Is It Time To Give Up ?

[Frugal Git]

What do you do?

At work? 'Computers'. On the 4 day weekends? Whatever I want :-)

[Bruce Banner]

I'm not having a go and I don't consider myself as having a strong will.

The boat has gone for me as I live in the SE and prices are just mental, In fact you'd have to have a stronger will to buy down here imo.

It's just the 'get on with your life' mantra that I object to. I'm off driving round the south of France for three weeks in the summer safe in the knowledge that if anything happens to the house while I'm away, I won't give a monkey's.

It's as if renters live life like some dickens character. Maybe some do?

I'm driving down there next week, for a month. I can't say it makes any difference whether you rent or own, I'd be as annoyed to come back and find our rented house had been broken into as I would be if I owned it.

As for "getting on with your life", its the same as "paying your landlord's mortgage", "renting is dead money" etc. etc. etc.

[TheCountOfNowhere]

great news with the 1.99% 5 year fixed rate mortgage propaganda today, if you are prepared to hand over a 100k deposit.

Holy shot, the desperation is there for us at to see.

so much for the tories helping savers and reducing debts.

Wheels must be about to come off.

[Cid]

So, how common is it for the average 30+ to have over 200k in cold hard cash?

[renting til I die]

great news with the 1.99% 5 year fixed rate mortgage propaganda today, if you are prepared to hand over a 100k deposit.

Holy shot, the desperation is there for us at to see.

so much for the tories helping savers and reducing debts.

Wheels must be about to come off.

I wish it would get a move on!

[winkie]

This was why bought. Previously the interest more than covered the rent (essentially 4% of the property value) but this dropped significantly and we had an opportunity to buy the property we were renting. The LL needed a quick sale and did not want two months plus with no viewings (yes why would we allow viewings if we were having our home sold from under us!) and then the greater uncertainty of a sale to a third party with an empty property and still a mortgage to pay, plus running expenses ... so was prepared to come to a deal and also avoided EA fees and had a rapid completion.

This is a situation that more renters will have the opportunity to take advantage of if they so wish in the near future......it will not take much for sentiment to change, meaning homes for investment will transfer to becoming homes for to buy to live in.....it will only take a small move upwards in rates or further falls in capital growth........that should show who is buying and the reasons why they are buying.......a home or a profit making investment with money that isn't theirs,they haven't yet worked for or earned, debt money.

[Snozzle]

So, how common is it for the average 30+ to have over 200k in cold hard cash?

I managed to save that much because I have no gf, wife, or kids. I have a job which pays above average but I'm hardly bringing in mega-bucks.

Without help from Mummy & Daddy no most 30-somethings aren't going to have that sort of money.

[Si1]

The "getting on with life" mantra is, sadly, relevant where day to day respect in the workplace is concerned. In some workplaces you are simply a nobody of you don't have a mortgage/house, with wider implications for work opportunities and pay rises.

[Si1]

I managed to save that much because I have no gf, wife, or kids. I have a job which pays above average but I'm hardly bringing in mega-bucks.

Without help from Mummy & Daddy no most 30-somethings aren't going to have that sort of money.

Living with family or renting?

[LiveinHope]

The "getting on with life" mantra is, sadly, relevant where day to day respect in the workplace is concerned. In some workplaces you are simply a nobody of you don't have a mortgage/house, with wider implications for work opportunities and pay rises.

Unfortunately, this is very true.

However, while experiencing it 'full-on', the prejudice is no more than ignorance or lack of comprehension, and perhaps even envy of the freedom renting and savings bring.

So I rephrase it as:

In some workplaces you are simply a somebody if you don't have a mortgage/house, with wider implications for work opportunities and pay rises because you don't have to be a salaryman.

Edited April 19, 2015 by LiveinHope

[Longtermrenter]

dont panic, Im not, go on holiday treat yourself we are in a variety of mega bubbles,

Just one example classic cars are going for stupid money at the moment. I love classic cars but they are a bitch to maintain constantly degenerating and require lots of man hours of labour to keep them going (much like a house) the money they are going for now is just stupid, Have you seen the money some VW campers are going for? its insane.

Everywhere i look i see mega bubbles as people try and park money into things. Houses are only one part of it, just play it cool and wait it out.

Im cool as a ******ing cucumber.

Classis bikes going for silly money too. Easier to store and maintain. BSA bantams for 2k when they were 1k 5 years ago. Gold stars for 15k when they were 10k just a few years ago.

[winkie]

This is true.....mega debt and other comitments does tie employees up to an employer, down to the individual on how long they are prepared to do that for......some people like that feeling,but it gives far less room for manoeuvre and will mean your income stream and those that provide it begin to rule your life and life choices.

[sPinwheel]

What next. Time to "grow up" and buy a house?

[LiveinHope]

What next. Time to "grow up" and buy a house?

