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Exchanged Contracts - Biggest Mistake of my life?
Comments
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I think you're in a great position. You now have the flexibility to live where you want and are safe from the risk of owning a potentially depreciating asset, i.e. your house. There is no way houseprices are going to increase significantly before 2012, there is still plenty of pain to come in this recession. Glass half full.0
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You've 'paid' £14,500 for roughly four years living in a property. That equates to £300ish a month.
Most one bedroom flats round my way are charging £600 a month.
Would have been nice to have made money, it was a poor investment but in the end you've not lost out massively.
You can't do anything much about it now, go back to renting save up and make sure you don't rush into anything you're not comfortable about. Sounds like you weren't living in the most ideal place anyway.
btw I'm selling up too.
I bought my one bedroom flat for £112, had three estimates, one was £115, the 2nd £95 and the 3rd £87.5. My mortgage is £91.5 and I owe £7k to my parents.
If yours is the biggest mistake it's not the worse you could have made, really!Tim0 -
poppysarah wrote: »But the journey back to sane-land means huge price drops...
In many areas yes, but where I live they never went totally stupid. A 2 bed terrace never got over £100k for example.0 -
I completely agree. I bought my house at the end of the recession in the 1995 and the value didn't rise at all for 5 years. Historically, property has always been a good investment, but a LONG TERM investment.
Hopefully we will not see any sort of ridiculous rises in the future as it was totally out of control.
I endorse both those points. On the other hand, i don't think that you can just pile in whatever the price and expect to make a profit in real terms, even over a long period.
1995 was a great time to buy, whereas prices now are very high on a historical basis. Of course, there may have been a sea change in the way that houses are valued. The bulls are arguing that that has happened. We'll see eventually.No reliance should be placed on the above! Absolutely none, do you hear?0
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