buying a house at a young age
31-07-2010, 08:21 PM
#1
buying a house at a young age
way things are going atm there going to be some cheap house's in next 2/3 years, would it be a bad choise to but a house at 21/22? am 18 now working not drinking/spending as much as i used to, still have cars ect BUT have insure to pay,
what would you do? save your ass off buy house or save an spend it on some thing else?
what would you do? save your ass off buy house or save an spend it on some thing else?
31-07-2010, 08:24 PM
#2
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it took me till 28 to get my first 2 bed semi £59,000 in 2001, £5000 deposit.
I spent all my dosh on cars till 28 & from then on
But have moved once since & jump a few steps
I spent all my dosh on cars till 28 & from then on
But have moved once since & jump a few steps
31-07-2010, 08:25 PM
#3
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depends how it is were your living now i surpose, if you live in a shit house, don't get on with parents etc etc then i would save for the house, but if every thing is ok then i would just save up and stay at home 
house is a good investment etc well can be
but a car is a lot more fun
house is a good investment etc well can be
but a car is a lot more fun
31-07-2010, 08:26 PM
#6
15K+ Super Poster!!
I only recenly bought a place with the Mrs in the last year, and to be honest I totally regret not doing it sooner. With the current economic climate now is the best time to buy. Haven't got a deposit? Look into the mychoice home buy to help with it to get you on the ladder. Obviously if you can save up and buy a place DO IT AS SOON AS YOU CAN.
My may be broke for the first couple of years, but all that money your paying off on the mortgage means your saving far more money than you would if you was renting ect. Plus your mortgage doesn't change too much as time goes on it stays about the same so as you earn more and more money, your mortgage looks smaller and smaller.
I'm 29, we have a small ish mortgage but its still properly expensive and I am skint most of the time, but I look at the equity I have got in the place after only one year and its a great encouragement.
If you can do it, do it.
My may be broke for the first couple of years, but all that money your paying off on the mortgage means your saving far more money than you would if you was renting ect. Plus your mortgage doesn't change too much as time goes on it stays about the same so as you earn more and more money, your mortgage looks smaller and smaller.
I'm 29, we have a small ish mortgage but its still properly expensive and I am skint most of the time, but I look at the equity I have got in the place after only one year and its a great encouragement.
If you can do it, do it.
31-07-2010, 08:28 PM
#7
depends on your income.
in some areas a mortgage is not too much more than renting so why not??
things you need are big deposit, semi-secure income and a disposable income big enough so you can afford the house, all the bills etc and still play about in cars.
Remember its not going to be easy to convince the bank at the moment!
If your committed to it then no reason why not, but id suggest at 18 to do a fair bit of research first.
in some areas a mortgage is not too much more than renting so why not??
things you need are big deposit, semi-secure income and a disposable income big enough so you can afford the house, all the bills etc and still play about in cars.
Remember its not going to be easy to convince the bank at the moment!
If your committed to it then no reason why not, but id suggest at 18 to do a fair bit of research first.
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31-07-2010, 08:34 PM
#10
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as tommy said, it depends what your current living conditions are like. Are u passionate about cars, do u dream of driving a focus rs or escort cossie? Because if life at home is ok i'd say get a car you've always dreamed of having, have some amazing holidays with your mates, have weekends away exploring all the different cities in our country. I say this because u wont be able to afford to do much like that once u have a house. My gf is now talking about us saving for our first house and i think oh shit i should of got an amazing car before now. I have a fiesta st and a cossie managed rs turbo but i know i'll be selling the rs turbo to go towards the house deposit. So basically have some fun then look to be moving out in your mid or late 20s.
31-07-2010, 08:34 PM
#11
PassionFord Post Whore!!
way things are going atm there going to be some cheap house's in next 2/3 years, would it be a bad choise to but a house at 21/22? am 18 now working not drinking/spending as much as i used to, still have cars ect BUT have insure to pay,
what would you do? save your ass off buy house or save an spend it on some thing else?
what would you do? save your ass off buy house or save an spend it on some thing else?
.Mark
31-07-2010, 08:34 PM
#12
PassionFord Post Whore!!
WOAH WOAH WOAH
You my good man are the answer to everyones prayers.
Not only can you see into the future - but you are able to see into the future of one of the most difficult markets to predict.
