Properties

[emily1982]

Well recently ive started looking on the net at properties, i can't move out till next year, but my mom and i have come to the conclusion i should move out soon! For everyones sanity!

I've just phoned up wimpy homes as their building nearby and they want £160for a 2 bedroom apartment! My figure is no where near that, infact it's miles away, feeling very disheartened! 24 and first time buyer, i know the government are building new affordable new homes etc etc But i dont think they quite get the drift what 'affordable' is!

 

[Laurafoster]

I know exactly what you mean!! We've just had some new apartments build round here and the 2 bedroom ones are £240k!

When we were looking we found that the older homes were more afforable and spacious round here!

 

[tennisfan]

A lot of the affordable homes being built are for "key workers" they aren't that badly priced if you can qualify for one. The average where I live is about £160K

Once your on the property ladder it is "easier" then trying to get on.

I keep looking but until I can get full time work its pointless but the prices keep rising.

My plan is to evict my parents and keep the house

 

[T16GEM]

It is very difficult to get on the property ladder for 1st time buyers. I think you are better off looking for a 2nd hand property rather than going for a new one at the moment esp if you are handy with DIY. DH and I bought new for our first house and it was £122K, now valued 5 years later at £200k - it's just stupid how can anyone expect first time buyers to keep up with that? We cant move either as everything has gone up so we can't afford the kind of house that we now need, so we are going to make do with what we have got for a while.

Are you moving out on your own? And have you looked at the part buy schemes that you can have in some areas? A friend has just done this and he said that it's working out well at the moment.

 

[emily1982]

Thanks for your ideas. I'd like to stay quite local to where i live as it's where i work and where all my friends/family are (so around Stourbridge/black country area). I will be moving on my own, most my friends are older so already have their own properties and are married etc.

I've looked at the key worker scheme as i work in a school as a nursery nurse, but i doubt i qualify at the moment. Also looked alot at shared ownership which is quite appealing, but ive been on a forum recently where people were saying about some of the drawbacks i.e not being able to afford to buy the whole property after a couple of years due to prices increasing.

Soome places are even doing schemes so if your parents put money in to help you, the builders will match that amount, my mom didn't seem impressed with that idea!

I quite like the 'evict the parents' idea though, mmm i wonder how i could get that to work???? lol

 

[mark&sue]

The time to buy any more shares in a shared ownership property is when there is a blip in the market. There is often a downturn and that would be the time to get in quick and buy further shares. The market usually will go back up.


Good luck


Susan

 

[mikki.young]

Have a look on rightmove.co.uk - they seem to have apartments in the 60s and 70s which is rather better than 160!

 

[emily1982]

Thanks for the advice guys and ill have a look at the websites etc

 

[carolfoy]

I agree that looking at new houses, whilst obviously more desirable, are priced average 10% above same style older houses.
check out ex housing authority and ex council houses too, often better built and more spacious than newer homes.
Also see your financial advisor about getting two mortgages and use one as a buy to let and purchase a property (mega research needed - you need to find property where the ratio of rent price is higher than mortgage payment) to rent out and a residential mortgage for your own.