Which would you do?

Chrissy

(I know this looks like it should be in the property section, but I really feel it's more a PI for me)

Ok, looking for opinions.
Will try & state the facts.

27, living at home with parents (pay rent)
Own house, currently rented out to tenant.
Have partner, currently saving up to build own place.

Tenant moving out shortly.
Should I move into my own house or get new tenant?

FOR:-
My own space & independence.
Privacy for myself & partner which we don't currently have.
Secretly studying at mo:- freedom to do this openly.

AGAINST:-
Money:- It would cost me atleast an extra €6k per year, which is a lot out of my savings that could / would go towards our new build
Possible loneliness while my partner's not visiting
My parents could do with the rent I'm paying them. (bout 1/2 what my mortgage is)

House was bought as a pure investment, therefore it should stay that way. It's there to make me money.
However, I'm a little frustrated at home.

Two ways to look at it:-
Our own property will be built in 2-3 years.
Short term lapse in investment by me living in it for next few years, or:-
Short term frustration for me to continue living at home for next few years.

Partner would NOT move in with me, so no split in bills. (Anyhow, at this stage it's all our money, so even if he did, it's still €6k plus out of our savings.)

So, which would you go for?

BaZmO*

Depends really. You have a few options. Other than the ones that you have mentioned already you could move in and rent out a room to someone else although I can't see why your partner can't move in with you if you're going to be building a house together anyway.

It's also worth considering that rental returns at the moment are quite high so you'd be better off financially renting out the whole house and staying at your parents until your new house is built. But personally, if I was 27 and had a house to move into I'd be out of the nest quicker than you could say apron strings!!

Mr. Incognito

27!!!!!!!!

Move out.

Chrissy

BaZmO* wrote:

you'd be better off financially renting out the whole house and staying at your parents until your new house is built. But personally, if I was 27 and had a house to move into I'd be out of the nest quicker than you could say apron strings!!

This is exactly how I feel.
I know I'm better off staying, but owning my own place but not getting the benefits of living there can be hard to stomach sometimes.

Just don't know whether head or heart should win this one.

My partner thinks head, my parents would think head, my head thinks head, but then my heart pipes up & makes its feelings felt.

BaZmO*

Well then why not move out and see how it goes. If after 6 months you find that you're struggling financially move back to your parents until the new house is built. At least then you can say that you at least tried. However, regardless of the financial strains, once you get a taste of freedom there'll be no going back.

If your partner in any way comes into the reason you'd move out of your parents house then he should voice his opinion on the matter and at least consider moving in as it sounds like you have a future planned anyway
Regarding monetary issues, invest it in yourself rather than giving half a mortgage payment to your parents
I know they are your parents but if its investement and making money to stay afloat you cannot afford to be giving your money away
I', surev they will see it as you need to look out for your future too!

Chrissy

I don't really know what you mean CSG?

I'm finacially far better off living at my parents than at my own place.

When my place is rented out, the mortgage is 100% covered, I'm not out of pocket for it at all, I give my parents 1/2 what the mortgage WOULD cost me as means of paying them rent for using their facilities (& this is money that they could do with).
Moving into my own place would cost me over double of what accomodation currently costs me.

It does of course concern my partner as we're saving to build, so me having less savings affects his future, so it has been discussed with him, & he's more in favour of me staying at home.

But I'm not so sure. Surely happiness should come into play, even if it's only for a short term.

In saying that, I'm not unhappy at home. My family's great, I just feel the need for my own space.
But should I be looking long term at this only & forget my short term woes?

Lothaar

Move out, but rent out the other room(s). Then you get out of your parents' gaff and don't take too much of a financial hit.

Also, it's worth noting that the €6k you lose will actually be saved, as it will go towards the equity on your house. When the time comes to finance your new build, you can borrow against that equity.

Chrissy

No renting out the other rooms is out of the question!!!!
I'd rather be sharing with my family than with strangers.
But I know what you mean financially, so thanks.

I've done the sharing at college & that's a time I'm very glad has passed!!!

Anti

Stay with your parents and save the money untill your new house it built. Throwing 6k away a year is a pure waste of your savings.

MagicMarker

get new tentants meanwhite, move out of your parents place and rent a room somewhere else. If you're paying your parents rent then you can rent somewhere else for not much more than that and a lot less than living in your own house.

BaZmO*

Anti wrote:

Stay with your parents and save the money untill your new house it built. Throwing 6k away a year is a pure waste of your savings.

She wouldn't be throwing the money away, she'd be paying the money off her mortgage.

By the sounds of OP, you've already made your mind up to stay at home.

Chrissy

BaZmO* wrote:

By the sounds of OP, you've already made your mind up to stay at home.

Funny you should say that, cos last night my partner was saying "by the sounds of it you've already made up your mind to move out" !!!

That's how confused I am.
I do want my own place, yet I know it's a waste of money.

You're right in that I'm paying off my mortgage, so it's not a waste, but my mortgage also gets paid off if I'm not living there, thus keeping the €6k in my pocket.

I think I'll prob live there while I'm cleaning / redecorating or whatever needs to be done & see how I feel then.

BaZmO*

Chrissy wrote:

Funny you should say that, cos last night my partner was saying "by the sounds of it you've already made up your mind to move out" !!!

That's how confused I am.
I do want my own place, yet I know it's a waste of money.