Are you RICS Chartered??? Surely you're FRICS - when do you take up your directorship.
Sarcasm aside - there are plenty of cheap houses out there at the moment - theres loads near where I live - no one wants to live there, thats why they're cheap.
To answer your question - unless you trade cars they will only cost you money so spend it on something else like a house.... good plan.
That coupled with your crystal ball and you'll be the next Alan Dragens Den Sugar Jones Millionaire Debra Meedam.
You my good man are the answer to everyones prayers.
Not only can you see into the future - but you are able to see into the future of one of the most difficult markets to predict.
Are you RICS Chartered??? Surely you're FRICS - when do you take up your directorship.
Sarcasm aside - there are plenty of cheap houses out there at the moment - theres loads near where I live - no one wants to live there, thats why they're cheap.
To answer your question - unless you trade cars they will only cost you money so spend it on something else like a house.... good plan.
That coupled with your crystal ball and you'll be the next Alan Dragens Den Sugar Jones Millionaire Debra Meedam.
31-07-2010, 08:36 PM
#13
PassionFord Post Whore!!
31-07-2010, 08:41 PM
#17
PassionFord Post Whore!!
get on the ladder as soon as possible mate,
im 28 now and i feel like ive missed the boat.
id love to be able to get on the ladder but ive done things completely backwards.
ive got 2kids and little chance of saving a deposit.
i so wish id been smarter when i started work instead of getting pissed every night of the week and raving.
im 28 now and i feel like ive missed the boat.
id love to be able to get on the ladder but ive done things completely backwards.
ive got 2kids and little chance of saving a deposit.
i so wish id been smarter when i started work instead of getting pissed every night of the week and raving.
31-07-2010, 08:47 PM
#18
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i worked 12hour's days 7 days a week 4 a year paid 17k for my first house at 19 sold it for 110k then bought 2 houses out of that 110k, sat on it then sold at a good profit,bought a bigger house and put a massive deposit down i now have 4house's all with a lot of collatral in all from that 17k and hard work for a year so m8 i would say YES do it i,m now 35 and sitting pretty u wont regret it trust me buy cheap and wait sell top end... worth saying i,m a builder so bought run down and done up myself so did save a lot that way dont worry wot ur m8s are doing get urself sorted while u got the chance all the best..worth saying while the market is low and the interest rate is low looks like it will stay this way 4 the next 2/3 years now's the best time to buy
Last edited by rsturbo27; 31-07-2010 at 08:50 PM.
31-07-2010, 08:48 PM
#19
PassionFord Post Whore!!
but in 10 years time when he's selling his house to someone who's 30 and a first time buyer who's pissed all his money up the wall so he can move to a lot better house/area. i will guarantee he will not regret buying a house when he was 18. Bloke at work did that he's now 46 living in a house he had built and mortgage free, his house/area/standard of living is better than all of the 5 directors of the company we work for. Not rocket science tbh.
31-07-2010, 08:50 PM
#20
Happily retired
. The earlier you start the further up the ladder you will be able to climb. Life is the long haul so dont wait & regret it later, you can enjoy yourself at all stages of life 
. My investment started at 6k & now stands at 450+k even in a depressed market, i could buy a nice detached house for 250k & stash 200k.
Ive heard doom & gloom stories all the way through those 38 years but the trend hasalways been up. Ive always moved up in a slump & taken the rewards of the next boom.
31-07-2010, 08:53 PM
#21
As long as you feel you can do what you want with a morgage as well then I say do it because you are still very young and you want to enjoy your young years while you can. The sooner you get on the ladder the better imo though, i have just bought my first house at 26 for £163k and wish I had done it sooner rather than waste a house deposit's worth of dough on every motor I have ever had.
Bricks and Morter will always be worth something and the sooner you start paying into it the quicker its going to finish!
Bricks and Morter will always be worth something and the sooner you start paying into it the quicker its going to finish!
Last edited by Nick.W; 31-07-2010 at 09:02 PM.
31-07-2010, 08:55 PM
#22
all im sayiong is 18 is very young ,i bought my first flat in london when i was 20 paid 65k for it in 1988 
,within a couple of years it was worth £30k,sold it ten years later for 57k.the day i signed in the solicitors for the flat i had £2 left to my name and i struggled all the way through my twenties .i think 25 is young enough to be settling down.i am now early forties so i know through expierience
,within a couple of years it was worth £30k,sold it ten years later for 57k.the day i signed in the solicitors for the flat i had £2 left to my name and i struggled all the way through my twenties .i think 25 is young enough to be settling down.i am now early forties so i know through expierience
31-07-2010, 08:57 PM
#23
I bought my first place at 29, I couldn't have done it before for financial reasons, but if I could have, I would have.
