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InlikeFlynn

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I come seeking forgiveness.....

After 3 years renting we have just bought (exchanged today) down in the drizzly southwest.

The reasons for buying were not financial (I'm still bearish on housing in this neck of the woods and owning costs slightly more here than renting) rather the fact that the right house came along, and we want a family house and garden etc. before our teenage children leave home!

Bought with a large deposit from ill-gotten gains on our last house and 5-year fixed rate (2.59%) at a price well below initial asking but still above what I would consider fair value, if that makes sense!

best of luck to all - I'll be sticking around here.

Flynn

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Nothing to forgive, at the end of the day you want somewhere to live and be settled, its all very well for people to say "but its cheaper and makes better sense to rent" but the truth is most renters struggle to find a decent LL, my friends who rent always seem to be moving because of some idiot LL.

If you rent then at end of the day you know at some point you will get a notice to quit because chummy thinks your either not paying enough or that your not looking after the place well enough 9I know someone who was given notice to quit by their LL after a roof tile came off, the LL blamed them!).

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I come seeking forgiveness.....

After 3 years renting we have just bought (exchanged today) down in the drizzly southwest.

...

Congratulations B) . Hope it brings you joy.

I did the same for not entirely dissimilar reasons on August 1. In my case I have 15 years to retirement and adding to our house purchase fund felt sooo sloooow when we had pretty stiff rent to pay (not cheap in Berkshire).

I remain reasonably bearish on the overall outlook (even if I don't necessarily see any more nominal falls in the SE outside London), but there is no way I could accumulate enough cash for an outright purchase in my timeframe even if the balloon did go up any time soon. I had been renting for 8 years since moving south from Scotland (went through a divorce shortly after which complicated things) and I was frankly sick of the feeling of camping in someone else's house, paying their mortgage, while I saved just less than half what I was paying out to them, unable to decorate or put roots down in a community.

We got kicked out twice in that time as landlords sold up - it was fun watching the first (in Somerset 2007-8-9) drop from £500k asking to accepting £353k, barely more than he paid new build in 2004 - even a year after we left, at 100 miles distance, that was fun to watch, he'd kicked us out and put in a cheap 'temporary' - for a year :rolleyes: . The second in 2010 dropped from £600k asking to £500k sell price the course of eight months (the last six of them empty after she messed us around and we quit :lol: ) - though it was still more than it was worth, we just got a far better house in a better are for £420k (though it did need some work).

So ... in the end we bought a large-ish house on a fantastic 0.3 acre plot, that was sound but needing modernisation and decoration, and have spent the last two months transforming it (only two bathrooms to go and we are done). Definitely value added but it will be for our comfort and enjoyment not for profit. We now have 15 years to pay it off, mortage is around 2x joint salary so it's perfectly doable even if rates go up. We'll be overpaying where possible and I hope to bring it in in not much over 10 years.

There's lots of beautiful countryside around, M3 and M4 are in easy reach, there's a station offering easy connections to my wife's work (my office is 10min drive) and also to Waterloo and Paddington (the latter in just over 50mins). Meets our requirements to a T and one advantage renting for 5 years is you know the local (and not so local) area backwards, good and bad.

The market can do what it wants, I'm settling in for the long term.

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Bought with a large deposit from ill-gotten gains on our last house and 5-year fixed rate (2.59%) at a price well below initial asking but still above what I would consider fair value, if that makes sense!

Is there a trick to this? Is it the case of keep putting offers in that are well below initial asking and hoping something bites?

Boomer cash buyers are still snuffling around the motivated sellers round these parts.

The decent family home bracket seems to consist of old people swapping houses.

Best of luck to you anyways!

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Congratulations B) . Hope it brings you joy.

I did the same for not entirely dissimilar reasons on August 1. In my case I have 15 years to retirement and adding to our house purchase fund felt sooo sloooow when we had pretty stiff rent to pay (not cheap in Berkshire).

