Has STRing paid off for anyone?

StevieJ

Cannon_Fodder wrote: »

1 year terms were at 7%. Hardly missing the boat. No need to pounce as this still has years to unravel...

Its just about the right house, now. Price is a side issue.

Good, end of that, what next?

Cannon_Fodder

chucky wrote: »

are you going to use the regional/local argument now?

Of course...!

Really2

OK my buy figures are.

27% below peak.
30% deposit
.49 Lifetime tracker (£11K paid in to offset since October)

Equiverlent rental house is £1100-£1200.

I cant see how I could have been better off STR (but mainly due to mortgage) other than compromising the size of the house I would have rented.

If we get another 20%-30% falls then I would have been better to STR. so perhaps the future hold the key to see who was right and wrong.

Harry_Powell

StevieJ wrote: »

Or they have disappeared to HPC.co.uk for some positive stroking

I removed the "shame we're not getting many responses..." comment because we did start getting some posts, but it seems that many people who are labelled as STR'ers are actually just people who are downsizing to more manageable homes, relocating or both.

Perhaps someone with a logon to the HPC forum could post the question there and link to it here (I can't rememebr my password anymore on there and can't be bothered re-registering). I am interested in the sort of savings people have made using this tactic and there may be a better response on HPC?

PasturesNew

The mortgage on my big house would now be less than renting my studio is, although if I were still there I think it'd be about £150/month. At the time I sold, mortgage rates were going up and were predicted to go higher. I'd have expected to have been paying 7-8% by now at the time.

The_White_Horse

stonethrower wrote: »

Sold in sept 2007 for £239000 and I suppose expenses for selling were about 6000, cant remember how much to buy was 14 years ago

you can't remember how much you paid for your house?

PasturesNew

To know the real answer, requires a big spreadsheet to include:
Cost sold
Mortgage rate every month since
Savings rate every month since
Difference on bills between the two (buildings insurance and maintenance and gas service and similar covers not required in renting)
Solicitor costs to sell and to buy
Stamp duty if relevant to buy again
Moving costs

It's all too complex really and some guess work is involved unless you have sold/bought and an identical house at both locations sold in the same months so you know how much your old one would be worth now and how much your new one was worth then.

Harry_Powell

stonethrower wrote: »

Sold in sept 2007 for £239000 and I suppose expenses for selling were about 6000, cant remember how much to buy was 14 years ago

If you buy a similar priced property it could cost you between £10k to £12k in costs and stamp duty, so if you bought your house back with 15% drops you will have made a £19850 profit (if we assume £10k costs).

However, for each 1% gain on HPI you will lose £2390 of that profit. You will therefor have to make sure that you buy before house prices rise 8% to ensure you make a profit on STRing. This is not including any difference between your current rental costs and how much your mortgage would have been.

STRing has worked really well for people like yourself who sold on the very month that the peak was reached. I wonder how much people will have gained, if anything if they sold 6 to 12 months (or more) either side of Sep 2007.

stonethrower

The_White_Horse wrote: »

you can't remember how much you paid for your house?

should have said cant remember what the expenses were paid 65000 for it

Really2

PasturesNew wrote: »

To know the real answer, requires a big spreadsheet to include:
Cost sold
Mortgage rate every month since
Savings rate every month since
Difference on bills between the two (buildings insurance and maintenance and gas service and similar covers not required in renting)
Solicitor costs to sell and to buy
Stamp duty if relevant to buy again
Moving costs

It's all too complex really and some guess work is involved unless you have sold/bought and an identical house at both locations sold in the same months so you know how much your old one would be worth now and how much your new one was worth then.

I agree that is why I just put down a few figures and came to a guesstimate. It is a hell of a lot of work to find out what is the level either is right/wrong better/worse.

In the end of the day as with houses/home it is usually personal need/preference that far out strips the financials of it.