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xux42

Oos - Even If Prices Drop - Would You Upgrade?

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Whilst I fully understand and respect the wishes of the priced out & FTBs for lower prices, I have a question for the established Owner Occupiers on here - people who own outright or have substantial equity even if prices fall a lot further.

Would you upgrade?

I'm not sure I would anymore. Say you have a middle of the road house in a friendly neighbourhood. The asking price for that smashing detached with a view finally drops to a 'do-able' level even if you have to slash your price.

So naturally you go for it?

Wait a tick - you've got savings and no/low mortgage, a house you know is sound. Neighbours you could call on in a crisis. Ability to weather months on unemployment if you have to.

Is going back to a big mortgage, little/no savings, fear of unemployment, an unknown property and neighbours a good exchange for a view, a trophy master bedroom and a 'farmhouse kitchen'?

OK the house could eventually be worth a fortune but so could more liquid investments with much lower transaction costs and as for persuading the Mrs to flog the dream house because we've had another boom - er, not happening!

Plus, I don't want the majority of my wealth tied up in one house, as an investment strategy that just sucks.

Views?

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Yes I would upgrade, but a delicate balance has to be found between affordability in the current environment and discounted price.

Just being patient at the mo.

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Yes I would upgrade, but a delicate balance has to be found between affordability in the current environment and discounted price.

Just being patient at the mo.

Thanks - is that because you can upgrade without worrying about whether you can maintain your income, or are you confident on that score?

I just don't see a bigger/better house as that much of a thrilling prospect. Maybe because the one I'm in is pretty nice except its rather overlooked and the back garden's too small for the house (plenty of room at the front though - Barratt are such clowns sometimes).

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Thanks - is that because you can upgrade without worrying about whether you can maintain your income, or are you confident on that score?

I just don't see a bigger/better house as that much of a thrilling prospect. Maybe because the one I'm in is pretty nice except its rather overlooked and the back garden's too small for the house (plenty of room at the front though - Barratt are such clowns sometimes).

your house sounds truelly awful. It's a description that sends shudders down my spine.

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The upgrade is just an aspirational thing, where I have always wanted to be ao to speak.

I don't want to take too much on in mortgage terms in case the employment situation comes crashing around my ears, there I guess is the balancing act.

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your house sounds truelly awful. It's a description that sends shudders down my spine.

Living in Glasgow likewise! :lol:

Seriously though, a large garden and houses spaced well apart involves serious cash, typically 2x Pro. income or a substantial inheritance, round these parts (near Cheltenham and Gloucester).

Maybe for you though, moving to a more remote house would be worth the money. I was just asking.

The overlooked thing is more a winter issue - right now the climbers, shrubs and trees are in full leaf leaving only the 2 upper windows of the house directly behind able to look into the garden.

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Buying property is such a scam. I paid through the noise for both of my houses. There wont be a third time.

Learn the power of "Ignore".

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Of course.... but I'm not going to chop off my 'economic right arm' by trying to catch a falling knife. And if I can do it without taking out a mortgage (with one of those ******* banks) all the better. And every month that goal gets about 10K closer for me.....

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Whilst I fully understand and respect the wishes of the priced out & FTBs for lower prices, I have a question for the established Owner Occupiers on here - people who own outright or have substantial equity even if prices fall a lot further.

Would you upgrade?

If I moved it would to get less house and more land. Places with land are still way overpriced though. I certainly wouldn't take on debt in the process.

TBH having a nearby allotment has reduced the pressure to own more land now, in any case.

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Would you upgrade?

Is going back to a big mortgage, little/no savings, fear of unemployment, an unknown property and neighbours a good exchange for a view, a trophy master bedroom and a 'farmhouse kitchen'?

OK the house could eventually be worth a fortune but so could more liquid investments with much lower transaction costs and as for persuading the Mrs to flog the dream house because we've had another boom - er, not happening!

Plus, I don't want the majority of my wealth tied up in one house, as an investment strategy that just sucks.

Views?

It will not be worth a fortune in the future..not compared to todays silly prices anyway.The other thing to think about is how far will council tax go up.The bigger the house the bigger the tax bill... :blink:

Plus in twenty years time less people will be able to afford to heat their big houses...

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Thanks - is that because you can upgrade without worrying about whether you can maintain your income, or are you confident on that score?

I just don't see a bigger/better house as that much of a thrilling prospect. Maybe because the one I'm in is pretty nice except its rather overlooked and the back garden's too small for the house (plenty of room at the front though - Barratt are such clowns sometimes).

Oh you didn't! How many times have I said on this forum NEVER buy a Barratt home?

It will not be worth a fortune in the future..not compared to todays silly prices anyway.The other thing to think about is how far will council tax go up.The bigger the house the bigger the tax bill... :blink:

Plus in twenty years time less people will be able to afford to heat their big houses...

Pretty much agree with tigger that while we would like to move up to somewhere a little more suitable for the size of my tribe, running costs and council tax are issues that need taking into consideration, especially the latter and yes we have certainly thought twice in this regard. We would also only consider a move if we could do it through saving the difference in price or at worst a very VERY small mortgage.

Living somewhere with less neighbours than we have now would be a plus in my case because a) our neighbours are crap and B) I prefer living rural as it is what I grew up with, though this doesnt necessarily mean you have to live in complete isolation; you just better be sure you will get on with the neighbours you do have.

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No, have no reason to purchase an extra bedroom/extension/loft room....when I move it will be sideways move even if it means a smaller house if it gives me a larger garden and better views.

Looking for lower running costs and growing more of my own. BTW you can get some great log cabins for that den in the garden. ;)

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If I moved it would to get less house and more land. Places with land are still way overpriced though. I certainly wouldn't take on debt in the process.

TBH having a nearby allotment has reduced the pressure to own more land now, in any case.

I'm with you on this. I'm less interested in the house, more bothered about the land.

Just wondering if you'd thought about buying something much bigger and more expensive with another family? Something with land. Then split the house down the middle so it's be like having a semi. I'm not talking about communal living, just quite literally splitting the house up, sealing up doors, putting new doors in etc.

The land you could either split or work co-operatively with your neighbour on.

The way I see it is, I think (but not absolutely sure) you could get more for your money this way.

Also with the bigger properties, there might be more room for negotiation.

Ideally I'd like to build my own, but that's going to be almost impossible in the Peak district, so I've been thinking about this idea instead. Prices in the peaks are still uber-expensive, so may hang on another year or two to see if they come down a bit.

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If I moved it would to get less house and more land.

Looks like this is the popular choice and what Mrs xux & I are expecting to do IF we move.

Trouble is for the majority to do this we would have to find a away to part the landowning families from the greater part of their estates....

Stonethecrows,

Yes its a Barratt house but it was built in '86 when their building standards hadn't completely slipped - proper floorboards, good strong roof, usable loft etc., and the estate has green spaces dotted around that would have several houses on these days. We've upgraded the heating, wiring and plumbing which wasn't great TBH (another reason not to move).

Also, the houses in our road are more crammed in because everyone who can, has, extended - hardly Barratt's fault!

I wouldn't buy a new/recent Barratt house though.

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