markyh Posted August 30, 2007 Share Posted August 30, 2007 Feels great to be debt free 100% and have £123k in the bank. Have a few LL issues making my a little worried about AST but that is on another post most will have read. But apart from that 110% confident I have done the right thing and will be able to comfortably watch the GC2 over the next few years. I think the only downside is my OO friends who thought I was mad in May when I SSTC, and who made 2 trade ups in the last 7 years who have houses much bigger than the one I sold, will have their noses out of joint when their houses are worth 50% less and I buy in the same size and quality as them with 1/2 their mortgages. But then again I never gave any jealosy when they moved from 2 beds to 3 beds to 4 and 5 beds so I hope they fell the same for me getting a nice house on a low mortgage. M Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted August 30, 2007 Share Posted August 30, 2007 Bruno's gonna hunt you and track you down! Quote Link to comment Share on other sites More sharing options...
marzipan Posted August 30, 2007 Share Posted August 30, 2007 I Am Not Certainly Calling The Top Of The Market! why not? Quote Link to comment Share on other sites More sharing options...
dstars Posted August 30, 2007 Share Posted August 30, 2007 Show off. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted August 30, 2007 Share Posted August 30, 2007 Show off. The lucky b****** Quote Link to comment Share on other sites More sharing options...
R K Posted August 30, 2007 Share Posted August 30, 2007 Oh go on....please please please.... Quote Link to comment Share on other sites More sharing options...
basildonian Posted August 30, 2007 Share Posted August 30, 2007 Feels great to be debt free 100% and have £123k in the bank. Have a few LL issues making my a little worried about AST but that is on another post most will have read.But apart from that 110% confident I have done the right thing and will be able to comfortably watch the GC2 over the next few years. I think the only downside is my OO friends who thought I was mad in May when I SSTC, and who made 2 trade ups in the last 7 years who have houses much bigger than the one I sold, will have their noses out of joint when their houses are worth 50% less and I buy in the same size and quality as them with 1/2 their mortgages. But then again I never gave any jealosy when they moved from 2 beds to 3 beds to 4 and 5 beds so I hope they fell the same for me getting a nice house on a low mortgage. M It's nice to be that confident! I have recently switched from 'neither to 'bear' but I think you are being a bit optimistic in the CERTAINTY of your expectations STRing is still a big risk IMHO Baz Quote Link to comment Share on other sites More sharing options...
Guest grumpy-old-man Posted August 30, 2007 Share Posted August 30, 2007 Make sure you get the money paid directly into your bank account - you don't want someone intercepting the cheque in the post. & remember to split it up, no more than 33k per bank now, just in case. Barclays or Northern Rock, perhaps not. Quote Link to comment Share on other sites More sharing options...
snap_crackle_and_pop Posted August 30, 2007 Share Posted August 30, 2007 Feels great to be debt free 100% and have £123k in the bank. Have a few LL issues making my a little worried about AST but that is on another post most will have read.But apart from that 110% confident I have done the right thing and will be able to comfortably watch the GC2 over the next few years. I think the only downside is my OO friends who thought I was mad in May when I SSTC, and who made 2 trade ups in the last 7 years who have houses much bigger than the one I sold, will have their noses out of joint when their houses are worth 50% less and I buy in the same size and quality as them with 1/2 their mortgages. But then again I never gave any jealosy when they moved from 2 beds to 3 beds to 4 and 5 beds so I hope they fell the same for me getting a nice house on a low mortgage. M 110% why not 194% ?? 110% is utter gibberish Quote Link to comment Share on other sites More sharing options...
