Property Ladder

How much?!

For the last few years my mum has been looking at property developing, now the economy and housing market are starting to go titsup she’s actually started to do something about it!? :rolleyes: I’ve been recruited as property photographer for a few house viewings. The most recent one was a nice little three bedroom terrace in a quiet street near where I live, the place hasn’t seen a decorator since the 50’s with only a basic rewiring and a tiny little hot water heater for the houses single sink in the ‘kitchen’. There was a room off the kitchen slightly larger than the bath in it, and a trip to the loo requires a walk outside. If I was an estate agent I might sum it up as “In need of some modernisation”.

To skip through several expansive paragraphs, an offer was put in, but with house prices dropping each day it was decided not to go ahead as there was unlikely to be any profit in it by the time it was finished. It was then suggested that I buy it as a project to do up and finally get a place of my own. To be honest up until that point I’d always dismissed the idea immediately as too expensive and typically a place in my price range would be a crap house in a crap area. This place was in quite a nice place (potentially) in a cul-de-sac off a main road. When we visited there was nobody about, no kids yelling and screaming that was around 6pm prime time for annoying brats.

I decided to it might be worth a little bit of research to see how much it would cost to buy such a place, the answer was quite a lot… There was the expected items like council tax, tv license, broandband, SkyHD, gas, electricity, and water. Then there was the surprisingly high price of food and associated consumables (toiletries, cleaning stuff). I currently pay £400 a month to my parents in rent so I didn’t really see a breakdown of the costs that that goes towards. After working out some general figures I was left with about £50 of ‘spare’ cash each month, but I hadn’t even included house insurance or any costs to refurbish the place, hell I wasn’t even paying the full mortgage on the place as my parents would have to be topping it up each month.

To sum I think I’ll wait until the economy nose dives a bit more before getting on the property ladder. A lot of money to spend and I’d have to start doing all my own cleaning, washing, ironing, and cooking! Then again there is the relative peace and quiet of getting your own place. Needs a garage though to stop all the birds crapping on my car all the time!