Easier said than done.

I'm a 20 year old offshore worker in the uk, my take home is about 2k a month so yes, i'm old enough and financially balanced enough to get my ass a mortgage and grow up a little.

However, I come before you with an embarrassing problem. I don't know where on earth to go.

I'll try not to blow up egos too much with stories of 'older and wiser' but I reckon you guys would have the experience to help me out here.

My situation:

I live at home with my parents, all well and good. But I would like to move and get my own house. Now, I

 

can't waste your life worrying about theft. get a security system and insurance and call it a day.

 

find a flat with a garage in a decent neighborhood. you will eventually need a house to call home but work on your career and find a good girl to settle down with first. try to purchase this flat as renting does not create equity and you are basically throwing your money away on rent

 

I have a question along these general lines as well. I feel the same way that "if I can afford rent, I might as well buy a house". But some of my family members think I should start off just renting an apt just to get out of the 'rents' house (it isn't a great place to live--they make poor financial decisions left and right, and they're both living off unemployment as of right now) for a couple of years, THEN look in to buying a house. My family members' that say this, are very successful and do very well for themselves.

So who's got the right idea? Me wanting a house at 21-22, or them saying gtfo, then figure to buy a house by 25-30? I'm torn.

 

Find a flat, leave your car at your parent's place when you go offshore.

 

Jannas,
I echo the "Buy a flat" sentiments from others. Given your travel schedule and lifestyle, a flat would be ideal as the maintenance is far less than a house. You also have the added security of multiple entry points before someone can break in. It isn't much, but it's something. If you'd like to take an additional step, get a security system for the flat. Systems like Skylink are cellular security systems and you can be notified in a snap.

Regarding the car, I think if you pick up a flat with a garage that has a bit of security, you should be in good shape. Of course, anything can happen at any time, but a simple security system for your car should suffice. With a bit of research, I'm sure something that contacts police with location of your vehicle when theft occurs is possible. With the addition of GPS tracking, you might even find a means of keeping track of your car via some web interface.

I might be dreaming a bit...but i cannot be the only person to think of this as a convenient possibility.

espelirS2K,
As for renting versus buying, I think it fully depends on your priorities. My mother encouraged me to buy a condo some years ago. At the time, I wanted to rent. Looking back, I wish I had rented, as the condo turned into a bit of a money pit for me. It was a bit on the dumpy side when I bought it, so I spent a great deal of time/money updating the place. Had I simply rented in a reasonably nice community, I could have saved the upgrade money and invested that elsewhere or simply enjoyed my weekends a little more. In the end, I sold the condo for a reasonable amount, but my net gain after 2-3 years of living there and fixing the place up was negligible; around $5000 or less.

Long story short, look at your priorities and your cash flow. Gauge what is available to you at a reasonable price point for purchasing as well as renting... Do additional research and make an informed decision. Will you have regrets? Sure... But that happens all the time. The important thing is that you understand what you're getting yourself into and you have a feasible exit strategy if things go south.

Cheers.

 

Don't buy a house at 20. You should be free to go where you please and do whomever you want. Don't tie yourself down so early.

 

Good idea, that what i would do if i were in your situation.

 

i don't know, if you're always gone and not home, having your own place is kind of a waste. why pay rent or buy a house just to be there for a week or so and then bail for the open seas for 2-6 weeks? i'd just save as much money as possible, still residing at the parents house. meet an established girl, hook up, and marry/move to her house or something.

 

Thanks for the good ideas guys, I'm trying to negotiate with my dad not to key what would be 'my barbie car'. Philistine...

The flat with a garage sounds like the best idea but its pretty difficult to find one of these in the area. Getting a wife is easier said than done as well