You're right in that I'm paying off my mortgage, so it's not a waste, but my mortgage also gets paid off if I'm not living there, thus keeping the €6k in my pocket.

I think I'll prob live there while I'm cleaning / redecorating or whatever needs to be done & see how I feel then.

You need to get the whole "it's a waste of money" notion out of your head because it's not a waste of money. What price do you put on freedom and having your own place? Plus the money will be paying off your mortgage. It's not as if you're just renting.

Give it a go for a while and see how you get on, at least you have the safety net of your parents to go back to if it doesn't work out. But remember, life is too short to be 27 and still living with the parents!

Anti

BaZmO* wrote:

She wouldn't be throwing the money away, she'd be paying the money off her mortgage.

By the sounds of OP, you've already made your mind up to stay at home.

But the tennant is paying for the mortgage at the momemt. So it would be best for the OP to save her money i think. If her and her partner can save enough when they first move into their new house they could put enough to one side to have a year free of payments. Or possibly more !

BaZmO*

Anti wrote:

But the tennant is paying for the mortgage at the momemt. So it would be best for the OP to save her money i think. If her and her partner can save enough when they first move into their new house they could put enough to one side to have a year free of payments. Or possibly more !

Yeah but she wouldn't be "throwing the money away" she'd only be not earning as much on her investment.

OP - I just noticed in your first post that you said that you are secretly studying. Why? Are you studying the black arts of Satanism or something more sinister?

Beruthiel

If you were my 27 year old daughter with your own house, I'd have thrown you out years ago!
I honestly do not understand how you could live with your parents at your age.

Anti

BaZmO* wrote:

Yeah but she wouldn't be "throwing the money away" she'd only be not earning as much on her investment.

OP - I just noticed in your first post that you said that you are secretly studying. Why? Are you studying the black arts of Satanism or something more sinister?

Yes, i see your point. But would it not be better to let a tenant pay the mortgage while the op lives at home and saves?

Lothaar

OP, you're currently paying rent to your parents. THAT is wasting money. If you move out, you no longer have that expense.

If you moved out, you wouldn't waste a penny.

And, financial stuff aside: you're 27, move out! It's much better having your own space. Get a friend or two to share with you if you're worried about being lonely (this also solves the problem of living with strangers).

LegacyUser

Are you serious about the partner? If so, get married. You would probably move in together then.

Save together for your new build.

Move into your new build.

Rent the house you have as an investment.

Bob's yer uncle.

Seriously - I'd push on. Sometimes you gotta forget about the money and think of your sanity and independence instead...

Sleepy

Given the choice between happiness and wealth, I'll take happiness every time.

The two are in no way linked.

Hermione*

BaZmO* wrote:

You need to get the whole "it's a waste of money" notion out of your head because it's not a waste of money. What price do you put on freedom and having your own place? Plus the money will be paying off your mortgage. It's not as if you're just renting.

Give it a go for a while and see how you get on, at least you have the safety net of your parents to go back to if it doesn't work out. But remember, life is too short to be 27 and still living with the parents!

I couldn't agree more! It baffles me how people can live at home past the age of 20/21. As BaZmO* says, think of it as investing in your freedom and independence, not 'wasting your money'.

DaDa

27, in a serious relationship, owning your own property...no contest in my eyes.

It's far too unhealthy to be living with parents still, given your circumstances.

Chrissy

Of course you are love but you'd still be 27 living with your parents:rolleyes:
You need to get your own independance before you would even consider making a future with your boyfriend and then soon enough after you move out you'll find he'll be at yours all the time anyway he'l have to help (and bloody should) financially! Its the logical steps before/buying building a place ...Don't run before you walk!

Chrissy wrote:

I don't really know what you mean CSG?

I'm finacially far better off living at my parents than at my own place.

When my place is rented out, the mortgage is 100% covered, I'm not out of pocket for it at all, I give my parents 1/2 what the mortgage WOULD cost me as means of paying them rent for using their facilities (& this is money that they could do with).
Moving into my own place would cost me over double of what accomodation currently costs me.

It does of course concern my partner as we're saving to build, so me having less savings affects his future, so it has been discussed with him, & he's more in favour of me staying at home.

But I'm not so sure. Surely happiness should come into play, even if it's only for a short term.

In saying that, I'm not unhappy at home. My family's great, I just feel the need for my own space.
But should I be looking long term at this only & forget my short term woes?

cailinoBAC

I don't understand why you're so set against letting out a room while you're living there. Have you tried this before? I've been letting out my spare rooms to 'strangers' for 2 years now and I've had no problems (well of course the odd minor ones), even some of them have become friends. I'm 27 too and I could afford to live in my house without renting it out, but that to me would be like throwing away money. But there's no question I would go back to living with my parents, even though they have plenty of room and I could save money by paying them rent and letting out my full house.

You can be picky, nobody can force you to take the first prospective tenants that come along.

But even if you don't want to go with that, I still say move out. If everybody stayed with their parents because they were better off financially, nobody would ever move out. It would be different if your other house would be ready in a a few months, but 3 years is a big chunk of your life and I don't understand how you can live it to the full if you are still living with your parents.

LegacyUser

'I think, all things considered, that you are 27 - you're lucky enough to have your own place to begin with, and moving out should be top of your priority list.

You can't put a price on independence; get out there, start living, by God its time!! And if you have an intrinsic issue with being alone, you're in for a tough ride.'