When will people buy.

Cannon_Fodder

dad-of-4 wrote: »

ill never buy, ill be quite happy to stay in my 100K+ house and pay the council £280 a month rent:beer:

ive no interest in being in debt ever.

curious - how will you manage to pay rent when you stop working, on a pension etc?

dad-of-4

justpurchased wrote: »

Not to be picky, but it is not your house if you rent it. Would you not do it in a couple of years on a right to buy?

my house is probably worth a little over 100k im entitled to maximim discount, if i put my right to buy in i would see my rent payment prety much double from 280 month. i would be at the mercy of a bank for the next 25 year, and they are nowhere near as flexible when it comes to paying off arrears if i fell on hard times. add the cost of ongoing repairs etc and i just dont see the point in it anymore, i used to, but not anymore, i prefer the security i have as a council tenant, the only thing comparable is buying for cash and owning outright,

as a family we budget hard so we can afford the things we need, and want to be doing in life. i dont see home ownership as being worth compromising that.

sympatex

Cannon_Fodder wrote: »

curious - how will you manage to pay rent when you stop working, on a pension etc?

Probably in between picking up the the hand outs and council housing benefit, they earn money cash in hand doing driveways and labouring. Earn a tidy sum and retire to spain where hopefully they will get their houses knocked down because they don't like tax avoiders there.

I doubt it though, i bet its the retired couple who have put their kids through uni and retired to their dream villa to get away from this miserable rock inhabited by an ever increasing amount of dossers.

rant over!

justpurchased

dad-of-4 wrote: »

my house is probably worth a little over 100k im entitled to maximim discount, if i put my right to buy in i would see my rent payment prety much double from 280 month. i would be at the mercy of a bank for the next 25 year, and they are nowhere near as flexible when it comes to paying off arrears if i fell on hard times. add the cost of ongoing repairs etc and i just dont see the point in it anymore, i used to, but not anymore, i prefer the security i have as a council tenant, the only thing comparable is buying for cash and owning outright,

as a family we budget hard so we can afford the things we need, and want to be doing in life. i dont see home ownership as being worth compromising that.

What will you do when your kids leave?
You will have to move out for another family presuming you have a 2bed+ house.
£62K @ 5.75 is £298ish (I/O as an example for rent) and you would have just got nearly 40% off.
I can understand not buying yet but right to buy is a gift if you are working.

dad-of-4

Cannon_Fodder wrote: »

curious - how will you manage to pay rent when you stop working, on a pension etc?

ill think about that when the day comes. in the meantime im not going to slog my guts out to pay debt, or pay for a house thats no more secure, warm or homely than my council house, to me its just a roof over my head, and home for me and the family to base our lives from. ill never look at a house as anything more than that.

dad-of-4

justpurchased wrote: »

What will you do when your kids leave?
You will have to move for another family presuming you have a 2bed+ house.
£62K @ 5.75 is £298ish (I/O as an example for rent) and you would have just got nearly 40% off.
I can understand not buying yet but right to buy is a gift if you are working.

discount is capped thesdays, at less than 30k as far as i know, it might seem like a gift if your wanting to moving up the property ladder but things like that dont matter to me, im just not interested in compromising the cash in my pocket for paper wealth or being saddles with debt

im a prety flexible and adaptable person, so it is possable some time in the future i might change my mind for some currently unknown reason, but right now my long term view is that im not interested, and its not particularly cos of the state of the housing market, i just prefer to live without debt. owning a hose isnt worth paying interest on, neither is a flash car, designer clothes or anything else, as far as im concerned, i know it is to some, and if its what people want out of life then go for it, were all free to live as we see fit, and i wish people every success in life.

i have no resentment towards thoes who have done well out of the property boom, nor do i feel smug when i head of the disasters., but i dont feel like im missing out on anything, cos its just not what i want out of life.:beer:

dad-of-4

sympatex wrote: »

Probably in between picking up the the hand outs and council housing benefit, they earn money cash in hand doing driveways and labouring. Earn a tidy sum and retire to spain where hopefully they will get their houses knocked down because they don't like tax avoiders there.

I doubt it though, i bet its the retired couple who have put their kids through uni and retired to their dream villa to get away from this miserable rock inhabited by an ever increasing amount of dossers.

rant over!

i dont even claim the few quid of housing/council tax benefit im currently entitled to due to my relativly low income, i didnt see having a heart attack and being told to take a year of work as being a good enough reson to go on the sick and be supported by the tax payer, so please save your genralisations for someone else. thank you.

fimonkey

I see the housing market as a big ship rather than a small speedboat, it takes ages to change course, so it should be pretty obvious to most when things start to pick up again (and it'll be linked to better economic situation too) therefore I woldn't worry too much about missing the bottom of the market.

Personally, I'm itching to get my own place as sick of renting.. but not going to jump in when the market is so turbulent. I'll wait till I see the bottom, have a better deposit and then buy what I can afford (which hopefully will be a two bed freehold, currently they're approx £160 - £200K here, have already dropped from £175K - 250K). I'd be quite pleased if they dropped further to 125K, Then I would be able to afford the deposit plus 3.5X income mortgage.

As things stand now, I have 30K saved for deposit + fees, and my 3.5X salray is 95K, So I could buy for £120K comfortably, and no freeholds are coming into that price bracket just yet. (Bournemouth/Chrsitchurch area).

So looks like I'm renting for a long while to come yet!

oldMcDonald

justpurchased wrote: »

What will you do when your kids leave?
You will have to move out for another family presuming you have a 2bed+ house.

Sorry if I have missed something here, but why will he have to move out once the kids have left?

baby_boomer

I would buy when nearly all vendors have a deep fear of the consequencences of losing my business.