Thank you. I may have to put the house plan on hold, as my job situation could be a little shaky for the next year. And with that, I'm going to enter mega-saving mode. I should have been doing it much earlier, but when I got my current job, I felt way more secure, so I didn't save as much as I should have. I shall commence post-haste with austerity mode. There is no reason I shouldn't be saving much more than I do. So if the job ends up stabilizing, then I will have plenty to put down on a house. If not, I will have enough to keep me afloat while looking for other work. I'm hoping for the former, of course.
Thank you. I may have to put the house plan on hold, as my job situation could be a little shaky for the next year. And with that, I'm going to enter mega-saving mode. I should have been doing it much earlier, but when I got my current job, I felt way more secure, so I didn't save as much as I should have. I shall commence post-haste with austerity mode. There is no reason I shouldn't be saving much more than I do. So if the job ends up stabilizing, then I will have plenty to put down on a house. If not, I will have enough to keep me afloat while looking for other work. I'm hoping for the former, of course.
Things have changed more rapidly in my line of work than I thought they would have. I should have known better, lol. I actually did OK the last time I was laid off, in part because I'd saved quite a bit, so I had that to fall back on when I couldn't find work right away. This latest round has scared me straight!!Sounds like a sensible plan
Things have changed more rapidly in my line of work than I thought they would have. I should have known better, lol. I actually did OK the last time I was laid off, in part because I'd saved quite a bit, so I had that to fall back on when I couldn't find work right away. This latest round has scared me straight!!
I rent my apartment, and trying to get a house in my area on one salary will be challenging, but I will persevere.
I rent my apartment, and trying to get a house in my area on one salary will be challenging, but I will persevere.
Anything with the square footage I have now (1,050) or up to, say, 1,400 would range in cost from $180,000 (usually these places need quite a bit of cosmetic work and updating of appliances and roofs and such) to $300,00. I would feel comfortable if I could get something on the lower end of that scale ($220,000) that didn't require a ton of updating/renovating, provided I get to keep my current job. I would need to save a substantial amount to keep the monthly payment down, but I am pretty sure I can do it. I will know better next spring and summer how things are looking job-wise and whether I can really start a serious search.
Thanks, me, too. I am optimistic that I will find something if my job situation stabilizes. The downpayment is the key. It's amazing how poorly income has kept up with being able to afford a home. Back when my parents bought a home, only my dad worked and he made about a third of what a new car costs today.That still is inexpensive compared to my area. Having said that it is a huge responsibility to take out such a large mortgage on one salary.
If I sold my flat I could afford a house in your area. This is my dream, to own a house.
I hope that you'll be able to find something that you like and can afford, as it is life changing to live in a house.
We are now thinking about moving after 2018, Brexit and Trump have freaked us a bit.
I was actually quite encouraged when I read about the white paper the government have brought out, but I have since realised that it is not as good as I first thought. Redrow slams 'disapointing' housing white paper as it reports record profits
I was watching a programme last night and they were saying that it is almost a conspiracy to keep the house prices so high. He was saying that it was a combination of the treasury (they like the stamp duty) and the banks (as they have property loans) and I lost the last group of people who benefit, landowners?
10% is quite high.
I'm not sure, east London somewhere. I will probably worry and wait until after Brexit hits after 2019, knowing me, I'm too cautious!
Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
I think this is an excellent plan,as rents are very high in much of the country, after the banks took so many houses in the foreclosure scams, and investors bought, renovated, and are renting them for profit.
Exactly, and many of the apartment complexes in my area are owned by just a few companies; I swear they are all colluding to fix prices, lol. There isn't enough of a savings for me to justify paying for moving into another rental at this point.
