Well.. i finally did it. Purchasing my first properdee innit :)

neas

Blacklight wrote: »

It does amuse me that everyone who's been ranting about prices falling off a cliff for the last three years and has now taken the step to finally buy a place either want prices to fall or feels the need to state that they don't care if they do.

It's the biggest financial commitment you'll ever make! What do you mean you don't want it to go up in value?

These people would get far more respect if they just grew a pair, held their hands up and said they got it wrong and said what they actually felt instead of trying con everyone.

As a FIRST TIME BUYER. this property is not my first. I am amused that you don't undertand the logic or math.

If my 160k property falls 10%... it becomes 144k... i LOSE 16k off the price... but still have equity to sell and move etc.

If the property im buying (now worth 250k) also falls 10%... it becomes 225k .. THEY LOSE 25k.

Whats the net effect? I borrow 25k -16k (9k) less. I am 9,000 pound better off.

Because while i am ascending up the house market... so long as i can sell my house (have equity etc)... then the bigger houses become cheaper meaning the gap closes in terms of real money.

Just to make sure you understand... if a 2 bed house is worth 50k and a 4 bedroom worth 100k. the 2 bedroom is worth half the 4 bedroom one. If this relationship stands... if house prices drop by half....

the 2 bed is worth 25k and the 4 bed 50k.... i sell the 2 bed at a loss of 25k... but pay 50k less for the 4 bed.... thereby having 25k less mortgage.

Only when i am 55-60 and wanting to downsize would I want my house to be worth billions :P... otherwise im just paying some greedy bank interest on a large amount of cashola and saddling myself and my family with debt.

Understand?

chucky

what i think Blacklight is trying to say is that these arguments that you're putting forward are exactly the same that these 'bulls' you call have been telling you for the last 18 months.

these same points are very valid but you dismissed them previously but seem to have gone the other way now... and are justifying your actions...

ess0two

Another one bites the dust,can't be many more left.

neas

chucky wrote: »

what i think Blacklight is trying to say is that these arguments that you're putting forward are exactly the same that these 'bulls' you call have been telling you for the last 18 months.

these same points are very valid but you dismissed them previously but seem to have gone the other way now... and are justifying your actions...

You want house prices to drop too?

Jonbvn

carolt wrote: »

Yes, Mr 4,058 posts. Clearly you spend no time on here at all.

None trying to ramp or de-ramp any particular asset or investment.;)

chucky

neas wrote: »

You want house prices to drop too?

it doesn't matter to me when they fall or rise because when they do rise and get to my selling level - i'll sell. i'm in no rush.

carolt

Jonbvn wrote: »

None trying to ramp or de-ramp any particular asset or investment.;)

Bollox. Total and utter.

What you just happen to hang around on the housing board dissing all my posts systematically, yet you have no particular interest.

Oh come off it.

phil_b_2

No need to justify your purchase with what you still think will/won't happen, how much of a reduction you got or your existing family needs. You just finally decided to get on with things like most others. Life shuld be more fun now

kabayiri

neas wrote: »

Because while i am ascending up the house market... so long as i can sell my house (have equity etc)... then the bigger houses become cheaper meaning the gap closes in terms of real money.

This makes sense to me.

To 'trade up' to a better house for me at the moment is between 215K and 275K additional outlay, and that excludes significant moving costs.

So I've convinced DH we can extend for 60 or 70K and have a dream kitchen included in that price.

I don't think this makes me a bull or a bear? I'm just realistic on what I can get with my money.

Enjoy the new house, btw

fc123

neas wrote: »

nobodys a bull or bear forever it depends on your preference but i still think houses are overpriced somewhat. Im just glad i can get on the ladder or 'snake' at some point. i hate not being able to 'do something' with my flat... whereas my house will be mine (well 33% mine lol)

To be fair...anything I have ever 'wanted' or ' needed' has been outrageously priced. That includes shops we wanted to lease, homes we wanted to buy and places we wanted to rent..oh and cars too.....an endless list.

Enjoy your new place.....is the roof good?

I haven't the headspace at the mo to post a thread starter but we own and rent at the same time...end of week I move 'home'...and I cannot wait to no longer have a LL.