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Kazuya

Anyone Own Outright And Waiting?

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Is there anyone who owns their house outright and is just waiting for house prices to fall more even though their own house is also depreciating in value?

Obviously this scenario would benefit upsizers but is there anyone who didn't STR because they felt it was safer to be in their own home? :blink:

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Is there anyone who owns their house outright and is just waiting for house prices to fall more even though their own house is also depreciating in value?

Obviously this scenario would benefit upsizers but is there anyone who didn't STR because they felt it was safer to be in their own home? :blink:

I didn't STR for various reasons, one of which was as you suggest the safety of owning a fixed useful asset instead of paper. Other reasons included experience of how difficult it is to find a good place, transaction costs, not wishing to suffer the lack of tenure and other restrictions of renting, and having large amounts of tools and TFH supplies that are best stored in your own place.

If prices fell far enough I'd get a better place with more land.

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I`ve never viewed my home as a thing to speculate with. I don`t want to STR, upsize or MEW, I just want to live in the place. One day, I might move, but only if I can afford to. In the meantime, I just sit back and watch as the carnage unfolds.

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I own outright but want to move for family reasons (to be nearer family) - the problem is the dearth of 'value for money' homes out there. I would happily take a big fall on the 'value' of my own home if there was a corresponding fall in the one I want to buy. Isn't happening - yet. :(

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Own outright. My wife would be looking to upsize sometime, if I dont spend it all on bikes and pie first.

It's not the job of other ranks to advise Generals.

Remember your rank.

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Paid off my mortgage a few years ago. Sold autumn 08. Now I see from Right Move that 2 properties on the same street, both bigger than mine, are up for sale at £105k less than mine!!! Have rented a house locally since while my son finishes the school year and will move to another rented house down in Sussex in July before buying when it is sensible to do so in the future. Son starts new school down there is September. Have learnt loads about what we do and don't like about properties from renting.

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Yes, own outright and still in our first house we bought back in 1998 - we never moved due to my work being international for the last 6 years along with the huge HPI in the town.

We are looking to buy in the £800k bracket and had an agreed sale price of £295k in Jan 2008 on our house. But Guildford is very slow to correct, so we decided we couldn't be bothered with the hassle of STR and stayed.

Our property is now worth £230k to £240k while our target properties are still coming on the market at the peak prices (>£1million). The one or two that have caught the eye have been sold within weeks, so quality Guildford houses appear immune to the HPC.

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Yes, own outright and still in our first house we bought back in 1998 - we never moved due to my work being international for the last 6 years along with the huge HPI in the town.

We are looking to buy in the £800k bracket and had an agreed sale price of £295k in Jan 2008 on our house. But Guildford is very slow to correct, so we decided we couldn't be bothered with the hassle of STR and stayed.

Our property is now worth £230k to £240k while our target properties are still coming on the market at the peak prices (>£1million). The one or two that have caught the eye have been sold within weeks, so quality Guildford houses appear immune to the HPC.

If you are shopping for million pound houses with £800K, doesn't that rather destroy the statement that ' quality Guildford houses appear immune'?

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I own outright in SE London. I am desperate to move out to my 'home' area in the home counties, but I cannot afford the transaction costs. Nor can I find anyone who will sell for a realistic price. I'd have to get a mortgage just to pay the stamp duty.

Even as someone who owns outright, it would be 1 year's entire net pay just to pay the transaction costs on moving. I have turned down better paid jobs just because it would take 5 years additional pay to cover the costs of moving.

Our current house is worth 12x our joint income, even with a 30% drop from peak.

I am waiting for:

  1. More houses to come on the market
  2. Realistic pricing
  3. Stamp duty to fall
  4. Estate agent's fees to fall
  5. HIPs to disappear

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It's not the job of other ranks to advise Generals.

Remember your rank.

Marriage trumps rank... :(

Still, she's not so keen that she cant see that waiting is currently the winning game.

