Sunday, October 21, 2007

Before it’s too late

Cash in on your biggest asset

Martin Kinney was staggered when an estate agent valued the six-bedroom house in Wimbledon, south-westLondon, where he has lived with his family for 31 years. He and his wife, Liz, 63, had just spent £35,000 doing it up and were curious as to what it would fetch. The answer was £2.75m – quite a leap from the £48,000 they paid for it. “We were surprised that it had gone up so much,” says Martin, 68, a retired chartered accountant. “So we just thought, ‘Let’s get on with it and do it.’ ”

Posted by doomwatch @ 12:51 PM (1255 views)
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7 thoughts on “Before it’s too late

  • Lots of my mates have retired early and moved out of London. They were all surprised at how much their houses had appreciated over the years and bought nice places on the south coast where fewer parking wardens patrol!

    Time to get out of the market, perhaps?

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  • Lucky Bu33ers, Shame I was born in the wrong decade.

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  • 930K buys a massive house in Milford on Sea. These guys are not really dowsizing at all. I live near there and it’s not actually that nice. The village green is full of drunkards most nights.

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  • The system can only be milked of cash for so long, at some point someone has to pick up th bill and it won’t be the Baby Boomers.

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  • “When they moved into the house, they were newly married and the garden was scorched brown from the hot summer of 1976. As the years passed, they had two children…”

    I bet they won’t be selling it to a young couple in similar circumstances. Today’s newly married couples are more likely to be in a flat too small for a family and facing an extra hour of a commute. I wonder if the copule in the article had 2 incomes when they first bought.

    High houseprices = Low quality of life.

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  • tyrellcorporation says:

    I have quite a few freinds in there late 30s who live in London and are now thinking of moving to the provinces and retiring – One mate in particluar has ‘earned’ £400 a day for the last 2 years from HPI! Nice ‘work’ if you canb get it! As you say though Enuii, this is a once in a lifetime event brought about by some unique economic circumstances – it’s a shame I just wasn’t in a position to join the party!

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  • planning4acrash says:

    Tyrell, there are always booms. The next one will be commodities as people move from paper wealth to real weath, then that bubble will burst when the GLOBAL economy is in recession. Sustainable technology is a bubble that will have to happen come the publicising of peak oil (could be massive because of the total lack of investment so far). Housing is likely to boom again, and this happens as soon as prices have hit rock bottom. Last time it took from 1992 to 1997 for that to happen, so you won as long as you bought after 1994-5. But remember, as with all things, some knowledge is dangerous, lots of knowledge is useful.

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