Property crash soon???

meanmachine_2

Tassotti wrote:

I think everyone worries about things.

"Are my carrotts gonna grow the way I wanted them to"
"Will I still be able to continue my business in 10 years time"
"Is my house going to go down in value and then go up by 3 times the amount"

Oh my god...worries..worries..worries

Forgive me, but you're the one who's scaremongering, using the oldest trick in the book about missing boats, never being able to buy....blah blah.

That's no more true than someone on here claiming that prices will definitely crash. So let's cut the hypocrisy, shall we?

anyway, this is such a boring subject now. Let those who want to buy now, buy. Let those who don't take a different type of risk.

No point getting stressed over it.

lisyloo

I have a scenario...

"What if I am walking down the street, a child chases his ball into an oncoming car, I dive out to save him(her)... I save the child but, my life is taken from me...what if..what if...

I understand your point completely.
There are things that you SHOULD worry about but clearly we all have to draw a line somewhere in order to operate otherwise you would go insane.

In my view it is worth considering how your family will be protected in the case of death, sickess and accident.
It is also worth considing your financial decision to buy in the context of market cycles however sometimes other things are more important.

To completely ignore all of the above is crazy in my opinion.
Equally to walk round all day worrying about world poverty, terrorism, climate change etc. would drive you mad.

There has to be a balance.
Taking care of your dependents should something bad happen is sensible in my view.
No-one is saying you have to worry about it every day - you do it the ONCE when you buy the house and then only if your circumstances change.
No-one is sugesting that you get obsessed with such issues on a daily basis, just that you put sensible measures in place to protect your familiy.

lisyloo

Hmm interesting, we were told that we had to have life assurance but it didn't have to be through them.

Lenders can make up their own terms and conditions - which is why I used the word many instead of ALL.
You might have one that insists on it.

Some people have insurance provided by their employers so don't always need extra.

lisyloo

Tassotti,

Just seen one of your other posts and realise you own 58 properties.

You have either been very lucky if you are happy-go-lucky or you made some decent business plans and thought about covering some of your risks.

You must agree that it's a good idea not to trust totally to luck and have some kind of plan for the things that go wrong in the normal course of life.

That's different to becoming obsessed daily with negligeable possibilities.

meanmachine_2

58 Properties - now that's what I call a vested interest.

Imagine being so heavily invested in just one asset class.

Frightening. But good luck to you. And yes, I can totally understand why you need to believe that house prices only ever go up.

lisyloo

Maybe we should all declare our own interests.
I am an owner occupier - no other property interests.
About 50% LTV and planning to stay about 40 years.
So house prices don't have a huge effect on me.

Tassotti

I will try and respond to all queries /criticisms.

I believe this is a property world between "madness" and "insane"

I don't believe that property prices can carry on rising for much longer.

I do have many properties, but still believe in a "home" there is a difference

I am worried about the scepticism of of the property market!! However, I was also worried in 2001 when I bought my first property and people told me to wait 6 months "because house pricesd are going down"

I generally buy properties bmv so a "crash" will not put me into negative equity

I have stocks and shares and also deal in in Exchange currencies so I am not limited to property.

My assets are valued at 1.9 million pounds, so I am not too bothered about it anyway.

Oy Yes, I am single, 32 and looking for a good woman :j

MORPH3US

lisyloo wrote:

Actually many don't (although they might want to make you think that because they want to make money).

The insist on buildings insurance (as strictly speaking the building belongs to the lender).
Most don't force you to have anything else.

I don't have any insurance beyond what my employer offers and I don't have a formal repayment vehicle either (although I have my own "plans" for all eventualities).

I know you said "many" rather than "all", but every lender I have been to have insisted on 2 things 1. buildings insurance and 2. life insurance. Neither of these have to be with the lender, but we must have them!

I'd be very surprised to see a lender not require life insurance, they'd be seriously out of pocket if they didn't!

Anyway all that is slightly off topic.....

M

MORPH3US

Tassotti wrote:

I was also worried in 2001 when I bought my first property

So you have purchased 57 properties in 5 years!!??

That takes some doing, how did you manage it?!?

BTW, what is BMV?

M

Broken_hearted

MORPH3US wrote:

I know you said "many" rather than "all", but every lender I have been to have insisted on 2 things 1. buildings insurance and 2. life insurance. Neither of these have to be with the lender, but we must have them!

I'd be very surprised to see a lender not require life insurance, they'd be seriously out of pocket if they didn't!

Anyway all that is slightly off topic.....

M

No they wouldn't they would just take the house, sell it and still charge the evicted family for the mortgage.