Moving out advice
Discussion
Situation is this: Live at home with my Mum and her husband. All is well - they take no rent and I get well looked after. I have a well paid job and have saved up a fair bit. I'm single, do what I went when I want and live the "life".
So, with interest rates low, house prices starting to turn upwards again ( ? ) should I move out? Or buy a flat/house to rent whilst still living at home etc... I don't want to move out just yet, I want to wait another few years, find a girlfriend and have a bigger deposit but I am conscious my Mum and her husband are probably getting sick of me being a leach and I can be hard work for them, I think.
So, with interest rates low, house prices starting to turn upwards again ( ? ) should I move out? Or buy a flat/house to rent whilst still living at home etc... I don't want to move out just yet, I want to wait another few years, find a girlfriend and have a bigger deposit but I am conscious my Mum and her husband are probably getting sick of me being a leach and I can be hard work for them, I think.
McFsC said:
Or buy a flat/house to rent whilst still living at home etc...
If your parents don't mind then do this, if presumably you meant "to rent out" rather than having a bedroom at your parents and renting another bedroom just for s
ts and giggles. You'll need to do the sums, mind, but I would assume you'd have the mortgage covered by the rent.Hoofy said:
If your parents don't mind then do this, if presumably you meant "to rent out" rather than having a bedroom at your parents and renting another bedroom just for sts and giggles. You'll need to do the sums, mind, but I would assume you'd have the mortgage covered by the rent.
My step dad would hold a grudge and they would start asking for lodge, quite fairly as well IMO and I didn't think you could get buy to let mortgages on your first property? ts and giggles. You'll need to do the sums, mind, but I would assume you'd have the mortgage covered by the rent.When I say I can be hard work, I mean, coming in late, been inconsistent whether I eat in or out, I cycle a lot so there's a lot of washing. Just general living with your parents hard work...
McFsC said:
I'm 23!
Some good advice - my Mum refuses to take off me though making it more awkward as I get older... Few weeks to think before Christmas/New Year, then decision time I think!
So start sticking the same money in a savings account?Some good advice - my Mum refuses to take off me though making it more awkward as I get older... Few weeks to think before Christmas/New Year, then decision time I think!
Edit: and spend some on a house, and some buying her an amazing birthday present when she hits the next big birthday - cruise / city break, etc.?
McFsC said:
Hoofy said:
If your parents don't mind then do this, if presumably you meant "to rent out" rather than having a bedroom at your parents and renting another bedroom just for sts and giggles. You'll need to do the sums, mind, but I would assume you'd have the mortgage covered by the rent.
My step dad would hold a grudge and they would start asking for lodge, quite fairly as well IMO and I didn't think you could get buy to let mortgages on your first property? ts and giggles. You'll need to do the sums, mind, but I would assume you'd have the mortgage covered by the rent.McFsC said:
My step dad would hold a grudge and they would start asking for lodge, quite fairly as well IMO and I didn't think you could get buy to let mortgages on your first property?
You can buy a house and let a room to a lodger. Not classed as buy to let. First chunk of money (£4250) is tax free.https://www.gov.uk/rent-room-in-your-home/the-rent...
23 and still live at home?!
Feck that! I moved out at 18 and never looked back. Even if it was just renting a room its better to have your own freedom and space. Yes it costs a bit more, but if you have a decent job then no comparison. If you want to buy then getting a place with 2 bedrooms and renting one out can earn you 7k a year tax free - helps with the bills.
Feck that! I moved out at 18 and never looked back. Even if it was just renting a room its better to have your own freedom and space. Yes it costs a bit more, but if you have a decent job then no comparison. If you want to buy then getting a place with 2 bedrooms and renting one out can earn you 7k a year tax free - helps with the bills.
I suspect your Mum is being polite...Son has just moved out at 29 , paid no board or anything to contribute to his keep in our house on the understanding he saved hard for a deposit.
He and his girlfriend have just bought their first house , brand new which they paid over £230k for , with a substantial deposit as agreed with both sets of parents.
Rather have the pair of them do that than move out and rent then end up buying something they would look to move from within a year or two accruing more expense.
He and his girlfriend have just bought their first house , brand new which they paid over £230k for , with a substantial deposit as agreed with both sets of parents.
Rather have the pair of them do that than move out and rent then end up buying something they would look to move from within a year or two accruing more expense.
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