I remain reasonably bearish on the overall outlook (even if I don't necessarily see any more nominal falls in the SE outside London), but there is no way I could accumulate enough cash for an outright purchase in my timeframe even if the balloon did go up any time soon. I had been renting for 8 years since moving south from Scotland (went through a divorce shortly after which complicated things) and I was frankly sick of the feeling of camping in someone else's house, paying their mortgage, while I saved just less than half what I was paying out to them, unable to decorate or put roots down in a community.

We got kicked out twice in that time as landlords sold up - it was fun watching the first (in Somerset 2007-8-9) drop from £500k asking to accepting £353k, barely more than he paid new build in 2004 - even a year after we left, at 100 miles distance, that was fun to watch, he'd kicked us out and put in a cheap 'temporary' - for a year :rolleyes: . The second in 2010 dropped from £600k asking to £500k sell price the course of eight months (the last six of them empty after she messed us around and we quit :lol: ) - though it was still more than it was worth, we just got a far better house in a better are for £420k (though it did need some work).

So ... in the end we bought a large-ish house on a fantastic 0.3 acre plot, that was sound but needing modernisation and decoration, and have spent the last two months transforming it (only two bathrooms to go and we are done). Definitely value added but it will be for our comfort and enjoyment not for profit. We now have 15 years to pay it off, mortage is around 2x joint salary so it's perfectly doable even if rates go up. We'll be overpaying where possible and I hope to bring it in in not much over 10 years.

There's lots of beautiful countryside around, M3 and M4 are in easy reach, there's a station offering easy connections to my wife's work (my office is 10min drive) and also to Waterloo and Paddington (the latter in just over 50mins). Meets our requirements to a T and one advantage renting for 5 years is you know the local (and not so local) area backwards, good and bad.

The market can do what it wants, I'm settling in for the long term.

Thanks for the good wishes - and good luck with the DIY.

I second your point about renting for a while to get a feel for the area. It made us very picky as we started to get more of a feel for issues facing many houses here (flooding not least amongst them!).

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Is there a trick to this? Is it the case of keep putting offers in that are well below initial asking and hoping something bites?

Boomer cash buyers are still snuffling around the motivated sellers round these parts.

The decent family home bracket seems to consist of old people swapping houses.

Best of luck to you anyways!

I'm crap at negotiating to be honest. We're out in the west country where the market is flat at best so negotiating is much easier than in the SE - where are you looking?

This was only the second house we offered on, but both houses were being sold by motivated (old and infirm) sellers.

Both the houses we offered on had unrealistic initial asking prices which we ignored (beware of anchoring http://youarenotsosmart.com/2010/07/27/anchoring-effect/) and instead offered what we considered a fair price based on recent sold figures. In one case we were outbid but the second one came good.

We were scrupulously polite to the estate agents but held firm for several months until the buyer came back to us then offered a tiny bit more to sweeten the deal for them, making it clear that this was a final offer and being clear in our minds that we would lose the house rather than go any higher.

good luck with your search.

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Deafening silence out there :unsure:

Recently bought myself. 70% deposit, mortgage term takes me out to retirement age of 63. Here's the kicker..... took a small BTL mortgage on our flat, now renting it to a good friend. Partners flat has been rented for years without issue, expecting the same with this one.

Profit from the two flats covers mortgage and council tax of new house.

Trying not to seem smug, but I will admit to feeling extremely happy at the moment!

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my house![

i still am bearish and even i have bitten the bullet. my friends and family are absolutely gobsmacked i have taken the plunge!

it stacked up for me after i realised i dont care what the market does either, im battening down the hatches and want to be rent free in 10 years, and best of all im more than happy to live out my days in this house even if i have 2 kids. time to take the interest rate whilst its still there. 4.79% im happy

7 year fix at £450month over 13 years. will have it paid off in 10 easy.

i will be removing the carpets!!!

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my house![

i still am bearish and even i have bitten the bullet. my friends and family are absolutely gobsmacked i have taken the plunge!

it stacked up for me after i realised i dont care what the market does either, im battening down the hatches and want to be rent free in 10 years, and best of all im more than happy to live out my days in this house even if i have 2 kids. time to take the interest rate whilst its still there. 4.79% im happy

7 year fix at £450month over 13 years. will have it paid off in 10 easy.

i will be removing the carpets!!!

But keeping the sofa?

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