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I own outright, having sold a rental house with no mortgage in November 2007, I paid off my principle homes mortgage with the cash, I'm now waiting for the floor to fall out the market and buy cash on the South East coast, keeping my house in Berkshire as a rental property, couldn't have played it better if I'd tried :rolleyes: let's hope I can call the bottom right too :P

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29 months left on the mortgage, although we've overpaid some so I hope it will be less than that. I would have loved to upsize but HPI always put it just out of comfotable reach. After the last recession battered us to a pulp I wasn't going to take any chances on overstretching the budget.

I could afford to do it now but to be honest I've just got too old to be fussed. I wonder sometimes how much I really wanted it, or was it just because I couldn't have it in that wierd way.

I must admit I expected a deep recession and HPC, but all this MP till raiding, banking meltdown mayhem was a bit more than even doom doomer me imagined. All we need is a couple of earthquakes and rivers of blood.

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I didn't STR for various reasons, one of which was as you suggest the safety of owning a fixed useful asset instead of paper. Other reasons included experience of how difficult it is to find a good place, transaction costs, not wishing to suffer the lack of tenure and other restrictions of renting, and having large amounts of tools and TFH supplies that are best stored in your own place.

If prices fell far enough I'd get a better place with more land.

I know exactly what you mean...not really into where I live but the transition via possible cash holding in this environment and renting from some BTLer was all too much. Nonetheless, it feels like a copout.

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We've only got a couple of years left on the mortgage and that's less than £200 a month. We have been thinking about upgrading when the market troughs but have come to the conclusion that we are happy enough where we are.

So we've just had plans drawn up for an extension which will double the ground floor space of the house and cost around the same as the stamp duty and fees would set us back if we moved.

I'm still looking for house prices to tank to a sustainable level though. I've got 4 kids and want them to be able to afford to house themselves comfortably when the time comes.

I don't give a flying fook what our house is worth.

This attitude is a lot more comon than one might imagine.

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Yes, I have a modest semi-detached house with no mortgage and 100k in the bank.

If prices drop further, as I'm hoping they do then I would like to live in a detached place again without

having to spend the entire 100k

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Just having a Jeremy Clarkson Moment here.

I can remember JC travelling across Europe and when arriving at a toll road, telling the guy in the toll booth that he had already paid as he was English...........Via the EU Taxes.

Could it be the case than people with mortgages with Lloyds, RBS, and Norther Rock now own their properties outright as the banks are owned by the taxpayer ?

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I don't give a flying fook what our house is worth.

This attitude is a lot more comon than one might imagine.

1+

mortgage free and hoping for another drop, then if we can sell, will be buying a detached home with some land for cash. mrs jackass wants to grow vegetables and keep livestock. we are hedged against a currency collapse, oil shock, and prepared for this to possibly all blow over.

my money is on a currency collapse tho :ph34r:

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Own outright, and the property hasn't depreciated in value (it's not to say it won't to some degree, but I'm relatively protected where I am, and no I'm not in the UK)... Am just waiting in the hope the pound picks up against the euro as I hope to buy a bigger place in the country and rent the current property to pay the mortgage on it.

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Guest KingCharles1st

But all you good people with no debt on your property will still have to sell the existing house /estate for less to enable a sale to go through. Including taxes, professional & moving fees etc, what sort of uplift scenario do you have to make to improve your perceived financial investment by selling and "going large?"

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Bought a derelict flat as a FTB with serious leasehold problems in 2003. Had to take the agents and freeholder to the Leasehold Valuation Tribunal for service charges, right to manage and then purchased the freehold with a neighbour.

Since then, we have been feeding money into our mortgage like coal to a steam train. It's taken years to do the place up but it's fine now.

Have a few years left on the mortgage after what I can only describe as a massive effort.

Would be nice to move from a dumpy area but prices are too high as yet. Maybe at auction we'd get a reasonable deal?

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