LondonToManchester
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Posts posted by LondonToManchester
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That rule only works in the South. In the North/Scotland with a 20k deposit you could easily afford a 150K semi-detached house in a decent area with those earnings. You could buy Middlesbrough outright.
" i.e never having to worry about the boiler repair bill."
aye, instead you worry about when the landlord is going to fix the boiler as you freeze your **** off. His boiler will be working fine, thank you very much
Know your rights.
If boiler is broken and landlord does not fix:
1) get 3 quotes to fix.
2) pick middle one.
3) Get fixed and reduce money from rent
You can do this legally.
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Why shouldnt I buy if I can get someone who earns more than that to pay the rent / mortgage .. seems a no-brainer to me .. has always worked in the past see ..!!
What if the person leaves?
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I think if we introduced the following rule it would give everyone piece of mind and let them get on with there lives, without worrying about house prices.
If you are 30 and earn less than £40k you cannot afford to buy and should spend your life renting, Unless you have already bought
Just to make it clear if you earn £39k at age 30 and £40k at 31 you should NOT buy.
Now when you hit 30 and you know you will never buy you can plan around this. Try and get renting contracts fixed for 2 years to keep your moving / agent costs down. We need to get away from the mantality that everyone has the right to buy. NO they don't only people who can afford to meet the cost should buy.
Look at all the benifits ranting provides i.e never having to worry about the boiler repair bill.
What do people think?
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And the reason you wanted to buy Gold was??????
To make money why else? You can't live of it!
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Dude, you're back, it's been a while. Didn't you have a 'flounce-off' thread in the Off Topic last year?
It's a shame you didn't manage to increase your empire; think of all those plebs in hock to you...
TBH i would be lieing if I said I did not like the feel of power owning property gives me
I know I'm sad
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Great in theory not so good in practice...anyhow why should you feel you have to support your offspring...give them the knowledge and know how to support themselves...easy come easy go, the real true value of money is only real and true if you have worked and earned for yourself.
Dude I'm asain it's in my Blood (Joke)
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What is your 9-5?
Computer Programmer C++/Java
I love programming just hate all the ******** around it. Pays well esp in London.
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What is the point of speculating to accumulate when you have accumulated all that you need...life is short, you enter with zilch, live it, enjoy it and experience it then leave it how you entered it.
Theres some good advice there. I'm going to be 30 this year and I hope that by the time I'm 50 I can give up the 9 to 5 have someone else manage my properties and just enjoy life.
My other thought is that one day I will have kids hopefully and I don't want them to have to work as hard as I have to. So once I'm gone my property can help support them.
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No debt, no gold and one unencumbered home....Investment is debt repayment.
Man I wish I could keep out of all markets. I always worry I might miss out.
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It can be disheartning when a market does not go the way you want it to or expect it! I know how that feel
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Around March last year alot of the long term bears (I think also including this site administrater(could be wrong)) bought properties. They created threads basically saying that they had bought but still thought properties were going to fall. They manage to pick the bottom of the market and have probably made quite abit of money (on paper).
I should have taken this as a massive buy sign and increased the size of my portfolio.
I also should have listen to the people on this site 3 years ago telling me to buy gold.
What about the rest of you?
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Quick q how far are we from 2007 peak prices? Have we passed them yet?
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You my friend are a prize pillock!
I have a 18 month old child and I own my property outright. I live in London and there are no decent schools within distance so our only option will be to move at some point before the little fella has to go to school. To move to an area which has better schools means I have to pay:
1. Stamp duty on a new pad
2. Moving costs
3. A further 20% premium on the house price because it is near a decent school
Which could come to £100K ++
Whereas if I rented I could move to the very same area alomost cost free and thus save myself about 100K.
I have a friend with a 4 year old and they have just moved (rental) to a jolly nice place in Hampstead next to one of the best schools in the area. Have you ANY idea how much this would cost if you has to move and BUY a place near the very same school? Certainly more money that you have.
Chr1st you are thick!
Yea but you will stay there for many years not be forced to move along after 6-12 months! Plus you can make it a home something renters can't do!!
