Moving out advice
Author
Discussion

McFsC

Original Poster:

578 posts

183 months

Sunday 22nd November 2015
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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.

Hoofy

80,163 posts

313 months

Sunday 22nd November 2015
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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 sts and giggles. You'll need to do the sums, mind, but I would assume you'd have the mortgage covered by the rent.

Monkeylegend

29,569 posts

262 months

Sunday 22nd November 2015
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McFsC said:
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.
You can easily do something about this if it bothers you.

Negative Creep

26,140 posts

258 months

Sunday 22nd November 2015
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Be prepared for about half your income to vanish straight away. Not just for the rent but council tax, food, water, upkeep etc. The freedom, and not having to tell people you still live with your parents, makes it worth it though

McFsC

Original Poster:

578 posts

183 months

Sunday 22nd November 2015
quotequote all
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?

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...

Robertj21a

18,009 posts

136 months

Sunday 22nd November 2015
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Why not offer to contribute financially while you stay on where you are ? - not only is it fair if you're earning enough but it will also allow you to gradually adjust to such expenditure.

Willy Nilly

12,511 posts

198 months

Sunday 22nd November 2015
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Move out and stand on your own two feet.

Vaud

59,939 posts

186 months

Sunday 22nd November 2015
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Why not compromise and find a (cheap) shared house first - then a house? Might have fun and not spend too much?

Or find a project house and do it up - giving you some time to do it up before moving?

eldar

25,341 posts

227 months

Sunday 22nd November 2015
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The OP is 47?

McFsC

Original Poster:

578 posts

183 months

Sunday 22nd November 2015
quotequote all
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!

Vaud

59,939 posts

186 months

Sunday 22nd November 2015
quotequote all
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?

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.?

Hoofy

80,163 posts

313 months

Sunday 22nd November 2015
quotequote all
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?
So what were you asking then??

Vaud

59,939 posts

186 months

Sunday 22nd November 2015
quotequote all
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...

McFsC

Original Poster:

578 posts

183 months

Sunday 22nd November 2015
quotequote all
That sounds like a good idea! Cheers.

Hoofy, just experiances, living on your own at a young age, is there ways around it, is it worth it, or should you make the most of parents putting you up for free... Just feel like I'm at a cross road really.

Condi

20,539 posts

202 months

Sunday 22nd November 2015
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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.

eldar

25,341 posts

227 months

Sunday 22nd November 2015
quotequote all
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!
Time to be independentsmile I suspect your Mum is being polite...

McFsC

Original Poster:

578 posts

183 months

Sunday 22nd November 2015
quotequote all
Yes - cheers. I think the door is that way! Time to move on, the idea of renting a room and having a lodger sounds quite cool, I think part of me was a bit wary of having a empty house...

Condi

20,539 posts

202 months

Sunday 22nd November 2015
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Hence why either renting a room, renting with a friend, or having a lodger are great ways to make it cheaper while having company around.


Im still waiting for a 20 year old Swedish blonde to require a room though...

Buster73

5,636 posts

184 months

Sunday 22nd November 2015
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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.

Axionknight

8,505 posts

166 months

Sunday 22nd November 2015
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Buy a place and move out - just go into it with your eyes wide open as the associated costs, furniture, decorating, DIY and such forth can soon mount up if you go crazy or buy a lemon.

I wish I had do that at your age - I spent all mine on booze, sniff and cars, what a tool I was.