I want to settle down, I cant be arsed with renting houses anymore and moving.

But as Im only on about 14k at the moment at work and have people chasing for debt, thats the priority to get rid of that 1st. So it will be atleast a year before I can buy.

But when I do Ill probably be on 15 or even 17k at work (hopfully) depending how things go with promotions etc. But my mothers house, which is in a council estate, could be bought from the council for ~Ã,£48000 where it can be sold for Ã,£55,000+ which seems a good investment to me.

But my mothers house is in a place that is horrible, the kids are less than horrid and its a place Id never want to live for a large amount of time, but if I want anywhere else Ill have to save a big deposit and keep renting for another couple of years, which is just getting tiresome.

Also I really wanted a garage, to do project cars, like
http://cgi.ebay.co.uk/BMW-635-CSI-RED-1982-Private-Plate-JIL-7048_W0QQitemZ4630587322QQcategoryZ9837QQrdZ1QQcmdZViewItem

but my mothers house doesnt have a garage, although it does have a garden that is accesible *sort of* (Id have to drive over a bit of a field to get there)

But finiding even a flat with a garage for ~Ã,£50k is almost impossible.

Do you guys and girls think I should buy that house that my mother lives in and then live there for a few years? and buy a place in a few years?

*a little story*
When I lived with my mother, several years ago, the next door neighbour was sleeping around with all the husbands on the estate, the wifes of the estate found out. They hired someone to go to her back door at about 3 am ( at that time of the morning the back of the houses are not lit and it was *pitch* black) anyway some one knocked on her door and because she was on drugs, she opened the door not, knowing what she was doing presumely and some one slashed her face with a freddie krugar glove.

Thats what is making me hesitant about moving there.

When you buy a council property i believe  you have to wait 3 years before you can sell it. But could you rent it out so you could rent somewhere else??

Quote from: brummieWhen you buy a council property i believe  you have to wait 3 years before you can sell it. But could you rent it out so you could rent somewhere else??

Hmmm, thats a good plan.

I think its 2 years you have to stay in the house before you can sell it, which would infact give me time to do some mods, like get the garden in tip top condition and the whole house.

The house has had *all* the heating pipes for the radiators and the radiators themselves replaced by the council as it was due and upgrade, oh and a new boiler. The roof was done 21 years ago I think, So thatll have a good few years left in it I think.

The area is alright if you dont piss anyone off tbh, if you piss people off then you get doubly screwed, but if you mind your own and just have a quiet life then it will all be peachy.

One of the things I considered closely when buying my first house was, could I sell it again easily enough? In that respect its like buying a car, you need to consider what its worth will be when you get rid of it - though hopefully you would have negative depreciation!
If itd be hard to sell because of location, you might be stuck with it for some time and lose chances for houses you might want to buy later. You could look at other houses for sale in the area and check how easily they sell.

On the other hand if you can get onto the property ladder, almost anything will appreciate, and in a further few years the increased equity will get you into something better. In many ways, the earlier you can start the better.

Yeah.

Oh and another point! Its not in a telewest area!

Itd be difficult to rent out, but I think to sell would be a good plan but it wont be to easy to sell.

Transport is a biatch to there.

If you buy a council house you can sell it any time you want. However you will pay back a portion of your discount if its sold within 3 years (the amount owed back decreases each year).

If your Mam has lived in council accomodation for a number of years she would be eligable for a large discount (certainly more than the Ã,£6K you currently think) up to a max of 40% I think.

My business partner Steve bought his ex council house for Ã,£28 and it was instantly worth Ã,£40K. He just rents it out and as soon as the 3 years is up he will sell it.

Council estates are becoming very popular with first time buyers now as they simply cannot afford to live elsewhere. If you wanted a house under 100K in Sheffield it would be a (ex) council estate or nowhere.

I bought my house off a couple who bought it off the council in 2001, they paid 11k in 2001 and sold it to me for 93k in 2005, Barstewards!

You will be lucky to find a half decent house for 50k, 80k is the cheapest around here(north wales) and that will be a hole in a nasty area. my house isnt in the nicest area tbh.

What i have heard of is, see if any of your mates are in the same situation and if you can manage living with them, pool your money and go 50/50 on a morgage.

My 93k 100% morgage is Ã,£650 per month btw.

Quote from: SamIf your Mam has lived in council accomodation for a number of years she would be eligable for a large discount (certainly more than the Ã,£6K you currently think) up to a max of 40% I think.

Shes lived there for 20 or so years

Thats not discount too, the house can be bought for that from the council but the other people have done that have sold houses have gone up to Ã,£67000 after several mods, conservatory, modernisation. So I was being conservative on my estimate of a sale price

Quote from: SamMy business partner Steve bought his ex council house for Ã,£28 and it was instantly worth Ã,£40K. He just rents it out and as soon as the 3 years is up he will sell it.

So he made Ã,£39972, nice profit

I could also do with living somwhere for a good period of time to build up my credit rating as mine is totally pethetic at the moment, so 3 years is a good amount of time. I have lived in 4 places since Dec 2003.

ive started lookin to buy a house, but friggin hell its hassle. I was looking in nuneaton and whilst they are not overly expensive I begrudge paying Ã,£100k for a 1bed flat, its a sodding joke! Tho I may have to..... :x

Quote from: Dj-Liam-Give started lookin to buy a house, but friggin hell its hassle. I was looking in nuneaton and whilst they are not overly expensive I begrudge paying Ã,£100k for a 1bed flat, its a sodding joke! Tho I may have to..... :x

Come live in Newcastle with me

Sorry if this sounds harsh - just my opinion but perhpas you should be looking at sorting out a different job first?

Youre in the motor industry dealing with a sort of sales role are you not?  basically Id look for another place to work. 14k is a wage that is suitable for people doing mundane tasks not for people responsible for bringing income into an organisation - IMO - if you are responsible for bringing income into an organsiation then your pay should reflect this & any pay rise shouldnt be down to the chump above you but your own figures & the ammount of revenue you generate.  

Nah I quit the job in car leasing sales, I now do a mundane job for a large international company. In that job, car sales, my basic was erm about 13k and then commision. I really dont want to go into why I quit that.

Now Im on 13.8k in a new job. My job will become more secure as time goes on. and by the time I move out of this place (august 31st - contract runs out then) Ill be past my 3 month probationary and be on a higher wage too. (14.5 I think)

sorry I thought you were still in the sales job

still youve probably got good future prospects in a large firm - best not to tie yourself down just yet IMO - if youve got neighbours like the one your described then surely it would be better, for the moment, to live in a house share in a nicer area than your own place in a not so good area - (for the moment at least.) Might be worth waiting till you have a long term GF & then use both incomes to get a better house and settle down.

Well the neighbours that are living there now are ok to be honest, young couple I think with a kid. It has cleaned up quite a bit, but the kids are still bastards

If you can handle the stress ten doing a couple of years as a company rep it can bring enough money in to get you into a reasonable situation. I knew a couple of peeps who used to do it, both opted out after a few years but by then they each had bought their own homes and one had a good few K spare.

I think the maximum discount was 60% but they might have changed it. If you do buy your mums house then her name might have to go on the documents and it changed over later, thats the way my uncle and his daughter did it.