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  • FIRST POST
    • Louise1234
    • By Louise1234 15th Oct 16, 10:01 PM
    • 23Posts
    • 89Thanks
    Louise1234
    Is it always worth buying just to get on the ladder?
    • #1
    • 15th Oct 16, 10:01 PM
    Is it always worth buying just to get on the ladder? 15th Oct 16 at 10:01 PM
    A maisonette has come up in my town, 3 bedrooms for the price of a 2 bedroom in the area. It has been on the market since May and keeps being reduced. It has no parking and no garden but you can see the local park from it. We have seen it and nothing seems wrong (obviously no surveys done yet). The only downside that I can see is that it is opposite an old school that has been given permission to be knocked down and 64 new homes / apartments will be built in its place. Each house has a driveway / 2 parking spaces and each 1 bed flat has one space. The maisonette we like has no parking, dead end road directly opposite the new site. Nothing has started being built yet but permission was given in 2015 so presume it will be soon.

    My question is.... is it worth buying (as it is cheap and a step on the ladder) or would you wait and hold out for something else but will be more expensive. We have recently moved in with my mum so no longer paying £1250 in rent.

    I am a bit concerned we may get stuck there and not be able to move. It is big enough for our family but not our perfect home.

    Any opinions welcome
Page 1
    • anselld
    • By anselld 15th Oct 16, 10:05 PM
    • 4,869 Posts
    • 4,319 Thanks
    anselld
    • #2
    • 15th Oct 16, 10:05 PM
    • #2
    • 15th Oct 16, 10:05 PM
    You should only buy if you like it, want it and can afford it, just in case it is a snake rather than a ladder.
    • Louise1234
    • By Louise1234 15th Oct 16, 10:07 PM
    • 23 Posts
    • 89 Thanks
    Louise1234
    • #3
    • 15th Oct 16, 10:07 PM
    • #3
    • 15th Oct 16, 10:07 PM
    Yes to all, its nice, decent size, well maintained, long lease, can easily afford it will be £350 a month less than we have been paying in rent. Just a bit concerned at the building site across the road but have no experience on the impact it could have if that makes sense? Only negative is the no private garden as we have 2 young boys.
    • anselld
    • By anselld 15th Oct 16, 10:22 PM
    • 4,869 Posts
    • 4,319 Thanks
    anselld
    • #4
    • 15th Oct 16, 10:22 PM
    • #4
    • 15th Oct 16, 10:22 PM
    Yes to all, its nice, decent size, well maintained, long lease, can easily afford it will be £350 a month less than we have been paying in rent. Just a bit concerned at the building site across the road but have no experience on the impact it could have if that makes sense? Only negative is the no private garden as we have 2 young boys.
    Originally posted by Louise1234
    The impact of a building site is short term. I would expect any half-decent new build development would be a positive impact vs a school when complete.
    • exiled_red
    • By exiled_red 15th Oct 16, 10:25 PM
    • 108 Posts
    • 75 Thanks
    exiled_red
    • #5
    • 15th Oct 16, 10:25 PM
    • #5
    • 15th Oct 16, 10:25 PM
    I guess it depends on how long you are planning to live there and what the new development will do to the property price once that is complete.

    If you are looking at it as a short term option it will probably be more difficult to sell when the site across the road is under development. You should have a look at the plans for the development to see what it might do to the property/value of the property you are looking at.

    Can you and your family can cope with the noise while the development is on going? Will the development reduce the value of the property when it is complete?
    • Cakeguts
    • By Cakeguts 15th Oct 16, 10:43 PM
    • 903 Posts
    • 1,122 Thanks
    Cakeguts
    • #6
    • 15th Oct 16, 10:43 PM
    • #6
    • 15th Oct 16, 10:43 PM
    A 3 bed maisonette at the normal price for a 2 bed has got something wrong with it. It may have a short lease.
    • slowpoke rodriguez
    • By slowpoke rodriguez 15th Oct 16, 11:16 PM
    • 270 Posts
    • 219 Thanks
    slowpoke rodriguez
    • #7
    • 15th Oct 16, 11:16 PM
    • #7
    • 15th Oct 16, 11:16 PM
    No parking, no garden. That's the problem.
    Maybe people are baulking at the prospect of 2 years noise and dust next to a building site, but I'd be more concerned about no parking.
    How many one bed flats are being built? How many of them will need two parking spaces rather than one?
    Three beds but no parking? I wouldn't.
    • Rain Shadow
    • By Rain Shadow 16th Oct 16, 12:13 AM
    • 1,403 Posts
    • 2,569 Thanks
    Rain Shadow
    • #8
    • 16th Oct 16, 12:13 AM
    • #8
    • 16th Oct 16, 12:13 AM
    Yes to all, its nice, decent size, well maintained, long lease, can easily afford it will be £350 a month less than we have been paying in rent. Just a bit concerned at the building site across the road but have no experience on the impact it could have if that makes sense? Only negative is the no private garden as we have 2 young boys.
    Originally posted by Louise1234
    Why do people think rent and mortgage payments are in some way comparable? Do you have any idea how much more expensive owning property is compared with borrowing it from somebody who takes responsibility for it?

