31 replies to this topic

[jonlad]

Some wise words here, and the wife and i did similarly. If you don't mind a bit of DIY, buy a project, improve it and before you know it, it'll be worth a packet and you can sell and get a deposit for somewhere bigger and better!

 

On the saving up front, we did car boots, eBay etc to get rid of 'stuff' that we don't need and make some money. Also we did without Xmas presents or had £20 limit each etc...

Good luck!

[Carlos W]

Are you looking at paying childcare when the Mrs goes back to work?

 

We're hoping to buy in the next 12 months, but we're about £4000 away from where we need to be. I've got a motorbike to sell, and a few mini parts which can go which should give us a good chunk of that.

 

At the moment we're paying £800 a month in rent and £400 in childcare so things are tight. 

 

I'm 35, I need to buy a house and pay the mortgage off before I retire or I'll be homeless as I doubt I'll be able to afford to pay rent on a pension

[Black.Ghost]

Thanks for all the replies. We have a few more bits that I could probably sell, but nothing hugely valuable except the mini (although it all adds up). I need to see how much the mini is worth to before selling though.

As for moving, not against that at all - just need to find a job first. At the same time Im r ally not sure what I want to do for a career anymore. I have money available for training but need to use it wisely. Security is probably not going to hold my interest for the rest of my working life. Having said that, with wanting the house etc I probably cant afford a bug pay cut and starting again either!

Ill drop saving into the conversation with Grandad at the weekend but Im not asking outright. Apart from anything, I cant be bothered with the fall out of that from my mother right now either!

There are a few one bed places around 500 that we could rent for a year or two. The problem is Id have increased commuting costs, potentially storage costs, moving costs and fees - all of which would probably offset 75% of what wed save over a year!

Carlos, Im 34 so pretty much the same boat as you. The worse thing though is the amount of money I wasted when I was younger. I had a great disposable income in my 20s, being in the army with no costs but didnt spend it wisely at all! Hindsight is a wonderful thing!

[hazpalmer14]

Thats my biggest concern is buyung some where before i retire. Seems ages away but at the moment thr goal.of biying a house seems so far away

[jamesmpi]

Dude I feel your pain. I left school at 16 and started as an apprentice. Met my misses when I was 20 and we had a daughter a year later. We needed to get our own place so went to look at some new builds.
We managed to secure a mortgage but it's was crippling. £950 a month fixed for 5 years but it was our only option. Whilst friends were off having luxury holidays we were doing all we could to furnish our 2 bed flat and focus all our attention on raising our little girl.

I changed jobs 4 years ago and moved house but needed to borrow £10k off my parents and the wife's to secure the mortgage.

It's extremely difficult so I feel your pain. Like you and everyone else we sacrificed loads to get where we are today (rarely go out, don't have sky, etc)

It's so hard today trying to save, pay bills and enjoy the finer things in life. Yet my situation compared to others is a million light years away. I really feel for those who have to rely on food banks just to keep food on the table etc

Hope you find a solution soon. Keep your head down and keep pushing and all you can do.... Or find those magic 7 numbers 🙂

Edited by jamesmpi, 24 October 2017 - 06:56 PM.

[Carlos W]

Carlos, Im 34 so pretty much the same boat as you. The worse thing though is the amount of money I wasted when I was younger. I had a great disposable income in my 20s, being in the army with no costs but didnt spend it wisely at all! Hindsight is a wonderful thing!

I’ve spent the last 3 years paying £500 a month on loan and credit card payments due to being foolish when I was younger.

[Ethel]

Beware that many static caravans aren't permanent residencies and you might have to move out for a while each year to satisfy the terms of the contract.

 

It will add some risk, but look carefully at how you invest what you save towards the deposit. 7-8% compound interest, tax free, from a stocks and shares ISA will make a decent dint in your target.

 

If your granddad can help, an interest free loan can be the best way. 

[Icey]

The challenge is finding either an area which is on the verge of gentrifying or a property that's in such disrepair that it's affordable. Either option puts you on the trailing edge of the price rises. Like any investment, it's a balance of risks.

 

We were in the (un)lucky position ~8 years ago that the death of a parent left enough cash to put a healthy deposit on a house, at the same time a couple of job moves doubled the household income to a comfortable level. In that time the houses in this small town in rural Wiltshire have increased at just over £10k a year. If I were still trying to save to buy somewhere, even this area would be starting to creep out of reach.

 

Advice is really the obvious stuff. Get rid of any lingering debts, minimise the structural costs of your life (subscription services - mobiles, netflix etc.. - are a silent killer for a bank balance), drop any pretence to snobbery (shop at Lidl, it's pretty good in there, buy 2nd hand where you can etc...) and just keep an eye out for houses that others might pass over.

 

In addition, if you're in secure employment hanging on until the Brexit crap has sorted itself out might reap some rewards - we're likely to see interest rates rise and a drop in external investment in property along with government stimulation of the trades (i.e. house building). But that's all just speculation.

[r3k1355]

Not being funny but if your job is only security you can move somewhere else quite easily, there are still plenty of those jobs in the midlands or up North.

Don't have to go too far, Nottingham has plenty of sub £100k houses on offer.

 

3-bed Semi, £90,000 job done!

[Black.Ghost]

Not being funny but if your job is only security!

None taken!

I work in Security but its not gate / door Security. I deal with compliance stuff for a defence contractor. There are a lot of companies in the UK that I could work for but surprisingly few have vacancies in my area right now.

Im going to stay here for a bit (work wise). If I find a new career area then Ill move to where I want / need to. As for expenses, we are already good with that. Hardly anything comes out for recurring costs, and we already shop in Aldi and Wilkos.

Ive spent ages looking at cheaper flats etc. But ultimately our daughter needs space to place and run around and a 1 bed flat doesnt achieve that. Well just work out how to save a bit more, leave a small amount for family money each month and just keep going. If it takes a bit longer so be it. Its frustrating but its not worth killing myself for though. Well still look to cut down all the expenses we can though.

Also, yes wed rather spend x amount on a larger house with garden and maybe garage vs a new build all done and ready to go for the same amount. Im not a big fan of new builds really.

Thanks for the tips though. Still interested in what others are doing house wise though.

[JXC Mini GT]

Lots of good advice here, if you are saving I would speak to your bank/building society to make sure that it's getting the best rate you may even qualify for a help to buy ISA.

[panky]

Some info on help to buy ISAs

 

https://www.moneysav...help-to-buy-ISA

[M J W J]

The old saying of watch the pennies and the pounds watch themselves is very true. When trying to save for my house I just cut back on a lot of luxuries. I made my own meals instead of buying lunch at work, didn't go out unless it was a special occasion like someone's birthday etc and didn't spend money on anything unless it was absolutely necessary (e.g. did all my own servicing/car repairs). 

[r3k1355]

Not buying lunch at work is a top one, you can spend around a fiver on lunch and that really adds up over a month.

[dyshipfakta]

Drive your mini around town instead of your 3.0 auto BMW saved me a packet lol