FabSwingers.com forum: Becoming a property owner

By (user no longer on site) OP
over a year ago

Hey i have 25g saved and no need to move out from my parents yet even at the age of 33. Currently not working due to health reasons.

I don't know anything about this sorta stuff so was wondering if anyone does it, can give me advice.

Two options

1. Can i buy a house, fix it up and potentially sell it for more. I have never done any DIY

2. Or should i buy a place and rent it out. Cheapest place round where i live is 90g, done some searching and mortgage would be £300-350 if i put 20g down. Rent would be £500 min a month.

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By (user no longer on site)
over a year ago

33 ?

Your only 30 on your profile

Look at buy to let mortgages

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By *rightonsteveMan
over a year ago

Brighton - even Hove!

That's a complicated question to ask - talk to your bank/building society and see what they say.

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By (user no longer on site)
over a year ago

If you're not working, how will you afford the mortgage? You probably won't get approved.

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By (user no longer on site)
over a year ago

With no income it may be safest to not leap in at the deep end, you need to be pretty sure of what you are doing if you want to turn a profit doing a house up to sell so with no DIY experience and health issues i would tread carefully. You could rent but i suspect that whatever you earn in rent you will use most of that for the mortgage and what little is left you would need to keep aside for any repair works that crop up.

You may also find that without employment and a steady income that it will be hard if not impossible to get a mortgage.

One bit of advice though should you decide to buy is get the worst house in the best area and not the other way round, you can always improve a house but you can't do shit to effect the area.

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By (user no longer on site) OP
over a year ago

I'm working on trying to sort out an income via working from home, just so much shit on here to find the genuine ones.

I basically really just wanna use my money to get it grow quicker, looking to make money as best i can, and as quick as i can.

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By (user no longer on site)
over a year ago

I basically really just wanna use my money to get it grow quicker, looking to make money as best i can, and as quick as i can."

Ain't we all brother.

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By (user no longer on site) OP
over a year ago

in the process of setting up my own blog, whether it will make money, no idea.

i have social anxiety, severe depression and colitis so working from home is more ideal.

Ebay selling doesnt seem worth it these days, with only 20 free item listings a month, then ebay takes a fee, then paypal as well, you gotta be lucky to make anything on there.

Biggest passion is my ideas, i got ideas for film/tv/games even a few business/website ideas its knowing what to do with them.

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

The very best of luck, but despite the many talented people here, this isn't the first place I'd go to for life changing financial advice.

Pop in to your bank, then go to another bank, even opening an account if necessary just to get a second opinion.

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By (user no longer on site)
over a year ago

"in the process of setting up my own blog, whether it will make money, no idea.

i have social anxiety, severe depression and colitis so working from home is more ideal.

Ebay selling doesnt seem worth it these days, with only 20 free item listings a month, then ebay takes a fee, then paypal as well, you gotta be lucky to make anything on there.

Biggest passion is my ideas, i got ideas for film/tv/games even a few business/website ideas its knowing what to do with them."

Don't get caught up in affiliate marketing, whatever you do.

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By (user no longer on site)
over a year ago

Could give your 25G to me and i'll invest it for you, promise.

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By (user no longer on site)
over a year ago

"in the process of setting up my own blog, whether it will make money, no idea.

i have social anxiety, severe depression and colitis so working from home is more ideal.

Ebay selling doesnt seem worth it these days, with only 20 free item listings a month, then ebay takes a fee, then paypal as well, you gotta be lucky to make anything on there.

Biggest passion is my ideas, i got ideas for film/tv/games even a few business/website ideas its knowing what to do with them."

To be brutal honest mate given what you've said you're not gonna be able to do up a house quickly and you're unlikely to be able to cope with being a landlord

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By (user no longer on site)
over a year ago

We bought our house about 18months ago for £70k asking price was £75

Two bedroomed Victorian terrace, nothing special but the views that we have are amazing, which is where the value lies.

We've just about finished a dormer extension, house will be worth in the region of 95K now. (House was in a state of disrepair when we bought it)

there's definetly money to be made

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By (user no longer on site)
over a year ago

Just read through and seen your situation, a friend of mine does selling on eBay....make up.

He has a supplier and buys about £600 worth at a time. Makes about £400 a month if I remember correctly.

Look into getting into contact with suppliers and try break into this, if you do it full time from home you can invest more, with the theory of more in, more out.

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By (user no longer on site) OP
over a year ago

yeah its finding the right products and suppliers. looked in the make up stuff and then you look on ebay and theres 100s selling the stuff.

I live in an area where the cheapest place to buy is 90k and thats for a one bed flat. I could always look in other areas and go for something similar to 70k, cheaper mortgage then, more money to get it set up and since im not working, i could sleep on floor, do a room at a time, learn as i go along, get my dad to help etc

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

Am I missing something but you won't get a mortgage if you are not working and I'm sure it's even more difficult to get one if you are self employed..it's not easy getting on the property ladder I'm 35 and still not there yet and I have a pretty good job...

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By (user no longer on site)
over a year ago

"Am I missing something but you won't get a mortgage if you are not working and I'm sure it's even more difficult to get one if you are self employed..it's not easy getting on the property ladder I'm 35 and still not there yet and I have a pretty good job..."

