Sunday, Apr 27, 2008
A journalist who is selling to rent
Guardian: Crash course to being mortgage free
He called the crash last time round at the right time, and now plans to do it again. I think he may be about 6 months too late, but a very well written article nevertheless. He also gives us a mention.
Posted by jonb @ 09:57 AM (901 views) Add Comment
16 Comments
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1. Dazednconfused said...
"But my other port of call has become housepricecrash.co.uk just to reassure myself that this isn't just another 2005 style mini-dip.
But I'm going to have to stop lurking there, because whenever I do, I get this urge to build a bunker and start stockpiling baked beans. And that's a potentially toxic combination."
Haha. Brilliant.
2. planning4acrash said...
"So, as of this month, my coffee-break routine is a quick look at rightmove.co.uk to ogle all the nice Cumbrian houses that were obviously photographed last summer - and there are plenty. But my other port of call has become housepricecrash.co.uk just to reassure myself that this isn't just another 2005 style mini-dip.
But I'm going to have to stop lurking there, because whenever I do, I get this urge to build a bunker and start stockpiling baked beans. And that's a potentially toxic combination."
: )
3. doomwatch said...
Bit of a gloater article; "look at me, I'm not a mortgage mug". Fair enough, all due respect, but why try to make out this
site is some survivalist nut house.
4. Hitmanht said...
>>why try to make out this
site is some survivalist nut house?
because some of the opinions expressed here are a bit 'how to survive the coming economic chaos; sell everything, buy some gold and move to the mountains' type stuff...
5. little professor said...
"But I'm going to have to stop lurking there, because whenever I do, I get this urge to build a bunker and start stockpiling baked beans."
Go on Richard Simpson, come out of the shadows and give us a post. :)
Congratulations are in order for someone who managed to sell up at the peak not one but two times.
6. Bananasplit said...
Yawn, cough and splutter.....so what! I am in a similar position and I sold at the right time last time round and I am in rented, but, I am married with 3 kids. I have bought and sold several times, each time I have bought a wreck, its partly down to planning and mostly down to to my wife who puts up with my nomadic lifestyle and not underestimating a bit of luck right time right place etc.
one thing I have noticed over the last couple of months is that there are more renovation projects available, they are not automatically going to builders or sealed bids.
7. planning4acrash said...
On a positive note. This shows that journalists are beginning 2 question their standard sources and use alternative media to make their own decisions. Editors won't let them share views expressed here, but journo's get away with
Posting a weblink, 4 now.
8. techieman said...
"because I think that even decent builders will be hungry again quite soon."
Good point - my parents have a large bungalow and they have always though it a good idea to do a loft conversion - which would cost £££££. For various reasons they didnt do it but did look at it about 18months ago. Thee question i have is this will the building costs fall because of the lack of new build demand (both commercial and residential) or will this be offset by the Eastern Europeans leaving or the general inflationary increases. Its in part rhetorical, but the funny thing is this, while the property is valued high (at the top of the market) the owners (in this case my parents) would justify spending a large sum on the improvements as it adds value to the property (which is going up anyway so its even more geared up if you like) BUT when in the reverse the expenditure is needed (they or I could pay cash for this) my view is they will be less inclined to do it.
Funny thing human nature innit!?
9. titaniccaptain said...
@Techieman
In a simular position myself to your parents.....I really would like to know what is going to happen to building costs before I jump
10. cyril said...
titaniccaptain - building costs for small projects do vary in line with house prices to some extent because the cost is justified in realtion to amount the jerry-built loft conversion or whatever will add to the value of the house. An old trick indeed but basically true because it would cost ££££s to move somewhere bigger.
If house prices go down, it might be easier to move to a bigger house - prefarably not one with a hideous carbuncle on the roof !
11. titaniccaptain said...
@Cyril
Thanks for that......Im looking to put an extension on my house and just want to know if its better to wait 18 months or do it now
12. techieman said...
thanks Cyril - when i said loft conversion i was underplaying a little, they are basically thinking of adding a new floor and raising the whole roof one floor. Bit ostentatious in my own view, i dont want them to invest in Southfork FFS. Yes no doubt you are right it might be cheaper for them just to move, but they dont want to do that (really i have tried persuading them NOT to do this at all but theres only so much i can say) so i am hoping to be able to say "well ok go ahead but wait a couple of years because building costs are likely to plummet" but i really dont know (- i.e. i would like some evidence) if i can say that. I wonder if we can glean anything from the 90s falls? Dont spose its worth asking builders that contribute to this site - even if they did wouldnt they be VI.
13. planning4acrash said...
Building labour costs must go down, because there will be a reduction in house building and less money from mewing, but materials costs will go up with inflation. The balance? Who knows, but I do think that labour is the more important cost, so this is likely to go down. Whatever you do, Techieman try to dissuade them from MEWing!! We all need to only buy things when we can afford it!!
14. techieman said...
p4ac - thanks no they have no mortgage and they have enough money to pay cash for this. its like i said i really dont want them to do this, i think for one thing the house will end up effectively having a "burglers welcome here" sign on it!! :-). And the other thing is what on earth are they gonna do with all the space - to me its just a waste.
15. Ccamper said...
A bit smug. But then he has every right to be.
16. montesquieu said...
I'm with him on the survivalists stuff, I can't really be doing with the apocalyptic Mayan calendar end of civilisation stuff.
BTW on sources etc I don't think he's a regular Guardian hack ....