Do most people think it is worth buying even though the rates are at the lowest they have been (I think lol) , so surely once the country starts getting back up to scratch again they will go up ? , I wish I was born in the mid 70’s so I could of took advantage of these situations lol , look at what the Russian oligarchs did in the 90s lol it ■■■■■ being young haha
Smoggie89:
Do most people think it is worth buying even though the rates are at the lowest they have been (I think lol) , so surely once the country starts getting back up to scratch again they will go up ? , I wish I was born in the mid 70’s so I could of took advantage of these situations lol , look at what the Russian oligarchs did in the 90s lol it ■■■■■ being young haha
Lots of people got really stung at times with houses, when planning a mortgage check you can afford it with interest at 10%+, i too have paid 15% interest when it went sky high and lots of people lost their homes.
I wouldn’t wait on the country getting back up to scratch, thats decades away if ever and we have a still increasing national debt that can’t be serviced, the economy isn’t as rosey as Pinocchio and his sidekick would have you believe.
There’s always a house somewhere worth buying, i’m not a fan of new builds, they’re tat, no solid internal walls, rooms not big enough to swing a cat in, and jammed tightly into estates with thousands of identikit barracks.
The good old terrace or ex council takes some beating for starters, my daughter picked up a smashing ex council semi couple of years ago for her first home, it a crackin little place, good sized gardens front and rear, plenty of room for off road parking and couple of brick built outbuildings, just over £100k, OK it needs some work an old chap lived there and has gone into a home.
Thing is with houses there’s too much ■■■■■■■■ on the telly now, with half wit potential buyers seemingly unwilling to buy a house cos the walls or the carpets are the wrong colour…JESUS WEPT…6 tins of paint and £300 worth of carpet and its to YOUR tatse, but the plonkers seem unable to visualise.
What i’m saying is, find that house that an older couple have lived in, it’ll all be the wrong colour and out of fashion so half the plebs won’t entertain it, they’ll buy the one down the road for 30% more because someone spent £2k sprucing the bugger up in boring beige.
You’d be surprised how cheap it can be to do a house up, don’t be afraid to buy things like kitchens used or ex display via the net, a high quality used kitchen will last donkeys years longer than the crap the sheds sell and be infinitely superior in every way.
Don’t have built in appliances, standard white seperate appliances, miles cheaper…its a family kitchen not a show home.
Bathrooms/bedrooms don’t need to cost umpteen thousand, bought carefully via the net you’d be amazed how cheaply you can refurb to very high standards, but you must keep out of showrooms and their shark like sales bods.
Double glazing doesn’t cost much, find the little one man band and avoid those companies who have to fund adverts, you’ll be pleasantly surprised.
Juddian:
Smoggie89:
Do most people think it is worth buying even though the rates are at the lowest they have been (I think lol) , so surely once the country starts getting back up to scratch again they will go up ? , I wish I was born in the mid 70’s so I could of took advantage of these situations lol , look at what the Russian oligarchs did in the 90s lol it ■■■■■ being young hahaLots of people got really stung at times with houses, when planning a mortgage check you can afford it with interest at 10%+, i too have paid 15% interest when it went sky high and lots of people lost their homes.
I wouldn’t wait on the country getting back up to scratch, thats decades away if ever and we have a still increasing national debt that can’t be serviced, the economy isn’t as rosey as Pinocchio and his sidekick would have you believe.
There’s always a house somewhere worth buying, i’m not a fan of new builds, they’re tat, no solid internal walls, rooms not big enough to swing a cat in, and jammed tightly into estates with thousands of identikit barracks.
The good old terrace or ex council takes some beating for starters, my daughter picked up a smashing ex council semi couple of years ago for her first home, it a crackin little place, good sized gardens front and rear, plenty of room for off road parking and couple of brick built outbuildings, just over £100k, OK it needs some work an old chap lived there and has gone into a home.
