FTB ONLY: The MSE Guide to reasons why putting off that purchase is a good idea.

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Not sure what I'd do if I didn't own, I don't think I'd be rushing to get a mortgage if I only had 10% deposit, but if I had more I'd probably consider buying.

Despite the supposed growth in house prices since the recorded low at the beginning of last year, a look on Rightmove with PB, sees many houses that have had substantial amounts knocked off, if you can find one of these and have 25%+ to put down it's worth considering.

Then just get on with life and forget about house prices and just come here for some light entertainment.

neas

hence why we bought :P 33% deposit.... and my savings not getting much return... and finding a lovely house that already feels my own. And sorry for long post just 'spouting' my feelings about it all. I do kinda feel a little bitter over being sucked into 'waiting for 3 years' and cant imagine waiting and renting another 3 years to get 10-15% off etc.

Procrastinator333

neas wrote: »

hence why we bought :P 33% deposit.... and my savings not getting much return... and finding a lovely house that already feels my own. And sorry for long post just 'spouting' my feelings about it all. I do kinda feel a little bitter over being sucked into 'waiting for 3 years' and cant imagine waiting and renting another 3 years to get 10-15% off etc.

It is good to have a non regular poster adding to the threads.

If I had a 33% deposit I would be out looking at properties, I would take my time, but once I had found a bargain that ticked the boxes I would buy.

At the moment, we are in no rush, will keep adding money to the pile and when we hit the lower LTV limits we will see where we are.

PasturesNew

I have 100% deposit, I look every day .... but I don't think the house exists where I'm looking. So then I look in other places and don't know those places, so that puts me off.

But I still look.

PasturesNew

My last place I rented was a studio. £350/month.
£50k they are going for

If I wanted to buy one now the IO is £208/month, repayment £295/month. £30/month service charges. So those would be cheaper to buy than to rent.

After I left, the LL was advertising it for more, £375/month.

Mind you, neighbours were a noisy nightmare. Places like flats/studio flats attract a loud crowd with clomping feet and loads of loud mates who bang doors.

carolt

neas wrote: »

hence why we bought :P 33% deposit.... and my savings not getting much return... and finding a lovely house that already feels my own. And sorry for long post just 'spouting' my feelings about it all. I do kinda feel a little bitter over being sucked into 'waiting for 3 years' and cant imagine waiting and renting another 3 years to get 10-15% off etc.

Why do you feel 'bitter' over being 'sucked into' making a decision? Who 'sucked you in' and how? It's your own decision to wait or not - surely no-one would base such an important decision on what a bunch of strangers on the internet told them to do?...

All you can do is do your own research and make your own decisions based on what is right for you at the time. No-one else knew your personal circumstances, your personal life aims, your personal financial situation or your local housing market. Only you.

So I think you have to take responsibility for your own decision.

You've bought now and are happy. That's what matters. You can't turn back the clock, but next time, remember that others are not privy to your personal information. That 10-15% may not have been worth if for you, but it might have made a huge difference to someone else. Only you can know that.

Dirk_Rambo

Procrastinator333 wrote: »

Ghoul - you are a tool.

thanx. great post

papalimabravo

PasturesNew wrote: »

I have 100% deposit, I look every day .... but I don't think the house exists where I'm looking. So then I look in other places and don't know those places, so that puts me off.

But I still look.

Not quite a 100% deposit for what we're looking at, but we do have a large deposit. I think think this actually makes us more particular about what we buy. (I'm sure more so for a 100% deposit.)

Is this what Economists call "opportunity cost"? Tying up a large wedge of your own cash, in an illiquid asset, that may go up in value or may go down in value (who knows?), certainly makes you think more than twice before committing. You may well need the cash for something else.

I guess things were different in the days of 90%, 100% 125% mortgages for all....

Interesting times...

HAMISH_MCTAVISH

neas wrote: »

I do kinda feel a little bitter over being sucked into 'waiting for 3 years' and cant imagine waiting and renting another 3 years to get 10-15% off etc.

Excellent post.

neas

I said a 'little' bitter... not alot or even enough to be botherred.

Just i kinda believed or wanted to believe so much that house prices would drop 30-40% in 2 years that we waited and waited, moved through 3 different rentals and yes in that time we got a good bargain and I wouldn't change it for the world but havingh my own place its a totally different world.

To get my dream house i had to:

1. Put up with risk of being kicked out and had to move and pay double rent 3 times (during moving periods)
2. Live in a 1 bed flat for 2 years and then a 2 bed for 3 more years.
3. Lived in a 'communal flat' where can hear neighbours, lived with tuimble dryer and washing machine coming on at midnight every other night... listened to newborn baby waking me up at night cause flat was of a shoddy design.

I did this and it saved me 10-15% , and allowed me to save more money to get the highest LTV i could get (at 4% 5 year fixed is brilliant) which saved me more money off mortgage, don't make no mistake it was a good decision and we love our house now.

Just the return for waiting another 3 years for another 10-15% off doesn't seem as appealing, i've done my 'time' waiting and am happy to 'own' even if prices do fall.

Spent all weekend painting and repairing house, and even tho im tired it felt great to do it etc.