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I flat out refused to buy a house without parking, even though it was my first house, as I drove 60 miles a day to work and back and would hate to fight over parking spaces when coming home.
If you don't drive then a place without parking is less of an issue however as many do drive, you'd be at risk of struggling to sell the place on in future and could be stuck with what you don't want.0 -
This. ^^^ :T
People ALWAYS do this. *And there is no way that buying is a better alternative to renting, not these days. Maybe 20+ years ago, but not now. People also say things like 'MY mortgage is only £200 a month, and the rent for the same property is £900 a month!!!' Conveniently forgetting to mention that they bought it in 1995, or that they are paying interest only!
I would NEVER buy a property purely for an investment, not these days; it's a terrible idea IMO. I know several people who bought buy-to-lets, and their tenant only has to miss a couple of month's rent, and they are in the mire, as they depend on the rent to pay the mortgage. And repairs are way more expensive than people think.
I would never buy now, unless I had a good £10-15K in the bank spare for repairs. I also know a few people who have bought a house and had to fork out 2 grand for a new boiler immediately. And that was just the tip of the iceberg. A colleague of mine had to fork out five figures for a new roof within 6 months.
Think very seriously before you buy a property. It's a money pit! And a maisonette with no garden and no parking? No thanks.
I am not saying never ever ever buy, but don't be fooled into thinking it's way way better than renting, because it isn't. And FGS buy somewhere that you know you can sell easily at a future date, and check when everything was last replaced (like windows and doors and roof and kitchen and bathroom and boiler etc.)
And when you are doing your finances, don't assume the 'mortgage payment' will be your only outgoing! As some would have you believe. Be prepared to pay for every last little thing (and BIG thing) that goes wrong with your property.
(*I am not saying buying is worse than renting, but it's not necessarily BETTER.)
And the worst advice of the day goes to ....... Peter333:T0 -
This. ^^^ :T
People ALWAYS do this. *And there is no way that buying is a better alternative to renting, not these days. Maybe 20+ years ago, but not now. People also say things like 'MY mortgage is only £200 a month, and the rent for the same property is £900 a month!!!' Conveniently forgetting to mention that they bought it in 1995, or that they are paying interest only!
I would NEVER buy a property purely for an investment, not these days; it's a terrible idea IMO. I know several people who bought buy-to-lets, and their tenant only has to miss a couple of month's rent, and they are in the mire, as they depend on the rent to pay the mortgage. And repairs are way more expensive than people think.
I would never buy now, unless I had a good £10-15K in the bank spare for repairs. I also know a few people who have bought a house and had to fork out 2 grand for a new boiler immediately. And that was just the tip of the iceberg. A colleague of mine had to fork out five figures for a new roof within 6 months.
Think very seriously before you buy a property. It's a money pit! And a maisonette with no garden and no parking? No thanks.
I am not saying never ever ever buy, but don't be fooled into thinking it's way way better than renting, because it isn't. And FGS buy somewhere that you know you can sell easily at a future date, and check when everything was last replaced (like windows and doors and roof and kitchen and bathroom and boiler etc.)
And when you are doing your finances, don't assume the 'mortgage payment' will be your only outgoing! As some would have you believe. Be prepared to pay for every last little thing (and BIG thing) that goes wrong with your property.
(*I am not saying buying is worse than renting, but it's not necessarily BETTER.)
If you pay £900 a month on rent then that's between £10-15k you're spending on rent a year anyway. Yes its inconvenient forking out £2k for a new boiler, but in the long term you're likely to pay much more on rent than on house maintenance.
As for the original post, if the issues wouldn't affect your quality of life then go for it. If you don't intend to get a car then lack of parking shouldn't be an issue. If the public transport links are good then it would be less of an issue for potential buyers in the future to.0 -
Planet_Switzerland wrote: »If you pay £900 a month on rent then that's between £10-15k you're spending on rent a year anyway. Yes its inconvenient forking out £2k for a new boiler, but in the long term you're likely to pay much more on rent than on house maintenance.
Not to mention that the mortgage will eventually be paid off so those payments will end one day, whereas if you rent you will be paying rent for the rest of your life. We paid our mortgage off 4 years ago, then 6 months later OH was made redundant, I dread to think what would have happened if we had rent to pay.0 -
It is worth buying in the long term, but don't feel pressure to buy immediately. Especially if the house isn't really what you want or if you can't really afford it.
