'Want it now brigade'

PoorDave

Gorgeous_George wrote:

Definitely an asset:

1. A useful or valuable quality, person, or thing; an advantage or resource: proved herself an asset to the company.
2. A valuable item that is owned.



GG

Now look up liability for us! Lazy...

And valuable. Any any other words we'll dispute that come up in the definition of liability, etc

Gorgeous_George

Back to the thread,

vishpatel wrote:

Yes, I want to buy a reasonably priced home now. But I'm well aware prices are out of my reach, so I'm prepared to wait. In fact, pretty much all of my friends feel the same. I don't see any of them fretting about wanting to buy a property immediately without working for a good number of years and saving a deposit.

IMO the 'want it now' brigade are the ones who are spoilt by their parents. They don't bother seriously saving for a deposit themselves because they know their parents will 'cough up'.

I would guess that prices may drop in the future but I'm not selling to buy again later. That's a measure of how confident I am that prices will fall and how much I value my house as a home. In truth, I don't know and, in truth, nor does anybody else.

Interest rates may go up. Equally they may fall. In truth, I don't know and, in truth, nor does anybody else.

Everyone is different and we consider different things to be important. I bought my first house with a 100% mortgage. I'd bought my first car six months earlier and sold it to pay solicitor's fees. I still had a loan for the car! If I'd saved £10,000 per year and paid rent, or lived at home sponging off my parents, I could just about afford to buy the same house with the same mortgage. Was I part of the 'want it now brigade'. I was 22.

If people choose to buy, rent or live at home, that's their right. If asked for our views we should give them. Otherwise we should keep our beaks out.



GG`

PoorDave

Jim_B wrote:

If you live in your own house, you pay council tax/maintenance/etc.

Doesn't sound like value to me.

Note to people clutching their heads and screaming. Yes, renting a place to live in is also a liability. It turns out that wanting to stay alive turns out to be a liability. Such is life. Just because you own something other people would give you money for does not make it an asset to you.

Is my soul an asset?

Jim_B_3

PoorDave wrote:

Is my soul an asset?

Well, it's not costing you anything. Can you find someone willing to give you money for it?

PoorDave

Jim_B wrote:

Well, it's not costing you anything. Can you find someone willing to give you money for it?

Not money as such...

Has this gone a bit off topic? I can't even remember which thread this is...

Anyone know how long it took in the crash 15 years ago ish for the average house to be worth half what it was pre-crash? Anyone got data? Did prices even fall tht much? Before my time really

Jim_B_3

PoorDave wrote:

Anyone know how long it took in the crash 15 years ago ish for the average house to be worth half what it was pre-crash? Anyone got data? Did prices even fall tht much? Before my time really

Fill your boots, young man. These are excellent questions to be asking. Here's a shed load of data: http://www.nationwide.co.uk/hpi/historical.htm

PoorDave

Jim_B wrote:

Fill your boots, young man. These are excellent questions to be asking. Here's a shed load of data: http://www.nationwide.co.uk/hpi/historical.htm

Good stuff. But surely NW should not be giving this data out freely! What if it stops me borrowing more of their money to fritter away on houses?

Actually very useful to have actual data, but is this data as trustworthy as the data these days where one lender says "up" one says "down" each month?

Jim_B_3

PoorDave wrote:

Actually very useful to have actual data, but is this data as trustworthy as the data these days where one lender says "up" one says "down" each month?

Honestly don't know. If you start getting paranoid about the raw numbers, you'll end up with tinfoil wrapped round your head, but that doesn't mean they haven't fiddled it. Plot it, play with it, see where it leads you.

[Deleted User]

Doesn't anyone buy houses anymore just because they need a place to live?

dmg24

ringo_24601 - someone with a sensible question at last! This thread really has become quite random ...

I bought my house (and yes, I got help from my parents if anybody wants to moan at me!) because I was renting somewhere and had the neighbour from hell. My only other option was to rent somewhere else at £600 per month (as opposed to a £400 month mortgage).

Yes, I would like to make a gain on my property one day, but if I don't then at least I've had a nice quiet life in the meantime!