Estate Agents Desperate Now ?

[longgone]

Lots of emails with overpriced properties being sent to me , funny since they never bothered to send me anything at the start of the year !

They know i am a cash buyer , i wonder if the new lending rules are screwing up selling to existing gullible folk ?

incidentally they keep sending new overpriced 300k flats in woking to me .

i replied to their email stating if the asking price ever drop to 150k let me know

[bambam]

My parents are telling me to buy a house. I could do £500k cash, they gave me £70k of that so they feel like they have some influence.

Just had a look what I can afford:

http://www.rightmove.co.uk/property-for-sale/property-47056366.html?premiumA=true

Nope, nope, and nope again.

Or this council house thing, in the same area:

http://www.rightmove.co.uk/property-for-sale/property-31778226.html

Or a scrapyard, essentially

http://www.rightmove.co.uk/property-for-sale/property-32675154.html

Another council house

http://www.rightmove.co.uk/property-for-sale/property-32354400.html

(To be fair to them, I could have bought a better house in like 2006 and paid the thing off by now, but noped out then too, so they do have a point.)

Edited December 3, 2014 by bambam

[Ulfar]

Half a million pounds for that lot, really shows how mad things have gotten.

You would be better off buying somewhere cheaper and more scenic, retiring and living of your savings income.

[renting til I die]

Lots of emails with overpriced properties being sent to me , funny since they never bothered to send me anything at the start of the year !

They know i am a cash buyer , i wonder if the new lending rules are screwing up selling to existing gullible folk ?

incidentally they keep sending new overpriced 300k flats in woking to me .

i replied to their email stating if the asking price ever drop to 150k let me know

Ha ha, I bet that made their day!

[SpewLabour]

I'm fortunate that my folks (late 70s / early 80s) think that house prices are far too high and I'd be insane to buy one. So I get bugger all hassle from them about buying.

[renting til I die]

I'm fortunate that my folks (late 70s / early 80s) think that house prices are far too high and I'd be insane to buy one. So I get bugger all hassle from them about buying.

Wow that's rare. Don't they say something along the lines of 'rent is dead money' or 'You may as well be paying a mortgage than renting for that price!', that's all I get from my folks!

[longgone]

My parents are telling me to buy a house. I could do £500k cash, they gave me £70k of that so they feel like they have some influence.

Just had a look what I can afford:

http://www.rightmove.co.uk/property-for-sale/property-47056366.html?premiumA=true

Nope, nope, and nope again.

Or this council house thing, in the same area:

http://www.rightmove.co.uk/property-for-sale/property-31778226.html

Or a scrapyard, essentially

http://www.rightmove.co.uk/property-for-sale/property-32675154.html

Another council house

http://www.rightmove.co.uk/property-for-sale/property-32354400.html

(To be fair to them, I could have bought a better house in like 2006 and paid the thing off by now, but noped out then too, so they do have a point.)

i would not pay 500k for any of those , 2nd one looked the best probably 300k to 325k for that , rest are rubbish

[Panda]

My parents are telling me to buy a house. I could do £500k cash,

How old are you?

A good mate of mine, he is 45 now 46 in Jan 2015, just sold his business, sold house, now all post a messy divorce. He has around 550k cash sterling, they were quite well off. I was chatting to him via skype last week. He said he will never work again. He put the cash offshore,a measley 1% interest Gross, going travelling for a while.

He said on good calculation, that he can drawdown 2200.00 per month, rising every year at whatever gross interest rate he gets the previous drawdown year on the full capital year, so next years monthly income will be 2200.00 plus 1% per month as he is currently getting 1% Gross interest, and lets face it wages are not rising any more than 1% per annum..... and it will last him till he is 66, if he lives that long. If he does, well what the world will look like he ain't worried about.

Fair play to him. Why would you want to waste all hat time working, and have 500k sitting in an asset class that is so ill-liquid? One life, live it.

[Panda]

My parents are telling me to buy a house. I could do £500k cash, they gave me £70k of that so they feel like they have some influence.

Just had a look what I can afford:

http://www.rightmove.co.uk/property-for-sale/property-47056366.html?premiumA=true

Nope, nope, and nope again.

Or this council house thing, in the same area:

http://www.rightmove.co.uk/property-for-sale/property-31778226.html

Or a scrapyard, essentially

http://www.rightmove.co.uk/property-for-sale/property-32675154.html

Another council house

http://www.rightmove.co.uk/property-for-sale/property-32354400.html

(To be fair to them, I could have bought a better house in like 2006 and paid the thing off by now, but noped out then too, so they do have a point.)