My mate bought his at 22, he paid £40k - going price for a three bed at the time. It was a bit of a struggle, but he had mates lodge off him which covered the mortgage.
He just sold that house for £130k abnd has at the age of 33, bought a £170k modern town house.
You can't tell what will happen in the future, but one thing is for sure, houses will over time always increase in value, they may dip, but will bounce back. Get on the ladder as early as possible and in 10 years you will have equity in the place and be able to move onto a larger family house as you needs change.
Also, buy the right house, best area is most important, and a three bed if possible, you can change the house you can't change the area.
Buy a place that needs doing up and do it over the first few years but by bit, this way you will be maximising the profit you have in the house, remember a bathroom and kitchen can add 15-20k to a placed but can be bought and fitted for £5k, cheaper if you do it yourself. Meaning you have just added £15k to the equity.
Just make sure you can afford the outgoing and are stable in work and look at getting a mate in to share if not a misses to go 50/50.
My mate bought his at 22, he paid £40k - going price for a three bed at the time. It was a bit of a struggle, but he had mates lodge off him which covered the mortgage.
He just sold that house for £130k abnd has at the age of 33, bought a £170k modern town house.
You can't tell what will happen in the future, but one thing is for sure, houses will over time always increase in value, they may dip, but will bounce back. Get on the ladder as early as possible and in 10 years you will have equity in the place and be able to move onto a larger family house as you needs change.
Also, buy the right house, best area is most important, and a three bed if possible, you can change the house you can't change the area.
Buy a place that needs doing up and do it over the first few years but by bit, this way you will be maximising the profit you have in the house, remember a bathroom and kitchen can add 15-20k to a placed but can be bought and fitted for £5k, cheaper if you do it yourself. Meaning you have just added £15k to the equity.
Just make sure you can afford the outgoing and are stable in work and look at getting a mate in to share if not a misses to go 50/50.
31-07-2010, 09:01 PM
#24
OCD Victim
Get on the ladder as soon as you can.
I got my house in am in now when in 2002 when I had just turned 22. Had the cars before that and now have my home outright, no mortgage, nothing. Just lots of hard graft getting there.
It is only a 2-bed mid-terrace, but if I wanted a mortgage, I already have about £200k (that is what they sell for in my road ATM) sitting here.
I got my house in am in now when in 2002 when I had just turned 22. Had the cars before that and now have my home outright, no mortgage, nothing. Just lots of hard graft getting there.
It is only a 2-bed mid-terrace, but if I wanted a mortgage, I already have about £200k (that is what they sell for in my road ATM) sitting here.
31-07-2010, 09:03 PM
#25
PassionFord Post Whore!!
all im sayiong is 18 is very young ,i bought my first flat in london when i was 20 paid 65k for it in 1988 ,within a couple of years it was worth £30k,sold it ten years later for 57k.the day i signed in the solicitors for the flat i had £2 left to my name and i struggled all the way through my twenties .i think 25 is young enough to be settling down.i am now early forties so i know through expierience
,within a couple of years it was worth £30k,sold it ten years later for 57k.the day i signed in the solicitors for the flat i had £2 left to my name and i struggled all the way through my twenties .i think 25 is young enough to be settling down.i am now early forties so i know through expierience
31-07-2010, 09:12 PM
#27
PassionFord Post Whore!!
another good thread on here today
Me and my now wife purchased our 1st place for 59k, 3 years later sold it for 87k, bought our house now at 120k putting 20k down, its great, we have a 2 bed semi in a really nice area, no traffic on street, 4-5 car drive big garage, 60ft rear garden,
We have replaced kitchen, bathroom central heating, had oak floor fitted amongst other stuff, markets slumped a bit at the minute, but we don't care, as the area's brilliant the house is good, few more bits to do like most people, you gotta watch money and do a bit at a time.
