100% Ownership

[Dubai]

I've been getting a little spooked by developments recently. A bad scenario is runaway inflation that cuts whatever savings you have right down to size. And there are worse scenarios too....

I've dreamed for a long time of being free of the stress of having to come up with the mortgage payment / rent every month. It must feel truly liberating.

Then I thought further... say you were lucky enough to buy a place outright.... using all your savings.... and rampant inflation took off. You'd have a place to live, but what about buying essentials? And even being free of a landlord / BS / Bank, there's still that bl00dy council tax to find every month..... (can they repo your house if you don't pay it?).

It seems like from whichever way you look, if you're not a multi-millionaire these days, you're screwed one way or another.

Glad that's off my chest....

[Its time to buy]

go to the other extreme and find peace.

get on the benefits ladder!

[huw]

Then I thought further... say you were lucky enough to buy a place outright.... using all your savings.... and rampant inflation took off. You'd have a place to live, but what about buying essentials? And even being free of a landlord / BS / Bank, there's still that bl00dy council tax to find every month..... (can they repo your house if you don't pay it?).

If things get bad enough I suppose you'd be on benefit with council tax and other fixed outgoings being paid ... and if the welfare state shrivels beyond that point then the roaming bands of mutated cannibal chavs will be a more pressing concern than the council tax

[ScaredEitherWay]

I've dreamed for a long time of being free of the stress of having to come up with the mortgage payment / rent every month. It must feel truly liberating.

It is.

Then I thought further... say you were lucky enough to buy a place outright.... using all your savings.... and rampant inflation took off. You'd have a place to live, but what about buying essentials? And even being free of a landlord / BS / Bank, there's still that bl00dy council tax to find every month..... (can they repo your house if you don't pay it?).

When you have the money to do this, you start to think of your savings in terms of income. So you look at a house price and see only how much "lost interest" that's costing you each month.

I myself will be spending only 2/3rds of my cash pot to buy a small house that just meets my needs. Smaller = cheaper to run, cheaper to maintain, cheaper CT, cheaper insurance.

It seems like from whichever way you look, if you're not a multi-millionaire these days, you're screwed one way or another.

Glad that's off my chest....

Or sign on

[Gone baby gone]

If things get bad enough I suppose you'd be on benefit with council tax and other fixed outgoings being paid ... and if the welfare state shrivels beyond that point then the roaming bands of mutated cannibal chavs will be a more pressing concern than the council tax

Yes, ideal situation is that you own your home but are either unemployed or not employed full time, claiming council tax discount and also maintaining cash in hand employment on the side.

[jez123]

Let out a room.

[huw]

I myself will be spending only 2/3rds of my cash pot to buy a small house that just meets my needs. Smaller = cheaper to run, cheaper to maintain, cheaper CT, cheaper insurance.

Have you found somewhere then, or is this still at the planning stage?

[jez123]

Have you found somewhere then, or is this still at the planning stage?

I am in the same situation. I have identified an area where I will be purchasing a small house outright in two years. A 20% fall will enable this and anything else is a bonus.

Barring this my backup plan if HPI takes off again is to emigrate and buy outright there. It helps being an in demand professsional with choice.

[ScaredEitherWay]

If things get bad enough I suppose you'd be on benefit with council tax and other fixed outgoings being paid ... and if the welfare state shrivels beyond that point then the roaming bands of mutated cannibal chavs will be a more pressing concern than the council tax

If you own your own house outright, you get council tax paid. That's it.

As a single person you'd get £59/week. That's it.

Whether you are single and in a shared house, single in private rented, single and owning a mansion: you get £59/week that's yours

People renting will get their rent paid. People owning won't get a bean. If you've got a mortgage they will pay interest on that after 9 months of being unemployed.

You only start winning with benefits when you pop out kids, or if any disabilities are involved.

[The Masked Tulip]

I found myself ill recently and learnt that savings are a big no no.

Basically, if you have a house that is worth, say, half a million and you own it outright, have a fully paid for ferrari in the drive but have no savings then you are better off in terms of DSS help than if you are someone who rents and has 5K in savings.

The guy with the savings will be forced to use his savings before he gets penny in DSS money whereas the owner of the half mill house will have all his taxes, benefits paid.

This is something I have pondered much on in recent months in terms of my STR fund.

[ScaredEitherWay]

Have you found somewhere then, or is this still at the planning stage?

I have no idea whatsoever where I will buy. I am in a town I moved to 6 months ago. Right now I can afford about 3,000 houses in the city itself .... and I don't like any of them!

This is causing me to think that maybe I need to move at some future point.

But I have no job. I do some internet marketing just to keep me occupied. But I figure I will have 1-2 years' rest, then look for a job and see where they are.

Not really got a plan. Having lived well under the poverty line for 5 years in a house, right now I am enjoying being owned by nobody.

No job = no boss. No house = no mortgage. Savings = no benefits.

I am my own person.

Marvellous.

[huw]

If you own your own house outright, you get council tax paid. That's it.

No help with water bills? I'm sure I saw something on my recent (eye-watering, broke the £400 barrier for the first time) bill saying that people on benefit could get help.

You only start winning with benefits when you pop out kids, or if any disabilities are involved.

Or if you work illegally and use the benefits to subsidise your wage.

[The Masked Tulip]

I have no idea whatsoever where I will buy. I am in a town I moved to 6 months ago. Right now I can afford about 3,000 houses in the city itself .... and I don't like any of them!

This is causing me to think that maybe I need to move at some future point.

