DICKDASTARDLY Posted May 31, 2006 Share Posted May 31, 2006 I just think some people are being too simplistic thinking about potential HPC. In 2004, after saving for 3 years, I found a house I liked but thaught Id be be better of saving till prices came down, jump in and get a bargain : WRONG : although Ive saved up another 10k since then, Im in a far worse position now. I now recognise I was in denial looking at how much prices had jumped in that three years. I think people need to look at the other involving factors involved in a correction : and ask how that would affect them. Higher int rates would only make your monthly payments more as well as everyone elses.Even if prices started falling tommorow, by how much and over how many years ? To be honest after two more years of waiting Its all doing my head in. Whats worse : Being in neg eq for a few years or living in what amounts to temporary accomodation, and logging on here every other day waiting for things to change, scrimping and saving for a bigger deposit. It takes alot to bring on a HPC, This time two years ago it looked like it was set to happen, now it looks so unlikely. I just originally looked at the overall debt, and nothing more. They do say ignorance is bliss, I wish Id never found this site, I think its best to buy as soon as you can afford, and ride that bucking broncho till the mortgage is paid off, for better or for worse. Quote Link to comment Share on other sites More sharing options...
Guest Baffled_by_it_all Posted May 31, 2006 Share Posted May 31, 2006 I don't think negative equity is such a big deal if you plan to stay somewhere. What is a big deal is the size of your mortgage. Personally I don't want to take on a huge mortgage I can only just afford at historically low interest rates. I'd rather take on a mortgage for less money at higher rates - even if the repayments are similar. Quote Link to comment Share on other sites More sharing options...
Xurbia Posted May 31, 2006 Share Posted May 31, 2006 They do say ignorance is bliss, I wish Id never found this site, I think its best to buy as soon as you can afford, and ride that bucking broncho till the mortgage is paid off, for better or for worse. You still have time to get on your bucking horse if that's your conviction. Blaming others is just as ignorant. It's like saying "That person ruined my life. I wish I'd never met them." OR "I should have tried harder at school." OR "I wish my ***** wasn't 10 inches long (!)" Quote Link to comment Share on other sites More sharing options...
DICKDASTARDLY Posted May 31, 2006 Author Share Posted May 31, 2006 You still have time to get on your bucking horse if that's your conviction. Blaming others is just as ignorant. It's like saying "That person ruined my life. I wish I'd never met them." OR "I should have tried harder at school." OR "I wish my ***** wasn't 10 inches long (!)" Hey, hang on, saying I wish I hadnt found this site isnt exactly blamimg anyone, is it ? Although having a ten inch nob is such a curse..... Quote Link to comment Share on other sites More sharing options...
homeless Posted May 31, 2006 Share Posted May 31, 2006 and what exactly is wrong with saying p e n i s ? i believe were all adults here and can accept the dictionary and medicaly accepted term for a C O C K Quote Link to comment Share on other sites More sharing options...
Beaker Posted May 31, 2006 Share Posted May 31, 2006 Whats worse : Being in neg eq for a few years or living in what amounts to temporary accomodation, and logging on here every other day waiting for things to change, scrimping and saving for a bigger deposit. I guess this is where people are so different, and what makes this site what it is. The answer is dead simple to me. I'd much, much rather live in temporary accomodation than be in negative equity. Simple as that. Quote Link to comment Share on other sites More sharing options...
munimula Posted May 31, 2006 Share Posted May 31, 2006 (edited) To be honest after two more years of waiting Its all doing my head in. Whats worse : Being in neg eq for a few years or living in what amounts to temporary accomodation, and logging on here every other day waiting for things to change, scrimping and saving for a bigger deposit. It takes alot to bring on a HPC, This time two years ago it looked like it was set to happen, now it looks so unlikely. I just originally looked at the overall debt, and nothing more. They do say ignorance is bliss, I wish Id never found this site, I think its best to buy as soon as you can afford, and ride that bucking broncho till the mortgage is paid off, for better or for worse. If that's how you feel - get on and buy. Personally I'm happy to wait for another 5-10 years and pay less for a property and I'll enjoy the freedom I get from renting in the meantime. My rents gone down 7%+ in the last 3 years in real terms and I didn't have to pay for the new cooker, new boiler or get the leak from the shower fixed. And I can leave within a month with no hassle. Bliss. I'm going to really enjoy watching the prices of houses go down and will enjoy reading all the misery stories about people losing their BTL homes etc. In the long term I'll be much better off. I'm likely to move into a decent size house and miss out on the first couple of rungs of the ladder and I'll look forward to a better retirement than anyone stretching themselves too far to buy on the first couple of rungs now because they'll be stuck paying of their 1 and 2-bed flats for the majority of their working lives. Edited May 31, 2006 by munimula Quote Link to comment Share on other sites More sharing options...
