Dilbert Posted June 9, 2005 Report Share Posted June 9, 2005 Hi all Just read this in my local paper which arrived today and I just had to share it with you. Sounds like a major back peddle and softening up exercise I've snapped it with digi camera but can't attach here, any suggestions? Dilbert In this first in a new series of articles about all aspects of buying property, Dean Sanderson, chair of the National Association of Estate Agents in Lancashire and Cheshire, takes a philosophical view on what is one of the most crucial investment decisions most people will ever make. The constant talk in the media about house prices rising - lowering - stagnating - has left anyone considering buying a property for the first time or those looking to move house - very confused. Buyers look to estate agents for advice and the advice of any reputable estate agent should be 'if you can't afford it - don't buy it'. Ultimately, you must base your decision on the mortgage repayments and also take into account that interest rates rise - which means so will your mortgage. As a general rule of thumb, your mortgage should account for between 25 and 30 per cent of your disposable income. Don't forget you also have to pay utility bills (and they are rising all the time), council tax, insurance and probably run one car or two! Most of us also want to go on holiday, dine out occasionally and have a little money put by for a rainy day. if your mortgage accounts for 50 per cent-plus of your disposable income - you could find yourself struggling. Be realistic about your own abilities. Buying a run-down house on the cheap can cause major headaches. Can you live with the builders for months on end? Do you really want to do major DIY projects after a hard day's work? Have you budgeted for all the work that needs to be done? When you think you've found a property you like at a price you can afford, take into account the close proximity of local amenities, commuting networks and if you have children, schools. The internet is a great way to research a local area but if in doubt, knock on a few doors. Most people won't mind giving their opinions about a particular street or area. Finally, try to stop looking at your bricks and mortar as an 'investment opportunity'. For the vast majority of people, our property is our home. If you can make thousands after a few years - great - but if not, surely the best thing about being a home owner is being able to enjoy a happy and peaceful life. Quote Link to comment Share on other sites More sharing options...
zzg113 Posted June 9, 2005 Report Share Posted June 9, 2005 Buyers look to estate agents for advice Yeah, right. More fool them if they do. That's like sheep looking to wolves for protection. Quote Link to comment Share on other sites More sharing options...
ʎqɐqɹǝʞɐɥs Posted June 9, 2005 Report Share Posted June 9, 2005 Hi allJust read this in my local paper which arrived today and I just had to share it with you. Sounds like a major back peddle and softening up exercise I've snapped it with digi camera but can't attach here, any suggestions? Dilbert In this first in a new series of articles about all aspects of buying property, Dean Sanderson, chair of the National Association of Estate Agents in Lancashire and Cheshire, takes a philosophical view on what is one of the most crucial investment decisions most people will ever make. The constant talk in the media about house prices rising - lowering - stagnating - has left anyone considering buying a property for the first time or those looking to move house - very confused. Buyers look to estate agents for advice and the advice of any reputable estate agent should be 'if you can't afford it - don't buy it'. Ultimately, you must base your decision on the mortgage repayments and also take into account that interest rates rise - which means so will your mortgage. As a general rule of thumb, your mortgage should account for between 25 and 30 per cent of your disposable income. Don't forget you also have to pay utility bills (and they are rising all the time), council tax, insurance and probably run one car or two! Most of us also want to go on holiday, dine out occasionally and have a little money put by for a rainy day. if your mortgage accounts for 50 per cent-plus of your disposable income - you could find yourself struggling. Be realistic about your own abilities. Buying a run-down house on the cheap can cause major headaches. Can you live with the builders for months on end? Do you really want to do major DIY projects after a hard day's work? Have you budgeted for all the work that needs to be done? When you think you've found a property you like at a price you can afford, take into account the close proximity of local amenities, commuting networks and if you have children, schools. The internet is a great way to research a local area but if in doubt, knock on a few doors. Most people won't mind giving their opinions about a particular street or area. Finally, try to stop looking at your bricks and mortar as an 'investment opportunity'. For the vast majority of people, our property is our home. If you can make thousands after a few years - great - but if not, surely the best thing about being a home owner is being able to enjoy a happy and peaceful life. <{POST_SNAPBACK}> You can attach files at the bottom of posts. Hope that helps! Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted June 9, 2005 Report Share Posted June 9, 2005 good advice. this means most people cant afford anything as average prices and uk average wages make a house at the moment unaffordable. nice post - but whats your solution ? Quote Link to comment Share on other sites More sharing options...
Dilbert Posted June 9, 2005 Author Report Share Posted June 9, 2005 right_freds_dead Thank you! IMO it's an easy solution - prices must fall... a lot. I posted it as it appears to me to be a turn around from what we're constanly seeing in the media, as the guy is from the NAEA I think they've realised they now have to soften up Joe Public for what will happen next. I just loved that line about not seeing property as an investment! Shakerbaby Just spotted the option for adding an attachment ... thanks, it helped Quote Link to comment Share on other sites More sharing options...
Grime- skint wouldbe ftb Posted June 9, 2005 Report Share Posted June 9, 2005 Anyone needing all that explaining clearly has the IQ of a chipmunk and shouldn't be allowed to buy a house anyway. if your mortgage accounts for 50 per cent-plus of your disposable income - you could find yourself struggling like... durrr. you must base your decision on the mortgage repayments and also take into account that interest rates rise - which means so will your mortgage um... really? Glad someone told me that I'd never have realised..... Quote Link to comment Share on other sites More sharing options...
refusnik Posted June 9, 2005 Report Share Posted June 9, 2005 In this first in a new series of articles about all aspects of buying property, Dean Sanderson, chair of the National Association of Estate Agents in Lancashire and Cheshire, takes a philosophical view <{POST_SNAPBACK}> They know how to keep reader's expectations high, don't they?! Quote Link to comment Share on other sites More sharing options...
George Posted June 9, 2005 Report Share Posted June 9, 2005 wow wow wow, that guy is a genious, noble prize maybe? "if you cant afford it dont buy it" no shit sherlock. Quote Link to comment Share on other sites More sharing options...
delboypass Posted June 9, 2005 Report Share Posted June 9, 2005 F..K it - Just claim bankrupcy as the government has made it so easy to get away with small children are doing it Quote Link to comment Share on other sites More sharing options...
Catch22 Posted June 9, 2005 Report Share Posted June 9, 2005 I think the guy's an imposter, looks more like a scrum half or a boxer with the cauliflower ears and the bent nose. you sure he's a limp wristed fork tongued EA Quote Link to comment Share on other sites More sharing options...
Guest Time 2 raise Interest Rates Posted June 10, 2005 Report Share Posted June 10, 2005 How's this sound for bad advice for first time buyers. Article in local newspaper under the headline "Property matters". Each week local estate agents take a look at property issues giving advice to home buyers and sellers. This week's advice from one local agent, advises first time buyers to act now to beat the rush. "Gordon Brown's announcement is good news. He has said that he will help first time buyers by taking a stake in the property they chose to buy and help by guaranteeing part of the purchase. However, there will be a rush when this schemes starts which will inevitably PUSH UP PRICES. Our advice is to get in now while prices are still stable. The selection of homes is still great and there are still bargains out there." Can they be held to account for printing stuff like this when prices IMO will be down substantially by the time this scheme comes into effect? Quote Link to comment Share on other sites More sharing options...
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