worth the short term pain
That is what I did also, bought a wreck of a house and did it up and as sleep envy says it is very hard work and quite often demotivating restoring a wreck. Then I Sold the car and just used my works van and my girlfriends k reg shed of a micra, also stopped blowing my money on going out on the lash all the time. I spent 12 months from buying it to moving in and had to move back in to the parents for a year but it was well worth it in the long run. I buy the worse house in the best street and do it up myself
despite b
hing, moaning, cuts, bruises, arguments, aches, pains, stress, being tired and generally feeling that I don't have a life beyond work or the house it pays offit's going to kick off again next year when I buy another property and I'm dreading it already but it'll be the house I die in so will be well worth the short term pain
If I could go back in time I would of bought a place much sooner in life as I would be a goodway into paying the mortgage off by now rather than only 4 years into it, also the hardest part is getting the deposit together and not blowing it, in my case I saved 25 grand and the temptation to buy a tvr or old ferrari was unbearable
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