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No sarcasm at all. I am totally serious. I want my kids to experience as much as possible in life and to understand what is really important. I love renting, it gives us flexibility and opportunities, and having no debts and just savings is a massive appeal. We've been so much happier since selling up and have experienced many different lifestyles just in this country. We focus on living for the moment because we could move on at any time. In fact we also got rid of many of our material possessions to make our lives even more simpler. Our kids will understand what is really important in life, not what society pressurises you into believing! At the end of the day, memories are so much more precious than owning some bricks. I suspect there will come a time when we will want to buy maybe when we are old but we are young now and we cherish our freedom.
/Cartman voice
GOD DAM HIPPY
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My landlord wanted to put the rent up 5% here too. I said go ahead but I won't be your tenant. They soon had a change of heart, oh and I got a new oven too in case I'd been offended by their momentary lapse from reality.
Yea there is always a risk tenant could leave. so you got to weigh up pros and cons
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1. Unaffordability. FTBs are still priced out and without them the chains will not move.
2. IR are set to rise. The Bond market dictates IR in this country more than the BoE.
3. Unemployment. More people are working part-time skewing the statistics to show a slight decrease in unemployment.
4. BTL is no longer viable. BTLers will be forced to sell in the face of 2. and 3. above.
5. We are years away from boom times that are the only way HPI can occur.
1 ) poor FTB have been priced out for ages BTL took there place long time ago. They should work harder.
2 ) Interest rates were close to 6% a while back did not stop house prices increasing
3 ) Not as bad as people thought it would be no more 3 million drama
4 ) I am still BTL and making a small profit. I plan to never sell the properties whats not viable?
5 ) Thats what you think HPI occured last year when everything was messed up this year everything is better so bigger HPI?
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Oh i am starting a family and I RENT! ...and moving every 6 months doesn't bother me one bit, it's fun. I mean there aren't many people who have the opportunity to one moment live right next to the beach and next minute live in woodland and next minute have a flash apartment in central London. Life is good and never boring and we never have to worry about unexpected repairs or maintenance or spending our weekends doing household rubbish. We LIVE.
Must make schooling a problem?
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Superb riposte my good man!
@OP How are the BTLs in Didsbury going? Hope you haven't had any voids or had to use your oh so clever "Gandhi" eviction tactic
Only one of my tenants lost his jobs. The council/housing paid his rent for a few months before the guy got another job. Planning a 5-10% increase in rent this year the price of videogames is going up!
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I thought you'd ******ed off.
Dude you still renting?
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Unemployment has started to fall and the economy will be out of recession later today.
The banks are even starting to lend again on BTL properties.
Everything points to prices being higher this time next year than what they are today.
BUY NOW
or risk being price out FOREVER. We are starting to see a divide in the UK between people who have property and the rest. Renting is all good if you plan on never starting a family and are able to move every 6 months!
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The agent I use charges £25 + Vat for a reference, it's perfactly legal to do so.
I don't like it either
but what can you do? -
Well guys I have decided to stop contributing to the site.
I wish everyone one good luck including the bears and hope no matter what happens you all end up happy.
Goodluck!
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So really they are charging a similar amount to the tenant - that doesn't seem fair. Don't you think it might put tenants off?
Oh yes I'm sure it does!
But what I have found is that the tenants these guys give me stay alot longer. I think this is partly due to after having paid a large fee not wanting to pay more fees.
The cheaper agents just provide crap paperwork things not being signed so then I have to go to the hastle of chasing it up. Thats why I use the more expensive agent.
BTW I am in no way saying cheaper agants offer a crapper service, I'm just saying thats the case in Didsbury Manchester
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LTM, RE inflation, so, where is the money coming for to pay for high mortgage costs if other living costs are going to go up?
You cant have an increase in essential commodity costs without it kicking the life out of equity prices. In this case house values.
Other than food what other essential commodity is on it's way up?
A year ago I was paying £1.15 for petrol this morning I paid £1. Seems good to me!
Edit to add all inflation numbers seem to be falling so how are living costs increasing?
Some would say that the basket of items does not represent real inflation which I partly agree with. But the basket does represent near term changes in interest rates.
New Rule And Way Of Thinking
in House prices and the economy
Posted
You can ask your landlord for a longer agreement i.e 5 years why don't you? I am a landlord and would gladly accept.