buying a London flat- doing the right thing?

clk299

All very well to say 'ooh but you'll be kicking yourself if you want to sell it in a year and you lose money on it'. I do not understand why anyone would buy a house and then move really soon after anyway- moving is HELL and my motivation for buying is so that I don't HAVE to move really soon afterwards. Surely if you buy somewhere, you are either buying for an investment (bad at the moment) or for a place to live (which everyone needs, a place to live) so if it goes down in value then comes back up in value then great.

My parents have lived in three houses since they got married in the mid 70s- a flat (for about 6 years), our old house (for about 14 years) and then this house, which we moved into in 1993 and have been here ever since, in which time it's gone up massively in value but they don't care because they aren't here to sell it!

I would think it more foolhardy to buy a new build that is massively overpriced which it will be difficult to make your money back on for a long time, than to buy a property in an area that will always be popular for one reason or another which may go down in value but unless ALL property prices crash is unlikely to be a millstone for decades.

GracieP

clk299 wrote: »

All very well to say 'ooh but you'll be kicking yourself if you want to sell it in a year and you lose money on it'.

It has absolutely nothing to do with selling it. It has to do with the mortgage. Would you be happy paying a mortgage for 25 years if waiting a year meant you could buy with a 15 year mortgage. Would those 9 years worth of repayments not be resented like hell every month if you knew you were only paying them because you refused to wait a little longer.

clk299

I really don't believe that house prices will go down so much that you are looking at 9 years' difference in repayments. Yes, you might lose SOME on it- but it depends how much you want to move right now and it depends how much you want that house. For me, I want to move, but I don't have to- so I can stay here until I find somewhere I can afford that I really love and would be prepared to maybe lose a bit of money on. But if you're renting and have to move, and you are sick of being in places and after a year being told you have to up sticks and move all your belongings again, and you jsut want some stability, that may be worth more to that individual. People will always have their reasons for wanting to buy.

I was given notice to leave the nicest place I ever rented because the landlord wanted it back, after a year, and the place we moved into was awful and made the year I was there absolute hell. I had to move six times in a year in the last year of university. When I move out of my parents' house it's going to be for the long haul as I've been really scarred for life by all this moving around!

downs523

i say do what you want to do. if the flat is nice and you love it, buy it. you got a lot off the asking price, and as said if your living there for a long time who cares of the current market! people on here just argue with eachother making many threads pointless. end of the day its upto the buyer.
if i was in your shoes i would be doing the same decision, buy it.

mewbie_2

downs523 wrote: »

people on here just argue with eachother making many threads pointless

Arguing is exactly the point of a forum, a place where different ideas, opposing views are discussed, hopefully with reason and courtesy, and occasionally some kind of consensus reached.

Rabiddog_2

Clapham is Nice, but if you want to live in that area of South London you should look further, say Herne Hill or Brixton or STreatham. I know some of these names evoke horror in people but there are some real gems around. I know Clapham, I go there on saturday nights and bring the tone of the area down, but I think there are keener prices in adjoining areas. Do your homework, and if you think you are getting a great price, then why not buy? You could wait forever while your youth(?) drains away.... its like getting married.. you get married for Love not for practicality. Having your own place gives you a certain weight, a standing, in the community that renters dont have. I suspect once you buy, you'll get a promotion at work within a year or two, mark my words!.

pickledpink

Rabidog,

Much of what you say is true.

Homeowners always have more clout than tenants. In fact, many of the privileges afforded to homeowners are denied to tenants.

PP;)

lynzpower

your own place gives you a certain weight, a standing, in the community that renters dont have. I suspect once you buy, you'll get a promotion at work within a year or two, mark my words!.

:rotfl:

You ARE joking!!!

neverdespairgirl

Rabiddog wrote: »

Having your own place gives you a certain weight, a standing, in the community that renters dont have. I suspect once you buy, you'll get a promotion at work within a year or two, mark my words!.

I presume you are taking the p!ss?

lynzpower

neverdespairgirl wrote: »

I presume you are taking the p!ss?

NDC, just think how successful you would be if you took on 500k+ plus worth of debt