Wad Posted June 18, 2007 Share Posted June 18, 2007 (edited) I have never owned a house and am 45 this year. I am beginning to ask whether this makes me either a: 1) a sad failure; 2) misguided; or 3) prudent. I am beginning to feel that I may never buy a house - on the other hand I am going to view one tomorrow that is up for auction later this summer so you never know. Edited June 18, 2007 by Wad Quote Link to comment Share on other sites More sharing options...
MarkG Posted June 18, 2007 Share Posted June 18, 2007 I'm thinking about forgetting the whole house thing and buying a boat. Or maybe one of those big truck things with the machineguns and rocket launchers from the 'Damnation Alley' movie . Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted June 18, 2007 Share Posted June 18, 2007 I have never owned a house and am 45 this year. I am beginning to ask whether this makes me either a:1) a sad failure; 2) misguided; or 3) prudent. I am beginning to feel that I may never buy a house - on the other hand I am going to view one tomorrow that is up for auction later this summer so you never know. Without knowing your circumstances for the last 45 years, its impossible to answer that. Even so, I'd probably say never 1). Quote Link to comment Share on other sites More sharing options...
kagiso Posted June 18, 2007 Share Posted June 18, 2007 First bought mid/late thirties. Which felt late at the time. However I bought at the bottom (expecting it to be at the bottom), so I am happy with this. I nearly bought in 89/90, but luckily enough couldn't afford to, for which I am extremely grateful. At the time there was the same ridiculous 'you have got to get your foot on the ladder' pressure as there is now. It is rubbish. The only thing that really matters is when you go in and when you come out. Quote Link to comment Share on other sites More sharing options...
Free Thinker Posted June 18, 2007 Share Posted June 18, 2007 I'm thinking about forgetting the whole house thing and buying a boat. Or maybe one of those big truck things with the machineguns and rocket launchers from the 'Damnation Alley' movie . I was talking about this film with the guys at work the other day, but I couldn't remember it's name. Now I can show them what I was talking about and they won't think I'm making it up anymore. Thanks. Quote Link to comment Share on other sites More sharing options...
MarkG Posted June 18, 2007 Share Posted June 18, 2007 Ah, here we are: http://en.wikipedia.org/wiki/Landmaster Though at $300,000 in 1970s money, maybe I can't afford it after all . Quote Link to comment Share on other sites More sharing options...
laurejon Posted June 18, 2007 Share Posted June 18, 2007 I bought my first house aged 19 on a Bricklayers Wages. Today earning over 50k I could not buy a Studio Flat of any consequence and have any funds to live. New Labour have ripped the heart out of the working classes, I'm afraid there is no going back now. This nations workforce are now treated like second and even third class citizens whilst the new arrivals get the red carpet treatment, have had laws made that do not represent the majority rule. All in all, new labour are a disaster and should be condemed to the international criminal court as soon as possible. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted June 18, 2007 Share Posted June 18, 2007 I bought my first house aged 19 on a Bricklayers Wages.Today earning over 50k I could not buy a Studio Flat of any consequence and have any funds to live. New Labour have ripped the heart out of the working classes, I'm afraid there is no going back now. This nations workforce are now treated like second and even third class citizens whilst the new arrivals get the red carpet treatment, have had laws made that do not represent the majority rule. All in all, new labour are a disaster and should be condemed to the international criminal court as soon as possible. I bought during the 1980's during the height of Duran Duran and big hair aged 25, on articled clerk wages and took in a lodger. I don't currently own in the UK at all. I agree that New Labour government should be put on trial. If the masses were to wake up and suss them, they would be lucky to escape being strung up from lamp posts. And don't think for one minute you are rid of Blair. He'll be running the EU. Quote Link to comment Share on other sites More sharing options...