How old are you?

A good mate of mine, he is 45 now 46 in Jan 2015, just sold his business, sold house, now all post a messy divorce. He has around 550k cash sterling, they were quite well off. I was chatting to him via skype last week. He said he will never work again. He put the cash offshore,a measley 1% interest Gross, going travelling for a while.

He said on good calculation, that he can drawdown 2200.00 per month, rising every year at whatever gross interest rate he gets the previous drawdown year on the full capital year, so next years monthly income will be 2200.00 plus 1% per month as he is currently getting 1% Gross interest, and lets face it wages are not rising any more than 1% per annum..... and it will last him till he is 66, if he lives that long. If he does, well what the world will look like he ain't worried about.

Fair play to him. Why would you want to waste all hat time working, and have 500k sitting in an asset class that is so ill-liquid? One life, live it.

[stuckmojo]

How old are you?

A good mate of mine, he is 45 now 46 in Jan 2015, just sold his business, sold house, now all post a messy divorce. He has around 550k cash sterling, they were quite well off. I was chatting to him via skype last week. He said he will never work again. He put the cash offshore,a measley 1% interest Gross, going travelling for a while.

He said on good calculation, that he can drawdown 2200.00 per month, rising every year at whatever gross interest rate he gets the previous drawdown year on the full capital year, so next years monthly income will be 2200.00 plus 1% per month as he is currently getting 1% Gross interest, and lets face it wages are not rising any more than 1% per annum..... and it will last him till he is 66, if he lives that long. If he does, well what the world will look like he ain't worried about.

Fair play to him. Why would you want to waste all hat time working, and have 500k sitting in an asset class that is so ill-liquid? One life, live it.

Respect to your mate.

In Asia (outside Singapore) you could live well travelling with half of his projected drawdown.

In Vietnam, for example, fantastic place.

[Panda]

Told him to stay away from Australia. 2200 per month at 1.8 to 1 would not go anywhere here.....

[Panda]

Respect to your mate.

In Asia (outside Singapore) you could live well travelling with half of his projected drawdown.

In Vietnam, for example, fantastic place.

Told him to stay away from Australia. 2200 per month at 1.8 to 1 would not go anywhere here.....

$910 bucks a week lol. His rent would be $400. Not much in beer tokens left there at $10 bucks a pint. Sobering thought.

Edited December 4, 2014 by Panda

[stuckmojo]

Told him to stay away from Australia. 2200 per month at 1.8 to 1 would not go anywhere here.....

Agreed, Australia is insane.

But the following places:

Vietnam - Da Nang, Hue

Thailand - North Thailand

Malaysia - Melaka

Indonesia - Batam, Sumatra, dozens of others

Philippines - millions of islands

Cambodia

He could really live fantastically well for a very very long time.

[Panda]

Agreed, Australia is insane.

But the following places:

Vietnam - Da Nang, Hue

Thailand - North Thailand

Malaysia - Melaka

Indonesia - Batam, Sumatra, dozens of others

Philippines - millions of islands

Cambodia

He could really live fantastically well for a very very long time.

I actually think there are many people in the UK who could do this. But this is a big but, spending capital, watching it drawdown from such a high starting point can actually have an inverse effect on ones happiness. Greed comes to mind. I know alot of wealthy people, and they could never sell the house, sell the business, cash in the share portfolio, then spend the cash. Even some of these at late fifties think they will live forever, or would rather have it buried with them. Their wealth is their daily pick me up, without that captial wealth they would rather be dead. Most could neve imagine being poor, or living off benefits. The only reason my mate can, and will do it is lifes scars, and he has seen his health deterioate during twenty years of running a business and suffering stress. He words to me were. I was born with nothing, i will die with nothing. It would kill me to die not in debt. For me that is a wise man..

[Wurzel Of Highbridge]

My parents are telling me to buy a house. I could do £500k cash, they gave me £70k of that so they feel like they have some influence.

Just had a look what I can afford:

(To be fair to them, I could have bought a better house in like 2006 and paid the thing off by now, but noped out then too, so they do have a point.)

When you work hard for your money and save up cash, it's a completely different game from taking a loan to buy something. You are spending money as opposed to borrowing and promising to hopefully not repay.

