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LumpHammer

Thanks And Observations From A Ftb

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Hello,

I've been a member here since early 2009, i feel ive learned a lot from this site - mostly by lurking and reading.

I bought a house (my first) in April this year, i have a relatively good job and i don't spend much so i was able to save a lot for a deposit. The house i bought suits me well, its a small house with a very large garden just outside of Milton Keynes, i like working on cars and gardening and i don't have any kids yet.

I bought a house instead of renting because i was in a position to and i wanted a big garden.

Things i've learned:

The majority of people are utterly stupid when it comes to buying houses, if they can borrow it then they'll borrow it. Don't bid against these people, you'll run out of sense long before they run out of stupid.

Houses are expensive. Despite buying a house that didn't need any real work and having mortgage repayments vastly lower than my old rent, i have less disposable income. Things break and need fixing, and it seems to be every month that i have to spend money fixing something else. Renting was cheaper.

Use tools available to you to decide if what is being asked is reasonable by things like this brilliant little site which i think might have even been written by someone on here:

https://houseprices.io/

Advice i would give to other people:

Rent for as long as possible and if you can rent from a landlord directly, preferably one you know.

Estate agents will lie and decieve buyers, always and without question. This wound me up something chronic at first.

Always do your own research and don't rely on solicitor searches. They miss things.

If you know about house construction and are prepared to do some research into the areas you're unfamilliar with (for me pile driven foundations) then a survey is pointless, spend some time, learn some stuff and do it yourself.

Lastly:

I would like to give my deepest thanks to you guys at housepricecrash, i've learned an enourmous amount as a result of this site either directly or because something has been said which i've gone and looked up.

In the future i would love to see house prices go back to sensible levels. I think presently they are 30-40% over valued and i think our children and the UK in general would be much better off if they were to correct. In the long term i can't see why they won't...

Thanks guys :)

Tom

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One thing you didn't learn....no one likes posts like this...nor believes them..

Bye By e Hamish.

Unfair in this case, there was no smugness in this post. They pointed out that renting can be considerably cheaper and that house prices are still overpriced. If the right house at the right price became available I would also buy (I wouldn't post about it though! :P). Although, there is fat change of that currently happening in the SE!

Good point about how much stupid people are willing to borrow when it comes to buying houses. So, not a completely pointless post. ;)

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Hello,

I've been a member here since early 2009, i feel ive learned a lot from this site - mostly by lurking and reading.

I bought a house (my first) in April this year, i have a relatively good job and i don't spend much so i was able to save a lot for a deposit. The house i bought suits me well, its a small house with a very large garden just outside of Milton Keynes, i like working on cars and gardening and i don't have any kids yet.

I bought a house instead of renting because i was in a position to and i wanted a big garden.

Things i've learned:

The majority of people are utterly stupid when it comes to buying houses, if they can borrow it then they'll borrow it. Don't bid against these people, you'll run out of sense long before they run out of stupid.

Houses are expensive. Despite buying a house that didn't need any real work and having mortgage repayments vastly lower than my old rent, i have less disposable income. Things break and need fixing, and it seems to be every month that i have to spend money fixing something else. Renting was cheaper.

Use tools available to you to decide if what is being asked is reasonable by things like this brilliant little site which i think might have even been written by someone on here:

https://houseprices.io/

Advice i would give to other people:

Rent for as long as possible and if you can rent from a landlord directly, preferably one you know.

Estate agents will lie and decieve buyers, always and without question. This wound me up something chronic at first.

Always do your own research and don't rely on solicitor searches. They miss things.

If you know about house construction and are prepared to do some research into the areas you're unfamilliar with (for me pile driven foundations) then a survey is pointless, spend some time, learn some stuff and do it yourself.

Lastly:

I would like to give my deepest thanks to you guys at housepricecrash, i've learned an enourmous amount as a result of this site either directly or because something has been said which i've gone and looked up.

In the future i would love to see house prices go back to sensible levels. I think presently they are 30-40% over valued and i think our children and the UK in general would be much better off if they were to correct. In the long term i can't see why they won't...

Thanks guys :)

Tom

Nice post. Thanks.

Agree with most of this except for.....

"Rent for as long as possible" - you have to take into account the cycle.

I 'rented for as long as possible' from 1999-2003 and built up what I thought was a great deposit of about 50k.

I would have been better off getting a 90% mortgage in 2000.

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Nice post. Thanks.

Agree with most of this except for.....

"Rent for as long as possible" - you have to take into account the cycle.

I 'rented for as long as possible' from 1999-2003 and built up what I thought was a great deposit of about 50k.

I would have been better off getting a 90% mortgage in 2000.

That's the problem with high rents and low interest rates. Throw in a little HPI and saving just doesn't feel it is worth it now days. Can't last forever, at least not without destroying the currency!

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