brainclamp Posted June 18, 2007 Share Posted June 18, 2007 (edited) Both the Tories and Nu Labour are funded from by rich landowners, not membership. Nu Labour has no hesitiation in changing even manifesto policy (from F1 tobacco advertising, Lakshmi Mittals 'favours' to peerages for sale) for a bung or two. The Sun's business editor Ian King described the party leader in waiting David Cameron as a "poisonous, slippery individual" - highlighting the time Cameron was PR man for "the world's worst TV company" Carlton in the 1990s. "He was a smarmy bully who regularly threatened journalists who dared to write anything negative about Carlton - which was nearly all of us." King recalls with particular affection Cameron's defence of ONdigital (ITV Digital's predecessor) against all the odds and all the evidence. So you get more of the same PR BS with the tories as under Blair - with only one 'hidden' agenda - mass immigration and increasing policies to stuff people into small rooms, while spinning the media with non-entity headlines about green-ness and increasing taxes on non property related activity. Edited June 18, 2007 by brainclamp Quote Link to comment Share on other sites More sharing options...
Wad Posted June 18, 2007 Author Share Posted June 18, 2007 I have never owned a house and am 45 this year. I am beginning to ask whether this makes me either a:1) a sad failure; 2) misguided; or 3) prudent. I am beginning to feel that I may never buy a house - on the other hand I am going to view one tomorrow that is up for auction later this summer so you never know. OMG! After 40 minutes of voting no one has voted in my age group category. I fear that I may indeed be a sad failure. Come on guys I am a sad middle aged man I need someone to bolster my confidence - either that or I am going to have get a motorbike and start going to night clubs! Quote Link to comment Share on other sites More sharing options...
Guest d23 Posted June 18, 2007 Share Posted June 18, 2007 I have never owned a house and am 45 this year. I am beginning to ask whether this makes me either a:1) a sad failure; 2) misguided; or 3) prudent. I am beginning to feel that I may never buy a house - on the other hand I am going to view one tomorrow that is up for auction later this summer so you never know. impossible to choose from one of those options purely on the basis of not owning a house i'm 35, yet to buy but have never been happier; doubt I'd be much happier if I owned or if indeed houseownership really affects my personal 'quality of life o meter' or my self esteem in any real and meaningful way imo there are several other better indicators than your accomodation as to whether you have been 'sucessfull' in life. Peace of mind and good relationships with those closest to you are better gauges imo. On a purely financial basis I suppose the answer to your question would depend on what other provisions you've managed to make for the future in the meantime Quote Link to comment Share on other sites More sharing options...
downandout Posted June 18, 2007 Share Posted June 18, 2007 32 and counting. "Though at $300,000 in 1970s money, maybe I can't afford it after all" I'm sure there's a company in China that will knock one up for you for a few hundred quid. Quote Link to comment Share on other sites More sharing options...
kagiso Posted June 18, 2007 Share Posted June 18, 2007 OMG! After 40 minutes of voting no one has voted in my age group category. I fear that I may indeed be a sad failure. Come on guys I am a sad middle aged man I need someone to bolster my confidence - either that or I am going to have get a motorbike and start going to night clubs! Apologies if the following seems patronising, but you seem genuinely concerned. (Firstly, if you get a bike go on a retraining course, death rates for returned middle aged bikers are ridiculously high as they don't realise who much more powerful bikes are than 20 years ago.) I have bought and sold two houses in the last decade, money nicely in the bank, so I could buy tomorrow if I wanted to. But on the other hand, I have no pension to speak of, so that is my challenge for the next 10-15 years. If you are 45 and you have no house, no savings and no pension, then it would be kind to say you have been imprudent. If you have a pension and / or savings, then no sweat, and don't buy a house til the bottom of the crash. And if you like moving around, don't bother buying one at all. From a financial point of view, the main thing is, can you support yourself and family comfortably now? and will you be able to retire comfortably when you want to? If yes then you are doing fine, if no, you need to up your savings and invest where you think wisest, or reduce your future aspirations. Ownership of a particular asset class is not a meaningful measurement of success. Quote Link to comment Share on other sites More sharing options...
winkie Posted June 18, 2007 Share Posted June 18, 2007 How old were you when you owned your first house? 23, but I don't own it, I am still paying for it. Quote Link to comment Share on other sites More sharing options...