It is a bit pointless buying a house you don't really like if you are going to move somewhere else in a year or two anyway, especially if you'll be paying stamp duty on each purchase.0 -
This. ^^^ :T
People ALWAYS do this. *And there is no way that buying is a better alternative to renting, not these days. Maybe 20+ years ago, but not now. People also say things like 'MY mortgage is only £200 a month, and the rent for the same property is £900 a month!!!' Conveniently forgetting to mention that they bought it in 1995, or that they are paying interest only!
I would NEVER buy a property purely for an investment, not these days; it's a terrible idea IMO. I know several people who bought buy-to-lets, and their tenant only has to miss a couple of month's rent, and they are in the mire, as they depend on the rent to pay the mortgage. And repairs are way more expensive than people think.
I would never buy now, unless I had a good £10-15K in the bank spare for repairs. I also know a few people who have bought a house and had to fork out 2 grand for a new boiler immediately. And that was just the tip of the iceberg. A colleague of mine had to fork out five figures for a new roof within 6 months.
Think very seriously before you buy a property. It's a money pit! And a maisonette with no garden and no parking? No thanks.
I am not saying never ever ever buy, but don't be fooled into thinking it's way way better than renting, because it isn't. And FGS buy somewhere that you know you can sell easily at a future date, and check when everything was last replaced (like windows and doors and roof and kitchen and bathroom and boiler etc.)
And when you are doing your finances, don't assume the 'mortgage payment' will be your only outgoing! As some would have you believe. Be prepared to pay for every last little thing (and BIG thing) that goes wrong with your property.
(*I am not saying buying is worse than renting, but it's not necessarily BETTER.)
http://www.dailymail.co.uk/money/experts/article-3790516/Should-remortgage-buy-lets-early-escape-mortgage-crackdown.html0 -
And the worst advice of the day goes to ....... Peter333:T
Thank you so much for your amazing, valuable contribution to the thread! :T:T:T
Even though what you said is just YOUR OPINION!
My post had good valid points in it. Just coz you don't agree with them, that doesn't make them WRONG.You didn't, did you? :rotfl::rotfl:0 -
amateur_house wrote: »We paid our mortgage off 4 years ago, then 6 months later OH was made redundant, I dread to think what would have happened if we had rent to pay.
That works both ways though - imagine if they'd been made redundant six months after first buying the house.
If renting, you can get housing benefit, and also have the option of downsizing.
Lose your job with a large mortgage to pay and then - unless you've taken out insurance - you could be seriously up the creek financially and facing repossession by the time that any SMI benefit potentially kicks in after 39 weeks.0 -
p00hsticks wrote: »That works both ways though - imagine if they'd been made redundant six months after first buying the house.
If renting, you can get housing benefit, and also have the option of downsizing.
Lose your job with a large mortgage to pay and then - unless you've taken out insurance - you could be seriously up the creek financially and facing repossession by the time that any SMI benefit potentially kicks in after 39 weeks.
Very true. And despite stories on here from people who reckon they purchased their home less than 10 years ago, and have paid their entire mortgage in 4, 5, or 6 years or thereabouts, the fact is that the vast majority of people will not pay for their house until they're past 70! And the chances of them getting ill for a long spell, or being out of work for a long period of time, or losing one wage because of one partner looking after children, is quite high!
And as you said, what happens if they become ill or disabled and are unable to work for a long time? Unemployment insurance only usually pays out for a year, that's if it pays out at all, and the insurance company doesn't pull an excuse out of their hat to not pay you!!!
As you said, if someone had lost their job 6 months after buying the house, they would be up the creek. If they were renting, they could claim housing benefit.
So many people sing the praises of buying a property, but really, unless you are properly well-off (like on the mid 6 figures per year between you,) buying is often a struggle. And many people who DO buy won't admit it.
Social housing is really the best bet for many these days. Shame there's not enough for everyone who wants it to have it.You didn't, did you? :rotfl::rotfl:0 -
Buying just to be on the property ladder is risky as it doesn't always work out. Buy somewhere you can afford, you are happy to live for at least the next five years. Buy somewhere that you can sell, or at least let, quickly should something unexpected happen. Following those three rules minimises the risks of ownership.Don't listen to me, I'm no expert!0
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