DICKDASTARDLY Posted May 31, 2006 Author Share Posted May 31, 2006 I'm going to really enjoy watching the prices of houses go down and will enjoy reading all the misery stories about people losing their BTL homes etc. WHEN ????? You could be ten toes up if that time ever comes at this rate Quote Link to comment Share on other sites More sharing options...
cupidstunt Posted May 31, 2006 Share Posted May 31, 2006 I notice there have been a few others (apart from Dick) have been moaning about their lot. We all make informed opinions about things like house prices. Mine is that now some of the last bears are turning bull - It's time for the House price correction to start. Quote Link to comment Share on other sites More sharing options...
DICKDASTARDLY Posted May 31, 2006 Author Share Posted May 31, 2006 I notice there have been a few others (apart from Dick) have been moaning about their lot. We all make informed opinions about things like house prices. Mine is that now some of the last bears are turning bull - It's time for the House price correction to start. ...And saying " look, the last bears are turning bull" Will not bring house prices down by 50% overnight Quote Link to comment Share on other sites More sharing options...
munimula Posted May 31, 2006 Share Posted May 31, 2006 I'm going to really enjoy watching the prices of houses go down and will enjoy reading all the misery stories about people losing their BTL homes etc. WHEN ????? You could be ten toes up if that time ever comes at this rate When doesn't really matter. Like I said, I'm not stressing about it - there is more to life. I've decided to retrain, I'm spending my deposit money on that instead of overpriced housing. In the longterm I'll be far better off for it and I'll buy a house when it isn't financially crippling. If you are hanging on every piece of news or evidence of falls because you are desperate to buy and it is affecting your life then I'd recommend that you get on and buy. It isn't affecting mine that much, yes I'd like to have my own home but I will eventually and is it really going to make that much difference to your life? You spend most of your time at work and the rest of the time you should be out enjoying yourself, hobbies etc so what difference does it really make whether you own or rent? Quote Link to comment Share on other sites More sharing options...
RichM Posted May 31, 2006 Share Posted May 31, 2006 NE is fine if you've got a job. I suspect we're so deep in the macroeconomic do-do that keeping hold of your job will be a bigger worry for many people than whether they ever buy. Quote Link to comment Share on other sites More sharing options...
Turnbull2000 Posted May 31, 2006 Share Posted May 31, 2006 NE is fine if you've got a job. I suspect we're so deep in the macroeconomic do-do that keeping hold of your job will be a bigger worry for many people than whether they ever buy. Price increases don't make any difference to me now. The pokiest one bedroom flats in the poorest areas are aleady too much of a stretch. It's just not worth the misery and commitment anymore. I'm now spending my savings travelling instead - I only just returned from Tokyo last week! I just can't see prices coming down. So live for the moment instead. Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted May 31, 2006 Share Posted May 31, 2006 NE is fine if you've got a job. I suspect we're so deep in the macroeconomic do-do that keeping hold of your job will be a bigger worry for many people than whether they ever buy. But in that case, we are all screwed. Wealth is relative, and 99% of the population would be going down in the same boat. I agree with the OP. If putting it off is more painful than potential NE, he should just go for it and get on with his life. Quote Link to comment Share on other sites More sharing options...
