Property Price Drop

kier333

No rent does not inc any bills or council tax, were taking London here 1 beds are 200-250pw in NW2 and the 2 bed i was renting before the summer was 1250pcm and did not inc bill, check it out on Gumtree etc at cost of a 1 bed in Cricklewood

kier333

Cat695 wrote: »

Erm paying high interests is "totally dead money"

Yes until the value of the property increases then you gain...no?

Surely renting you gain nothing well other than a roof over your head. I really don't think you have an argument.

Cat695

kier333 wrote: »

Yes until the value of the property increases then you gain...no?

Surely renting you gain nothing well other than a roof over your head. I really don't think you have an argument.

but what happens if we end up like Japan who has a bigger econemy than us where prices haven't risen for over 5 years?? and interests rates haven't risen from 0% in 5 years

renting = roof over your head

Mortgage = roof over your head

and many people will argue that renting is still your home....though I have never rented so can't say

Wig

kier333 wrote: »

Flat is 155k putting down 18k deposit so 137k plus i'll over pay 20% ach month and no wont lose 2 hrs sleep over £70 although i'd rather it in my pocket.

How much was the asking price? and how much did it last sell at on the houseprice register on what date?
Sorry if you already said but I haven't read the thread.

pandamonia

you dont understand that the cost/saving is is so minor compared to the exposure of owning your own box in london. dont forget the costs of maintaining a home will make it expensive.

also ive seen some for £150-200 pw on rightmove to rent.

if you can make 5-6% on bonds for the next year or 2 then it will be better than owning you own place

Personally i think its a poor standard of living you have for 47k pa,

london is pants

lostinrates

kier333 wrote: »

i'll rent it and move to OZ,

its about having a HOME,

TBH its not clear to me whether or not buying is in your best interests ...I think its likely it could be, but I thought ...as you seem to be getting it in the neck, I'd point out this contradiction rather than leave it to someone more cutting to do so with less tact.

kier333

Cat695 wrote: »

but what happens if we end up like Japan who has a bigger econemy than us where prices haven't risen for over 5 years?? and interests rates haven't risen from 0% in 5 years

renting = roof over your head

Mortgage = roof over your head

and many people will argue that renting is still your home....though I have never rented so can't say

Well i'll cross that bridge when i come to it, i just used a mortgage calculator and worked out i could afford a 3% increase on 6.79% and still live a normal life how many can say that on here?

I feel i have not over streched myself on a 137k mortgage

Renting is fine however its never really your home, ie you cannot install a new bathroom if you wanrt and paint the lounge when and how you want, its fine i agree i've done it for years but i think having your own home has to be better. Would you not agree?

kier333

Wig wrote: »

How much was the asking price? and how much did it last sell at on the houseprice register on what date?
Sorry if you already said but I haven't read the thread.

asking price wa 175k i paid 155k, has not sold since first built as has always been lived in until old lady passes away dec, however the one on the groung floor sold for 190k feb 08, and one next door to that sold for 148k june 04.

Cat695

kier333 wrote: »

Well i'll cross that bridge when i come to it, i just used a mortgage calculator and worked out i could afford a 3% increase on 6.79% and still live a normal life how many can say that on here?

I feel i have not over streched myself on a 137k mortgage

Renting is fine however its never really your home, ie you cannot install a new bathroom if you wanrt and paint the lounge when and how you want, its fine i agree i've done it for years but i think having your own home has to be better. Would you not agree?

Totally which is why I'm saving like mad and will have about 40 odd % by july/august time

I can't wait to buy my own place

So I wish you well

pandamonia

the price your paying is about current value then, nothing special