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  • Rent, Own, Mortgage, Property

    Hi,

    I'll soon (fingers crossed within the next 12 months) be in the position to Jump onto Property Ladder.

    With that said I'd like to ask you (those who own or rent their place) a few questions.

    1. How much hassle/stress (if any) was involved in getting you place?
    2. How are you coping with actually having your own place?

    I have loads more questions lol. I'll leave it at this for now.

    Id really like those who are under the age of 30 to take part in this thread.

    Thanks in advance.

    DAIR

  • #2
    Originally posted by DAIR View Post
    Hi,

    I'll soon (fingers crossed within the next 12 months) be in the position to Jump onto Property Ladder.

    With that said I'd like to ask you (those who own or rent their place) a few questions.

    1. How much hassle/stress (if any) was involved in getting you place?
    2. How are you coping with actually having your own place?

    I have loads more questions lol. I'll leave it at this for now.

    Id really like those who are under the age of 30 to take part in this thread.

    Thanks in advance.

    DAIR
    Hey Dair,

    I am 28 and moved in to a rented house 8 months ago with my girlfriend to see if it would work out living together and other than the odd bill that she forgets to pay due to topshop having the latest must have top its been good.

    Its a real eye opener though but its defo worth doing.

    The way i see it atm there no point in me buying a house as the deposti needed is so high atm and i wouldnt want to buy to end up in negative equaty.

    The first few months were fun but hard as well as it take a bit of getting used to.

    First thing i would advise you to do is sit down and work out all the bills you will have, shop around for broadband and read the small print so you dont get tie into anything you cant get out of. Always put alittle bit extra a side to cover bills that vary.

    Just keep on top of it and dont ignore bills there the worst if you get behind on them.

    The main thing is just enjoy yourself mate its a good move and like everything new in life its not straight forward but its just another step you have to take.

    Gordy

    Comment


    • #3
      offer went in late february, got keys 2nd July, property was empty. The problem was the P.O. had bought the property leasehold and then a couple of years later bought the freehold, a few years after that the rest of the freeholds in the road got sold to a different management company, the freehold for my place was mistakenly transferred in this sale, even though it was not involved in the sale, the land registry had to track down this company and send them a letter basically saying "this is in your name, but you never owned it/have any right to it, do you agree to give it up?". This is standard procedure apparently, they didn't reply so after 28 days it was transferred to the seller, so it could be transferred to me.

      Probably an odd situation, but solicitors / Land Registry seemed to think it was all routine.

      If you are moving in on your own talk to the council, most give discount if you live alone (mine is 25%).

      In terms of bills I think mine are about £200 a month - rates, electric, gas, water, phone, internet, tv licence/sky..

      Comment


      • #4
        Originally posted by Crafty View Post
        offer went in late february, got keys 2nd July, property was empty. The problem was the P.O. had bought the property leasehold and then a couple of years later bought the freehold, a few years after that the rest of the freeholds in the road got sold to a different management company, the freehold for my place was mistakenly transferred in this sale, even though it was not involved in the sale, the land registry had to track down this company and send them a letter basically saying "this is in your name, but you never owned it/have any right to it, do you agree to give it up?". This is standard procedure apparently, they didn't reply so after 28 days it was transferred to the seller, so it could be transferred to me.

        Probably an odd situation, but solicitors / Land Registry seemed to think it was all routine.

        If you are moving in on your own talk to the council, most give discount if you live alone (mine is 25%).

        In terms of bills I think mine are about £200 a month - rates, electric, gas, water, phone, internet, tv licence/sky..
        Yeah thats a standard procedure crafty and happens all the time so nout to worry about but a lot of hastle and takes ages to sort out.

        My bills work out at £82 a week thats for a 2 bed bungalow with me the gf and the cat...

        That doesnt include my cars there a whole other storey.

        Comment


        • #5
          Originally posted by W4GCN View Post
          Hey Dair,

          I am 28 and moved in to a rented house 8 months ago with my girlfriend to see if it would work out living together and other than the odd bill that she forgets to pay due to topshop having the latest must have top its been good.

          Its a real eye opener though but its defo worth doing.

          The way i see it atm there no point in me buying a house as the deposti needed is so high atm and i wouldnt want to buy to end up in negative equaty.

          The first few months were fun but hard as well as it take a bit of getting used to.

          First thing i would advise you to do is sit down and work out all the bills you will have, shop around for broadband and read the small print so you dont get tie into anything you cant get out of. Always put alittle bit extra a side to cover bills that vary.

          Just keep on top of it and dont ignore bills there the worst if you get behind on them.

