Owning your own home

I'd be happy to buy an absolute wreck and fix it up- there is a limit on how much of a wreck it can be however else the bank will refuse you a mortgage on it.

bmmf, I believe money used as rent on a flat you live in for a year or two or three, is money wasted. The way we rent in the UK isn't the same as in continental europe which doesn't seem to have the stigma to long term renting we have, where they can genuinely live in rented accomodation for a long term, rather than the short term mentality we have here.
If people rented long term here, and had the sort of rent security they have in europe (willing to be corrected on this) then renting isn't money pissed away its the creation of a home.

plus the further out you move, you get more choice and you get to cycle further each day... this is a good thing

Move to Atlantis, I hear housing there is at rock-bottom

boom tish

How do people manage it! My girlfriend and I are looking into buying but the costs are prohibitive to say the least! We pay£ 750 an month rent which I thought was a lot but looking at a mortgage it seems we'd have to pay something around £1100 a month!

Are your figures based on a repayment mortgage? It would be worth considering an interest only for the first few years re-mortgage later when you are better positioned.

I just found a wife who was with housing association and bought a property abroad instead. There's so many of us and I don't think I'd be ever able to afford mortgage for a 3/4 bedroom house in London. What I can afford is a 2/3 bed flat in the tower block somewhere on the deprived council estate which is far worse than where I live now.

I found a pretty good way you can own your home on the cheap. Details here.

Bunch of links to shared ownership and other schemes here. Worked for me.

If you are serious, it's worth seeing a financial advisor. They will look your financial situation and be able to give you a realistic view of what you can afford and what steps you need to take in order to get on that ladder.

bmmf, I believe money used as rent on a flat you live in for a year or two or three, is money wasted.

Have you ever been without a home? I hope not. If you had, you might realise that paying money for a home, in whatever context, is never money wasted.

And for many, home ownership will never be an option. It's a bit insensitive to say they're pissing money away.

Owned homes also seem to cost more to 'run'. Economically, it's not just a rent vs mortgage argument.

BMMF is right, not many landlords make money from renting out, the remmovation/upkeep costs are massive but come infrequently, they would need to keep the place rented full time to cover the mortgage and allow for money to set aside for emergencies - new boilers/cookers/fridges etc

When i owned a house i can't think of a year that passed that didn't need a significant expense in one lump sum.

i'll bet my rent you don't factor that into your budget when you buy your house. New roof every 35 Years (10 years if its flat roof) carpet/wooden floors every ~ 10 years, Fridges and cookers ~ 5 years, Exterior (Paint, pointing etc) ~ 5/15 years. Windows ~ 20 years

Each one is a major investment.. beyond that of a car or new bike. it's a cluster fk. BUT it gives you a chance for your own DiY.. and makes you realise it pays to buy quality, look after it and learn a little more

Also means you are at ransom to dodgy tradesmen. you can understand why people hate them so much!

But you're less likely to be lumbered with fucking mentalists as neighbours; through more than one axis.

If you can afford to buy then renting does seem like pissing money away.

Thanks for listing all those expenses Greasy.. maybe I should cut my losses now ;)

If you can afford to buy then renting does seem like pissing money away.

I'm getting sick of fending off the "when are you going to grow up and buy a place" "banter" I get subjected to everytime I visit my family and some friends.

"When I can afford to do it in London, where I choose to live." is one answer.

"fuck off, what makes you think i want your poxy life-style anyway you smug bastards" is a less polite answer.

I'd like to own but can't see being able to afford it anywhere I want to live anytime soon. In the meantime, I'm happy enough renting.

I was ready to buy in Melbourne.. I decided "fuck being locked into a mortgage for 30 years!" came over here, spent all my deposit and that was that.
I'm now in a position where the sums are favourable for my situation to buy, the area is nice, the flat will be tiny but that's London and I'm happy for the moment.
I always tell myself "if it doesn't work out.. sell and move back to Melbourne" so who cares..
I got no pressure from anyone except myself to buy. Most of my friends still rent. I don't see a problem with renting except in my situation where it is MY money that I feel I am pissing away when it would be better served buying a place. If it all goes to plan it will just mean I have a hopefully valuable asset that can be lived in and kept or sold for profit in years to come.

you'll be fine Hippy - with your Polish and Aussie connections you should be able to get all the labour you need for the cost of a 4 X and some bison piss

It's XXXX you fool.. it took me ages to work out what the fuck you meant "4 by" wood? huh 4-cross moutain biking wtf? etc. I'm a bit tired though. Forgive me.

Would you believe I pick the only Polish bird who doesn't know any frickin' builders?!
All my Aussie mates are IT geeks too so they're less use than me with a nail gun..

No worries Hippy, i'll let you have fiddy on a good day rate. he is deadly with a hammer

No worries Hippy, i'll let you have fiddy on a good day rate. he is deadly with a hammer

This I can easily believe. Particularly after a forum drinks, non?

thats it, you just give him a rough plan and point him in the rough direction, stick a roll up in his mouth and stand back

Hey Pip, who is cooking the fooking food? or do all the chefs have wireless interwebz in the kitchens now?

want fries with that?