Psychology of Home Owning

ess0two

Harry_Powell wrote: »

Go to the link, I haven't made up the figure. Though feel free to contact the BBC and let them know you have more accurate statistics...



They're not my figures, I got them off the BBC. I was surprised myself at the figure TBH, especially as it's an average!!

I agree with you about the 'fee free', you simply just pay via a higher interest rate than via a fee.

I aint discrediting the link,but 6 moves is a little extreme unless it involves work related moves.

ess0two

Graham_Devon wrote: »

I'd have to lean more towards Harry's 6 moves myself, basing it on my experience of people I know.

Also, not sure about the "free" stuff. You are paying for it either way!

I can get a remortgage tomorrow,fee free from some lenders and pay fees with others.

So basing it on your experience?how many people do you know that have moved 6 times?

Forgot, feel free to add your views about HPI made along the way,money for nothing and this alone would pay for fees,potentially each move.

Harry_Powell

ess0two wrote: »

I aint discrediting the link,but 6 moves is a little extreme unless it involves work related moves.

I know,amazing really. Some people must move every couple of years in order to raise the average to 6 moves. I dunno if that is a mean average though.

If you think that I'm 25 and have just bought my first house, 6 moves in my lifetime (say I live to 90, that's 65 years of home ownership), it averages out at one move every 10 years.

I can see the FTB, move to small family home, move to larger family home, move back to FTB style property in retirement, then move to sheltered accomodation in dotage, which adds up to 4 house moves over a standard lifetime. I suppose in these times of greater mobility, there could also be a couple of geographical moves also thrown into the mix.

Harry_Powell

ess0two wrote: »

I can get a remortgage tomorrow,fee free from some lenders and pay fees with others.

So basing it on your experience?how many people do you know that have moved 6 times?

Forgot, feel free to add your views about HPI made along the way,money for nothing and this alone would pay for fees,potentially each move.

Could you provide a link to these fee free mortgages? I'd be interested in seeing their interest rates and LTV restrictions....

chucknorris

ess0two wrote: »

I can get a remortgage tomorrow,fee free from some lenders and pay fees with others.

So basing it on your experience?how many people do you know that have moved 6 times?

I think 6 times might be about right, I have moved myself 6 times although I didn't sell, I simply rented out the old place apart from my first house which was in Newcastle. I will certainly move at least once more too.

One thing I would say though is that the last move is likley to be a downsize which will release equity and this also needs to be thrown into the financial equation, because this will not be a net cost as it will raise cash, from equity previously built up. Despite the cost of moving (especially when you sell) I still suspect that buying is cheaper, but as that's not the reason I bought I have no strong feelings on the subject.

It did cross my mind to model it on a spreadsheet but then I realised how much effort was required looking up historical mortgage rates, rents and inflation etc. so an attack of laziness stopped me.

misskool

Harry_Powell wrote: »

I know,amazing really. Some people must move every couple of years in order to raise the average to 6 moves. I dunno if that is a mean average though.

If you think that I'm 25 and have just bought my first house, 6 moves in my lifetime (say I live to 90, that's 65 years of home ownership), it averages out at one move every 10 years.

I can see the FTB, move to small family home, move to larger family home, move back to FTB style property in retirement, then move to sheltered accomodation in dotage, which adds up to 4 house moves over a standard lifetime. I suppose in these times of greater mobility, there could also be a couple of geographical moves also thrown into the mix.

It's easy to whack that up with a mobile youngster though. If you move to a different town for university, then to another one for your first job and then again for your career job. That's 3 moves in the space of ten years.

I've moved 4 cities in the last 10 years for study and work

the_ash_and_the_oak

ess0two wrote: »

6 moves in a lifetime?more like 3 taking into account someone starting at the bottom,potentially 2 if they miss the bottom rung off.
Plenty of deals also offering free fees etc for re-mortgages,that needs factoring in.
Dont forget to add on HPI made along the way,to cushion the fees further.

I don't think it really matters the number of moves - I think each move should be considered for the likely length of stay - if I'm likely to only stay somewhere 5 or 6 years (a flat) then I should consider the rent vs buy argument for that period only (including HPI for that period only). Each rent vs buy argument should imo be for the likely duration of living there

If i'm buying a 4bed terrace in a market town then its likely I will stay longer and might want to consider the rent vs buy over a longer period.

Harry_Powell

There are also those who move to get in the right school catchment area for their kids. They could move to one area for the Primary school and another area for the secondary. Other moves can be forced on you, for instance if an area you moved into has gone downhill and has a rising crimerate. Even if you love your home, you might end up having to move.

ess0two

Harry_Powell wrote: »

Could you provide a link to these fee free mortgages? I'd be interested in seeing their interest rates and LTV restrictions....

I aint read the small print,IR or LTV.But as ever dyor before buying but it is possible to suit your needs.


http://www.hsbc.co.uk/1/2/personal/mortgages/first-time-buyer;jsessionid=00005ChfBIvKPq-ujakhClPfhq8:11j71ffl3

lostinrates

ess0two wrote: »

I aint discrediting the link,but 6 moves is a little extreme unless it involves work related moves.

My parents have moved, just in the last 30 years, over ten times (that even shocks me) discounting short term work moves. (I've discounted anything under a year).

I can't think of any of my peers who've moved as few as three times post university. (there might be some, I just can't think who right now!)