Sunday, 9 February 2014

Home Sweet Home

As I've mentioned on here previously I've made the big decision to start saving to buy my own home. I love living at home with my family but I really don't want to be living at home much past the age of 30 and want to give my mum the opportunity to downsize and enjoy herself with the proceeds from selling the house. There is no 'Bank of Mum and Dad' for me to fall back on, no inheritance I can spend and I really don't earn a vast wage so it's going to be quite the struggle but hopefully worth the long wait.

I've got two options open to me when it comes to searching for my first home. I can either opt for a terraced house in the Valleys with plenty of space and room to make a profit if I make a few improvements or I can opt for a smaller property, a flat in Cardiff or Newport. Living in the Valleys and not a city really doesn't bother me if there is a train station in the town and the idea of space and spare rooms appeals to me. A more modern flat would need a lot less work and would mean I'm closer to friends so I've a lot of thinking to do.

I've found a few buildings I wouldn't mind living in with a bit of character and I've already made a Pinterest board to get a few ideas together for some interior inspiration. I've also started reading blogs such as this journal because I really don't know the first thing about dressing a home . If you know of any blogs about homes and saving tips then please leave me some links.



I know there is more than just a house deposit I need to save for, buying a house it a total minefield and I've made a list of things I need to think about:
  • Mortgage arrangement fee - This can be up to £1000 or added to your mortgage.

  • Valuation fee - This is the fee lenders charge for a valuation to check the property exists and that it also offers sufficient security for the loan. This can be about £300.

  • Legal fees - I'm looking at about £500, maybe more for this.

  • Stamp duty - I might get out of this one as a flat or house in my area would be under £125,000 and therefore exempt.

  • Surveys - Definitely going to need one of these to check if the house I want to buy is sound. This will set me back another couple of hundred pounds.

  • Removal costs - I don't have much to move and have access to a van, one thing I don't need to worry about. 
  • House repairs - There's bound to be a leaky sink, painting and other odd jobs to do. Going to need at least £500 for paint, carpet and other bits that need refreshing.
I also need to think about essential extras: light bulbs, lamp shades, toilet brush, washing up bowl, door mats, extension leads etc I will be moving in from my family home and not a rented home so I have none of these things.I've got a separate savings fund for these items and I'm picking up things as I go along and storing them in the garage for the day I get my own place.I've already amassed quite the kitchenware selection from charity shops and I treated myself to some lovely Le Creuset items with vouchers I was given recently.



I'm aiming to get as much furniture as I can from Freecycle and local auctions to keep costs down and I like the shabby, antique kind of look more than sleek lines so  I'm happy to paint any furniture I can find and have it a little mismatched until I can replace it with my own new items.

Any homeowners have some tips for me? What have I forgotten and what are the major pitfalls?

*collaborative post


Gemma
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13 comments:

  1. I think you've thought of lots of things which so many people don't seem to have considered before jumping into the house viewings! I am getting a bit fed up of searching, there isn't anything which ticks all of my boxes at the moment :(

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    1. It's so hard to find the perfect place, I've got a few towns and buildings in mind but will be saving for a few years yet.

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  2. This is a very grown up post, but I think you're wise to be thinking about this! I have a lot of advice, have just sent you an email. My main tip is not to jump in with buying things for the house - ask your friends and family who no doubt have spare mugs, mirrors, etc. they can donate, and you'll get a few housewarming gifts too! We even got our sofa and chairs for free, which saved us a small fortune. Anyway, I ramble on about house stuff on my blog now and then so have a little look. Good luck with the savings P x

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    1. Thank you for your email and offer of advice, much appreciated :) xx

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  3. I would love to one day own my own home but from al the features you have mentioned above it terrifies me, you seem to be thinking about it in such an organised way, inspiration x

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  4. I am a lowly council tenant lol... I do not have the first idea about mortgages etc... I don't think with the area we live in and being on just hubbys swage we will ever get on the property ladder... unless I become some kind of world famous blogger and earn millions! Good Luck with it all! I admire you and you've clearly put a lot of thought into it.

    Lucie
    www.ourworldandautism.com

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    1. I would love a council house but with no children I don't think I would be very high up on the list. I lived in a council house with my family as a kid and my mum was lucky enough to be able to buy it which really helped her get on the property ladder.

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  5. I think it would be a good idea to start looking ASAP even if you aren't completely ready to purchase for a few months. It will really help you to narrow down what you do and don't want in a home.
    It sounds like you have most things covered. I'd do a shout on on FB and ask if anyone has any unwanted goods and see what you can get together. xx

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  6. I love your Le Creuset items, I really enjoy buying bits for my home, its so lovely to be able to make your home your own. xx

    Emily@www.londonmummyoftwo.com

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  7. Crikey this sounds so complicated, you're a proper grown up now love! ;) ♥ Claire at Jazzpad

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  8. There's certainly a lot to think about, plus it's easier to just say yeah move out but it's so much harder than that in this age. As sad as it sounds I'm still living at home with my mum and I'm 28, but it's just not worked out financially for me yet. I did move out for a bit but couldn't afford to say. I'm trying but I'm happy to say I'm not the only one. Good luck.


    Buckets & Spades

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    1. I'm 26 and still at home, I quite like it though. Free food and close to my labrador :) Makes sense to save when I live with little outgoings rather than trying to save when I pay huge amounts in bills and rent. I feel like there's less of a stigma about living at home, people are trying to save money and I read something in the Guardian recently about stats of over 30s living at home being at an all time high.

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  9. You seem pretty much on the ball with all of your considerations.
    PS I can get you a discount on Legal fees if you so wish, let me know nearer the time :) x

    Leanne - A Slice of My Life

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