renting vs living at home?

[beta1607]

Will your income even qualify you to live in those apartments. Many places in the US you have to make a certain multiple of what your annual rent would be and it doesnt seem like your salary is high enough to qualify you for a 2.5k month apartment.

[BigPoppa]

Your price range for renting is [censored] insane.
If that's the only option, stay at home until you can buy.
Better, be a little more realistic with your options.


Your first place out of Uni does not need to be and probably should not be some mega-baller place that costs a fortune. The fact that you want it to be is irrelevant. Be a little more realistic in what you can afford while still planning for your future.

[john kane]

i dont think here in the uk we have any month rent qualifing system, if we do i could just pay it all up front.

i agree bigpoppa, it is pretty insane. just what would i be saving for? if all goes according to plan ill be on £100k plus for most of my 30s (if im still alive), so will £15.6K in rent really matter that much? (obv plus council tax, bills, food etc but you get my drift i imagine)

just given house prices in london, i wont be able to buy anywhere for about 3 years likely (if that) so part of me is tempted just to rent for 3 years, work abroad (which i def want to do, possibly secondment with big4 firm if i am still willing to stay there, if not work for a different firm). then buy something then, when hopefully i'd be on about £70k (in todays terms), i could get a £280k mortgage, i'd have around £150k saved up i'd hope, and so can buy somewhere pretty nice.

it would be useful if i had a few friends who would be interested in renting somewhere really pretty nice, but most of my friends, like anyone in there early to mid 20s are all pretty skint.

ideally some investor (anyone here? [img]/images/graemlins/smile.gif[/img]) would go halves with me on a 2 bedroom property. I pay half and they pay half. I live rent free, they get all the other person's rent.

anyone interested? enjoying london property rises, guarenteed great tenants (given id be part owner) and never having to worry about the property.

I'd be able to put up £160k or so, if someone else did the same we could get a nice 2 bedroom place i think.

[greg nice]

life is what happens while youre busy making plans

[Isura]

100k or w/e a year doesn't seem so good where you live since you need 3k/month for a decent apartment. So get a new profession or learn to live lighter.

[scotchnrocks]

Is it realistic for an accountant to be at $100k after 3 years of experience?

[bap2086]

is it realistic to pay 3,000 a month in rent or is this just really top of the line?

[john kane]

problem is i guess living at home is alright, its not that bad really, so if i were to move out i'd want to move out somewhere nice. but london is just so expensive.

in london 100k after 3 years (or 3.5 years if you failed one of the exams and have to resit) is pretty realistic if you go into banking, if you go into industry your looking more at 80-85k. but then with banking your working longer hours.

$2.5k renting would be the max, then expenses on top of that.

i dunno, just i feel right now i feel 2 things:

1. i'm not really getting any enjoyment out of having this money i've spent years grinding. for sure it's meant ive had a huge amount of fun on nights/meals out etc the last few years, but now i dunno, i just feel i should do something with it which gives me utility.

2. i'd like to think that in ten years time the $30k spent on rent per year would not be toooo much compared with how much i had. and maybe i'd look back and think 'geez, why didnt you spend this money on renting a nice place rather than staying at home'. same kind of reasoning why loaning money for a tv is wiser than saving up for it, as you'll have the utility both present and in future and pay it over time, rather than only having utility in the future when you have saved up for it.

[haakee]

[ QUOTE ]
Many places in the US you have to make a certain multiple of what your annual rent

[/ QUOTE ]

You can alternatively show proof of assets even if you have no verifiable income. I am doing that in my apartment search in San Francisco now with no problems.

[Alex-db]

[ QUOTE ]
i wish i could afford a place, but it's way off. the minimum i'd have to pay for somewhere i'd consider living in is $500k for a 1 bedroom apartment. at the moment if i got a full mortgage the most i could pay is $160k+$200k=$360k, so i'm well short.

really is living with folks vs renting.

my problem is i guess i just want to live somewhere pretty expensive given my salary (like 60% of my salary). most people my age would be paying no more than $300/week whereas im considering paying double. just wondering whether it's pretty stupid paying so much.

[/ QUOTE ]

John,

If you can put down £80k you can get a £240k mortgage without mentioning your salary.

You can also get a bigger multiplier of your salary if you shop around - I just got 5.4x times for a flat in Greenwich because technically I work for a city firm and the mortgage firm gets good business from the bankers (even though I'm in gaming).

I know 5.4 times isn't going to help if your starting as an acountant, but with the big deposit you would certainly be able to get something - you need to speak to an IFA.