July 20, 2005

T minus 2 days and counting…

Aaaaaargh!!!
This is extremely scary, in 2 days I will be the owner of a house and all the associated joys that goes with it. I'm too young for this!
Everyone keeps telling me that I'm acting like and old man and that I shouldn't be buying a house at the tender age of 21 (and only just that!).
I kinda agree with them to a point but then again what is the problem?
I have a job where I am going to be for at least a couple of years if not a significant time longer so I need some digs of some description!
I have been brought up to be my father's son; I resent the idea of lining someone else's pockets with rent money. I'm spending the same on my mortgage as I would be doing on renting a house, except the bricks and mortar are mine to do what I want with. If I can afford that much money each month then I want it to contribute to something that is mine, renting is dead money…

So tonight I've got to start moving stuff out of my rented student house in leamington to a 3rd party location, my God I'd not realised how much random crap could be accumulated in two years of living somewhere. I dread to think what my next move will be like when I've had my own house and been there a lot longer!
At some point this week will make another trip up to Ikea and pray to the God of flatpack that a nice kitchen is going to cost me less than I think!

First job once in the house is gut the place, remove every last nicotene stained Artex ceiling, every single layer (for there are many on each wall) of wallpaper from the walls, remove the carpet and take out the kitchen. Basically destroy the place. Then comes the job of rebuilding it, for which I have recruited (read: they were in the wrong place at the wrong time) a slave army of several thousand… Okay around 10 people who will come and help out at various points over summer and turn the house into a home.

Be it good or bad, this is all going to be an experience… kinda like University really!


- 9 comments by 1 or more people Not publicly viewable

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  1. Fellow home owner

    Congratulations. It will be fun, no concerns about what the landlord will say anymore.

    20 Jul 2005, 08:40

  2. I get to be someone else's landlord too :-) Bonus!

    20 Jul 2005, 08:45

  3. Yeah, although the landlording can someti9mes be more hard work than is likeable! Don't worry about the age thing, I got my house only a week after I turned 20.

    20 Jul 2005, 09:48

  4. I've got a year on you then, this is a week after 21st! You doing the same thing then? Renting a room out? Knowing (and working with) the guy I'm going to be renting to is going to have plus and minus points probably, should be alright though.

    20 Jul 2005, 10:13

  5. I rent out three bedrooms (have used half the living room as a bedrrom for myself) to friends. Hasn't really put any strains on friendships and fortunately I'm not on the same courses as any of them so we aren't living in each others pockets!

    20 Jul 2005, 14:55

  6. How difficult was it for you to get a mortgage?

    22 Jul 2005, 02:22

  7. Surprisingly easy actually… Although with my salary only being £18,000 I struggled to get enough of a mortgage to get a cardboard box. For that salary they'd lend me £70k I think it was, which obviously in the current house market really wouldn't get you very much if anything.
    So I've got my Dad as a guarantor which means they take his income into account as well as my own and then we buy the house as a joint mortgage so both our names are on the deeds.

    The getting the mortgage part is really easy, it is the getting the house that is the hard bit!

    22 Jul 2005, 09:16

  8. kelly lane

    I really want to stop renting and want to bye a house although the thought of it is quite daunting . is it really hard or is there some good advice out there. want my parents to be guarantors which is a good prospect. so with their help and my 18,000 annual income whats your advice ???

    22 Aug 2005, 14:04

  9. Hi kelly, sorry it has taken me over a month to reply! The nice people at Warwick blogs obviously took longer than expected in realising I'm now a member of the WGA and had deleted my user account. Hope you still actually see this response…

    The main thing is actually budgeting properly, I worked out I could afford the mortgage on a house up to £100,000 despite lenders not being willing to give me that. With a guarantor it is easier. My advice would be to go and see a mortgage adviser at somewhere like Halifax (I really liked the guy I saw there, was really helpful and not at all salesman-like)

    The whole process is ridiculously easy but it can be quite stressful if you're running to a tight schedule (like I was). And if you're renting now then I guess you will be since you'll have to give your existing landlord notification.
    If you want any more advice or anything feel free to e-mail me (anthony@warwickcontrol.com).

    Its worth making the sacrifice of a few luxuries to get your own place, something quite special about it.

    06 Oct 2005, 15:30


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