[Fully Detached]

I'm fortunate that my folks (late 70s / early 80s) think that house prices are far too high and I'd be insane to buy one. So I get bugger all hassle from them about buying.

Mine (mid 60s) always nodded their heads in agreement with my opinions, and agreed how terrible it is that their four grandchildren will never be able to buy a roof over their own heads. They've also spent the last 6-7 years banging on about how I (with major hat tip to an old IFA poster here called Converted Lurker) saved them hundreds of £k by advising them against going balls deep in AIG about a month before it went down.

Then they went out and bought a BTL that they think I don't know about. Boomers, eh?

[spyguy]

Mine (mid 60s) always nodded their heads in agreement with my opinions, and agreed how terrible it is that their four grandchildren will never be able to buy a roof over their own heads. They've also spent the last 6-7 years banging on about how I (with major hat tip to an old IFA poster here called Converted Lurker) saved them hundreds of £k by advising them against going balls deep in AIG about a month before it went down.

Then they went out and bought a BTL that they think I don't know about. Boomers, eh?

How are they getting on with the BTL?

All cash, or some debt?

Have they worked out the return on it yet?

[19 year mortgage 8itch]

Mine (mid 60s) always nodded their heads in agreement with my opinions, and agreed how terrible it is that their four grandchildren will never be able to buy a roof over their own heads. They've also spent the last 6-7 years banging on about how I (with major hat tip to an old IFA poster here called Converted Lurker) saved them hundreds of £k by advising them against going balls deep in AIG about a month before it went down.

Then they went out and bought a BTL that they think I don't know about. Boomers, eh?

Now who are the children?

Something that needs bringing up on the vice thread is that lots of 20/30 something have a far higher standard of education that their parents ever had and the world is becoming an increasingly more complicated place.

[Fully Detached]

How are they getting on with the BTL?

All cash, or some debt?

Have they worked out the return on it yet?

I've no idea how they're getting on with it, we don't really have much to do with each other any more.

But they bought for cash, at least I presume that's what they did with their inheritance.

[Fully Detached]

Something that needs bringing up on the vice thread is that lots of 20/30 something have a far higher standard of education that their parents ever had and the world is becoming an increasingly more complicated place.

Does that higher standard of education include basic finance education though? I think not - seems to me it's deliberately not part of the syllabus (although it's been a long time since I was anywhere near the education system, so I'd be happy to be wrong).

[19 year mortgage 8itch]

Does that higher standard of education include basic finance education though? I think not - seems to me it's deliberately not part of the syllabus (although it's been a long time since I was anywhere near the education system, so I'd be happy to be wrong).

It doesn't and I'm not claiming that 'we' are smarter but with wealth comes choices.

And if older people think they're going to get to keep their 'wealth' en mass, they're in for a shock.

Choices, choices, choices.

[Fully Detached]

It doesn't and I'm not claiming that 'we' are smarter but with wealth comes choices.

And if older people think they're going to get to keep their 'wealth' en mass, they're in for a shock.

Choices, choices, choices.

Ah, then yes I agree with you.

The other thing is that people who have made their money tend to be an awful lot smarter with it than people who inherited it. Turns out there's an awful lot of people selling magic beans out there, if you're willing to part with a cow or two.

[Austin Allegro]

Respect to your mate.

In Asia (outside Singapore) you could live well travelling with half of his projected drawdown.

In Vietnam, for example, fantastic place.

Agreed. I lived in India for a few months and you could live pretty cheaply there too, lots of nice places by the sea etc. One of the good things about developing countries is although people are poor, they are very resourceful and make the best of what they've got, rather than moaning about things like people do in the west. Thre's less one upmanship as far as I can see. You don't have to live like a peasant either. The very fact that you speak fluent English will be enough to open doors for you, even if you're relatively poor. I had a really nice bunch of acquaintances in India (some of them Buddhist monks) who invited me round for dinner etc and their conversation and manners were far better than you'd usually get in the UK. The topic of house prices, for example, never came up at meals!

[19 year mortgage 8itch]

Ah, then yes I agree with you.

The other thing is that people who have made their money tend to be an awful lot smarter with it than people who inherited it. Turns out there's an awful lot of people selling magic beans out there, if you're willing to part with a cow or two.

And by inheriting it I'm sure you'd include those who rode the 40+ year property boom.

I sure do.

[Fully Detached]

And by inheriting it I'm sure you'd include those who rode the 40+ year property boom.

I sure do.

Yep, for sure.