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By *yrdwomanWoman
over a year ago

Putting the 'cum' in Eboracum

Its incredibly difficult to get a mortgage these days thanks to the financial crisis, and that's if you have a job. Having no regular income is not going to be an attractive proposition to a lender at the mo.

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By (user no longer on site)
over a year ago

Excellent point!

Put it this way

For us to be accepted for a house for £70,000 we had to put £10,500 deposit down + fees and survey costs etc.

And that's for two people working full time, on above average UK wages.

Our first attempt was declined, because we're sensible and pay things in full and not on credit, we needed a 16% deposit rather than the usual 10%

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By (user no longer on site)
over a year ago

You would be better off buying a percentage of your parents home. Then as a home owner you can get a buy to let mortgage that's what I did

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By *onny25Man
over a year ago

brum

Where are you people finding these houses for under 100k? I'm looking and you can't get anything decent for much under 180k!

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By (user no longer on site)
over a year ago

"Where are you people finding these houses for under 100k? I'm looking and you can't get anything decent for much under 180k! "

Ours is in a nice semi-rural area of Yorkshire, surround by fields and farmland, there's only 10 houses.

It was fucked when we bought it though.

We are on a hillside though at 25% incline.....it's a right laugh in winter, it becomes a scrapyard at the bottom

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By *isdirtygirlCouple
over a year ago

somewhere out there

"Where are you people finding these houses for under 100k? I'm looking and you can't get anything decent for much under 180k! "

Big four bedroom flat in Spain cost me 20k last year. Needs a bit of work but no way I could get a flat of that size anywhere decent in the UK for less than 100k.

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By *innamon!Woman
over a year ago

no matter

Put it in santander 123 account up to 20k gets 3% interest. just need £500 going in and two DD per month.

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By (user no longer on site)
over a year ago

"Where are you people finding these houses for under 100k? I'm looking and you can't get anything decent for much under 180k!

Big four bedroom flat in Spain cost me 20k last year. Needs a bit of work but no way I could get a flat of that size anywhere decent in the UK for less than 100k."

Wow that's bloody cheap!!!

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By *alandNitaCouple
over a year ago

Scunthorpe

Sorry OP but buying is really not an option at the moment in my opinion.

Without a secure job you will not be able to get a mortgage. If you do manage to get going well self-employed most lenders want to see at least 2 years worth of accounts.

You may be lucky with a sub-prime lender, but it's really not worth the risk.

Nita

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By (user no longer on site)
over a year ago

"Hey i have 25g saved and no need to move out from my parents yet even at the age of 33. Currently not working due to health reasons.

I don't know anything about this sorta stuff so was wondering if anyone does it, can give me advice.

Two options

1. Can i buy a house, fix it up and potentially sell it for more. I have never done any DIY

2. Or should i buy a place and rent it out. Cheapest place round where i live is 90g, done some searching and mortgage would be £300-350 if i put 20g down. Rent would be £500 min a month. "
DIY sounds easy when you say it not so easy in reality to achieve a quality product that would add value to your investment

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

Excellent point!

Put it this way

For us to be accepted for a house for £70,000 we had to put £10,500 deposit down + fees and survey costs etc.

And that's for two people working full time, on above average UK wages.

Our first attempt was declined, because we're sensible and pay things in full and not on credit, we needed a 16% deposit rather than the usual 10%

My parents God bless them tried to get a mortgage they hate me renting see it as dead money but they are too old it's bloody hard to be a first time buyer

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By (user no longer on site)
over a year ago

...£100 escort every week for the next 4.8 years...??

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By (user no longer on site)
over a year ago

Excellent point!

Put it this way

For us to be accepted for a house for £70,000 we had to put £10,500 deposit down + fees and survey costs etc.

And that's for two people working full time, on above average UK wages.

Our first attempt was declined, because we're sensible and pay things in full and not on credit, we needed a 16% deposit rather than the usual 10%

My parents God bless them tried to get a mortgage they hate me renting see it as dead money but they are too old it's bloody hard to be a first time buyer "

I was gutted when we got declined. Went in with a 10% deposit thinking it would be enough

Funny thing is we pay £245 on a repayment mortgage, still made no difference due to us having no credit history

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

Excellent point!

Put it this way

For us to be accepted for a house for £70,000 we had to put £10,500 deposit down + fees and survey costs etc.

And that's for two people working full time, on above average UK wages.

Our first attempt was declined, because we're sensible and pay things in full and not on credit, we needed a 16% deposit rather than the usual 10%

My parents God bless them tried to get a mortgage they hate me renting see it as dead money but they are too old it's bloody hard to be a first time buyer

I was gutted when we got declined. Went in with a 10% deposit thinking it would be enough

Funny thing is we pay £245 on a repayment mortgage, still made no difference due to us having no credit history "

I feel for ya hopefully next year I will get there I have a deposit sitting in the bank

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By (user no longer on site)
over a year ago

Just buy a kilo gold bar OP and hope for the best

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By *erbyDalesCplCouple
over a year ago

Derbyshire

"Hey i have 25g saved and no need to move out from my parents yet even at the age of 33. Currently not working due to health reasons.

