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Mummy100

Situation Where Buying Is Better?

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Is there ever one?

I have just sold a maisonette because I have been diagnosed with a health issue

which won't ever be cured as such and it had a lot of stairs which will be a problem in the future.

We are renting atm as nothing was available in our budget without the stairs

Rental is awful and so expensive but is in an ok area in terms of me getting about

We could buy now a cheapish small flat and my husband wants to but I am seeing prices dropping here

and am thinking of waiting perhaps for a bungalow.

I know its a bit how long is a piece of string but do any of you think 3 years from now things will have changed?

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If you have a health issue I would have thought the flexibility of renting suits your position the better. Also long term you should have the support of the welfare system, social housing ? even if money becomes a problem.

Edited by crashmonitor

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Depends where here is. If the rental yield on the property you are looking to buy is less than 4% don't bother buying.

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If I were in your position I would base my decision entirely on what would give me the greater quality of life.

That's not to say that I would definitely buy - it really comes down to the severity of your illness and symptoms, and what you consider would give you the better overall quality of life, either immediately or in the future.

edit - sorry, that's probably not a very helpful post. The point I am trying to make is that paper tokens are worth nothing in comparison to your health and enjoyment of life, but that some suffering in the short term could also give you a much better long term solution.

Edited by Fully Detached

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A cheapish small flat vs a bungalow?

Is there nothing between those extremes? Like, a flat at around the price of the place you sold that'll meet your needs? You don't say whether that was a nice place or a cheap place, but I expect the proceeds would get you a flat of comparable quality.

So what else has changed? If you are otherwise able (as opposed to needing a high level of care) and stable (not getting worse anytime soon) then why make any bigger changes than dumping the stairs?

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Is there ever one?

I have just sold a maisonette because I have been diagnosed with a health issue

which won't ever be cured as such and it had a lot of stairs which will be a problem in the future.

We are renting atm as nothing was available in our budget without the stairs

Rental is awful and so expensive but is in an ok area in terms of me getting about

We could buy now a cheapish small flat and my husband wants to but I am seeing prices dropping here

and am thinking of waiting perhaps for a bungalow.

I know its a bit how long is a piece of string but do any of you think 3 years from now things will have changed?

It doesnt matter what we think.

Its what you think thats important.

Its your money, its your life, the bargain you strike has to suit you.

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Trouble with buying a house is it ties up your capital...if your health is deteriorating may be you should think of yourself and take a few good holidays.

Socially housed or buying something very similar...what is the difference at the end of the day. your followers might be grateful for storing the wealth but that doesn't help you.

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There is no social housing here. I could buy comparable but just can't find it and the prices have become ridiculous!

I think I will look at cheaper rentals as this was the only one that we could get with suitable layout and allowing a flippin cat!

I would love to play the long game but fear living in substandard dumps for years

I am in the SE

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It doesnt matter what we think.

Its what you think thats important.

Its your money, its your life, the bargain you strike has to suit you.

Women don`t do accountability...there was a thread on it a while back..anyway how come so many new posters only appear to come on and ask mumsnet type questions.

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'Small bungalow'? I'm seeing extra bedrooms being added to one bungalow after another around me. Two bedders become four bedders, on a usually generous footprint.

Whether for growing family, moving parents in, or for future resale, I don't know, but local builders are always busy with these conversions (BH15)

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There is no social housing here. I could buy comparable but just can't find it and the prices have become ridiculous!

I think I will look at cheaper rentals as this was the only one that we could get with suitable layout and allowing a flippin cat!

I would love to play the long game but fear living in substandard dumps for years

I am in the SE

There are good rentals about if you can be patient and can tap into 'the housing grapevine' in your area.

Personally, I'd recommend looking for rentals from people that have 'old money', rather than the BTL brigade or 'forced' landlords. In my experience, the former will be much more accommodating (relaxed) as they will realise you also want to live.

All depends on your location of course. Villages may offer better than towns I suspect.

Personally, I expect house prices to have fallen by 2017-2018. Whether they will or not remains to be seen of course, and whether I will buy will depend upon whether i want to lock up capital, which will all depend upon what works out the best financially - the sentiment of 'owning a house' won't come into it.

I'm biased though. I've rented for 32 years, the most recent for 18 years. Very glad I've never had a mortgage, agents' fees, stamp duty, the latter two are something to consider if health may make you move again.

Edited by LiveinHope

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Personally, I'd recommend looking for rentals from people that have 'old money', rather than the BTL brigade or 'forced' landlords. In my experience, the former will be much more accommodating (relaxed) as they will realise you also want to live.

Agree they often own outright and can pass savings onto you......regular guaranteed income from someone who looks after their buildings is worth more than money to them, they already have more than enough. ;)

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Personally I can't see house prices falling much in the SE. I think at best they will either stagnate or continue to rise. However the market seems to be a bit shaky at the moment and I think the trajectory will become clearer in the next 3-6 months.

Have you got enough cash to buy outright or do you need a mortgage?

A tricky dilemma. If you wait and house prices go up then you may not even be able to afford the small cheap flat that you are currently able to. On the other hand if you buy now and house prices fall and you are able to save some money then you may be able to "trade up" in the future.

Something else to consider is whether one day you might need disability benefits and if so whether having a large pot of cash from a property sale would disqualify you from some of them (main residences are usually excluded from means testing).

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Agree they often own outright and can pass savings onto you......regular guaranteed income from someone who looks after their buildings is worth more than money to them, they already have more than enough. ;)

The rental is the dividend and they care little about the share (house) price.

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This

....and a better quality of life is a place where your income is not devoured by basic living costs for any length/period of time.....a means to an end, where it is clear there is an end....a light at the end of the tunnel....get out of it the sacrifice, time, work, energy put into it......freedom creates choices. ;)

Edited by winkie

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