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Author How do you all afford it?
FruitBooTeR
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Registered: 18th Jan 07
Location: Wolverhampton Drives: S15
User status: Offline
27th May 08 at 13:56   View User's Profile U2U Member Reply With Quote

Was just looking into buying / renting.

Ok forget buying for now.... renting.

For a respectable place it was coming up at around 500-600 a month now thats just rent, i havent even thought about the other outgoings.

Now im 19 and atm earn 16k a year which to some is low but to others its sufficient so that just under 1k a month after tax.

Now if i was to rent, i rekon it would cost in the region of 700-900 a month which would mean no money for me let alone petrol

So how do you all manage it?? Are you all on like 30k a year or something.
Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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27th May 08 at 14:00   View User's Profile U2U Member Reply With Quote

Me and Gaz bring in around 30k a year, okay its not much at all, and will get better within time as both jobs have plenty of potential.

Our mortgage is going to be around 700, a lot of money and there's a lot of other costs to be considered, and we know we wont have much of a social life for a good year or so, and not have much spare money for anything else.

Renting/Buying is mere impossible on a single income especially with todays markets, and dont earn more than a good 25k.
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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27th May 08 at 15:14   View Garage View User's Profile U2U Member Reply With Quote

me and my brother take 37k a year between us

find someone to share with
Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
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27th May 08 at 15:17   View User's Profile U2U Member Reply With Quote

I stole my house
Robbo
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Registered: 6th Aug 02
Location: London
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27th May 08 at 15:37   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by FruitBooTeR
which would mean no money for me

So how do you all manage it?? Are you all on like 30k a year or something.
That would be called sacrifice
Dean_W
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Registered: 13th Dec 05
Location: Downham Market, Norfolk
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27th May 08 at 16:00   View User's Profile U2U Member Reply With Quote

I take home just over 1K per month. Plus about 300 from a pub job.

I can manage quite easy. Just pay the bills and when the remainder is gone, it's gone.
Adge
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Registered: 28th Aug 04
Location: Lancashire
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27th May 08 at 16:20   View User's Profile U2U Member Reply With Quote

yea i only earn low twentys! but like saidabove, i chucked in with a mate so its easy!
Colin
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Registered: 4th Apr 02
Location: Drives a hire car
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27th May 08 at 17:11   View User's Profile U2U Member Reply With Quote

Im on a low income & was when I bought my 1st place, I bought the cheapest possible as early as possible in order to move with the market, i'll get a big fancy house easier now, later in life.

In simple terms:

35k mortgage on a reposessed 1 bed flat when I was 22 - earning 14k, im 25 now & its worth circa 70k, next move will be to buy between me & jade with 2 salaries (i'll be on 46k minimum once im out my time.) & a hefty deposit from the sale of my flat.

Lower your horizons theres affordable housing out there!! Buy what you can afford then move as you can afford. Trying to keep up with the Jones's is what lands people in debt!!!
mattk
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Registered: 27th Feb 06
Location: St. Helens
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27th May 08 at 17:48   View User's Profile U2U Member Reply With Quote

Im 20 and could move out now If I wanted, im quite happy paying my mum my keep and having my meals cooked for the time being,

Il just sit on my money saving as much as possible for a deposit, I should earn around the low - mid 40s next year, I work with my dad and he made/declared 43 last tax year

[Edited on 27-05-2008 by mattk]

[Edited on 27-05-2008 by mattk]
Colin
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Registered: 4th Apr 02
Location: Drives a hire car
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27th May 08 at 18:14   View User's Profile U2U Member Reply With Quote

All I know is in 3yrs the value of my flat has doubled & I couldnt afford a mortgage on what I have at todays price.

Really wising up & changing job to something that pays well has been my saving grace for moving up otherwise it would be difficult.

Matt, buy somewhere cheap & fix it up on the cheap - as your a man of the tools. Rent it out for a few years & you'll have a nice fat deposit once your ready to fly the nest.

