Yeap, same thing with “find my dream house” shows in America. I think the major difference is that instead of the people being in their 40s, it’s usually people in their 20’s. The source of the funding is ultimately the same, rich parents. The likely difference is between trust fund kids in the US and just people whose parents have finally taken their much awaited dirt naps in the UK.
I think rich parents are basically a prerequisite to owning a home for anyone under 40 nowadays. I’m one of the only people in my friend group of people in their late 30s who owns a home, and that was due to what I consider a minor miracle.
I was lucky and bought an abandoned house from the bank for 30k after the last recession, and that was only possible because I got a loan I probably shouldn’t have qualified for through USAA. So, still a bit of nepotism, but because my dad was in the service, not because he was wealthy.
My first house appraised for less than what we were paying for it. Not a lot, but more than we really had access to. My grandfather spotted the difference. So whole it’s true I worked hard, it’s little moments of privilege like that that really helped put me where I am today. I think folks in my position tend to over look it often. I’m 33 now. I think I’d still own a house, but all of this stuff compounds into each other. I would’ve had to pay exorbitant rent longer at an apartment complex. When I ended up selling that house I wouldn’t have gotten that extra year’s worth (or however long) back. It would’ve been less money to invest. It would probably mean we couldn’t have bought as nice of a new house when we moved. All these little extra things from a family member being able to help spot the difference between the first appraisal and loan.
Yeap, same thing with “find my dream house” shows in America. I think the major difference is that instead of the people being in their 40s, it’s usually people in their 20’s. The source of the funding is ultimately the same, rich parents. The likely difference is between trust fund kids in the US and just people whose parents have finally taken their much awaited dirt naps in the UK.
I think rich parents are basically a prerequisite to owning a home for anyone under 40 nowadays. I’m one of the only people in my friend group of people in their late 30s who owns a home, and that was due to what I consider a minor miracle.
I was lucky and bought an abandoned house from the bank for 30k after the last recession, and that was only possible because I got a loan I probably shouldn’t have qualified for through USAA. So, still a bit of nepotism, but because my dad was in the service, not because he was wealthy.
My first house appraised for less than what we were paying for it. Not a lot, but more than we really had access to. My grandfather spotted the difference. So whole it’s true I worked hard, it’s little moments of privilege like that that really helped put me where I am today. I think folks in my position tend to over look it often. I’m 33 now. I think I’d still own a house, but all of this stuff compounds into each other. I would’ve had to pay exorbitant rent longer at an apartment complex. When I ended up selling that house I wouldn’t have gotten that extra year’s worth (or however long) back. It would’ve been less money to invest. It would probably mean we couldn’t have bought as nice of a new house when we moved. All these little extra things from a family member being able to help spot the difference between the first appraisal and loan.