          The main thing is just enjoy yourself mate its a good move and like everything new in life its not straight forward but its just another step you have to take.

          Gordy
          Thanks for replying.

          Im still stuck between renting and owning (well you dont really own until the mortgage has been paid off).

          Youre right about deposits... Theyre crazy. Especially down here in London where you get sooooo little for soooo much. So then Im left thinking about renting ... However that no better as the avg price of renting is about £300 a week in London!

          Comment


          • #6
            Originally posted by DAIR View Post
            Thanks for replying.

            Im still stuck between renting and owning (well you dont really own until the mortgage has been paid off).

            Youre right about deposits... Theyre crazy. Especially down here in London where you get sooooo little for soooo much. So then Im left thinking about renting ... However that no better as the avg price of renting is about £300 a week in London!
            Jeepers im £575 a month for a 2 bed bungalow in a good area with a two car garage and 5 car driveway and i think that high

            Comment


            • #7
              Hi mate, im 27 and bought my house when i was 23, before the wee one was born, it was the best thing i ever done, took some getting use too but once you do there is a great satisfaction knowing it is yours, you have sensibly invested money,and there is a definite self pride, for me anyway,
              I get too stand back and know i have done something right in my life that i have my own freedom too,
              I have literally just finished decorating it, as i wanted too do it bit at a time when i had the cash but basically stripped it too the bare bones and done all the work myself, even down too rewiring,
              Id say its defo better owning for two good reasons

              A. Its cheaper

              B. Its gonna make you cash at the end of it

              Also i spoke too my financial advisor and he done everything, i think it was 500 pounds but he set everything up, all i had too do was tell him what i wanted, he got my mortgage, done my bidding and got me my keys lol, very very easy, and if you cant afford the 500 quid too start with you can add it too the mortgage hope this helps a wee bit mate,
              sigpic

              Comment


              • #8
                if you can get on property ladder by owning and not getting a mortgage above your means the go for it , just make sure you allow for mega rises in interest rates as they are very low now but in the future these will be going up which could nearly double your mortgage , the bigger the deposit the better plus while interest rates are low try and pay as much as you can afford each month , you will benifit from this in the long run .
                i`de say no to renting as thats just money down the drain ,

                Comment


                • #9
                  Buy Buy Buy no point throwing money down the drain renting with the interest rate my morgage has dropped alot in fact next door are paying about £300 more a month than what i am and there renting it. Im 25 this is my second house did well off the last one when the prices hit an all time high . It is all about deposits people wont touch you unless you have a good deposit i really feel sorry for people starting cos they have alot of saving to do its really hard im glad i started young cos i can only see it getting harder

                  Comment


                  • #10
                    Originally posted by W4GCN View Post
                    Jeepers im £575 a month for a 2 bed bungalow in a good area with a two car garage and 5 car driveway and i think that high
                    See I'd have no prob paying that.

                    London is a complete and utter rip off lol

                    lol For £575 a month could prob get you a garage............ JUST a garage... no house... just The Garage lol

                    Comment


                    • #11
                      Originally posted by Rossi View Post
                      Buy Buy Buy no point throwing money down the drain renting with the interest rate my morgage has dropped alot in fact next door are paying about £300 more a month than what i am and there renting it. Im 25 this is my second house did well off the last one when the prices hit an all time high . It is all about deposits people wont touch you unless you have a good deposit i really feel sorry for people starting cos they have alot of saving to do its really hard im glad i started young cos i can only see it getting harder
                      2nd house at 25. Thumbs up to you man. I only wish I had used my money properly.... Better late than never I guess (or have I missed my chance because of the current financial issue lol)!

                      Either way I want to become money smart and get my own place.... Has to be out of London.

                      The prices are just so off putting.....

                      Comment


                      • #12
                        Good thing about the current market is you can get alot more house for your money but its all about deposits otherwise nobody will lend you the money

                        Comment


                        • #13
                          Very True!

                          Wish I lived up north lol.. Get even more for ya buck!

                          Comment


                          • #14
                            your right there i live in leeds 4 bedroom detached going for 200 thousand ere they were 300 in the high of the market just shows you

                            Comment


                            • #15
                              I'm 26 and the girlfriend is 22. We bought our first house and got the keys back on July 3rd.

                              So far so good. We have done a lot of work and there's still a bit to do. It's good to have our own space. Bills wise we have found it all manageable so far, with money left over for savings each month. We are also overpaying on the mortgage too.

                              In my opinion I'd say get a mortgage if you can. I realise though there are plenty of reasons/benefits for people renting.

                              Comment

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