Reply to: 'I've inherited £15,000 aged 20. When can I buy a £350,000 house?'

[vetran]

Actually if he bought a new car, he might have significant monthly payments on that - insurance can cost £1000 a year as well.

if the most important thing is to buy a house then he shouldn't buy a new car..

[Dark Black]

Asking for a future without being a wage slave is dreadful. What are they thinking...

Don't troll... You know full well what I'm getting at - I wouldn't have expected to afford a 4 bed house in my mid twenties, why should he?

[BrilloPad]

Granted the housing market is tough these days but modern kids expect too much...

Asking for a future without being a wage slave is dreadful. What are they thinking...

[Dark Black]

Actually if he bought a new car, he might have significant monthly payments on that - insurance can cost £1000 a year as well.

Surely if he's "saving" for a decent house, then he should be running a banger for a few hundred quid, learning to fix it himself etc etc

I think him wanting a 4 bed 350k house by 25 is bit much... even back in the day my first place was a 2 bed mid terrace (with garage though) for 46k. Still I had enough left over to run a rally car and a road car (worked on them myself mind).

Granted the housing market is tough these days but modern kids expect too much...

[d000hg]

Does a barista with a degree earn more than one without a degree?

They're more likely to be able to join a coffee chain's graduate program...

[BrilloPad]

I blame the parents.

They should tell him to o and improve his career prospects, get educated and then with a higher salary they should tell him to pay them at least £1k rent a month, which they save up on his behalf for a deposit.

Does a barista with a degree earn more than one without a degree?

[d000hg]

Actually if he bought a new car, he might have significant monthly payments on that - insurance can cost £1000 a year as well.

[ChimpMaster]

OK, £500-750.

I blame the parents.

They should tell him to o and improve his career prospects, get educated and then with a higher salary they should tell him to pay them at least £1k rent a month, which they save up on his behalf for a deposit.

[d000hg]

The main thing I'm arguing against is the frankly ridiculous notion that he should / could realistically save 1k a month.

OK, £500-750.

[vetran]

The main thing I'm arguing against is the frankly ridiculous notion that he should / could realistically save 1k a month. Not to mention you're presumption that his mum should cover all of his meals.

I can just see the dinner table now "Hi son we are eating dinner, what have you brought to eat for yourself?" or "leave the cornflakes alone, bring your own!"

If he truly wanted it he could save a lot more than £100 a month, if his parents who are charging 15% of his salary as rent saw him saving nearly that much they would probably help him do it.

As mentioned previously he won't be able to afford a relatively expensive house on a pittance.

Yes house prices are too high but this example of the trials of buying a house is laughable.

on £17k he should be able to get a bedsit, he can't that is wrong.

[Zero Liability]

point is right now he could save > £1000 a month if he chooses - he doesn't and wants to moan.

He also isn't on a wage that would naturally allow him afford one of the top 10% homes.

Indeed, and he probably hasn't got a sufficient security of future income to guarantee he could repay it anyway, particularly if rates were to go further upwards, as unreal as that may seem right now.

[AtW]

The main thing I'm arguing against is the frankly ridiculous notion that he should / could realistically save 1k a month. Not to mention you're presumption that his mum should cover all of his meals.

This can be assumed as totally 200% realistic option.

On the other hand it's totally unrealistic he'll buy a £350k house that he wants

[vwdan]

I was on £25 a week YTS living at home and paying my parents a third of my wages.

I had a large flat in one of the best areas of Guildford by 25. I was on £16k , my mortgage was ~£500. I could have a house (I should have brought one would have made more money on it).

I didn't spend all of my money. I still went out and had a decent social life it just didn't cost much.

Now acceptable houses were 3 times average wage but people were still paupering themselves to buy above this multiple.

The main thing I'm arguing against is the frankly ridiculous notion that he should / could realistically save 1k a month. Not to mention you're presumption that his mum should cover all of his meals.

[vetran]

How does he get to work? What about clothes? And you're assuming he literally never ever goes out which is just plain silly.

I agree the premise is silly and I'm sure he could find more than 100 quid but how much did any of us save at that age? I was on 19.5k back then and I spent more than I earned...

I was on £25 a week YTS living at home and paying my parents a third of my wages.

I had a large flat in one of the best areas of Guildford by 25. I was on £16k , my mortgage was ~£500. I could have a house (I should have brought one would have made more money on it).

I didn't spend all of my money. I still went out and had a decent social life it just didn't cost much.

Now acceptable houses were 3 times average wage but people were still paupering themselves to buy above this multiple.

[vwdan]

£1500 minus PAYE

£1220.60 net
- £180

= 1040.60

so I see where you get £40.

assuming his mum supplies his breakfast, sandwiches & dinner then yes he could save £1000 a month if he truly wished.

I don't believe he can only afford £100.

How does he get to work? What about clothes? And you're assuming he literally never ever goes out which is just plain silly.

I agree the premise is silly and I'm sure he could find more than 100 quid but how much did any of us save at that age? I was on 19.5k back then and I spent more than I earned...