If you could go back to restart anything in your life, what would it be?

Restarting

Buying a home.

Scenario One: Move 300 miles from home to a new life into a single bed flat. Get a taste of living independently and thrive. Adapt to a way of life with own routine and ‘ways’.  Parents subsequently move nearby while you are out of work money dwindles and can no longer afford to live in flat. Move back in with parents, trying to adapt back into a parent/child situation which will never work because you’ve had a taste of ‘freedom’ and doing what you like, as you like, when you like.  Appreciate parents prefer to know where you are, what time you’ll be home and wash up after yourself straight away.  Apply to Council for housing and discover shared ownership model.  Recession hits England, house prices fall and you find yourself within reach of owning your own home.  Apply for a mortgage and get one, move into a shared ownership two bedroom house (no deposit supplied, you ‘own’ 25% of the property and rent the other 75%). Live there very happily for 6 years until your mid terrace neighbours start to host late night parties, drugs, domestic abuse etc.  The Council cannot help other than to reinstate you on their housing list; you cannot move to another shared ownership home unless it is relocating for work or change in circumstances such as the house is now too small or health reasons (can no longer use the stairs). You feel trapped and miserable for 2 years.  Housing legislation changes and you can now move to another shared ownership property but the mortgage lender will not increase mortgage and you can only transfer the remaining mortgage to new property.  House market has picked up meaning that even smaller shared ownership properties are £10,000 too expensive.  Still feeling trapped and miserable, there is no alternative other than selling and moving back with parents. Parents suggest not selling and moving back home but to persevere.  Thankfully neighbours move away suddenly and immediate issue is solved.

Scenario Two: 300 miles from home to a new life into a single bed flat. Get a taste of living independently and thrive. Adapt to a way of life with own routine and ‘ways’.  Parents subsequently move nearby while you are out of work money dwindles and can no longer afford to live in flat. Move back in with parents, trying to adapt back into a parent/child situation which will never work because you’ve had a taste of ‘freedom’ and doing what you like, as you like, when you like.  Appreciate parents prefer to know where you are, what time you’ll be home and wash up after yourself straight away.  Endeavour to reconcile with parents telling yourself that it would be better to alter lifestyle and save more each month into an ISA to build up a deposit for own home.  Should things escalate again, consider house sharing with colleagues from work while continuing to save as much as possible each month into that ISA.  Find a lovely two bedroom property that is realistic and fits with saved deposit.  Obtain a mortgage and buy full market first home. Feel like an adult and happy.  Should bad neighbours arising, more freedom to move elsewhere and have stronger position to challenge their behaviour with support of appropriate public services.

Hindsight is useless!

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