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Monopoly

Would You Buy?

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If you could buy today a house you happy with, at a 3.5 times mortgage, which would cost you the same then the rent cost you and the rest cash, planning to stay in the property for a loooong time...would you buy or still wait for the crash??

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i want a home for my family, not an investment, 3.5x my salary (average wage) is the most i'll spend. i've got a dead cheap gaff to rent at the mo (100 quid a month) so i have the luxury of waiting. And waiting. And some more waiting. Then a little more. :o

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If you could buy today a house you happy with, at a 3.5 times mortgage would you buy or still wait for the crash??

I'd buy. I don't really care what a house is worth after I've bought it, just that I can buy it for a sensible price and afford to continue living in it whatever happens.... But it would take a crash to bring a property I'd be happy with down to a level where 3.5x my salary got me the front door key!

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I'd buy. I don't really care what a house is worth after I've bought it, just that I can buy it for a sensible price and afford to continue living in it whatever happens.... But it would take a crash to bring a property I'd be happy with down to a level where 3.5x my salary got me the front door key!

Mmmhh..the extended 3 bed semi with garage in Pinner is 335k..I would offer 310-315k.... I have 150k but only want to spend 120 of that...then 200k mortgage which shouldn't be a problem with 58k a year and would not cost any more the I pay on rent at the moment....we pay 1250k rent a month.

I'm sure house prices will come down eventual...but I'm tired of waiting and don't get any younger.

In that case..would you do it?

...by the way..hubby has a very secure job and I do not even work...

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I would be content with a house that cost about 400k at the peak a year or so ago here in the W Midlands. That same house is still around 350k today after a small drop of about 10%. I will be ready when such a house is in the mid 200's. If the crash happens within 6 months or so the bottom of the trough could come quickly--say 2 years--which would indicate getting my house buying boots cleaned in 2009.

To buy now would be like throwing away at least 100k. Not a good idea.

I have to admit whether I am now wondering if it might be a good idea to rent for the duration. I have enjoyed being debt free and not having to fix things in the house. Having the extra income from investing and paying far less in rent than a mortgage would cost makes sense.

Ayone else thinking that "going German" (renting) may be the wave of the future?

Or renting in England and buying a second home somewhere in Europe for retirement.

Edited by Realistbear

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I would be content with a house that cost about 400k at the peak a year or so ago here in the W Midlands. That same house is still around 350k today after a small drop of about 10%. I will be ready when such a house is in the mid 200's. If the crash happens within 6 months or so the bottom of the trough could come quickly--say 2 years--which would indicate getting my house buying boots cleaned in 2009.

To buy now would be like throwing away at least 100k. Not a good idea.

I have to admit whether I am now wondering if it might be a good idea to rent for the duration. I have enjoyed being debt free and not having to fix things in the house. Having the extra income from investing and paying far less in rent than a mortgage would cost makes sense.

Ayone else thinking that "going German" (renting) may be the wave of the future?

Or renting in England and buying a second home somewhere in Europe for retirement.

Ayone else thinking that "going German" (renting) may be the wave of the future?

Funny you should say that, I'm German.... ;) but it is not the same here...in Germany you pretty much can do what you want to the property you rent, as long as you leave it the way you find it...the landlord would have extreme difficulties to get you out again and there are no 10 page contracts telling you what you all cant do....it is shocking and ridicules how many rules and restrictions the landlord can put in the contract. Not to talk about the amount of rent....what would I get in Germany for that rent :rolleyes:

I still have not got if you would buy or not buy in our situation....

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Mmmhh..the extended 3 bed semi with garage in Pinner is 335k..I would offer 310-315k.... I have 150k but only want to spend 120 of that...then 200k mortgage which shouldn't be a problem with 58k a year and would not cost any more the I pay on rent at the moment....we pay 1250k rent a month.

I'm sure house prices will come down eventual...but I'm tired of waiting and don't get any younger.

In that case..would you do it?

...by the way..hubby has a very secure job and I do not even work...

