Do you own property?

[PeanutButter]

Wondering how many on here are already in the market. 

[MonsieurCopperCrutch]

6 minutes ago, PeanutButter said:

Wondering how many on here are already in the market. 

Why? 

[Bob8]

12 minutes ago, PeanutButter said:

Wondering how many on here are already in the market. 

The results indicate how long we have been on here.

[winkie]

Someone might own one outright, and another might have debt on two or three and be in big debt bubble trouble......someone might own none and be in a better net worth position than the one indebted with one, two or more.

What property a person holds doesn't tell you very much at all IMO.

[Locke]

People tend to get upset if you point out they don't really own the property if the bank still has a claim on it.

Also, having to rent your own property from the government means you never really own it, but that is another discussion

[Unmoderated]

I bought my first one in 2017. After a trip to Scotland this year I'm seriously considering a second home up there. Rent it out during school holidays and work from there a few months of the year. Also a good excuse to buy a nicer car for that drive (I live near Reading). Or, wondering about getting a little car to stay with the house up there so people renting the house could also have the option of flying/training it up there and renting the car from me too... maybe too much bother. 

[hotblack42]

9% on HPC own 3+ 🤔😳

[Bob8]

4 minutes ago, hotblack42 said:

9% on HPC own 3+ 🤔😳

Yes, that does seem odd.

This forum is not a bastion on honesty at all times.

[Unmoderated]

14 minutes ago, Locke said:

People tend to get upset if you point out they don't really own the property if the bank still has a claim on it.

Also, having to rent your own property from the government means you never really own it, but that is another discussion

Do they? They probably just find that a tiresome point in a 'conversation'.

Is it better then to rent from someone renting from the bank/government and never, ever own it or get yourself in a position where you will have your debt eroded by inflation and payments?

[Locke]

10 minutes ago, Unmoderated said:

Is it better then to rent from someone renting from the bank/government and never, ever own it or get yourself in a position where you will have your debt eroded by inflation and payments?

Depends on your situation. 

Besides, a 35 year mortgage means your ass is hanging out in the wind for a long time. Up until now, people have not been burned, but that's no guarantee.

[morty]

I do but I want a hpc, for my own safety as people will get to a breaking point sooner or later.  IMO the only way out of this mess is lower cost of living.  
 

It’s not right having so much of a person’s income going on housing, a correction needs to take place for the benefit of everyone.  BTLers need to feel the pain everyone has over all these years.  

Edited October 29, 2021 by morty

[Unmoderated]

6 minutes ago, Locke said:

Depends on your situation. 

Besides, a 35 year mortgage means your ass is hanging out in the wind for a long time. Up until now, people have not been burned, but that's no guarantee.

But a 35 year mortgage is at least a term. Feels like forever when young but the older you get the more you realise it isn't that far. I did remortgage recently for a 35 year term though. I mean, why wouldn't you when rates are less than 1%? I even took additional money out since I can find far better uses for it. Worst case scenario I have enough savings to pay the mortgage for the remainder of the fixed term and then I could sell in 5 years. Worst case. 

Meanwhile if I was renting I'd be increasingly upset and even bitter about now having to borrow another 25% compared to 4 years ago just to buy the same house. 

I would agree that there's no guarantee people wont get burnt but I modified my thinking after 2009. Sure, some dimwit liars got their arses handed to them (most didn't) and everyone saving hard to buy a house paid for it. So you might say there's not guarantee you wont get burnt by being on the other side of it. 

[desiringonlychild]

8 minutes ago, Locke said:

Depends on your situation. 

Besides, a 35 year mortgage means your ass is hanging out in the wind for a long time. Up until now, people have not been burned, but that's no guarantee.

 But you can overpay your mortgage and shorten the term once  you remortgage.  I decided on a longer mortgage term for myself  as I wasn't sure whether I was having a baby in the next 5 years (and would therefore need to spend more on childcare). Also wasn't that sure about bills for a couple in the UK as I was renting in Berlin previously (and the total costs was a lot more than expected).  But I am overpaying £1k every month.

 

If the state provided secure long term rental in the location of my choice (and I had the capacity to pay rent in a lump sum in my younger years so that I would have no rental costs in old age, I would do that rather than owning. 

[JB1973]

I own a good size portfolio.  15%LTV across the lot.  I have read housepricecrash for years.  I agree with most of the logic but play in the corrupt real world.

