STRs..did you ever doubt?

PasturesNew

StevieJ wrote: »

Pastures, you seem to say that you have never had well paid jobs, how did you afford a huge house

There was a brief moment.... I am mostly unmortgageable because I am not in jobs long enough to get a mortgage.

Then I had a "lucky break", I was on a rolling week-by-week contract, for an employer who had been bought out a year before and I popped back to sort out some handover projects... and the boss was a good bloke and said he'd put his neck on the line and give me a 6 month contract JUST so I could get a mortgage. Earning £19/hour at that point, got the mortgage. After that, had 6 months in a different contract at £28/hour. Then beggah all since then (2001), every job I did paid less ... and less ... and less ... and less .... and the gaps were bigger between them.

mewbie_2

I would have STR'd at various points, but at no time would my wife consider it. I would have been wrong (too early) on at least five occasions. So on balance, for me, not STRing was the right decision. Not that it was mine to make.

ShelleyC_2

I'm a STR by chance so not really one at all :rotfl:

Relocated end of 2007 and was lucky to sell house in 2008 for just under peak. Orginally planned to buy straight away but circumstances meant I didn't. Now renting a new build flat which is ok if a bit souless.

Can safely say that had I bought the property I was trying to I'd be down least £35 plus I've been able to pile money into my deposit fund even if its earning no interest.

I'm watching the market for my dream rest of life home so will jump if the right thing comes up but have to say round here most asking prices are still only a smidge off peak prices.

JonnyBravo

Davesnave wrote: »

We fully expected to be renting for some time yet, but something has come up that we can live with, so we're going for it. As long as we arrive back approximately where we'd have been before the crash, and with a property that meets our needs, anything else is irrelevant.

Oh, and being still a little bit bearish, if things continue to slide, who knows? Maybe we'll go buy another, later on....;)

Ooooo good stuff. Best of luck Davesnave.
I seem to remember you've been looking for a while, but I've not (and you've not?) been around as much over the last few months so might be wrong??. I hope your new gaff is everything you hoped for, and good luck for the nail biting bit til completion.

lynzpower

lostinrates wrote: »

Not much purpose other than wondering to this but I have been awed at times by the conviction the STRs demonstrate. I have often wondered if you every doubted the wisdom of your decision to STR before HP falls started. I often think its easier for FTBs to wait than to be a STR ...giving up your ''own home''.

I dont think it was a huge amount of "wisdom" but I found this site and realised what I could and couldnt afford. I also read quite a lot of crash theory that I hadnt really thought of and decided to sell.

I think many people are very attached to the idea of "home" - Im definately not one of them, I could quite happily live anywhere, and I really love moving. im in the 39th ( i think) home and Im only 31. Although the flat I bought was a sound "investment" ( tongue in cheek) It was also IO and the mortgage gave me no flexibility to earn less to dom something else- alas I was tied to a job I probably shouldnt have been.

Releasing from the mortgage was a freedom. We rented for a year, but then fortuititously (sp!) I found a job with tied accomodation and thus now pay very minimal overheads.

The money Ive saved from mortgage to living like this alone, is around 600pcm. Add that to the kks I "made" from selling the flat and IM very happy with the decision I made. I know the flat would have probably been repod OR Id be stuck earning more, for a worse QOL. Now I get so much enjoyment from saving and having such low outgoings is just fantastic, means we can, within reason have pretty much whatever we want.

I have to say I wouldnt have said it was a gamble- anyone with half a brain could see this coming, and the shared ownership new build was really, the sort of property taking the most battering. I look on RM now, and the other SOs in the area cannot sell- and also they cannot reduce thier prices either, they really are so trapped.

We may well buy again, but we have to wait a little while till we have more money in the bank, Id like to have 50% LTV and 3x one salary for the rest and we are a little way off there at the moment, but fingers crossed eh!

lostinrates

lynzpower wrote: »

im in the 39th ( i think) home and Im only 31. !

Urgh. I've moved a lot too....never added it up, shall I or will it make me feel worse? thats why I know this time when I unpack, really UNPACK, everything, I will not want to move again.:o

mewbie_2

lostinrates wrote: »

Urgh. I've moved a lot too....never added it up, shall I or will it make me feel worse? thats why I know this time when I unpack, really UNPACK, everything, I will not want to move again.:o

I wonder if when people move they take the 'DunRoamin' sign with them?

lostinrates

mewbie wrote: »

I wonder if when people move they take the 'DunRoamin' sign with them?

When you have moved as often as Lynzpower you simply don't unpack the sign.:p

mewbie_2

Time for some new signs anyway. 'DunMewin', 'DunDreamin', and 'Dunin' is all I can be bothered with this evening. I suppose 'DunPostin' for DD, and maybe 'DunVotin' for some of us.

Alan_M_2

If I had of been in a position to STR, and I wasn't. I would have done it too early.

I was convinced it was all bonkers as early as 2004/5 and in all honesty it probably was, but it continued to silly levels.....however I would have sold far too early and missed a lot of HPI....