I don't know anything about this sorta stuff so was wondering if anyone does it, can give me advice.

Two options

1. Can i buy a house, fix it up and potentially sell it for more. I have never done any DIY

2. Or should i buy a place and rent it out. Cheapest place round where i live is 90g, done some searching and mortgage would be £300-350 if i put 20g down. Rent would be £500 min a month. "

Sorry to be negative OP but:

I can't see how you could get a mortgage.

DIY sounds easy, but when you come to sell the buyer's solicitor will want to see properly authorised work carried out by experienced contractors.

Renting sounds easy, but you'd be surprised at the additional costs you incur, the risks you take and how quickly profits can disappear overnight with just one tenant who refuses to pay their rent.

I'd just keep doing whatever you're doing and invest your money somewhere safe. Get rich quick schemes are seldom the panacea people think.

Mr ddc

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By (user no longer on site)
over a year ago

without a proper job I would not dive in the market mate. just like others have advised.

am a landlord and currently looking to buy my 3rd property and it ain't easy.

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By (user no longer on site)
over a year ago

Op since you've got a bit of savings how about using it to fund some qualifications?

Could get your nvq and certs as a plumber or electrician for only a fraction of your savings then either join a company or use the remainder for a van + equipment + a float for the first few jobs and be self employed

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By (user no longer on site) OP
over a year ago

it is tempting to leave the country, so much cheaper elsewhere and its only gonna get a lot with more cuts, another financial crisis close by.

Plus you can clearly see the government does not care about anyone apart from their rich friends, everything they do for the country is for themselves and their friends

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By *erbyDalesCplCouple
over a year ago

Derbyshire

"it is tempting to leave the country, so much cheaper elsewhere and its only gonna get a lot with more cuts, another financial crisis close by.

Plus you can clearly see the government does not care about anyone apart from their rich friends, everything they do for the country is for themselves and their friends"

Ahh, don't spoil it by turning it into another political thread, or I may be forced to point out that 'society' only works if we all take responsibility for our own lives as far as we are able.

Besides, I doubt you'll do much better abroad without a job or your parents to support you.

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By (user no longer on site)
over a year ago

"it is tempting to leave the country, so much cheaper elsewhere and its only gonna get a lot with more cuts, another financial crisis close by.

Plus you can clearly see the government does not care about anyone apart from their rich friends, everything they do for the country is for themselves and their friends"

I dunno about that as a skilled labourer I'm financially better off under this government, and looking to buy a house the stamp duty deduction and help to buy schemes are a nice addition

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By (user no longer on site)
over a year ago

"it is tempting to leave the country, so much cheaper elsewhere and its only gonna get a lot with more cuts, another financial crisis close by.

Plus you can clearly see the government does not care about anyone apart from their rich friends, everything they do for the country is for themselves and their friends"

Also on your savings you'd be making around 750 a year interest but you'll be paying about 150 of that back as tax from next April you'll have a £1000 tax free alowance on interest on your savings as this government rewards saving rather than encouraging borrowing

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By *at69driveMan
over a year ago

Hertford

"Hey i have 25g saved and no need to move out from my parents yet even at the age of 33. Currently not working due to health reasons.

I don't know anything about this sorta stuff so was wondering if anyone does it, can give me advice.

Two options

1. Can i buy a house, fix it up and potentially sell it for more. I have never done any DIY

2. Or should i buy a place and rent it out. Cheapest place round where i live is 90g, done some searching and mortgage would be £300-350 if i put 20g down. Rent would be £500 min a month. "
. Would your parents be able to guarantee a mortgage on your behalf ?.

Letting out houses can be hard work and you will need to spend about 25 % of your rent on repairs and maybe another ten percent on agents fees . If interest rates were to rise 50% , could you cope .

Most people will have insufficient knowledge or experience to do a good DIY job . If the house is let and you have done a dangerous job you could potentially end up in prison.

There is no such thing as a scheme to make make money quickly . You are more likely to lose it.

My advice would be to invest your money in stocks and shares . Returns from shares have always exceeded those from property .

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By (user no longer on site) OP
over a year ago

Wouldn't know where to begin with stocks and shares. Remember hearing the odd story of how someone picked the right thing and suddenly their life was changed.

I think it was this 15yr old who instead spending his birthday money, put the money in something to do with those scooters, his mum put the money on it, not sure what, shares, stock and when the product came out in this country, he made over a million

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

You still won't own a property being unemployed

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By (user no longer on site)
over a year ago

"Wouldn't know where to begin with stocks and shares. Remember hearing the odd story of how someone picked the right thing and suddenly their life was changed.

Don't even think about it. For most people trusts and funds are best for stocks you pay your money they manage it and offer a moderate return.

Actually trying to find a start up yourself with a big future is going to be very difficult and usually lose you money.

The more this thread goes on the more you're looking for a get rich quick scheme tbh.

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By (user no longer on site)
over a year ago

Get rich or die trying, it's the way of the west!

Unemployment down, food stamps up!

Interest rates down! Rent up!

Stock prices up... Wages down!

It's a crazy world!

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