MarkG Posted June 18, 2007 Share Posted June 18, 2007 I'm sure there's a company in China that will knock one up for you for a few hundred quid. Not with steel at current prices . It could be a good replacement for the Hummer though . Quote Link to comment Share on other sites More sharing options...
BudoBear Posted June 18, 2007 Share Posted June 18, 2007 33. Don't own, but trying to get myself into a buying position. Need a crash! Quote Link to comment Share on other sites More sharing options...
markyh Posted June 18, 2007 Share Posted June 18, 2007 (edited) I was 27. bought my lovely 2 bed semi on a nice estate in Aylesbury for £55k in 1996 , knocked the couple down from £58k (5%!!) Mortgage was £50k. Am in the process of STR SSTC at the moment private sale no EA's @ £194k. Banking, renting and waiting for the drop to trade up! M Edited June 18, 2007 by markyh Quote Link to comment Share on other sites More sharing options...
enworb Posted June 18, 2007 Share Posted June 18, 2007 I felt old at 28 when I eventually took on a mortgage. But then I was still "living at home" prior to buying. Quote Link to comment Share on other sites More sharing options...
gfromls Posted June 18, 2007 Share Posted June 18, 2007 put in the offer at 18, completed at 19. Quote Link to comment Share on other sites More sharing options...
enrieb Posted June 18, 2007 Share Posted June 18, 2007 I think I was about 24 when I bought my house in 1997, I don't think that the age you are matters, I have freinds who are 40+ who don't own and I don't think there's any real downside to not owning a house, technically you don't own it untill you have paid off the morgage. If you do want to buy then what is most important is that you buy when prices are low, no bonuses for buying at the top of the market. I can't wait to sell and get into rented accomodation. Quote Link to comment Share on other sites More sharing options...
London_Pride Posted June 18, 2007 Share Posted June 18, 2007 I was 25 when I bought my 1 bed flat in Lewisham. I now live in LA & rent it out. I never thought I'd be a landlord at age 26. Quote Link to comment Share on other sites More sharing options...
Tucksy Posted June 18, 2007 Share Posted June 18, 2007 Ownership of a particular asset class is not a meaningful measurement of success. Absolutely. It's a sad indictment of many peoples' attitude to personal wealth and in particularly property ownership in the UK that the original poster needs to seek reassurance from others that he is not 'a sad failure' because he has never owned a house. Be reassured that many people in this country (statisticians please?) LIVE in houses and pay their mortgages but they are far from OWNING the asset itself. Many never will and a lot of people have them taken off them by lenders because they find that they can't actually afford to re-pay the inordinate sums they have borrowed to 'pay' for it. Who is the wiser man? One who buys when he can't afford it and pays for it the rest of his life or one who buys when he can afford it and is indebted to no one? I'm 39 and still haven't bought but had the benefit of living at home for a long time. I inherited a share of the proceeds from the sale of my late mother's property in 2006 and have been unable to work through illness since 2005 so I like many FTBs', am waiting for a 'drop' in prices. I may then buy outright but will rent in the meantime. Make for the high ground while the rest drown in debt... Quote Link to comment Share on other sites More sharing options...
crash-and-burn Posted June 18, 2007 Share Posted June 18, 2007 I've just turned 30, and doubt I could afford to keep up on payments for a new house, although I have a reasonable deposit saved. Fortunately for me, my girlfriend has been given an apartment in Paris, so I'll soon be living both rent and mortgage free, and can continue to live without fear of debt or missing a payment. I should be able to save should we want to move elsewhere in the future. Quote Link to comment Share on other sites More sharing options...
headmelter Posted June 19, 2007 Share Posted June 19, 2007 borrowed to buy at 29. bought outright at 36. waiting on the bubble to burst to get bedrooms for all the kids. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted June 19, 2007 Share Posted June 19, 2007 Aged 21, in 1985 for £18000.Same house was on rightmove recently at 140K.In that time the house has gone up nearly 8 times but RPI has only doubled plus a bit.Houses were bloody cheap then,don't believe the myths put about by bulls to justify today's valuations(ie. house were always expensive);any fool could buy a house then even crashmonitor. Sold to rent in June 2006. Quote Link to comment Share on other sites More sharing options...
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