Is it the right time to buy??

lynzpower

dont forget the life assurances also george that they'd have to pay out for.

lynzpower

missk_ensington wrote:

Well if the only way I could get on the property ladder is by living in a council house, or waiting for me mother to snuff it Id be pretty peeved!

thats not what i said, you might want to read it again

Gorgeous_George

missk_ensington wrote:

And where on earth do you live for repayments to be £800 a month??? I calculate a borrowing of £110,000 repays at £433 a month at 4.75% on a 30yr term, if you only need 1 bed you can surely borrow less than that.

£433 would just about cover the interest on £110k and that rate is not available anyway!

Nobody needs a one bed for 30 years. Circumstances change.



GG

missk_ensington

Yes but Georgouse George you are forgetting that the value is increasing, and if you get somewhere thats under-valued/wanting quick sale/needs work there's a lot of money to be made. Also, I think we can assume that a person would buy under £120,000, and if youre just buying why would you need two sets of conveyancing? Mine has cost £600 all inc VAT, dispursements, everything.

When I sell my house, hopeflly for £110,000 I'll have made approx £20k in under a year, I don't care if its costs me £3,000 to do it!

MORPH3US

Worms for tea anyone..... someone just opened a can....

:eek:

M

missk_ensington

Morpheus, whats your view!!! lol Buy or rent?

lynzpower

Is the value increasing. A property is only worth what someone pays for it. Until youve physically sold it its not worth scratch.

Gorgeous_George

Ok.

You could just as easily have lost £20k.

ttfn



GG

mrcow

lynzpower wrote:

PLus Im likely to inherit my paretns house and possibly the inlaws house, so im not too stressed.

:eek: The death of your parents and in laws is in your long term financial plan?

What if they don't die by the time you're expecting? Or require the equity in their (bought!) houses to help finance care or making their lives a little easier (or they feel like spending the equity on holidays or having some fun as it's theirs to do so)?

lynzpower

mrcow wrote:

:eek: The death of your parents and in laws is in your long term financial plan?

What if they don't die by the time you're expecting? Or require the equity in their (bought!) houses to help finance care or making their lives a little easier (or they feel like spending the equity on holidays or having some fun as it's theirs to do so)?

You misunderstand me there Mrcow

Im not exaclty hovering round waiting for them to fall off the perch they are only 50!! they have a good few years yet!! lol, but we do know what we will be getting. My folks are mortgage free and pretty well off, theyve said themselves whatever they leave could go towards our pensions. So when Ms K asked what Im going to do in my retirement, of course a few K will come from the parents, were not shy about death in our family, you know its coming no need to make a secret of it!

Bear in mind Im only 28, so I dont need to be cashing in my pension chips just yet