Thing is with houses there’s too much ■■■■■■■■ on the telly now, with half wit potential buyers seemingly unwilling to buy a house cos the walls or the carpets are the wrong colour…JESUS WEPT…6 tins of paint and £300 worth of carpet and its to YOUR tatse, but the plonkers seem unable to visualise.
What i’m saying is, find that house that an older couple have lived in, it’ll all be the wrong colour and out of fashion so half the plebs won’t entertain it, they’ll buy the one down the road for 30% more because someone spent £2k sprucing the bugger up in boring beige.
You’d be surprised how cheap it can be to do a house up, don’t be afraid to buy things like kitchens used or ex display via the net, a high quality used kitchen will last donkeys years longer than the crap the sheds sell and be infinitely superior in every way.
Don’t have built in appliances, standard white seperate appliances, miles cheaper…its a family kitchen not a show home.Bathrooms/bedrooms don’t need to cost umpteen thousand, bought carefully via the net you’d be amazed how cheaply you can refurb to very high standards, but you must keep out of showrooms and their shark like sales bods.
Double glazing doesn’t cost much, find the little one man band and avoid those companies who have to fund adverts, you’ll be pleasantly surprised.
Some good advice mate thanks , the main thing that is off putting is the deposit , I couldn’t afford 10K or however much not the wages I’m on it would take years to save that, and if I used my credit card for some of it , I would have to pay 2 people back lol , thanks for replies mate
Don’t spend it before you’ve got it is possibly the most cogent.
ckm1981:
I disagree with those that say buying is not the best move…
I bought my 1st house aged 18 for 28k sold it 7 years later for £49,950
Bought our current property for 71k,now after 8 years we are in the tail end of selling it for £96,950.
We are buying a new build that’s due to be done in Feb/March for 160k on a brand new estate that won’t be fully complete til 2018,when it is all complete the house we are buying is projected to be worth 180k(figures from a independent expert,not a sales pitch from those building the houses)So in approx 17 years we have managed to “move up” substantially,from a 2 bed terraced to a 3 bed detached with garage.
I’m now 33 and all being well will have my mortage paid off before I reach 53…what happens to those renting when they reach old age and a landlord still wants their £650 a month rent?!
Prices are now not guaranteed to rise anything like that any more outside of London/South East. Your projection is based purely on a guess. If mortgage interest rates go up and wages don’t, it may be worth less. You say you’ll be mortgage free by the time you’re 53, I was 6 years off being mortgage free by the age of 45 when circumstances forced a move and now I’ll be mortgage free on the day I retire.
What happens to those renting when they reach old age and the landlord still wants their rent? Like my parents they will get some or all of it paid by housing benefit/LHA.
Great book to read on this and many other topics in ‘Rich Dad Poor Dad’.
It questions how a House can be an asset when it requires constant up keep, and you cant sell it if you need to live in it. I think the key point is the differential between the real cost of owning a house and the real rental cost. Real cost of owning a house with interest on loan repairs etc included.
It annoys me when billy big balls down the pub says he paid £100k for his house 20 Years ago now its worth £225k thats £125k profit. No it’s not its £125k less the interest you have paid on your mortgage less the new windows new kitchen etc and all the ongoing up keep costs. Hang on BBB didn’t you have a new roof last year…
There has to be big questions over how much house prices will rise in the future because;
1 - Loans are not going to be as easy to come by for the next 40 years why we pay of the banking crisis. So not as much debt to chase up house prices.
2 - The government are relaxing planning laws to encourage new house building. More supply will stabilise price.
For me house prices will still rise in good area’s, but the rough area’s that are quickly turning into little poland/pakistan will expand and see depreciation. So average will be flat. All depends on where you buy…
Not all of us bought houses to make money, and some got their fingers burned doing so, unless you sell up and live in a tent any profit you make is a moot point, the house you buy to replace the one you sell will have gone up or down in value by roughly the same amount as yours, so whats the big deal.
Each to their own.
