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'Adult launch' with your own place

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Many young adults have recently moved out the family home or as they get older, contemplating the move. With property prices sky-high and rent being expensive in many places, how do we go about it? Some are lucky to have parents help putting together a deposit for a home of their own. Others may decide to have a shared tenancy with friends. Then there's the first experience of living out at uni doing a degree. Naturally, adult children crave for independence. The good feeling of increased space and making decisions without parents being above.

Do you remember when you 'launched' out the parental home and moved into your own place or shared accomodation? And if you're thinking of how to go about it- what are the options?

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I was lucky in that whilst i was at university my parents paid for my accomodation (though i lived at home for a year) - when i'd finished my boyfriend who was much older than me bought a flat - so i moved into that - with a brief 3 months back at home whilst it all went through.

    To be honest most people i know have had older boyfriends who have been able to buy a house/flat and then they have moved in with them. Or people have moved out in couples into rented accomodation and then bought as a pair a few years further on. If your in a couple it makes a big difference as your much more likely to afford a one bedroomed flat on two salaries.

    I know three sets of sisters and one brothers who have bought flats togeather - otherwise everyone else i know is still in rented accomodation and will remain there for the forseable future. I can't think of anyone i know who has been able to buy somewhere by themselves in the last 5 years...........

    Edited to add that now i think about it i dont' know any girls who have bought on thier own either - just boys
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I moved into staff accomodation for 6 months, then into a rented house share for uni for two years, then into a rented flat with my boyfriend for 2 years. It was too expensive so we moved somewhere cheaper into a rented house. We are saving up to buy a house but it will probably be a year or two before we have enough of a deposit saved up. Meanwhile we live in a shabby house where its impossible to get anything fixed by the landlord and you can't do it yourself. Its annoying but such is life!

    ETA: to buy a house we're going to move to an even cheaper area to even stand a chance of being able to afford anything
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I knew I earned a semi decent wage for my age.
    So at 24 (5 years ago), I took the step to buy my own place on my own - put the deposit down and moved in.

    I did live with my parents whilst we clubbed together to make it more livable in, but then I moved in there and that was that.

    The hardest thing was deciding upon a mortgage deal. There were literally thousands.

    But make sure you know your money inside out, what you earn and what goes where from your monthly wage. That way you can budget better.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I know very few people my age who have their own mortgage, and quite a few who rent (especially those who have left uni.)

    I still live at home and my parents are quite happy for me to pay minimal rent so I can save for a deposit.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    we saved up for a deposit and bought a place 4 years ago. Looking to move now.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I rented whilst at university and then when I moved to the opposite end of the country for a job bought before moving down, which was last Sept. Most of my friends down here either have bought or are looking to buy at the moment. However none of my friends up north have bought yet.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I've been working since 2003 (aged 24) on £14k/year and saved a little while I was living in a rented bedsit. In 2006, my wage peaked at £15k and I managed to scrape a £70k bachelor pad with the deposit that I had. Rates were low then, so I got onto a 4.65% mortage. Now, my salary has dipped back to £14.75k and the rates are sky high at 6.79% meaning that my mortage has increased by £54/month. I will just about make ends meet. I'm thinking of going back to p.a.y.g. mobile to save on costs.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I'm going to live in a caravan!

    Haven't worked out the mailbox issue yet.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ShyBoy wrote: »
    I'm going to live in a caravan!

    Haven't worked out the mailbox issue yet.

    Just put a box outside your caravan and label it "mail" or just get it mailed to some nice relative or friend.

    One of my friends is thinking of buying a canal boat cos its cheaper. About a year back, I did half-seriously suggest to my parents that I was planning on buying a caravan cos it'd be cheaper. My mum nearly had a fit :lol:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ShyBoy wrote: »
    Haven't worked out the mailbox issue yet.

    Old microwave? One the house boats in my town has one for a postbox.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Pringle, I seriously considered a canal houseboat as well. Last time I checked prices, they were £40k-£50k. That was in 2005. In 2006 though, I found the bachelor pad that was low enough for me to buy.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I went to go to university at 18, was there about a month, came back home. Was there about a month then moved about 400 miles away with a friend in the upstairs part of her aunts duplex. Her other aunt lived there but died so there was everything there that one could need... including a stocked liquor cabnet.

    Then I moved out and found some girl to split rent with. That place was already furnished since her and another girl had been living there about a year.

    Then I moved in with the boyfriend who had his own house, fully furnished, for a couple years by then. I still don't own anything usefull if I ever went out on my own. Though I think the dustbuster is mine... and I'd definatly take it with, it would be my first house object :p I can barely understand how to rent a place, let alone the hassle of buying something. I'd never make it on my own. I am so helpless.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Old microwave? One the house boats in my town has one for a postbox.