Buying property has gotta be 1 of the best things you can do
Me and my now wife purchased our 1st place for 59k, 3 years later sold it for 87k, bought our house now at 120k putting 20k down, its great, we have a 2 bed semi in a really nice area, no traffic on street, 4-5 car drive big garage, 60ft rear garden,
We have replaced kitchen, bathroom central heating, had oak floor fitted amongst other stuff, markets slumped a bit at the minute, but we don't care, as the area's brilliant the house is good, few more bits to do like most people, you gotta watch money and do a bit at a time.
Buying property has gotta be 1 of the best things you can do
31-07-2010, 09:16 PM
#29
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andy i would say if you can get a good deposit saved then i would go ahead and buy a house, even you rent it out to cover the mortage or even help with it, i baught my first house when i was 18 and rented it out, it was the best thing i ever done, i still have it rented now and fully paid , i baught 4 more house in the past 15 years when my work was good. i can tel you that it was the very best thing i ever did , it gives me a good income now while work is slack..
so get a house baught andy
thanks steven..
so get a house baught andy
thanks steven..
31-07-2010, 09:18 PM
#30
Advanced PassionFord User
i got my first house at 20 , i started off on shit money but you work your way up through the years and things get better. iam still rebuilding my house now after 11 years and everything is now getting to a standard that we want , plus i cant stop spending money on cars lol .
dont get me wrong mate its a fine balance but i think there will always be profits in houses
dont get me wrong mate its a fine balance but i think there will always be profits in houses
31-07-2010, 09:21 PM
#31
PassionFord Post Whore!!
I see exactly what your saying mate but i honestly believe your wrong with that advice. I know a lot of people that's earned more money off there house then they've actuall earned in the same timespan.
31-07-2010, 09:27 PM
#32
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i for one have never been into the club/pub culture so i brought my first place at 19 when i became a father, and have had an alright life since. i'm now 27 with 2 kids and have a 3 bedroom detatched house as well as my first flat and 3 others. i'm glad i did it, i'm not suggesting it's easy it was/is a struggle but i'm already sitting on about 500k atm give it another 10 years and i'll be laughing, best thing i did.
31-07-2010, 09:35 PM
#35
ok then,andy if their is lots of sites around buy one ,get your planning and build yourself a house over time and you cant/wont go wrong.
for me a house was always somewhere for my family to live not make money out of ,but thats just my philosophy be it right or wrong.
just for the record i own two houses now
for me a house was always somewhere for my family to live not make money out of ,but thats just my philosophy be it right or wrong.
just for the record i own two houses now
31-07-2010, 09:42 PM
#36
unless you know the op i don't think your able to make assumptions that this
i for one have never been into the club/pub culture so i brought my first place at 19 when i became a father, and have had an alright life since. i'm now 27 with 2 kids and have a 3 bedroom detatched house as well as my first flat and 3 others. i'm glad i did it, i'm not suggesting it's easy it was/is a struggle but i'm already sitting on about 500k atm give it another 10 years and i'll be laughing, best thing i did.
i for one have never been into the club/pub culture so i brought my first place at 19 when i became a father, and have had an alright life since. i'm now 27 with 2 kids and have a 3 bedroom detatched house as well as my first flat and 3 others. i'm glad i did it, i'm not suggesting it's easy it was/is a struggle but i'm already sitting on about 500k atm give it another 10 years and i'll be laughing, best thing i did.
i do understand how it works and im not disagreeing with everyone for the sake ,but i do remember interest rates doubling my mortgage payment whilst my wages had gone from 500/600 pre week for seven days to 127 per week when i went back to college .i also remember poll tax ,and all the other shit ,i also never had a holiday in my twenties .
all im saying is its a slog ,and a bloody hard one lol
31-07-2010, 10:03 PM
#38
I know it's not the most sensible way but i agree with James. Is it really worth struggling now to be a bit more comfortable in 10 years? When you really can't guarentee that it will be the case anyway? I'd rather run the risk and enjoy myself.
Edited to add: i'm also a bit more cautious about the situation due to seeing a good mate loose his house recently
Edited to add: i'm also a bit more cautious about the situation due to seeing a good mate loose his house recently
Last edited by xr_craig; 31-07-2010 at 10:04 PM.
31-07-2010, 10:25 PM
#40
PassionFord Post Whore!!
craig your right it is risky. I did it the hard way and now regret it. If i'd have bought at 18 the house i looked at i'd have made 85k. I didnt lol