Conor:
ckm1981:
I disagree with those that say buying is not the best move…
I bought my 1st house aged 18 for 28k sold it 7 years later for £49,950
Bought our current property for 71k,now after 8 years we are in the tail end of selling it for £96,950.
We are buying a new build that’s due to be done in Feb/March for 160k on a brand new estate that won’t be fully complete til 2018,when it is all complete the house we are buying is projected to be worth 180k(figures from a independent expert,not a sales pitch from those building the houses)So in approx 17 years we have managed to “move up” substantially,from a 2 bed terraced to a 3 bed detached with garage.
I’m now 33 and all being well will have my mortage paid off before I reach 53…what happens to those renting when they reach old age and a landlord still wants their £650 a month rent?!Prices are now not guaranteed to rise anything like that any more outside of London/South East. Your projection is based purely on a guess. If mortgage interest rates go up and wages don’t, it may be worth less. You say you’ll be mortgage free by the time you’re 53, I was 6 years off being mortgage free by the age of 45 when circumstances forced a move and now I’ll be mortgage free on the day I retire.
What happens to those renting when they reach old age and the landlord still wants their rent? Like my parents they will get some or all of it paid by housing benefit/LHA.
The projection is based on the fact that when our house is finished the site will still be a building site but in 2018 when the whole lot is complete and it’s a new development then the houses that were sold in the first phase will be worth more than when they were built.
obviously I’m not blind to think that everything in life goes to plan…I’ve learnt that for myself,but you can only look at what is here and now and go off that,the unknown is exactly that,but I see what your saying.
Buy a house, rent it out, repeat as often as you can safely.
turbot:
Buy a house, rent it out, repeat as often as you can safely.
Great until you happen to be the one left holding a portfolio you can’t manage when the present bubble bursts, as it has done in the past and will again.
turbot:
Buy a house, rent it out, repeat as often as you can safely.
Too much homes under the hammer me thinks…
People have made substantial money in the past through the housing boom using equity in rocketing house prices to fund the loan on the next property. Without house price growth it’s a lot harder to do and requires more capital.
Still think the difference between rent and mortgage in the area you want to live is the key factor. In and up and coming area may still be worthwhile.
Juddian:
Not all of us bought houses to make money, and some got their fingers burned doing so, unless you sell up and live in a tent any profit you make is a moot point, the house you buy to replace the one you sell will have gone up or down in value by roughly the same amount as yours, so whats the big deal.Each to their own.
not really, sell your house and then you’re in the same boat as a renter, but chances are with a big wedge in your back pocket.
a rough guide, you’ll pay back double what you borrow on a mortgage, what will the house be worth in the 25 / 30 years? crystal ball time. don’t they reckon historically they double every 10 years? yes there’s upkeep of course to consider. as and when you get more equity in the house, you’ll qualify for better mortgage rates. obviously taking into account interest rates, you’re setting your accommodation cost at todays rate, whilst renting is subject to inflation.
renting unless from the council, you might be moving on at the end of the tenancy if they don’t want to renew so that flexibility works for and against you. have to ask permission to do stuff to the house.
Good points from both sides , If I get a mortgage it won’t be anytime soon so I’ve got time to think things through, not an easy decision lol, buy/rent have good and bad points each but I’m going to have to think hard about where I would want to be living etc … Cheers for replies
For the government it is better if we buy because they have more control over us, if we strike we may lose our home, if out of work same again so got to keep working when we get old we have to sell if we need care. Someone who rents why work as we see all the time everything gets paid from your rent to your care in old age.
mac12:
For the government it is better if we buy because they have more control over us, if we strike we may lose our home, if out of work same again so got to keep working when we get old we have to sell if we need care. Someone who rents why work as we see all the time everything gets paid from your rent to your care in old age.
a certain person named thatcher latched onto that a while back , (discounted sales of council houses ) I didn’t like the woman , but I have to admit that was one clever move .
Don’t rent, don’t own. Live in my boss’s truck all week, and on my boat for the weekend.
[shakes head]