    More the issue is having a fixed address for jobs / passports / you name it. But it is something I have seriously considered because house prices are just so expensive.

    Look at it this way - if we weren't used to paying £600 a month or whatever people pay to rent, would they? Or would they say, that's nearly 1/2 of my income, fuck off :p I'm going to live somewhere else.

    Somehow, all this speculation or whatever (I am no expert though) has pushed prices up ridiculously more than what they're actually 'worth'. Getting a loan over 25 years (or most of your working life) paying out as much as you can afford just to buy somewhere to live? Madness!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    In April 2003 at the age of 17 while in full-time education I found a place to rent with my much older partner. Once I finished college I got a full-time job in a food factory earning £10,500, and paying half of everything. The rent was £565. We furnished the house ourselves entirely. His parents gave us the security deposit.

    That went tits up and I left in Jan 2006. I moved in with some old friends and quit the factory job and started trying out different sales and admin jobs. I paid £100 per month rent and contributed towards the food as one of my friends actually owned it lock stock and barrel.

    Had a major falling out with one of my friends and left in Nov 2006. I then half stayed in the council house of the guy I used to date and half stayed with my mum. By Jan 07 I was earning just over £12k.

    Then in Jan this year I landed an admin job earning just over £14.5k and considered getting a mortgage but thought better of it due to the recession. In April this year I moved into a two-bedroomed apartment and am paying £575 plus bills, all by myself. I have completely furnished it myself using initiative and my hard earned cash.

    I turned 22 in May and am just about keeping my head above water but for the first time in my life I owe money, on a credit card. I have also decided I do not want to do admin for the rest of my life and need to study and travel, but I cannot do this while I am in this situation.

    Do I move back in with mum while I "find" myself? Or do I stay in the flat I worked so hard for and wait until I am earning more money? I am now seeing someone new who has offered to let me stay with him in London for no rent at all. But that's a crazy idea. I am enjoying my independence and that's a very big step to take.

    It's so difficult for people to get their own little place nowadays, unless they're crack dealers.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    could you rent out the other room - so your rent and bills would be - almost halved so you can save up some then - though that will be longer term plan if you want to save up enough to go travelling though you may well get your credit card debt paid off.

    or alternatively bite the bullet and move back in with your mum for 6 months whilst you save up and then go travelling - its definately worth it.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    HunnyPot wrote: »

    Then in Jan this year I landed an admin job earning just over £14.5k and considered getting a mortgage but thought better of it due to the recession. In April this year I moved into a two-bedroomed apartment and am paying £575 plus bills, all by myself. I have completely furnished it myself using initiative and my hard earned cash.

    .

    Christ - your take-home wage each month is £974.38 on £14.5k, and so I am guessing, with bills etc, your rent etc is around £700 a month?! That is FAR too much to be outlaying on your accommodation.

    Personally, I would want to keep my independance, and so would look into the option of having somebody move into the second bedroom, which as Wyetry says, would half your outgoings.

    ETA - I am genuinely surprised that somebody would allow you to let a place out for that amount by yourself, considering your income.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I would get a lodger but I am enjoying my privacy right now.

    I am just about coping, it's not really that bad. It just means I don't have any money to save. The way I see it, this is the tightest money will ever be for me. As I get older I will earn more money and hopefully eventually get married, so that will halve bills. At least I have the deposit there if I need it and everything in the flat is my own if I wish to sell it.

    My landlord did eventually enquire as to whether I could afford it but I persuaded my mother to tell him if I struggled she'd help me out.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    HunnyPot wrote: »
    I would get a lodger but I am enjoying my privacy right now.

    I am just about coping, it's not really that bad. It just means I don't have any money to save. The way I see it, this is the tightest money will ever be for me. As I get older I will earn more money and hopefully eventually get married, so that will halve bills. At least I have the deposit there if I need it and everything in the flat is my own if I wish to sell it.

    My landlord did eventually enquire as to whether I could afford it but I persuaded my mother to tell him if I struggled she'd help me out.

    Out of interest, why did you go for a two bedroom place by yourself?

    Without being insulting, I'm not sure if you're brave or foolish for committing such a chunk of your income to your accommodation. If any large bill comes along, you're effectively up shit creek as you have nothing to fall back on. Sure you will probably earn more in the future, but with food, and virtually every other bill getting more expensive right now, you are going to have less and less margin for error.

    It's just not a situation I would be comfortable with.
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