sundance_kid
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Posts posted by sundance_kid
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Do you still live at home with your folks?
Not until a few years ago.
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No.. it's a commercial enterprise, he's spending that money solely for the tenants pleasure.
Imaginary savings are great though.
I must be quids in already from the maintenance work I haven't done be will, from the builders that will quote me but haven't yet.
Obviously though I can't compete with the army of renters out there who can plug and play boilers and radiators from one accommodation to the next.
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No, you're alright because you don't always crow about it. Nothing wrong with 'winners' per se.
The only thing established thus far is renting is fine should you lead a long term no commitments life, finances allowing.
It's hardly a view that has it's finger on the pulse on most FTB's I know.
Don't get me wrong I don't begrudge that position, well done but personally speaking I don't wish to wait past my thirty's to buy as they're will be things by then I will delay by not 'living' in my own space.
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so, is renting:
A...dead money?
B...stops one "getting on with ones life"?
C...for losers?
this was the thrust of some posters arguments.
It's fairly obvious as a casual observer on this site that renting is far too touchy of a subject. It does have major downsides boys and girls and the lengths people go to, to skirt over it are pretty extreme.
Like I said I wouldn't dream to feel I have bragging rights over someone living in a depreciating pile of bricks whilst living at the behest of someone else.
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clearly, buying a house at any time, whatever the price, is of little concern to one so well heeled.
Thanks for caring
Apologies, I know I do sound like a g1t but this is a hostile thread to anyone sounding out the prospect that the house price crash predicted so far is not yet coming.
I just took offence to someone doling out smugness, who as it turns out is in need of a house price crash greater than I am.
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Fully retired actually.
I only discuss my own situation because I know that what I'm saying is 100% correct.
If you're a VI, then yes, I am rubbing your nose in it. If you're an FTB then sorry if you think that's the case but, at my age, many people who have worked hard would expect to be mortgage free with some savings. Hopefully you will be in the same situation.
My personal situation is relevant because it shows the often quoted "you can't be renting when you're retired so take out a mortgage now" mantra to be a load of rubbish.
To be honest, when I retire I'd rather be mortgage free with a house I owned plus savings before I felt I could rub anyone's nose in anything.
If your putting it that way, considering your years ahead of me I'm 27, far from retired, I'm mortgage free, debt free with nearly 70k in the bank but I still don't feel the need to stick it to anyone.
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I'm sure I've explained it more than once
.Yeah you've explained the financial acumen perfectly but you sound more like an estate agent than I apparently do.
When I buy my house, it's financial price will be way down my list of priorities. Settling down and living in it will.
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Is living without paying a mortgage a waste of your life? Jesus it's only a property, and if you buy it in the UK probably a grim one at that. Who is wasting time here? You're a long time dead son, find something more interesting to do with your life than pay a poxy mortgage.
My skins ok thanks, and will remain ok even if I never buy a house.
It is actually possible to live an interesting and varied life without a mortgage. Hard to believe I know. In fact, just to warp your mind some more if you can take it... having a mortgage actually limits your choices! Amazing.
You seem to have the wrong end of the stick. I'll only going into the market when I'm ready and that'll when I have 70% of the funds there to do it, with a backup plan to pay the remaining. The last thing I want to do is pay a mortgage the rest of my life, no intention of that at all.
All I'm suggesting is by the time I hit 30 I will be wanting to do other things in my life that owning my own home will bring. What I do find odd though is for someone after the age of 30 to have put so much effort into saving where they could buy comfortably now to more or less delay buying and wait for some golden period of buying up a house that could never materialise.
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I would be interested to know when was there a time when the future was certain.
My perspective is that the last three years has been, by some distance, the most favourable and the most stable period for interest rates in my lifetime. I usually baulk at joining the consensus view but I don't see that changing significantly in the next one or even two years.
Exactly, when my father bought he never for a moment expected interest rates to rocket under Thatcher. He worked through it and took the pain.
It seems to me on here some can lose perspective. To me it's going a bit far to say postpone house buying due to current economic conditions or future house appreciation expectations or are waiting for the perfect conditions to buy. The one thing you cannot buy is your time back.
If we don't get a significant house price crash in the next two years I'll be buying anyway as I should have saved what I wanted by then.
I wouldn't count on things like a Greek default or a financial run to save your skins as the one thing that's been demonstrated so far is that the elite can and will make this up as they go along. They write their own rule book and by god they'll write it so technically Greece will never default.