[MonsieurCopperCrutch]

1 hour ago, winkie said:

Someone might own one outright, and another might have debt on two or three and be in big debt bubble trouble......someone might own none and be in a better net worth position than the one indebted with one, two or more.

What property a person holds doesn't tell you very much at all IMO.

I agree. Better to ask what debt they hold. 

[shlomo]

I own one house in London, I come here for the doom and gloom conversations

Edited October 29, 2021 by shlomo

[scottbeard]

I clicked "Yes - 2" because that's true.

It makes it sound like I have a BTL or a holiday home.

Actually I own my own home, plus I have inherited a part share in a house of a deceased family member.

There may be some other similar stories behind the "2" and "3+" answers.  Still surprising to see so many of them.

[PeanutButter]

2 hours ago, MonsieurCopperCrutch said:

Why? 

why not?  

[robson1111]

2 hours ago, Locke said:

People tend to get upset if you point out they don't really own the property if the bank still has a claim on it.

I do not think they do 

1 hour ago, Locke said:

Besides, a 35 year mortgage means your ass is hanging out in the wind for a long time.

It is no different to renting - you have to pay for where you live.

[PeanutButter]

1 hour ago, JB1973 said:

I own a good size portfolio.  15%LTV across the lot.  I have read housepricecrash for years.  I agree with most of the logic but play in the corrupt real world.

Well howdy do! All in the UK?

[Bruce Banner]

I owned for 35 years, rented for 12 (a profitable 12 years) and have owned again for 4.

Mortgage free for the last 35.

 

[crash-and-burn]

The wife and I have 3, no mortgage or loans, but mostly down to good luck. A country house where we live bought with our own savings, a house by the sea which we bought as an investment, and an apartment in the capital, worth more than the other two combined and was gifted as an inheritance whilst the relative was still living.
You'd probably think someone in that position would be living like a king, but we're very cash poor, at least at this moment in time. There's often a big expense somewhere round the corner, and right now we have two very large expenses. We've always lived frugally; I wear old clothes until the holes appear, and continue to wear them. We don't eat out, the wife cuts my hair, we don't buy anything frivolous. I can say all this anonymously in a forum like this, but in person almost nobody knows (including extended family) that we have these extra properties. It's also possible to be asset rich and cash poor - not the worst of positions to be in, but not always ideal either. I count my blessings.

[Bob8]

Two, but mortgages on both.

Not too much left on the city centre flat (which we live in), which has by far the highest value at the moment. Bought in 2008. It is rented out at below market rate.

Recently bought a large family detached house in the country. Far cheaper than the flat, bought in 2020.

[MonsieurCopperCrutch]

28 minutes ago, PeanutButter said:

why not?  

Fair enough. You learn something every day. For example, I didn't imagine that, as the poll currently stands, 72.5% of people on here own at least one property. Someone visiting would have the impression everyone was a rent forever loser. 🤣

[coypondboy]

S

16 minutes ago, crash-and-burn said:

The wife and I have 3, no mortgage or loans, but mostly down to good luck. A country house where we live bought with our own savings, a house by the sea which we bought as an investment, and an apartment in the capital, worth more than the other two combined and was gifted as an inheritance whilst the relative was still living.
You'd probably think someone in that position would be living like a king, but we're very cash poor, at least at this moment in time. There's often a big expense somewhere round the corner, and right now we have two very large expenses. We've always lived frugally; I wear old clothes until the holes appear, and continue to wear them. We don't eat out, the wife cuts my hair, we don't buy anything frivolous. I can say all this anonymously in a forum like this, but in person almost nobody knows (including extended family) that we have these extra properties. It's also possible to be asset rich and cash poor - not the worst of positions to be in, but not always ideal either. I count my blessings.

similar position but our overseas property in austira most expensive to run so rent out during peak summer and christmas which pays overheads and provides me with a annual ski pass, 4 flights a year and car hire so works well.  We use it in sept/oct and feb/march for hiking/biking and skiing.  My wife's sister lives in our self build in Northern Ireland and our main home in BCP at top of Bournemouth gardens in coy pond rd.  Only mortgage on main home but very small and will keep until 75 unless interest rates go up and then use exisitng savings to pay off but whilst only paying 1% fixed for next 5 yeears doesn't make sense.  Thought of downsizing as semi retiring next year but put off by cladding crisis gripping flats so will see how that roles out over coming years.

Edited October 29, 2021 by coypondboy