Parents, you're just making it worse! Please STOP!

ginger_nuts

I live in Northern Ireland where house prices are still going up .I bought one BTL last year .I was lucky ,I bought at the right time .It has increases in value by 50% . If I sold up now I could life mortgage free .If I can buy another at the right price I will .This like it or not will be my pension .

donnythedebtmonster

vishpatel wrote:

18 years is a long time when your talking about house prices.

Good luck all the same. If it we're my child, I would invest as much as I could in a child trust fund. That way, I wouldn't have to pay a penny in tax. Would start off with some aggresive investment choices/targets, but move into safer ones as the child approaches 16-18.

Putting all your eggs in the property basket for 18 years is one hell of a risk if you ask me!

I do agree that its a risk but then again most things in life are. I really believe you'll never get anywhere without taking a chance. As for the CTF suggestion i have looked into it but i am a bit worried about the fact that CTF's are in the childs name and therefore when he reaches 16 it becomes his money and he can spend it on whatever he likes. I remember when i was 16 and if someone had given me that kind of cash then i know what i would've done with it, i know it wouldn't have been very sensible. I have started an ISA for him so hopefully that'll offset the risk with the property.

I do feel though that looking historically then property is a good bet and 18 years is a long time and so should hopefully provide the necessary investment for my sons future.

Ems*Honie

vishpatel wrote:

The only snipey comments I see are coming from you and Tassoti with a pat on the back from Ems*Honie.

The rest is just debate. Don't take it personally

I did not 'pat' anyone on the back. I agreed with a post. If you cannot afford something, regardless of what it is, then you cannot have it.

If you are in the enviable position to get a helping hand from family (which to me seems perfectly normal, and I wish my family could have helped us) then you have a better chance at getting it. I would say that if it is more common now it is because society are now more geared up to buying property.

dougk_2

EMS*Honie

I agree 100% if you can't afford something, you can't have it , its tough and its life!

What you can do however is take steps to try and get something you want whether that be through saving, giving up other things, re-training , woirking 60 hour days , setting up you own business etc etc. When you are born into this world you are not given the right to have excatly what you want you have earn that right one way or aniother.

I don;'t think its wrong for parents to give money to their children to buy houses, get them through university, get them their first car etc. Its something that has happened for many a year and the only difference now is many parents can do this where as in the past it was only the very wealthy. Traditionally houses have been owned by the the wealthy and the fortuante (like cars once were!) now it has become the "norm" for house ownership, I accept that , but there will be and always will be those that can and cannot afford what they want.

Ems*Honie

dougk wrote:

EMS*Honie

I agree 100% if you can't afford something, you can't have it , its tough and its life!

What you can do however is take steps to try and get something you want whether that be through saving, giving up other things, re-training , woirking 60 hour days , setting up you own business etc etc. When you are born into this world you are not given the right to have excatly what you want you have earn that right one way or aniother.

I don;'t think its wrong for parents to give money to their children to buy houses, get them through university, get them their first car etc. Its something that has happened for many a year and the only difference now is many parents can do this where as in the past it was only the very wealthy. Traditionally houses have been owned by the the wealthy and the fortuante (like cars once were!) now it has become the "norm" for house ownership, I accept that , but there will be and always will be those that can and cannot afford what they want.

I fully agree, we can afford a house because my husband works 70 + hours a week, to buy it in the first place I worked full time plus overtime to pay the bills. We are now in a more fortunate position and I can stay at home with our children but we had to sacrifice alot for the first 3 or 4 yrs. Someone told me recently I didn't know how lucky I am to be in the position I am in, but I pointed out that I have had a mortgage since I turned 18 and missed out on a lot of the stuff they did until they got their mortgage at 33.

vishpatel

dougk wrote:

EMS*Honie

I agree 100% if you can't afford something, you can't have it , its tough and its life!

What you can do however is take steps to try and get something you want whether that be through saving, giving up other things, re-training , woirking 60 hour days , setting up you own business etc etc. When you are born into this world you are not given the right to have excatly what you want you have earn that right one way or aniother.

I don;'t think its wrong for parents to give money to their children to buy houses, get them through university, get them their first car etc. Its something that has happened for many a year and the only difference now is many parents can do this where as in the past it was only the very wealthy. Traditionally houses have been owned by the the wealthy and the fortuante (like cars once were!) now it has become the "norm" for house ownership, I accept that , but there will be and always will be those that can and cannot afford what they want.

I think most people serious about buying a home do save etc.. It's a bit patronising to suggest otherwise.

I recently dated a school teacher who lives in Paddington, at home with parents. Loved her job, and wasn't going to give it up for more money. She was explaining about the shared ownership scheme the government offers them. Her colleague went for it because thats all she could afford, but she said its ridiculous.

I am continually amazed by some of the people on this site. This place is all about getting the best deal, and not getting ripped off by greedy retailers, banks etc.. then why should young ftb'ers continue to get ripped off by greedy vendors?? Because property is different?

Just say no - property is NOT vfm. Don't line the pockets of greedy vendors by paying huge amounts for a home they paid a lot less for. Property will get cheaper IMO. And theres nothing wrong with renting no matter what anyone says.

dougk_2

vishpatel wrote:

Just say no - property is NOT vfm. Don't line the pockets of greedy vendors by paying huge amounts for a home they paid a lot less for. Theres nothing wrong with renting no matter what anyone says.

Indeed there is nothing wrong with renting at all. Just as there is nothing wrong in investing in property for financial gain (i.e. what landlords do!).

Its not vendors being greedy its the fact that demand outweighs supply and thus vendors are getting the market value. Why do people pay £12.99 for a CD when it costs just a few pence to make - because they want it! Houses are the same.

vishpatel

dougk wrote:

Indeed there is nothing wrong with renting at all. Just as there is nothing wrong in investing in property for financial gain (i.e. what landlords do!).

Its not vendors being greedy its the fact that demand outweighs supply and thus vendors are getting the market value. Why do people pay £12.99 for a CD when it costs just a few pence to make - because they want it! Houses are the same.

Supply & demand is fluid. Supply has increased vastly during the current boom with new builds, flat conversions etc.. Who will fill this demand in the future? Highly paid young workers? Wealthy immigrants?

The balance is shifting. Watch home builder stocks for clues.

dougk_2

So has the number of "new" people to the UK grown. The UK Population is growing faster than the number of new builds. Also I think you will find that whilst new house prices might not rise so fast the older houses will be in demand as we don't all want to live in the appartment blocks or "rabbit hutches" on large developments that are currently being built (due to regulations).

Doozergirl

vishpatel wrote:

I am continually amazed by some of the people on this site. This place is all about getting the best deal, and not getting ripped off by greedy retailers, banks etc.. then why should young ftb'ers continue to get ripped off by greedy vendors?? Because property is different?

Those 'greedy vendors' also have to live somewhere and will be most likely buying somewhere even more expensive and taking on an even bigger mortgage. Price is set more by what people are prepared to pay more than how much the vendor asks.

No one person has any control over the property market.