Buying a house/property on your own?

[CosmicCreepers]

Hi everyone,

I am currently 20 and a full-time student. I am saving up where I can, but I am really worried about the future i.e. mortgages. I am not in a relationship and of course cannot predict where I will be in 5-10 years but I feel really insecure at the prospect of renting for an indefinite time. Has anyone managed to buy their own home as a single person? I am hoping I'll be with someone in the future, but of course...that's all in the stars.

 

[Jmx]

I bought my home at 23 but I stayed with my parents until then and saved as much as poss. I don’t think I could have done it if I was renting at the time as I just wouldn’t have managed to save enough for a deposit.

 

[BettyCrocker]

Hi everyone,

I am currently 20 and a full-time student. I am saving up where I can, but I am really worried about the future i.e. mortgages. I am not in a relationship and of course cannot predict where I will be in 5-10 years but I feel really insecure at the prospect of renting for an indefinite time. Has anyone managed to buy their own home as a single person? I am hoping I'll be with someone in the future, but of course...that's all in the stars.

of course people buy homes on their own.

but regardless of if you are single or in a relationship,purchasing a property is not easy. Save money where you can, try to build up a deposit, look into first time buyer schemes and help to buy schemes and also look at shared ownership or rent to buy schemes via your local authority but honestly, you are so very young so please don’t worry about this - buying a home is great and has many advantages yes but many people live in rented property and this is also a completely normal and acceptable way to live, obviously pros and cons for both.

 

[Eltonjohnsflorist]

Yes but I earned £55k a year and had a £40k deposit (was also 32) so I wouldn’t suggest it’s achievable for everyone. I’d you want to do it you need to concentrate on a highly paid job when you graduate- what are you studying?

 

[BettyCrocker]

Yes but I earned £55k a year and had a £40k deposit (was also 32) so I wouldn’t suggest it’s achievable for everyone. I’d you want to do it you need to concentrate on a highly paid job when you graduate- what are you studying?

where did you buy? Where were you living Until you bought at the age of 32 and when was this??

 

[Eltonjohnsflorist]

I lived in rentals and with my husband in his owned house. I bought it 6 years ago, on the outskirts of London

 

[BettyCrocker]

I lived in rentals and with my husband in his owned house. I bought it 6 years ago, on the outskirts of London

Yeah I mean there’s probably not much hope of a single person buying in or anywhere near London now if they are living in rented accommodation and don’t have the option of living with someone who already owns, particularly if they have a lower salary. We bought years ago when they still did the 100% mortgages, bought a terraced house, did it up and sold it and then we were able to use the profit to get a mortgage to build our house we are in now - not in London though but south coast. The whole thing is a farce now really, the cost of housing is beyond astronomical.

 

[Eltonjohnsflorist]

Well we’re saying the same thing essentially but you can still buy a property in my area for the price I bought mine for 6 years ago, it would just be a smaller one lol

 

[HitchhikingGhost]

I bought on my own this summer, I had a deposit in the form of an inheritance and was still renting privately on my own until I found somewhere to buy so was not able to save and add to this amount. (This is in the south west of England). I'm on 29k salary for reference.

 

[CosmicCreepers]

Yes but I earned £55k a year and had a £40k deposit (was also 32) so I wouldn’t suggest it’s achievable for everyone. I’d you want to do it you need to concentrate on a highly paid job when you graduate- what are you studying?

I'm studying Game Art, which is well paid once you break into the industry (£24,000 starting salary is what people in the industry have told me). I do live at home at the minute, albeit I am renting a shared house for quite a minimal amount of rent when I'm back at uni. I'm saving as much of my student loan as possible, and will be rigorously looking for work during the summer (I do have 2 and a half years work history thankfully too.) I'm hoping to have £10,000 at least saved by the end of my third year!

 

[BettyCrocker]

I bought on my own this summer, I had a deposit in the form of an inheritance and was still renting privately on my own until I found somewhere to buy so was not able to save and add to this amount. (This is in the south west of England). I'm on 29k salary for reference.

That’s the thing though - without financial help by way of cash from family/inheritance or the option of living with parents/family and not paying proper rent etc thus being able to save - people kind of haven’t much of a chance to get a deposit together in order to buy.

 

[Eltonjohnsflorist]

Looks like OP may well be able to stay at home anyway.

what are you doing in terms of breaking into such a competitive industry? Will you be able to move location (a friend who does similar has lived in Sweden Ireland Canada and the US for work) are you getting relevant work experiences and making contacts?

A highly paid job is MUCH more valuable than saving and wildly curtailing your 20s. Don’t sacrifice your 20s just to buy a house, especially when you consider you may meet someone in a few years anyway

 

[under the ivy]

I’m saving for a deposit and I moved back home after a break-up this year. I was going to move out and rent but my Mum is happy for me to stay and save to get back on my feet. I have a help to buy ISA so I’m just adding to that each month. None of my family are home owners so it’s a whole new world to me, but i really want to do this on my own.

 

[Eltonjohnsflorist]

Also are you doing it at a well respected uni/ course? That’s the most helpful thing to get you into the graduate milk rounds

 

[Pixipoppy]

I honestly wouldn’t worry too much - who knows where you’ll be in 5-10 years, even a couple of years!

My brother bought on his own aged 28 (pre covid) with a 10% deposit, but house prices where he lives are insanely cheap - his house was £115k. My parents contributed towards his deposit though, as he would never have been able to save that alone paying rent. I think he has a 35 year mortgage (or possible even 40 if that’s possible!!).

If you’re in a position where you’ve got a good credit rating, stable income and the means to save a healthy 10-15% deposit then it’s definitely achievable but owning a house isn’t the be all and end all.

 

[BelleAmie]

I bought my own house this year (just turned 30). I was very lucky as I lived with my parents after I finished uni, although I paid board, and I had a good deposit (two thirds savings, one third inheritance). At the time of buying the house, I didn’t have the best well paid job so I was only able to do it through a good deposit which meant I didn’t need as big a mortgage.
I won’t lie, it’s hard and I spent many years living to a very tight budget and not buying the clothes/cars/holidays my other friends in relationships did but it’s so worth it and (in my opinion) the sense of independence and security is worth so much more than the shoes I wanted but didn’t buy etc. Good luck!

 

[JoeBloggs]

One of my best friends has, she never thought she would but has just bought a lovely 2 bed on her own. She got help with the help to buy savings account.

If you are not buying for the next 5-10 years, don't worry. Get saving now but try not to focus on buying at the end. We gave up on the idea of buying with the idea of waiting 2 years and then found our dream house that we never thought we could afford. It all works out

 

[LS932]

Marking my place. Starting saving this year, on my own living with parents on low salary 19k. Here’s hoping

 

[Jmx]

Oh yeah, I had a help to buy ISA too so that helped. I’ve now paid off 40% of my mortgage and hoping to be mortgage free by the time I’m 30 so it’s definitely doable.

 

[CosmicCreepers]

Oh yeah, I had a help to buy ISA too so that helped. I’ve now paid off 40% of my mortgage and hoping to be mortgage free by the time I’m 30 so it’s definitely doable.

I'm gutted, I just checked and Help to Buy is no longer available to people since November 2019, unless you already had one before then.