Why offer 310-315k , tell them your chain free and 300k is all you can afford , i am STR and waiting and renting in Stanmore and have no regrets ,last weeks Harrow Observer 's headline was " HOUSE PRICES UP 13% IN A YEAR " this is total cr@p i have lists with pictures of house's in Harrow Weald from 2003 i checked the agents website he has identical houses in the same roads and 3 years later they are all within 5k of the 2003 prices , not that i want to live in Harrow anyway as most of the area has detioriated in the last few years Pinner one of the last of the better areas left . If it's cheaper for you to rent than buy , then just rent , they say rent is dead money , errrrrrr so is interest on a loan also dead money :)

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Why offer 310-315k , tell them your chain free and 300k is all you can afford , i am STR and waiting and renting in Stanmore and have no regrets ,last weeks Harrow Observer 's headline was " HOUSE PRICES UP 13% IN A YEAR " this is total cr@p i have lists with pictures of house's in Harrow Weald from 2003 i checked the agents website he has identical houses in the same roads and 3 years later they are all within 5k of the 2003 prices , not that i want to live in Harrow anyway as most of the area has detioriated in the last few years Pinner one of the last of the better areas left . If it's cheaper for you to rent than buy , then just rent , they say rent is dead money , errrrrrr so is interest on a loan also dead money :)

Why stop at £300k? Why not offer a £1, they must accept it after all we are in a crash!

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I have had my eye on this one for a while, http://www.rightmove.co.uk/viewdetails-667...y&ep=via_sl the owner is in America apparently.

It started at £405 and has progressively dropped to £360. I asked today if it was worth us viewing if we only had £320k the EA said £340 was their bottom line.

It's been on for a year now, is on a very busy road.

After revealing all that information the EA then went on to tell me that prices has risen 1% last month and would be continuing to rise :lol:

I think we'll wait.

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Funny you should say that, I'm German.... ;) but it is not the same here...in Germany you pretty much can do what you want to the property you rent, as long as you leave it the way you find it...the landlord would have extreme difficulties to get you out again and there are no 10 page contracts telling you what you all cant do....it is shocking and ridicules how many rules and restrictions the landlord can put in the contract. Not to talk about the amount of rent....what would I get in Germany for that rent :rolleyes:

I still have not got if you would buy or not buy in our situation....

If I were you I'd go back to Germany.

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If I were you I'd go back to Germany.

Yeah...right..if I just could live anywhere...I would go some were else in England...were houses are half the price then here.

Unfortunate, here is were the job is, plus hubby is British and the kids only speak English as well....besides I like England.

In today's Britain it seems to take an foreigner to like it here ;)

Just to make it clear...a mortgage would cost us the same then our rent is....

Edited by Monopoly

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Yeah...right..if I just could live anywhere...I would go some were else in England...were houses are half the price then here.

Unfortunate, here is were the job is, plus hubby is British and the kids only speak English as well....besides I like England.

In today's Britain it seems to take an foreigner to like it here ;)

Just to make it clear...a mortgage would cost us the same then our rent is....

1966 ............ ;)

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300k is nigh on 10% under asking which is pretty standard. If you feel like wasting 120k cash assets and giving youself a nice large mortgage which is affordable now *spit l hate that word* what will it be like at 7% IR and you have to sell maybe not at negative equity but at a loss with regard your large deposit?

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If you could buy today a house you happy with, at a 3.5 times mortgage, which would cost you the same then the rent cost you and the rest cash, planning to stay in the property for a loooong time...would you buy or still wait for the crash??

when you say ''the rest cash'' it depends how much you mean.......If 10% or less then the answer is yes....

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A 60% mortgage will always be less than rent on an equivalent home.....You're not comparing like with like...

because if you rented you could invest the £120k elsewhere.............and have to consider the ''opportunity cost'' of lost returns on this money....

Edited by Michael

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120K would get you 5-6 k a year after tax if you put it into the right accounts , some ideas would be open a cash ISA each thats 3k each per tax year , you say your not working and your husband has a good job so he's probably on 40% , so the savings should all be in your name therefore on the lower tax band also as your not working you can claim your personal allowance back from the tax man as your paying tax on the income you receive from your saving accounts this would be approx £1,200 a year , spread the money into 3 or 4 internet and building society accounts for extra safety and monitor the rates .

Edited by grey shark

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120K would get you 5-6 k a year after tax if you put it into the right accounts , some ideas would be open a cash ISA each thats 3k each per tax year , you say your not working and your husband has a good job so he's probably on 40% , so the savings should all be in your name therefore on the lower tax band also as your not working you can claim your personal allowance back from the tax man as your paying tax on the income you receive from your saving accounts this would be approx £1,200 a year , spread the money into 3 or 4 internet and building society accounts for extra safety and monitor the rates .

We dont pay income tax....he works for a international company and dont need to pay that tax....

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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