    Anyway no parking is a killer if there isn't free public parking nearby. Keep looking.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 16th Oct 16, 10:52 AM
    • 1,098 Posts
    • 1,503 Thanks
    ScorpiondeRooftrouser
    • #9
    • 16th Oct 16, 10:52 AM
    • #9
    • 16th Oct 16, 10:52 AM
    Why do people think rent and mortgage payments are in some way comparable? Do you have any idea how much more expensive owning property is compared with borrowing it from somebody who takes responsibility for it?

    Anyway no parking is a killer if there isn't free public parking nearby. Keep looking.
    Originally posted by Rain Shadow
    U's not a 'killer'. It depresses the price quite considerably. if you don't need parking and buy it for a suitably depressed price, that is fine.
    • Bossypants
    • By Bossypants 16th Oct 16, 10:54 AM
    • 398 Posts
    • 723 Thanks
    Bossypants
    Why do people think rent and mortgage payments are in some way comparable? Do you have any idea how much more expensive owning property is compared with borrowing it from somebody who takes responsibility for it?
    Originally posted by Rain Shadow
    Let's not exaggerate here. Yes, owning is more responsibility than renting, but if your rent is almost double your mortgage for a comparable property (which is it for many people, at least in my end of the country), I'd say it about evens out in the long run. In my case of my first house, I went from a rent of £900 to a mortgage of £500. Not counting cosmetic renovations which were done for my own enjoyment, over the course of three years I replaced the boiler and had extensive damp-proofing work done, spending a total of just under £6000. In other words, after three years, I was ahead almost £9,000 compared to where I would have been had I kept renting, without counting the additional equity I had gained over the period.

    Owning does come with a lot more peaks and troughs than renting, though, so I would always advise anyone making the change to put away any money that they are 'saving' on rent aside in a separate account meant only for property maintenance, at least for the first five years.
    Mortgage Overpayment Aim - £20,000 in 2016
    Progress: £1/20,000
    • Peter333
    • By Peter333 16th Oct 16, 11:09 AM
    • 1,720 Posts
    • 5,405 Thanks
    Peter333
    Why do people think rent and mortgage payments are in some way comparable? Do you have any idea how much more expensive owning property is compared with borrowing it from somebody who takes responsibility for it?

    Anyway no parking is a killer if there isn't free public parking nearby. Keep looking.
    Originally posted by Rain Shadow
    This. ^^^

    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.)
    As of 25th October 2016, I am not participating in this site. Until MSE sorts out the issue with insidious trouble-makers, it's no longer a place I wish to be. I can't be bothered with the constant battle with trolls.

    MSE is not a nice place to be at the moment, and hasn't been for a while now. So I'm outta here for the foreseeable future.
    • carguy143
    • By carguy143 16th Oct 16, 8:39 PM
    • 95 Posts
    • 38 Thanks
    carguy143
    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.
    • nubbins
    • By nubbins 16th Oct 16, 9:33 PM
    • 633 Posts
    • 854 Thanks
    nubbins
    This. ^^^

    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.)
    Originally posted by Peter333
    And the worst advice of the day goes to ....... Peter333
    • Planet Switzerland
    • By Planet Switzerland 16th Oct 16, 10:37 PM
    • 57 Posts
    • 35 Thanks
    Planet Switzerland
    This. ^^^

    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.)
    Originally posted by Peter333


    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.
    • amateur house
    • By amateur house 16th Oct 16, 11:48 PM
    • 76 Posts
    • 66 Thanks
    amateur house
    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.
    Originally posted by Planet Switzerland
    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.
    • steampowered
    • By steampowered 16th Oct 16, 11:52 PM
    • 531 Posts
    • 464 Thanks
    steampowered
    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.
    • Crashy Time
    • By Crashy Time 16th Oct 16, 11:55 PM
    • 2,907 Posts
    • 1,686 Thanks
    Crashy Time
    This. ^^^

    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.)
    Originally posted by Peter333

    http://www.dailymail.co.uk/money/experts/article-3790516/Should-remortgage-buy-lets-early-escape-mortgage-crackdown.html
    • Peter333
    • By Peter333 17th Oct 16, 12:47 AM
    • 1,720 Posts
    • 5,405 Thanks
    Peter333
    And the worst advice of the day goes to ....... Peter333
    Originally posted by nubbins
    Thank you so much for your amazing, valuable contribution to the thread!

    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.
    As of 25th October 2016, I am not participating in this site. Until MSE sorts out the issue with insidious trouble-makers, it's no longer a place I wish to be. I can't be bothered with the constant battle with trolls.

    MSE is not a nice place to be at the moment, and hasn't been for a while now. So I'm outta here for the foreseeable future.
    • p00hsticks
    • By p00hsticks 17th Oct 16, 1:02 AM
    • 4,922 Posts
    • 4,323 Thanks
    p00hsticks
    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.
    Originally posted by amateur house
    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.
    • Peter333
    • By Peter333 17th Oct 16, 1:48 AM
    • 1,720 Posts
    • 5,405 Thanks
    Peter333
    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.
    Originally posted by p00hsticks
    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.
    As of 25th October 2016, I am not participating in this site. Until MSE sorts out the issue with insidious trouble-makers, it's no longer a place I wish to be. I can't be bothered with the constant battle with trolls.

    MSE is not a nice place to be at the moment, and hasn't been for a while now. So I'm outta here for the foreseeable future.
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