House just been valued

neverdespairgirl

pawpurrs wrote: »

I was the opposite hated boarding,my heart used to sink as I was driven down the drive. But its horses for courses isnt it? You have to pick the school to suit the child.

I loathed it too, and only did 2 years, then left. But some people like it.

neverdespairgirl

pickledpink wrote: »

What a lot of the non-homeowners on this board fail to understand is that buyers who are upgrading or downgrading (and have a huge mount of equity in their homes) are not particularly fussed about gaining/losing what to them is a small amount of money..

Hmmm. I thought your house was worth £500k, not millions?

I hate to contradict you, but those people I know with £1 million+ equity in their houses are concerned about £30k.

Conrad

In my opinion those who have £1m or so equity might consider themselves to have been shrewd, but the reality is that the cost of ownership tends to have been outweighed the high price paid for living there.

Parking, council tax, keeping up with jones' dinner parties and decor, insurance, security, high mortgage costs etc.

A guy I met was braging about his Hampstead house, meaning to exemplify his asset capturing abilities. He seems to have forgotton the hundreds of thousands he has spent in order to exist there.

Ive just read the 'millionaire next door' (prompted by recommendations on here), and that 20 year study reveals few true millionaires chose to live in high status urban areas.
It went on to argue the people that live in these areas are professionals and high performing sales and marketing people that are well paid, but often asset poor, when all said and done.

There is something slightly vulgar in a post that highlights a £1m valuation. WEALTH WHISPERS - MONEY TALKS and all that

GDB2222

neverdespairgirl wrote: »

Hmmm. I thought your house was worth £500k, not millions?

I hate to contradict you, but those people I know with £1 million+ equity in their houses are concerned about £30k.

Those people I know with £1 million+ equity in their houses are concerned about 30p!

meester

Conrad wrote: »

In my opinion those who have £1m or so equity might consider themselves to have been shrewd, but the reality is that the cost of ownership tends to have been outweighed the high price paid for living there.

Parking, council tax, keeping up with jones' dinner parties and decor, insurance, security, high mortgage costs etc.

A guy I met was braging about his Hampstead house, meaning to exemplify his asset capturing abilities. He seems to have forgotton the hundreds of thousands he has spent in order to exist there.

Ive just read the 'millionaire next door' (prompted by recommendations on here), and that 20 year study reveals few true millionaires chose to live in high status urban areas.
It went on to argue the people that live in these areas are professionals and high performing sales and marketing people that are well paid, but often asset poor, when all said and done.

Perhaps, but these days a million quid doesn't buy you much.

You talk about vulgarity, but some people just bought a moderate house a few years ago and now it's worth £1m. You don't have to be talking ostentation and swimming pools.

I wouldn't call this:

http://www.rightmove.co.uk/viewdetails-10840389.rsp?pa_n=2&tr_t=buy

the house of a show-off.

GDB2222

Nor this:
http://www.rightmove.co.uk/viewdetails-17303797.rsp?pa_n=3&tr_t=buy

dopester

meester wrote: »

Perhaps, but these days a million quid doesn't buy you much.

For the time being maybe. Lets see in a few years eh.

Maisie11

No one knows what is going to happen... I try and ignore the angry doom mongers not just regarding house prices but generally they are the most depressing lot. Could you imagine being married to one!

I agree with Pickled Pink. The non home owners just dont realise that it almost isnt your own money when you buy one house and sell another. I also have to agree about the £30k when you have a £1 million equity (we dont, we have a large mortgage!). It is a drop in the ocean. All these serial renters always saying that they will buy when the time is right, it is never right for them and I have to agree with some of the papers that say we should making renting more acceptable. For some people renting is a great idea - for some it isnt. We have made hundreds of thousands over the last 10 years - tax free. Even if house prices drop another 30% we would still have made hundreds of thousands so for us buying was absolutely right

carolt

My parents have about 1 million quid in equity, but no way would they be relaxed about losing 30K! They bought their house in the late 1950's for 4K, I believe, and have always lived a very frugal, unostentatious lifestyle. They paid off the mortgage a long time ago, but as it's their home and they aren't planning on moving, its value is meaningless to them.

30K is 30K however. A lot of money.

Maisie11

Carolt,

I do agree with you. I could buy a nice car for £30k or go on a few luxury holidays. However there is the horrible question of inheirtance tax. We had a chap who lived around the corner. One of my friends lived next door to him, she assisted him with paying his bills and helped him generally with his paperwork as he was in his late 80's There didnt seem to be any sign of a family. He lived as though he was down to his last penny. Claire said he never had the heating on - wore the same clothes and took a bath once a week. However the most shocking thing was he had no lighting in the house. He carried a light bulb from room to room. She tried and tried to encourage him to splash out a bit and when he sadly passed away a couple of months ago his estate came to over £700k. Of course the absent relatives appeared but he had a large inheirtance tax bill which of course was paid straight into the gov coffers. My point is that we should look after our older relatives. It is very important for them to keep warm and if they need a smaller house because the large house is getting too much for them we must encourage them to use some of the savings to move. I have always told my Mum if she has an issue with keeping warm to immediately let me know and we will sort something out. So many older people feel like they need to keep the money for the grandchildren or for a rainy day but 40% inheirtance tax......