was wondering what do you people or did you people experience to know when it may be time to move to your own place and what you can do to try and hang on until you can afford to buy your own place if there is even some hope for a low income earner.
wondering because am at the stage in life where am wanting own space and sometimes feel like its time to move out on own and trying to do best with what have got until am able to buy own place.
just trying to hang on until am able to afford to buy own place instead of paying as much if not more to rent as to buy and not be able to do what am wanting to place.
would there be some hope for someone on low income or pension as these days most banks keep certain pensions in mind if you work part time when applying for loans plus you’re probably no worse off on pension than you are working minimum wage job if not better off even though you may get more on minimum wage because you get taxed and you dont get concession on minimum wage where as on pension you get concession and your income isnt taxed.
at moment income isnt enough to run a place and have enough left to save and have a quality of life and while it may just be possible to run a place there wouldnt be enough to have a life and save after taking out all your bills.
if someone was on a pension is there a way they could earn more without affecting pension but tell truth at same time as you can earn a little bit before it gets affected but income from job needs to be reported.
some of you in australia may know renting is as expensive these days as buying is and with renting you cant really do what you want to place and you may have to relocate at anytime and youre limited where as with buying you can do what you want and youre not limited and you might as well put that money into your own place.
if you did cam work on side would you likely get enough for a deposit and how would you hide the money particularly so family dont find out where that extra came from.
someone at local mens shed said if you can afford rent you can probably afford to pay off a home and that you just got to come up with that deposit and you should be good after that.
do feel that it is possible however it may take a few years longer than everyone else because of money and am not only one in that position a uncle and friend was over 40 when they got theirs as years ago things were as hard as it is now if not harder even though things were much cheaper, income wasnt as much and you were on your own and never had the help that you get today either.
Everyone’s circumstances are different so there is no ‘one size fits all’ answer to your question.
With regards to being able to afford a place, you’d be best to speak to a financial adviser/mortgage consultant to get an idea of what is realistic and next steps.
I couldn’t (and wouldn’t) comment on finding ways to earn extra money and hiding it.
You are in a hard situation, but buying is just as cheap as renting as the landlord might have a buy to let mortgage which is more expensive, then they want a profit…
Best way is to work out approximate bills, I’m sure there will be something on line and from now lock that amount away and don’t touch it. It will get you used to budgeting as if you had a home and builds up your deposit.
what am meaning when saying hiding money is if you do cam work here and there over 5/10 years on the side for a bit of fun and money on side how would you hide it so family dont find out where it came from if you then put it in account when applying for loan so you dont have to tell family you were doing cam shows as might not feel comfortable telling them about doing cam shows and sexual services for a bit of fun and money on side over 5/10 years
Parents had a rule of out by 21 unless in full time education. All my siblings adhered to this rule and all had places of our own well before the deadline. The attraction of having your own place to do what you wanted in was too much of a draw, when we moved in we christen every room and the stairs for good measure… Happy days.
One would still expect it would be classed as ‘earnings’, which would mean taxes due/impact pension/benefits etc.,
You have the option to not declare it, but then there’s the risk of tax/benefit fraud and the consequences that would come with that.
As @WillC has said, ultimately for cam work money would be paid electronically into account. Source of where that comes from as far as family/friends concerned is up to you if you divulge - ultimately one would suggest a viable cover story, if that’s the route/risk you chose to take.
I’d also mention that it may be a dark journey living in secrets, both with friends and family, and of course that constant fear of ‘what if I get caught’ (either financially or family wise). For me that would make me very unwell spiritually, but I try to make no judgements around what others do, sometimes it can be very much a ‘needs must’.
The difference between renting and buying is that getting a mortgage is always going to be more difficult, and of course, the less of a deposit, the more of a risk you are, the more banks charge for the interest. When renting if a boiler or something major goes wrong, that is on the landlord to fix. When you’re the owner, it’s on you to get it fixed yourself.
The repercussions of failing to pay rent are a lot less than failing to pay a mortgage.
Sorry to hear of your dilemma and situation, it is a tough world to live in at the moment. It really is a dog eat dog world, and certainly doesn’t seem fair.
I’m in a similar situation too and would say your better to hold on to staying at home until your financially able cause as soon as you step out into the world with renting or whatever for a place, your money will be eaten up as fast as you can earn it back
Sadly this modern era isn’t a great place to flourish in at the moment but if you feel it really is time and can’t stand another year or so with your parents, then I’d recommend looking into group accommodations as then the overall rent will be split between others rather than all on yourself which should help soften the the expenses.
You know it’s time to get your own place when you want your own place. You hang on by saving until you can afford it.