At best I am of the opinion house prices will be on a low grind downwards but will take years.
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Now you really sound like an estate agent
.I am paying for a roof over my head.
We all have to pay for a roof over our heads and there are three ways of doing it. Whichever way you choose it costs money.
1. Buy a house with cash and lose the interest on the money you no longer have in the bank.
2. Buy a house with borrowed money and pay interest to a lender.
3. Rent a house from a landlord.
For me not owning a home over 30 would cramp my lifestyle. It's difficult to start a family in someone else's home.
I just wouldn't have the patience by then to wait around for a golden period of buying a house that may never arrive. I'd certainly be damned to keep coughing up any money to a landlord knowing that same money could be going on my own abode irrespective of it's appreciation/depreciation.
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Depends what you want, if you are happy with the debt you have undertaken, and have a workable repayment plan (the same thing as rent) are happy to live in a property that ticks most boxes for a long period of time (moving ie selling and buying is very expensive) are happy with the area and close neighbours.......but most importantly you are buying it for the right reasons ie as a comfortable home to live in not an investment....would you still be happy if you one day sold it for less than you paid for it, that is the clincher, if you can say yes to that.....do it, why not.
Yep, I'd be fine. It's my home, not an investment. Really, the only thing stopping me from buying is the knowledge that I'm reducing my mortgage now but as a 27 year old lad my patience is nearly up. I want my own place.
Because I don't want my money tied up in an illiquid, depreciating, asset.
With regard to living at someone else's behest, I am the customer and my landlord is the supplier.
Your money is going into an illiquid, depreciating, asset, your landlords.
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Why is it a cramp on your lifestyle over 30? You want to install a stairlift? HIs and hers sex dungeons?
Like I said, I don't understand if your 30 and over now and can buy comfortably, why you'd want to continue living at someone else's behest, be it parents or landlord.
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I really cannot fathom that statement. Several people have said that in this thread. The only thing 'stopping you getting on with your life', is you.
Not really, infact it makes perfect sense to me. If you've just spent X amount of years saving to buy, waiting around for a potential crash when you can comfortably buy now strikes me as an enormous waste of time.
The bottom line is not having your own house over the age of 30 is a cramp on your lifestyle, hence why I will be buying at that point or before.
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Only true if the amount you save in mortgage interest is more than returns on the same money invested.
Also if you have substantial savings then that brings certain lifestyle bonuses of its own: you never have to "worry about money", about paying bills or not working (for years at a time possibly), you never have to think "oh I cant afford xyz this month, Ill have to wait till next pay day" etc etc etc. I dont know about other people in the same position think but personally I'm not desperate to swap that position to being a net-debtor and having to live month to month with no cash reserve.
It's had advantages for me being in my twenties being debt free, the reasons are obvious. Problem is I'm now approaching my thirty's and I'm finding many of my friends are 'struggling' now, whereas I saved in that time period.
Ultimately I can't live in a bank account and neither can I start a proper relationship in one either. That's why I'm not prepared to waste years waiting for a mythical house price crash that may never arrive. Considering I'd be buying with 60%-70% already paid off in the current climate I'm not interested in waiting any longer than two years and hopefully be mortgage free by the time I'm 40.
I'd even be prepared to live with a tenant for a while to shorten that time period. Needs must I'm afraid.
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House prices have stopped going up - the goalposts have stopped moving, which in itself is a massive relief.
Two personal gripes about a lot of discussions on this forum come to mind though:
* Comparing salary multiples now to those of the mid 90s. They were caused by a freak economic situation (the UK aligning it's currencies with others in Europe). Those levels aren't coming back.
* Comparing the falls of 08-09 with now. Those were the fastest falls in house prices the UK has ever seen. They are also not coming back. 1% a month possibly, not over 2%.
I can save whilst renting. If house prices are static, things are still moving in the right direction. Every £1 added to the deposit is £1 less in borrowing and another £1 less (approx) in interest paid out. Each £1 added to the deposit in the past is also now earning compound interest too (the only rate of inflation I'm concerned about here is HPI).
Indeed.
Waiting has paid off for me. If you can't rent and save, then I guess it depends on how old you are. I would advise a 25 year-old to wait. I don't think I'd give the same advice to a 35 year-old though.
Right again. This thread topic is just to gauge opinion, i think it's good.