It's 'houseism' - and it's evil.

[Snozzle]

Living with family or renting?

I've been renting for last 9 years or so.

I could have saved a bit more but I did waste a few quid here and there on this and that.

Also I was ill for a year and didn't work.

[Snozzle]

The "getting on with life" mantra is, sadly, relevant where day to day respect in the workplace is concerned. In some workplaces you are simply a nobody of you don't have a mortgage/house, with wider implications for work opportunities and pay rises.

Well I don't work in a normal workplace (I work on oil rigs) but I do take your point. Most of my friends at home are middle class grammar schooled types, now with your typical management careers, they have kids, are married, mortgage etc. I think to an extent they have to conform to a certain life model, there is a reason they make the same life choices.

[Snozzle]

This is true.....mega debt and other comitments does tie employees up to an employer, down to the individual on how long they are prepared to do that for......some people like that feeling,but it gives far less room for manoeuvre and will mean your income stream and those that provide it begin to rule your life and life choices.

I can't live like that, make such a faustian pact I mean. Most of my managers are like that, and they have become assholes, sold their souls.

[winkie]

I can't live like that, make such a faustian pact I mean. Most of my managers are like that, and they have become assholes, sold their souls.

Lots of those types about...live for the one day in the month, the pay in and pay out day.....types that think they are indispensable, the place would collapse without them...or are fearful someone better than them will replace them......see how far they would last being their own boss, self-employed with insecure job conditions and an irregular income......most could not hack it, others would fall apart.

[renting til I die]

What next. Time to "grow up" and buy a house?

I got told something like 'Be a man, buy a home'?

Edited April 19, 2015 by renting til I die

[frederico]

Things cannot change with out some sort of 'financial event'

That doesn't mean there won't be one and it does mean that now could be the worst time to buy.

In fact any time up to the correction would be a massive gamble.

[TheCountOfNowhere]

I got told something like 'Be a man, buy a home'?

be a real man and join my pyramid scheme

[TheCountOfNowhere]

Things cannot change with out some sort of 'financial event'

That doesn't mean there won't be one and it does mean that now could be the worst time to buy.

In fact any time up to the correction would be a massive gamble.

You seem to have missed that real event by 7 years. The crash started in 2007. Insane London prices just about up with real 2007 lunacy prices. The rest of the country has crashed massively in real terms. The powers that be real problem is that Wages have been flat or falling . Hence why we now have deflation. Nothing has been fixed, if they have why are interest rates not going up? why are the lying to everyone about the economy? Osborne seems to think, if you ask me, you can talk up a crashed economy and /or print money and give it to the rich.

The next twenty years of our lives thrown at maintaining rich mens asset prices. thankfully it looks like the bottom of the barrel has been reached.

Massive nominal correction in London now certain.

This will take down any secondary market tied to the London mega bubble.

Garde loo.

Edited April 19, 2015 by TheCountOfNowhere

[Si1]

Well I don't work in a normal workplace (I work on oil rigs) but I do take your point. Most of my friends at home are middle class grammar schooled types, now with your typical management careers, they have kids, are married, mortgage etc. I think to an extent they have to conform to a certain life model, there is a reason they make the same life choices.

Fair play.

Working on a rig must be difficult in certain ways. Are you a qualified engineer, Chem eng or similar, or a well paid deck hand, so to speak, out of interest?

Edited April 19, 2015 by Si1

[Snozzle]

Fair play.

Working on a rig must be difficult in certain ways. Are you a qualified engineer, Chem eng or similar, or a well paid deck hand, so to speak, out of interest?

Yeah it's kind of a crap life, I'm away too much doing a bad rotation of 6x3 (6 weeks on, 3 weeks off). But then I have worked in an office (briefly) and found it somewhat suffocating. Best thing about the job is the time off, and I should be able to get 4x4 rotation at some point when oil bounces back (I hope).

I have a geology degree but work in a 'sort of' engineering job where the skills are very specific and not readily transferable. Anyway, I only work for the money and couldn't care less about the industry or my career in it. Like I said before, I would have no problem with a minimum wage job if it came to that, so long as I owned my house.

If I got married and had kids that stance might have to change though. But I can't see that happening soon 'cos I'm useless with women lol.

[Cid]

I managed to save that much because I have no gf, wife, or kids. I have a job which pays above average but I'm hardly bringing in mega-bucks.

Without help from Mummy & Daddy no most 30-somethings aren't going to have that sort of money.

There's your problem right there. If you had those things, you would have already gotten yourself a big mortgage and 'move on in life', becoming blissfully ignorant of any events around you.

You'll notice a pattern here with many of the long term bears with large deposits eventually caving and buying because of their other half. I'm reminded of a sketch many years ago when the comedian quip that a man would raise his family in a cardboard box if he was permitted to.