keepwatching Posted May 31, 2006 Share Posted May 31, 2006 I just think some people are being too simplistic thinking about potential HPC. In 2004, after saving for 3 years, I found a house I liked but thaught Id be be better of saving till prices came down, jump in and get a bargain : WRONG : although Ive saved up another 10k since then, Im in a far worse position now. I now recognise I was in denial looking at how much prices had jumped in that three years. I think people need to look at the other involving factors involved in a correction : and ask how that would affect them. Higher int rates would only make your monthly payments more as well as everyone elses.Even if prices started falling tommorow, by how much and over how many years ? To be honest after two more years of waiting Its all doing my head in. Whats worse : Being in neg eq for a few years or living in what amounts to temporary accomodation, and logging on here every other day waiting for things to change, scrimping and saving for a bigger deposit. It takes alot to bring on a HPC, This time two years ago it looked like it was set to happen, now it looks so unlikely. I just originally looked at the overall debt, and nothing more. They do say ignorance is bliss, I wish Id never found this site, I think its best to buy as soon as you can afford, and ride that bucking broncho till the mortgage is paid off, for better or for worse. 10 inch nob and no balls......... The EAs is your oyster....... Go do the offer thing and live forever happy... Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted May 31, 2006 Share Posted May 31, 2006 i know ive had my grumbles since finding this site, but i am in a cushty LA rental right now and im no longer in any sort of hurry to buy anymore. i think the key to lasting to a hpc is to find some cheap, secure rental thats comfortable and wait it out. only the ir rising will trigger this overloaded bus to fail. were at the debts end. Quote Link to comment Share on other sites More sharing options...
teddyboy Posted May 31, 2006 Share Posted May 31, 2006 I don't think negative equity is such a big deal if you plan to stay somewhere. What is a big deal is the size of your mortgage. Personally I don't want to take on a huge mortgage I can only just afford at historically low interest rates. I'd rather take on a mortgage for less money at higher rates - even if the repayments are similar. WISE WORDS!!! 100% agree and think the same TB Quote Link to comment Share on other sites More sharing options...
RichM Posted May 31, 2006 Share Posted May 31, 2006 i know ive had my grumbles since finding this site, but i am in a cushty LA rental right now and im no longer in any sort of hurry to buy anymore. i think the key to lasting to a hpc is to find some cheap, secure rental thats comfortable and wait it out. only the ir rising will trigger this overloaded bus to fail. were at the debts end. well done RFD, how did you blag that? Quote Link to comment Share on other sites More sharing options...
Wuluf Posted May 31, 2006 Share Posted May 31, 2006 " look, the last bears are turning bull" It's a good job that some people still believe that the world is flat... Quote Link to comment Share on other sites More sharing options...
THE _ MONKEY Posted May 31, 2006 Share Posted May 31, 2006 (edited) The Monkey tried to warn you but you are all beyond help. Enjoy waiting for another 100 years for that crash! Edited May 31, 2006 by THE _ MONKEY Quote Link to comment Share on other sites More sharing options...
teddyboy Posted May 31, 2006 Share Posted May 31, 2006 WELCOME BACK MONKEY!!! I hope to have lots of rational debate with you, so let me start now: What makes you think that its all STR's here? I think there are LOT of FTB's and OO's here. There are a lot of STR's and there are also a lot of people that are concerned about their siblings and are not involved in a house purchase. I will start a POLL now to try and find out what percentage of people are actually STR? I think you may be surprised. TB Quote Link to comment Share on other sites More sharing options...
Warwickshire Lad Posted May 31, 2006 Share Posted May 31, 2006 Haven't you noticed how hardly anyone on here is a priced-out first-time buyer? The people on here are STRs and gold investors. Finally, Warwickshire Lad has come back to HPC to say this :- There are a certain number of jabronis on this forum that like to register and cause annoyance to FTBs. These are the sorts of people who might need a slap down. There are STRs and others on here who have a lot more money at stake here than I have. Making such an expensive and high risk move into property as an FTB is the wrong thing to do. Perhaps there are certain jabronis who don't realise that, and perhaps should go and smell other people's cooking. Quote Link to comment Share on other sites More sharing options...
THE _ MONKEY Posted May 31, 2006 Share Posted May 31, 2006 Finally, Warwickshire Lad has come back to HPC to say this :- There are a certain number of jabronis on this forum that like to register and cause annoyance to FTBs. These are the sorts of people who might need a slap down. There are STRs and others on here who have a lot more money at stake here than I have. Making such an expensive and high risk move into property as an FTB is the wrong thing to do. Perhaps there are certain jabronis who don't realise that, and perhaps should go and smell other people's cooking. That was an un-biased opinion from somebody who has recently admitted to gambling thousands of pounds on the stock market by buying gold! Quote Link to comment Share on other sites More sharing options...
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