[Edited on 27-05-2008 by Colin]
mattk
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Registered: 27th Feb 06
Location: St. Helens
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27th May 08 at 18:19   View User's Profile U2U Member Reply With Quote

thats been at the back of my mind since I was about 17, my dad has been nagging me to do it for ages, I may well look into it, between us we have more than enough knowledge

If I buy it and rent it out the tennants are paying for it for me in a way........ the cogs are turning again
scoob
Premium Member

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Registered: 16th Oct 03
Location: Beverley, E Riding of Yorkshire
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27th May 08 at 18:49   View Garage View User's Profile U2U Member Reply With Quote

people are in such a rush to grow up these days if i had the chance to do it again i would of waited till i was 25 maybe older to buy a house
mattk
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Registered: 27th Feb 06
Location: St. Helens
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27th May 08 at 18:53   View User's Profile U2U Member Reply With Quote

your too right Scoob, two of my mates were engaged at 17 and 18, one is engaged with a kid and living with her, he was unny 19

Fuck that off, I just want a house and a dog Im quite happy to give the g.f a lift home every night
scoob
Premium Member

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Registered: 16th Oct 03
Location: Beverley, E Riding of Yorkshire
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27th May 08 at 19:05   View Garage View User's Profile U2U Member Reply With Quote

my ex was married at 18 lasted a year she found out he was 30k in debt and had a kid
whitter45
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Registered: 15th Nov 02
Location: Norton
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27th May 08 at 19:06   View User's Profile U2U Member Reply With Quote

its hard work but worth it

Cica 40k (lol) a year but have a compnay car so I have no other outgoings apart from the mortgage and general running of the house
Twiggy
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Registered: 15th Oct 04
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27th May 08 at 20:37   View User's Profile U2U Member Reply With Quote

quote:
Trying to keep up with the Jones's is what lands people in debt!!!


what a fucking bang on statement!

[Edited on 27-05-2008 by Twiggy]
GirlRacerRed
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Registered: 21st May 08
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27th May 08 at 21:29   View User's Profile U2U Member Reply With Quote

Hubby and I rented a 1 bed flat about 6 years ago for 325 a month and then a year later we bought our first house for 66k (3 bed semi, on the edge of a council estate) and the mortgage was costing us 330 a month! But back then, our combined income was 21k before tax.

5 years on, we've just sold our 3 bed semi for a tidy profit and we've bought a 3 bed detached for 150k. Thankfully, our combined income has more than doubled.

My advice is, if you really want to move out, sacrifice a nice area for something you can actually afford. If you're still struggling, could you rent somewhere with a friend?
--DAN--
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Registered: 3rd Feb 03
Location: Bottesford. Drives;3 Series
User status: Offline
28th May 08 at 08:30   View User's Profile U2U Member Reply With Quote

At 18 me and the missus rented a flat in a shit area for 60 a week with a combined income of around 20k at the time, after a year we got sick of living in a shit area(both always lived out of town previously), took what seemed a huge step at the time and bought a brand new 2 bed semi for 45k(:lol in a great area.

After 5 years our salaries are around 55k and we found a 1 year old 3 bed detatched house which had been bought by an investor but due to business difficulties they never got round to letting it. I asked them if they were interested in selling and to our suprise they were for 125k, very cheap for a 3 bed detatched and best of all they offered me 100k for our old house as it would be easier to let out!! So 55k "profit" on the semi and a bargain price for the bigger house (Required loads of work on the garden as the builders had abandoned it!!)

In the current climate I would certainly be staying at home with my parents and saving a decent deposit, but the way things worked out for me proves that you can get somewhere when starting out on shit money if you're careful.

[Edited on 28-05-2008 by --DAN--]

[Edited on 28-05-2008 by --DAN--]

[Edited on 28-05-2008 by --DAN--]
Fee
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Registered: 16th Nov 05
Location: With AK
User status: Offline
28th May 08 at 09:16   View User's Profile U2U Member Reply With Quote


I really don't know what me and Adam spend our money on
we're on about 100k together but are always skint at the moment

Most likely because we are paying two hefty mortgages at the moment, once our flat in Edinburgh sells we might be able to have a life again
nik
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Registered: 19th Jun 00
User status: Offline
28th May 08 at 10:57   View User's Profile U2U Member Reply With Quote

'Tis the drugs..

 
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