As long as prices stay static it's allowing me to 'catch up', reduce by potential mortgage in the near future and also helps insulate me from possible rate increases in the future. At 27 I'm not in a bad position, like I said though, two more years and that's my limit.
If there's people on here though who could afford to buy now, waiting for some potential 40% off crash seems a waste to me? Buy and get on with your life.
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No. The best thing that you can do (for me) is to go out there and buy the most expensive house you can afford.
This sucker ain't going down till every bear has given up. I am heartened by the amount of distress and moaning that's going on, indications that people are giving up waiting.
I disagree. They've throw everything along with the Kitchen sink at propping this thing. If/when this sucker goes down, I get the feeling it'll take everything along with it. Should that day arrive, at least I have a house standing at the end of it, whereas my savings could *poof* in an instant.
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Two years is my limit now. The only thing stopping me is the fact I'm in a honeymoon period of saving at the moment so I can vastly reduce my 'potential' mortgage now by knuckling down.
I'm 60% there now as it stands. I won't be waiting any longer than this. Times up for me. As prices standstill till then I'm fine with it. The crash isn't coming, not with this level of propping going on. I'm not bothered any-more now. If they crash hard five years after buying so be it. It's my house, not an investment.
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The crash many here are hoping for isn't materialising. This is a good as it gets I think, snails pace rises or declines for the long term.
Best thing you can do is save and be patient. My patience is almost up. You can't compete with the level of fixing that's going on. I'm 60% there now for the kind of house I'd like, in the type of area I want to be in. I'll be buying in the next two years irrespective. .
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It all rests on the alternatives though. I pay £37 a month and find it OK.
On average a standard football league can be roughly £4 per game, a trip to the local baths is £4 a go, a game of squash similar price.
Do that a couple times a week and your soon up to £30 in a month easily. Not bad for winter time especially, not much else to do on a cold dark evening after work.
I wouldn't pay more than £40 a month though.
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All I can say is, it shows how planning permission in this country is a complete lottery or how corrupt it is. The previous owner looked pi$$ed when he saw it, understandably so.
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The short sharp crash isn't coming, not when successive Governments are prepared to keep throwing their weight behind it to prevent it.
I can't compete with that and nobody seems to be calling their bluff on it.
I'm still not panicking, as neither can I see a pre crunch boom on the horizon. Realistically at least I think all tiers in our society realise those days are gone. That seems to be the general outlook for the people I talk to now on the street, so as long as house prices continue to tread water at least I'm happy.
The next two years are vital to me now. I have roughly 50-60% now in savings for what I will be looking for in a decent area, plus help from other sources if required. If I knuckle down for the next 2 years I could add significantly to my savings pot.
If by some miracle though prices do start showing significant gains I think I'll be buying. It's not worth the risk and by all accounts if prices did collapse so do my savings anyway.
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pure gym at £16 a month is killing fitness first adn some of the second tier providers like nuffield.tope end has it's own dynamics.
None where I am. The one I go to is pretty much 3 mins from where I live and has convenient parking.
Basically within a 5 min drive I have the option of 5 Gyms hence why I think they're struggling and DW is the best out the lot in that radius as far as I'm concerned, for my needs anyway.
Top Notch is £30 a month if I paid upfront for the year but the flip side is the cheaper price draws in some scum.
The real problem for my area though is that an all female gym has opened up and Virgin Gym is cleaning up too with a higher price and by all accounts it's busy.
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Depends on the gym. I use DW, pay £37 a month and find it reasonable.
It frankly beats sitting on the internet and sitting in-front of the TV or down the pub instead.
Considering going to my local swimming baths maybe twice a week would be £8 a week, like I said, I find them value for money.
They still seem fairly popular where I am. They are struggling I think but that's from the fact that so many have now popped up they're having to compete with each other.
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Spot on. And I've seen exactly the same in Lincolnshire. reductions since 2006 from 320k to 230k taking prices back to 2003-4, and still overpriced at that. I suspect potential buyers will sit on their hands for another year or two.
That's my plan. The level of annoyance from all quarters of the housing issue now is sweet music to my ears. Yeah, so what, they've prevented a crash but at what expense. Prices aren't going anywhere, the markets still not moving, it's obvious now to all.
In my position I'm knocking off thousands from my mortgage by sitting tight. and at present I've no reason to sacrifice this.
After two years though, my limit will be reached and I will be buying.
Mervyn King: Helping Savers Would Push Britain Back Into Recession
in House prices and the economy
Posted
What are the odds any of the MPC are leading by example?