But I have no job. I do some internet marketing just to keep me occupied. But I figure I will have 1-2 years' rest, then look for a job and see where they are.

Not really got a plan. Having lived well under the poverty line for 5 years in a house, right now I am enjoying being owned by nobody.

No job = no boss. No house = no mortgage. Savings = no benefits.

I am my own person.

Marvellous.

Name that town!

[winkie]

One persons annual council tax bill, can be another persons monthly mortgage repayment.

Edited March 3, 2008 by winkie

[ScaredEitherWay]

No help with water bills? I'm sure I saw something on my recent (eye-watering, broke the £400 barrier for the first time) bill saying that people on benefit could get help.

Or if you work illegally and use the benefits to subsidise your wage.

No help with water bills to my knowledge. They just can't cut you off I don't think.

As for working illegally, I'd not dare. I am the sort of person that would get caught immediately. And there wouldn't be much/any work I could do that would pay cash in hand. I've no idea what cash in hand jobs would be, but I bet I couldn't do them

[ScaredEitherWay]

Name that town!

Cardiff

[ScaredEitherWay]

One persons annual council tax bill, can be another persons monthly mortgage repayment.

Well, there are some rich bugg4hs out there!

My annual CT bill is £450. My monthly rent £350.

Edited March 3, 2008 by ScaredEitherWay

[Fishfinger]

I am in the same situation. I have identified an area where I will be purchasing a small house outright in two years. A 20% fall will enable this and anything else is a bonus.

Barring this my backup plan if HPI takes off again is to emigrate and buy outright there. It helps being an in demand professsional with choice.

Are you a lady or gentlemen "of the night" by any chance?

[jez123]

Are you a lady or gentlemen "of the night" by any chance?

[ScaredEitherWay]

I certainly think the answer to this depends very much on individual circumstances, such as:

1) Age. Are you 27 or 47?

2) Location. Have you only ever really known London or only ever been in the country?

3) Qualifications. Are you well qualified or managed to not achieve this due to the many reasons it's possible to not be?

4) Earnings. Past earnings. Current earnings. Earnings future potential.

5) Status. Single, married, divorced, in a couple. And the position of any partner.

I am single. Not qualified in anything that's valued these days. Female. Older. Past earnings were never great. The one time I appeared to achieve recognition the company was promptly taken over; I then had one year of very good income. Then nothing, about £8k for 5 years.... during which time I earnt from HPI and banked it.

I have no pension.

At my age, what I have is probably pretty much it. I have no future earnings potential of any note (or am not factoring any in). Careerless. Directionless. Cash rich. I know when I do buy "that will be it for life" and I can't rely on any magical big income for the next 40 years, I can't rely on any promotions ever.

If you are young, in a couple, degree educated, in a good job, good money, expecting promotion, in London, well connected (contacts/family), then the sums and expectations all work out differently.

I don't want a 4-bed detached house. When I see those all I can see is me sitting by one tiny window in the big house.... and I am conscious of all that other space never being used by me. My needs are simple.

[winkie]

Well, there are some rich bugg4hs out there!

My annual CT bill is £450. My monthly rent £350.

Well you sound much better off than most....

[ScaredEitherWay]

Well you sound much better off than most....

Maybe because I am frugal.

I didn't buy a Porsche. I don't have holidays. I don't buy clothes. I don't buy tat. I don't pursue hobbies, or interests (my main interest is forums, house prices and googling for things).

For housing, instead of picking a flash 2-bed new build in the trendy bit, with pool/gym on the ground floor, I chose a studio. Saves me £150/month in less rent/council tax and insurance I figure.

I've got a portable TV from Lidl (£50), no fat plasma.

When I moved in, I needed plates. Two at 19p each from Ikea are good enough!

Frugal. A word the younger generation are about to find out about.

[winkie]

Maybe because I am frugal.

I didn't buy a Porsche. I don't have holidays. I don't buy clothes. I don't buy tat. I don't pursue hobbies, or interests (my main interest is forums, house prices and googling for things).

For housing, instead of picking a flash 2-bed new build in the trendy bit, with pool/gym on the ground floor, I chose a studio. Saves me £150/month in less rent/council tax and insurance I figure.

I've got a portable TV from Lidl (£50), no fat plasma.

When I moved in, I needed plates. Two at 19p each from Ikea are good enough!

Frugal. A word the younger generation are about to find out about.

So true, how good is that feeling when you have bagged yourself a bargain, and even better a second hand bargain. How sick does it make you feel when realise you are being ripped off, and over charged for something....

....houses for example.

[homeless]

Maybe because I am frugal.

I didn't buy a Porsche. I don't have holidays. I don't buy clothes. I don't buy tat. I don't pursue hobbies, or interests (my main interest is forums, house prices and googling for things).

For housing, instead of picking a flash 2-bed new build in the trendy bit, with pool/gym on the ground floor, I chose a studio. Saves me £150/month in less rent/council tax and insurance I figure.

I've got a portable TV from Lidl (£50), no fat plasma.

When I moved in, I needed plates. Two at 19p each from Ikea are good enough!

Frugal. A word the younger generation are about to find out about.

with that attitude if your looking for a man im sure you could find him on here

that kinda talk just makes us so excited

[yawnIHateSundays]

Frugal. A word the younger generation are about to find out about.

I find myself being more frugal as I get older (now I've hit the half century mark!). Eat real food that I've cooked rather than processed rubbish. Walk to the shops rather than drive and pay parking. Repair rather than throw away . There's a satisfaction in not wasting things that grows on you.