Cityfool Posted February 22, 2005 Share Posted February 22, 2005 Yes, these people were idiots to buy with mortgages and then to mortgage themselves to the neck, but I would not be taking out a mortgage.Yeh, this is exactly why I refuse to buy now (I still get voices though telling me to go for it) I don't see the point in spending all that money on something that I don't really like, can call hoome, and I will not be comfortable in for many years to come. For this money it should really be buying me a 1-2 bedroom spacious modern flat in secure complex in city centre, instead of the ex-council flat shithole with powercuts every month and poor maintenance like the place I'm in now <{POST_SNAPBACK}> Does the interest on your inheritence cover your rent? [Edit - Just read about it being "locked up" above but it is still relevant buying the house would save you rent but would cost you the opportunity of interest on the money. If you think house prices will fall that could be one hell of a loss]. Quote Link to comment Share on other sites More sharing options...
bert Posted February 22, 2005 Author Share Posted February 22, 2005 What on earth do you want plastic surgery for......the mind simply boggles!!!!?? Because I'm ugly and fat! You have just answered your original question though......"Stuck renting at the house price peak!"Better than stuck in an overpriced studio. I would wait patience really is a virtue and you would be sick as to be paying way over the top for a one bed, these places (IMO) are going to take the full force of the pending crash. If I were you I would jack the job in and travel anyway, b*llox to the career your 22 go & have some fun. <{POST_SNAPBACK}> Just turned 23 yesterday. I'm too old to be having fun and traveling now. Don't have the disposable income and had all my fun at uni - throwing money away and not doing any work.. really have to make up for it now.! Quote Link to comment Share on other sites More sharing options...
zzg113 Posted February 22, 2005 Share Posted February 22, 2005 with powercuts every month and poor maintenance Why are there powercuts? Is it the fault of the electricity board or is it something you can hold your landlord accountable for (ie is he paying/not paying the electricity bill)? Re: poor maintenance, is there anything that is sufficiently poor so as to constitute a threat to health and safety? If so you can contact your local council's environmental health department who can force your landlord to bring the property up to a satisfactory standard: http://www.direct.gov.uk/Topics/HomeAndCom...1394&chk=iyTgdn http://www.direct.gov.uk/Topics/HomeAndCom...1381&chk=OtGy/5 Quote Link to comment Share on other sites More sharing options...
bert Posted February 22, 2005 Author Share Posted February 22, 2005 Why are there powercuts? Is it the fault of the electricity board or is it something you can hold your landlord accountable for (ie is he paying/not paying the electricity bill)?Re: poor maintenance, is there anything that is sufficiently poor so as to constitute a threat to health and safety? If so you can contact your local council's environmental health department who can force your landlord to bring the property up to a satisfactory standard: http://www.direct.gov.uk/Topics/HomeAndCom...1394&chk=iyTgdn http://www.direct.gov.uk/Topics/HomeAndCom...1381&chk=OtGy/5 <{POST_SNAPBACK}> Thanks, I'll have a look at that. I think the powercuts are more to do with me overloading a crappy electricity grid in this old building unfortunately. Those links will prove useful though for my 6 page essay to the Letting Agent next time my rental agreement comes up. Quote Link to comment Share on other sites More sharing options...
Bee Bear Posted February 22, 2005 Share Posted February 22, 2005 Quote: Just turned 23 yesterday. I'm too old to be having fun and traveling now. Don't have the disposable income and had all my fun at uni - throwing money away and not doing any work.. really have to make up for it now.! Bert, saying I'm too old to be having fun and traveling now is a very sad and dangerous thing to say. You may want to think about what you will look back on with pleasure when you're 80 years old. Hey i stopped having fun at 23 and had a stunning boring career and die really rich. Hmmmm. Or remember when i was 24 and took 3 weeks off to learn to scuba dive and then when i was 25 i had 2 months off to go around asia. Then there was.... You get the idea (i hope) My husband and i took 7 weeks off when we were 36 and 41 and went around europe on a Harley. We could have bought a house with all that money. But i have no regrets. Remember there are things like health and joint flexibility that get less as you get older no matter how much dosh you accumulate! Live a little and if anyone tell you not to, tell them where to go! Quote Link to comment Share on other sites More sharing options...
THE SAGE Posted February 22, 2005 Share Posted February 22, 2005 Tell that to the people who bought at the peak of the last bubble. Many (if they were not evicted and thrown out on the streets during the last crash) have only just emerged from negative equity after a decade of misery, stuck in "starter" flats which they never really wanted to live in in the first place.Also, remember this inheritance is a one-chance only thing. Whoever died to give you that money is not going to die again. Do you really want to waste it buying a flat you don't really like and which will very probably be hit very hard in any downturn? (one-beds and "studios"[bedsits] were unsellable in the last crash, and will be again) <{POST_SNAPBACK}> ZZ your comments regarding the last crash are accurate and insightful. I was there and one bed flats are extremely difficult to sell in a downturn. Quote Link to comment Share on other sites More sharing options...
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