selling/buying house thread

[purpleronnie]

450k at 510 per month would take you about 80 years to pay back. edit I assume you're talking about interest only. You pay more in interest alone than I do in rent

Buying is a good idea if you're happy to live in that one property for the long term. If you have any desire to move around and see a bit of the world it makes less sense to buy since any gains will be eaten up by fees. Hence why buying is a bit like signing your life away. Where do you see yourself in 20 years time? Right here, still paying off this phooking mortgage, still doing the same old routine day in day out. It's depressing.

Plus there's a substantial risk that property in the UK is massively overvalued and anyone buying now could find themselves in huge negative equity.

One of my sisters moved about 4 times and still only in her mid 40's, she rented once during that time.

 

My other sister moved twice and made about 30 grand after only a few years.

 

Yeah depressing.

[MooseBreath]

One of my sisters moved about 4 times and still only in her mid 40's, she rented once during that time.

My other sister moved twice and made about 30 grand after only a few years.

Yeah depressing.

Biggest housing boom ever recorded, of course they made money. Doesn't apply anymore though because it's over. I personally think house prices are overvalued and represent a poor investment. So if you are planning on moving again in the near future you're playing with fire.

[purpleronnie]

Biggest housing boom ever recorded, of course they made money. Doesn't apply anymore though because it's over. I personally think house prices are overvalued and represent a poor investment. So if you are planning on moving again in the near future you're playing with fire.

They moved last year house prices were falling and purchased originally when house prices were stablizing did some work on it which is always a good idea if yo research and realize the potential. 

 

Prices actually have been increasing in the last year so chances are your house is worth more now so no money down the drain there.

 

Besides like you said if you just want any house rather than looking for the house you want to settle in then renting is a good option, but the idea of just putting my money down a drain on the off chance I might want to move is pretty depressing.  Getting a house you love is extremely fulfilling and reasuring but I guess its how you approach it.

[Houdini Logic]

450k at 510 per month would take you about 80 years to pay back. edit I assume you're talking about interest only. You pay more in interest alone than I do in rent

Buying is a good idea if you're happy to live in that one property for the long term. If you have any desire to move around and see a bit of the world it makes less sense to buy since any gains will be eaten up by fees. Hence why buying is a bit like signing your life away. Where do you see yourself in 20 years time? Right here, still paying off this phooking mortgage, still doing the same old routine day in day out. It's depressing.

Plus there's a substantial risk that property in the UK is massively overvalued and anyone buying now could find themselves in huge negative equity.

 

With respect, if I pay more in interest than you do in rent that's probably because I live somewhere more expensive.

We could have this conversation in 26 years time and see who is paying more then?

 

You're correct that the housing market is an unknown but that also applies to the rental market. If everything booms and noone can afford a house then the price you pay for rent will go it. I'd rather have a mortgage and know to an extent what I have to pay each month. You are leaving yourself very vulnerable.

 

And if you think life stops because you buy a house then you're very short sighted

[MooseBreath]

With respect, if I pay more in interest than you do in rent that's probably because I live somewhere more expensive.

We could have this conversation in 26 years time and see who is paying more then?

You're correct that the housing market is an unknown but that also applies to the rental market. If everything booms and noone can afford a house then the price you pay for rent will go it. I'd rather have a mortgage and know to an extent what I have to pay each month. You are leaving yourself very vulnerable.

And if you think life stops because you buy a house then you're very short sighted

Yes you obviously live somewhere more expensive than me. I was just laughing at the fact that people are in so much debt that their interest alone is higher than my entire rent payment. If you think you're getting good value for that money then good for you really.

I don't agree that renting makes me more vulnerable. You may have a relatively low interest rate now but interest rates can only go up. It's not unreasonable to expect interest rates to go up by 10% or so at some point in the next decade. People taking out mortgages that they can just about afford now will be in real trouble. That risk doesn't apply to me.

The only risk to me is rent inflation, and that will only be caused by additional demand not met by supply. Can't see that happening to any great extent, and in any case by renting I've avoided massively over-exposing myself to the property market so whichever way it swings it will have a much lesser impact on me than it will on people whose entire net worth is tied up in their house.

I maintain that from an investment point of view it only makes sense to buy a house you plan on living in long term, and that generally means tying yourself up to a single location and single lifestyle for decades. Fine if you're happy with endless repetition. Not so good if you like switching things up every now and again.

[absolutelegend]

my advice to anyone would be to not underestimate the impact of overpayments on your mortgage. even a relativly small amount can make a massive diffrrence.

for example i decided to overpay instead of saving as much. net result is my term has gone from 25 to <10 years.

create a spreadsheet and do the maths. the impact of a few extra hundred quid a month can be massive.

[The Year Of The Fox]

Anybody want to buy my house?

 

One bedroom town house in Shepshed.

 

Quiet cul-de-sac setting, backs onto woodland. Quite small but has a garden and a drive for two cars. Superb access to the M1.

 

Yours for £90k. With Help to Buy, that's a deposit of just £4,500 required. BARGAIN!

Any more info? (seriously)

[FoxesAreBlue]

my advice to anyone would be to not underestimate the impact of overpayments on your mortgage. even a relativly small amount can make a massive diffrrence.

for example i decided to overpay instead of saving as much. net result is my term has gone from 25 to <10 years.

create a spreadsheet and do the maths. the impact of a few extra hundred quid a month can be massive.

I'm not all that good on excel, how could I make this?

[The Year Of The Fox]

Due to what's happening with the missis i may have to look at downsizing. The problem regardless of what I do is getting a mortgage in my own name on my current wage which is piss poor.

I need a little bit of work done to it, it needs redecorating in 3 rooms. its just hacving the money to do so.