Uberbear Challenge

chewmylegoff

lostinrates wrote: »

No, I've benefitted from it...so far. Mr DT is always quite sweet actually.

I feel quite strongly that he should have his bonus cancelled and be tarred and feathered.

chrisandanne

Cleaver wrote: »

You could be a self employed Candlestick Consultant. Work with groups of Candlestick Makers on their attitudes, behaviours and wax techniques. Rent out a conference room at the local Holiday Inn, £350 per delegate per day, jobs a goodun.

This is the trouble with society today, nobody wants to do the actual work...let the chinese get their hands dirty for a penny a week (or is it a yen ?)...that's why we have no manufacturing industry left in this country !!!.

Anyway I digress....it's a moot point Mr DT, £82K or £207 per month cannot represent 'a world of pain' at todays rental prices...whatever happens £207 represents cheap living.

I agree with Lostinrates though, you are supposed to have your head screwed on...your girlfriend trusts you to make the right decision...when she sees the detached with garden and garage on at £82k in 10 months time, your credibility will be shot...depending on her temprement it could be a world of pain.

I just know you're not really going to buy this. Are you ? A x

geoffky

The only problem i would have is the lowering in value of the purchase and finding i could of had 10k in my bank working for me. At the moment this is the likeliest scenario... but would it be the end of the world..no...but how long does it take for most people to save up 10k and all the hard work involved just to see it disappear into know where land ...hard call :T

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MrDT wrote: »

I have seen a three bed semi detatched property advertised at 82k. The original (never gonna happen) asking price was 105k in September 2008. It's no palace but a decent enough modest family home.

The location is fine - a largeish village (bank, post office, spar, co-op, butcher, baker, no candlestick maker, couple of takeaways, a sports centre, two primaries and a secondary), and it's within half an hours drive of the main employment hotspot for the area.

Assuming we managed to buy the house for 75k, and put down a 40k deposit, we would need to borrow 35k. If we opted for a 10 year fixed rate mortgage the best deal I've found would see us repaying £24,886 over ten years, equivalent to about £207 a month. Renting a similar property would likely set us back £500pm. Currently we rent a one bed place for £200pm to maximize deposit savings, buying wouldn't save us anything per month, but we'd be in a much bigger place. We'd also lose interest on the 40k savings.

We are both in full time employment and would easily be able to afford a £207 a month mortgage.

If we were to both lose our jobs and end up working minimum wage jobs, I assume we would probably still be able to afford £207 a month mortgage repayments.

If we seperated and only one of us ended up paying the mortgage, that one person should be able to afford £207 a month.

If we seperated and only one of us ended up paying the mortgage, and that person had a !!!!!! minimum wage job, that one person would probably still be able to cover a £207 a month mortgage.

Uberbears, your challenge is to post scenarios where buying this place would actually be a stupid move, and explain to me how the purchasers could be in a world of pain before the ink had even dried on the contract. Good luck! :money:

Sounds good to me Mr DT. Go for it, HPC'rs would be proud of such a deal.

Just to edit, what I really like about this post, is someone as actually thought through not only the deal, but what would happen if things in life went wrong, and could he still afford it if they did, if only people had done this in the past.

TDS_2

Couple split up, and the emotional turmoil means that neither want anything to do with the property.

I suppose one (or both) could rent it out, but if they need to sell (or don't want the hassle of renting), it could well be at a price less than what they paid for it.

MrDT

I'm back!

Thanks for the responses

Anne, I think you're pretty close to the truth. I doubt I'll buy this place, it hasn't rocked my world, it's just a bog standard normal house. I imagine many more normal houses will fall into our price range in the not too distant future. Maybe one of them will be "special".

LIR, what do I want from life? Hmm. I don't know really. The love of a good woman, a roof over my head, plenty of spare time to potter, food in my belly, work I enjoy, swashbuckling adventures, you know, the usual. I might even burden myself with kids some day, who knows?

What I don't want is an ostentatious house in the "best" (read snobbiest) location that I have to slave to pay for, have no time to spend with friends and family, no spare cash to travel and have said swashbuckling adventures and so on. I guess all I'm after in a house is a cheap "base" tbh, it's definitely not a life goal to have flash "stuff" (house/car/etc). This house would "do", for me. Buuut... what if the highly skilled martial artist girfriend flips her lid when in 10 months time we could have had the nicer house and the fun life? I think Anne wins.

As I'm a bit knackered I can't really be bothered disqualifying any more posters.

PS - chewmylegoff, you're still disqualified.
PPS - chewmylegoff, this challenge was uniquely funded by your taxes

Reaper

It's on a flood plain
It's suffering from subsidence, damp, dry rot
It's on an earthquake fault line
It's on a military bombing range
It's on the wilderbeast annual migration path
It's in Wales

Any apart from the last and I'd go ahead and buy it anyway

lostinrates

MrDT wrote: »

LIR, what do I want from life? Hmm. I don't know really. The love of a good woman, a roof over my head, plenty of spare time to potter, food in my belly, work I enjoy, swashbuckling adventures, you know, the usual. I might even burden myself with kids some day, who knows?

What I don't want is an ostentatious house in the "best" (read snobbiest) location that I have to slave to pay for, have no time to spend with friends and family, no spare cash to travel and have said swashbuckling adventures and so on. I guess all I'm after in a house is a cheap "base" tbh, it's definitely not a life goal to have flash "stuff" (house/car/etc). This house would "do", for me. Buuut... what if the highly skilled martial artist girfriend flips her lid when in 10 months time we could have had the nicer house and the fun life? I think Anne wins.

ANNE? ANNE? Much as I like Anne she took my idea and ran with it....tar and feathers for you Mr DT, chewmylegoff...do your worst

In all seriousness Mr DT, what you think you want from life, is IMO, just and right and this house sounds like, despite its lack of..'it' like you are looking on the right track. Its at around this point that you have to check that your girlfriend has the same wants because its likely that the house is not far from the financial point where jumping in makes sense.

:beer:

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Reaper wrote: »

It's on a flood plain
It's suffering from subsidence, damp, dry rot
It's on an earthquake fault line
It's on a military bombing range
It's on the wilderbeast annual migration path
It's in Wales

Any apart from the last and I'd go ahead and buy it anyway

It's next door to Gordon Brown
It's really in Zimbabwe.
It's made of cardboard.

I'd go with any of Reaper's or mine except for the Gordon Brown one.

Masomnia

Built on an ancient Indian burial ground?