harris Posted August 30, 2007 Share Posted August 30, 2007 Feels great to be debt free 100% and have £123k in the bank. Have a few LL issues making my a little worried about AST but that is on another post most will have read.But apart from that 110% confident I have done the right thing and will be able to comfortably watch the GC2 over the next few years. I think the only downside is my OO friends who thought I was mad in May when I SSTC, and who made 2 trade ups in the last 7 years who have houses much bigger than the one I sold, will have their noses out of joint when their houses are worth 50% less and I buy in the same size and quality as them with 1/2 their mortgages. But then again I never gave any jealosy when they moved from 2 beds to 3 beds to 4 and 5 beds so I hope they fell the same for me getting a nice house on a low mortgage. M They'll be the ones laughing at you when prices don't drop by 50%. Even on a best case scenario, prices are about 30% overvalued at the moment in real terms. A 10% nominal fall followed by stagnation for 4 years would achieve this. In the absence of a deep recession you might not even see this. Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted August 30, 2007 Share Posted August 30, 2007 Good luck. I tried the STR route, albeit as part of a location change, I quickly found the aggravation of renting tiresome. I also found doubts creeping in as to the wisdom of STR'ng after about 3 months. It's a longterm game and not for the faint hearted. For me the biggest gain wasn't financial (we lost about 35K in the process) it was the flexibility in choosing the next house to buy chain free. Theoretically we should have been able to have negotiated a cheaper buying price - unfortunately we got into a bidding war and had to pay more than the asking price! Quote Link to comment Share on other sites More sharing options...
look to the past Posted August 30, 2007 Share Posted August 30, 2007 yes good luck big balls I was down about £30000 on my STR experience – although we got a bargain and because of our position the 2 other buyers didn’t get a look in – It would be interesting to know how many people are scanning your computer at this moment to pick up your bank details and passwords to take your money from you – if I knew what I was doing this would be the site I would hang around on Quote Link to comment Share on other sites More sharing options...
needle Posted August 30, 2007 Share Posted August 30, 2007 Good luck.I tried the STR route, albeit as part of a location change, I quickly found the aggravation of renting tiresome. I also found doubts creeping in as to the wisdom of STR'ng after about 3 months. It's a longterm game and not for the faint hearted. For me the biggest gain wasn't financial (we lost about 35K in the process) it was the flexibility in choosing the next house to buy chain free. Theoretically we should have been able to have negotiated a cheaper buying price - unfortunately we got into a bidding war and had to pay more than the asking price! What sort of an idiot sells and loses £35k? What sort of a mug goes to buy a house with cash and gets into a bidding war? Your problem is that you f*cked up. Thats why they call him 'ignorant'. Better luck next time. Quote Link to comment Share on other sites More sharing options...
look to the past Posted August 30, 2007 Share Posted August 30, 2007 What sort of an idiot sells and loses £35k?What sort of a mug goes to buy a house with cash and gets into a bidding war? Your problem is that you f*cked up. Thats why they call him 'ignorant'. Better luck next time. Costs soon add up – it’s easy to lose money when you STR – you can count up how much money your house have gone up by after you sold it and you can count the amount of rent you pay – personally I paid £27000 in rent and my old house went up by £30000 – it’s not a real loss but I would have been that much better off if I sold now rather than 3 years ago that's what he means In reality every one F@cks up – they just don’t know it because they have nothing to compare it to Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted August 30, 2007 Share Posted August 30, 2007 What sort of an idiot sells and loses £35k?What sort of a mug goes to buy a house with cash and gets into a bidding war? Your problem is that you f*cked up. Thats why they call him 'ignorant'. Better luck next time. Charming. But to answer your points: 45K was spent on 1 years rent, storage costs, 2 sets of removals, 1 estate agency fee, 2 legal fees etc. We earned approx 10k in interest after tax on the equity banked. The house we bought is perfect. Several other potential buyers thought so too. You can only negotiate down in a buyers market. We used our flexibility in moving date to our advantage - but there was no financial gain. I don't think I messed up. Quote Link to comment Share on other sites More sharing options...
basildonian Posted August 30, 2007 Share Posted August 30, 2007 Charming.But to answer your points: 45K was spent on 1 years rent, storage costs, 2 sets of removals, 1 estate agency fee, 2 legal fees etc. We earned approx 10k in interest after tax on the equity banked. The house we bought is perfect. Several other potential buyers thought so too. You can only negotiate down in a buyers market. We used our flexibility in moving date to our advantage - but there was no financial gain. I don't think I messed up. Good on you Steve. This is probably a more realistic assement of STRing than "I will buy back for 50%" etc. Good luck to anybody who is prepared to take that kind of a gamble but it's a hell of a risk IMO Baz Quote Link to comment Share on other sites More sharing options...
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