You save money in a bank account, you can have more than one account for different things.
Pensions can be taxable if they’re higher than the tax free amount. Are you at pension age? In the UK thats 65yrs, possibly different in different countries. Did you mean government benefits? Are they called pensions in Australia?
Are you going to do cam work at home? If you were really good at it and put a lot of effort into it, you could earn a lot of money.
Honestly it’s a catch 22 these days. I bought my first place at 22, straight out of uni on a 100% mortgage in a crappy area, then girlfriend and I lived in it for about a year (she was at uni nearby) before we moved on and rented it out.
Moved to a new city for her medical training and advancement of my career, bought another place on 100% mortgage. Lived in it for a few months, then a friend asked us to move into a dirt cheap flatshare so we rented out the house and moved into crummy flat (but in an okay part of town). The rent money from the house combined with the spare cash from my salary was enough to get the ball rolling on a third property which we judged more important at that point than living comfortably in the (quite nice) house.
As we moved around the country with work and eventually abroad for a few years we followed a similar pattern , buying homes and not really living in them for long.
When we wanted to settle down back in the UK about 12 years ago, we sold them all, pocketed £1.5m after all the debts and taxes had been paid and bought a farm which is where we now live.
You just have to take risks, if it had all gone t*ts up then we’d just have sold properties and hoped that would cover the debts. But debt was cheap at the time, we both earned quite good money though we had little in the way of assets being so young, and property prices were rocketing seemingly daily.
We got lucky but there’s still money to be made. Basically get yourself on the property ladder ASAP, long term it only ever goes up and you only make a loss if you’re forced to sell quickly. Waiting ‘until you can afford it’ will result in price increases outstripping any saving you’re doing or any wage increases. When we were in our buying heyday we were lucky to be able to save about £6,000 a month so it really wasn’t a problem, but we didn’t start off like that. When we got the first place I was on a starter salary of about 23k and the girlfriend was still in education and doing part time work here and there, probably not taking home 2k a month between us and we had to live off that too.
At the moment am just wanting a better shed with storage space on different property and somewhere to stay with eventually going there permanently.
Person that am living with probably won’t sell house they’re in and yards not big at all.
And it’s only fair to pay your own way and you do right thing and pay your way and wait if you have to and you suffer for it.
That’s one reason for wanting own space with a decent shed and yard space and somewhere to stay and renting seems to be similar money to buying plus with buying you can do what you want.
There are definitely pros and cons to buying or renting. You have to work out which would be better for you with your current situation.
From 19 I left the uk to travel, I even went to Australia for 2 years. I just rented as I went along as a mortgage would have tied me down. Now I’m in my early 30s and when I returned to the uk a few years back it would have been impossible for me to get a mortgage as I had no history of a fixed income in the uk. So now I’m stuck just renting which actually suits me fine.
Depends of property you go for and area u chooses will make all the difference.
If we talking about mid range zone 3-4 area in London for let’s say2 bed house with ability for extension, buying in condition that allows you to rent the place for rooms , that will paid ur money plus little profit . The only issue with having one house like that is a constant flow of money. Having places in bad areas renting as rooms basics will attract dodgy people.
That’s mean problems with payments….
If u run few places like that then u can afford a little of unpredictable loss.
There is also specialist that deal with taxes etc for private clients, and they will help u to secure deal with bank on your behalf….
Yeah I don’t know either why there’s a need to hide where the money comes from. It’s not like you’d give a breakdown of every other penny you make so who cares
Also what is short term solution to having somewhere to stay now and then until you can afford to move to own house which you are waiting until you can afford to buy
What is ways to make enough money to constantly pay for cabins
Don’t yet have a van as a option to think about
Just wanting own space with own kitchen and wanting to buy and not rent and looking for short term solution until then
I think you need to look at one problem at a time and the one thats going to help make everything else happen is money.
You’re not going to make lots of money quickly by doing anything legal. Look for a new job that pays more money. Go back to school and get more qualifications if you have to. But money will pay for everything else you want.
So first step - look for new jobs.
cam work may be a way for pocket money, more thinking of way to not tell family you are or were doing cam work in last for example 10 years to get the money or some of the money for deposit.
But you need somewhere to do the cam work.
Tell them you’ve been saving since you started working deal with that when it comes up, if you’re thinking you’ll be doing cam work for 10 years before you move out, then don’t stress about it now.
Just because people ask a question, it doesn’t mean they’re entitled to an answer. Tell them whatever you want to tell thwm, or don’t tell them anything at all.
deal with that when it comes up, if you’re thinking you’ll be doing cam work for 10 years before you move out, then don’t stress about it now.