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m4rk

Just Bought

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so i did it.

bought a lovely 2 bed semi cottage in the countryside with a massive garden a single garage and a huge barn like garage as well. all modern kitchen and bathroom so nothing needs done. it last sold for 185k (without the large extra garage) early 2007. agreed price after i refused to budge 160k. do i think iv caught the bottom NO. but i always said if oil went back to 60-70 id move fast and buy if the right house came up which it has. im a total car nut so to get the garage's is exactly up my street.

stuck in this place for the rest of my life if property really goes to hell? well im happy the attached garage can easyly become a 3rd bedroom and quality of life will be good out in the country if crime gets worse in the city (which it seems to be daily right now) 25 year mortgage fixed for 5. couldnt get 10 year fix at the ltv rate (i know alarm bells) could actually have it paid off in 10 years with my 95% known future promotion prospects.

as for wait a year etc few points that affected my decesion

1. iv been on aspc every day for a year and this is the only house thats had my dream garage already there in my price range and down from peak not just dreaming of past peak prices.

2. to get the same land and security (crime wise) in aberdeen id be looking at houses in bieldside miltimber etc.

3. im living at home just now so to move out and rent would be minimum 500 for a shitty torry flat etc and something car safe and respectable 800-900 per month which is the same as the morgage.

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so i did it.

bought a lovely 2 bed semi cottage in the countryside with a massive garden a single garage and a huge barn like garage as well. all modern kitchen and bathroom so nothing needs done. it last sold for 185k (without the large extra garage) early 2007. agreed price after i refused to budge 160k. do i think iv caught the bottom NO. but i always said if oil went back to 60-70 id move fast and buy if the right house came up which it has. im a total car nut so to get the garage's is exactly up my street.

stuck in this place for the rest of my life if property really goes to hell? well im happy the attached garage can easyly become a 3rd bedroom and quality of life will be good out in the country if crime gets worse in the city (which it seems to be daily right now) 25 year mortgage fixed for 5. couldnt get 10 year fix at the ltv rate (i know alarm bells) could actually have it paid off in 10 years with my 95% known future promotion prospects.

as for wait a year etc few points that affected my decesion

1. iv been on aspc every day for a year and this is the only house thats had my dream garage already there in my price range and down from peak not just dreaming of past peak prices.

2. to get the same land and security (crime wise) in aberdeen id be looking at houses in bieldside miltimber etc.

3. im living at home just now so to move out and rent would be minimum 500 for a shitty torry flat etc and something car safe and respectable 800-900 per month which is the same as the morgage.

Well done M4rk. You've got the timing almost perfect IMO. There will be further smalls, but tiny ones, and retail mortgage interest rates are not now likely to get much lower, given that we are now forecast to come out of recession this quarter. I think bank margins will decrease a bit further, but rates will start to creep up too. And you're right, Oil is rising, companies are definitely starting to hire again, North Sea projects are getting green-lighted again, and business is picking up in non-oil sectors too.

About a 13% discount from peak as well!!!!!! VERY good for what sounds like a quality property.

Well done indeed. I suspect you'll be the only Aberdeen poster to buy at the bottom, the rest will probably keep dreaming of 50% discounts all the way through the next cycle. :lol:

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wow...6xsalary

The only congratulations from Hamish...

sums it up...

But in all serious, well done and hope you have a great time in your new house. It is yours so you can do what you want and now you have a base to grow a family, have BBQs, invite friends over, somewhere to crash out when you like

Lots and lots of advantages over negatives...at least you can bring loads of girls back to yours over your parents :unsure:

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so i did it.

bought a lovely 2 bed semi cottage in the countryside with a massive garden a single garage and a huge barn like garage as well. all modern kitchen and bathroom so nothing needs done. it last sold for 185k (without the large extra garage) early 2007. agreed price after i refused to budge 160k. do i think iv caught the bottom NO. but i always said if oil went back to 60-70 id move fast and buy if the right house came up which it has. im a total car nut so to get the garage's is exactly up my street.

stuck in this place for the rest of my life if property really goes to hell? well im happy the attached garage can easyly become a 3rd bedroom and quality of life will be good out in the country if crime gets worse in the city (which it seems to be daily right now) 25 year mortgage fixed for 5. couldnt get 10 year fix at the ltv rate (i know alarm bells) could actually have it paid off in 10 years with my 95% known future promotion prospects.

as for wait a year etc few points that affected my decesion

1. iv been on aspc every day for a year and this is the only house thats had my dream garage already there in my price range and down from peak not just dreaming of past peak prices.

2. to get the same land and security (crime wise) in aberdeen id be looking at houses in bieldside miltimber etc.

3. im living at home just now so to move out and rent would be minimum 500 for a shitty torry flat etc and something car safe and respectable 800-900 per month which is the same as the morgage.

So what sort of cars? Glad your happy with your new pad. Hamish will be filling his pants with excitement :lol:

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So what sort of cars? Glad your happy with your new pad. Hamish will be filling his pants with excitement :lol:

saving up for a noble m12 gto 3r. but probably have a pit stop at a lotus elise s2 which holds its value very well then sell and move onto the noble. quite fancy a track car too and as i had one before an old mr2 turbo would be perfect. if i bin it on the track i wont be gutted as opposed to using the elise or the noble! also really like the old audi rs2.

delboy its 4.3 times my income not 6. yes the average house should revert to 3.5 times but id say this is more than the average house.

13% off peak you say hamish however there wasnt the big garage when the seller first bought it so 10k-15k added on for the garage to make it 195k-200k "value" at peak? maybe maybe not, its a way to scew the figures should i want to say i bought at a bigger reduction from 2007 prices.

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saving up for a noble m12 gto 3r. but probably have a pit stop at a lotus elise s2 which holds its value very well then sell and move onto the noble. quite fancy a track car too and as i had one before an old mr2 turbo would be perfect. if i bin it on the track i wont be gutted as opposed to using the elise or the noble! also really like the old audi rs2.

delboy its 4.3 times my income not 6. yes the average house should revert to 3.5 times but id say this is more than the average house.

13% off peak you say hamish however there wasnt the big garage when the seller first bought it so 10k-15k added on for the garage to make it 195k-200k "value" at peak? maybe maybe not, its a way to scew the figures should i want to say i bought at a bigger reduction from 2007 prices.

The best track car I ever had was a 200,000 mile 1985 BMW 528i for £150. Me and a mate bought it from auction with about 3 months MOT on it. I got 144mph indicated out of it which worked out at £1.04p per MPH ;). Whilst all the Ferrari, Subaru, evo driving folk were tippy toeing around castle coombe raceway I got a standing ovation for my drifting antics! I ended up driving it as my daily hack, it needed major sill welding work for its MOT (the top half looked sweet!), our welder broke half way through welding one sill. So while the welder was getting fixed, I advertised it and sold without MOT for £400.... it needed a decent LSD, proper brakes and stiffer springs to be seriously fun but like I said...the best track car I have ever owned.

Good luck with the Noble dream, I don't like flats as they are so limiting in life hence I will be looking for a house when the time is right. You have done well NOT buying prior to now...prices will slip further but you have protected yourself from a big chunk of the falls by delaying. Watch those IR's in 5 years though, you will have got a pretty good deal at present, rates that are unlikely to be matched for some time. Make sure you have factored in repayments at 7-8 % bank rate minimum. GL

Edited by geed

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