19, single and want to move out...my options?

Question

I am a 19 year old guy living in Scotland and I want to move out of my parents house. Currently I earn £12,000 a year. I have considered applying for a Council House but I am aware it can take a few years before anything comes up for you. I have thought about obtaining a mortgage but I am a little unsure about them and whether I would even be able to access one. I don't have an interest in renting as I want something more permanent and secure.

I would hope to be on the move (mind the pun) around this time next year or early 2008 as I am aware a good deal of saving could be required to help me get off to a decent start in my new home.

At the moment, I am only thinking of living alone - a one bedroom flat or something would be great. But circumstances may change in a year, I'm well aware of that. But for now I want to cocentrate on living alone - I can't depend on something or someone being there to share when they aren't there just now.

What should I do? Thoughts please?

Answer 1

Have you got some friends you could buy together with. That way you could afford a better place but also be more fun than living alone. You can get a mortgage with friends but just make sure that you understand the agreement beforehand so if one of you decided they want to sell you know where you all stand. There are also houses that are low cost housing where you buy a percentage of a house and the housing association owns the other share. That way if you decide to sell, you get whatever percentage you bought back and the Housing association gets their share back too.

Answer 2

I'm a bit confused as to what you want. Your income probably wouldn't get you a big enough mortgage at the moment, house prices being what they are.

My suggestion is to look around for either a studio or I bed flat to rent, save hard and then in a few years think about buying.

Renting doesn't have to be temporary and insecure. I know plenty of people who have rented the same flat for years with no problems, and I'm not talking about council places either. Just make sure that you mention you are interested in a long let when you go to view.

Answer 3

THIS IS AN ISSUE WHERE YOU SHOULD MAKE A FIRM PLAN AND WORK ON SOLVING THE MONEY ISSUES YOU HAVE HERE. IF YOU ARE SET ON MOVING THEN FIND OUT EXACTLY WHAT YOU CAN AFFORD, DON'T JUST ASSUME IT MIGHT BE TOO MUCH. THEN CHECK TO SEE WHAT IS AVAILABLE. AT YOUR YOUNG AGE IF YOU HAVE A DECENT RELATIONSHIP WITH YOUR FAMILY THEN YOU MIGHT BE WISE TO STAY THERE AND HANG ONTO YOUR HARD EARNED MONEY A LITTLE LONGER BUT, OF COURSE, THAT'S YOUR CALL. I AGREE YOU CAN'T DEPEND ON ANYONE BUT YOURSELF, RESPONSIBLE ROOMIES ARE RARE, SO LIVING ALONE WOULD BE A GOOD IDEA BUT YOU WILL NEED TO FIGURE OUT HOW THAT'S GOING TO HAPPEN. THE BANKERS AND REALTORS ARE GOOD TO HELP WITH THE MONEY ISSUES SO THAT MIGHT THE BEST FIRST START. YOU NEED TO KNOW EXACTLY WHAT KIND OF FINANCIAL SHAPE YOU'RE IN SO GO FIGURE OUT HOW TO PUT THAT INTO ACTION BY TALKING WITH A PRO. RENTING SUCKS AND YOU ARE GIVING SOMEONE ELSE THE MONEY FOR THEIR OWN MORTGAGE. IT'S REALLY GREAT TO HAVE YOUR OWN PLACE! GOOD LUCK!

Answer 4

See if your parents will allow you to stay at home and you pay them $100.00 a month for rent and food......You can do your own laundry at the laundrymat.....Anyone can learn. Just don't mix whites and darks or towels together.........each separate. If your Mom does your laundry, then rent is $115.00
You can draw up a contract of some kind of what you and your parents agree on, (you can use word on your computer and file it and make an extra copy) and everyone signs it with the date..I mean when you think about it you can save money..You may not be able to get a house if its like here in the states. You have to have good credit, some kind of collateral...
And another piece of advice. Don't bring a girl home for the night..........I never allowed it simply b/cause I didn't want to think about them having sex...........For some reason it really bothered me....Luckily my son understood (he knows me well)..If its to happen it can happen else where..........Just keep up your end of the contract. Even if your Mom says you still take out the trash, and to keep your room up...You'd have to do all of that if you had your own place anyway.Just be reasonable about everything and it should all work out. Good luck

Answer 5

So many variables that you have presented.. You want to move on.. move on where? YOu want to live alone.. that is good I guess. BUT.. If you have any savings at all.. and instead of RENTING.. I always advise people to BUY even if it is something small but start building up an equity in something.. When you rent.. you pay someone your money.. when you buy, you are building up equity for yourself.... I do not know the prices of housing, etc in Edinburgh(or in Scotland) so cannot advise totally. I was there once and LOVED LOVED the place. Maybe I will go back again and be your advisor

Answer 6

I am not sure about Scotland, but in England there is a scheme that you can half buy and half rent. Then you can buy back the rented bit as and when you can afford it. not sure if this is any good to you ?
It is a bit daunting and as been said before you still have the bills and the little minor point of eating !
Good luck in all you choose to do, but personally I would stay put for as long as possible with your parents. Save like a good un and move in about 5 years

Answer 7

Options ain't that good mate. 3x your salary is what your looking at as being the average for a lender to give = £36,000 = house in the middle of some dump (Morven Avenue in Kilmarnock, Castlemilk in Glasgow - you get the picture).

Even then you have council tax, food, gas, electricity etc to pay on top let alone to furnish the place.

Best idea is to save like a bandit and chip in with someone else - get a bachelor pad and you can use two wages to get a mortgage. Otherwise, its going to be pure duff living in a crud area.

- look at some of my other answers and postings to get an idea as to what I've done and for other ideas. Might be some more help there for you.

Too many beers at this time of night to go into more depth.

Are you supposed / allowed to drink and do this!?!?

Answer 8

you can borrow up to 3 and a half times your yearly income. should bring you up to around 40,000 you would have to raise the rest of the house price as deposit. most of lenders these days do deals where the expences are paid but this goes on top of the mortgage. most also do 100% mortagages for first time buyers if the property is freehold. again this will increase your repayments. Look out for housing associations who do a shared ownership scheme where you buy a percentage and rent the rest you then eventually buy it all, they are a help to get onto the property ladder. the best way to buy property is to save a 5% deposit and a 1000.00 for the expences. so start saving and good luck

Answer 9

Join the forces of your pick you will get
1 a pay rise
2 accommodation
3 get to see the world
4 learn a trade
5 make some great friends
6 gain independents

Answer 10

Go see some of the world, you have plenty of time to tie yourself down with a mortgage, at 19 you should be living it up a bit. What about University? you can leave home and get an education at the same time.