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Debate House Prices
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to buy or not to buy...
Comments
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Procrastinator333 wrote: »
Very true and maybe i'm being slightly naive. But I just don't get this "dream house" notion.
There are plenty of house the same size, similar layout, similar type street, similar location. The rest can and will be changed.
I live in the green belt and the reality is that there has been very little development here for about 20 years, possibly longer. That means that if you want a modern house that doesn't look like a seventies house - the decade style left behind in terms of housebuilding as well as fashion - there isn't much to choose from.
Then if you look at the houses with decent parking, that rules out about 3/4 of the stock. That leaves me with a choice of 3 locations. One of those is near a through route to the local nightlife and there are problems with it - lots of complaints. So off the list that goes. That leaves two, one of which I prefer over the other because they employ a private gardener as part of the estate fees so it always looks immaculate and also because there are some semis on larger plots.
How long did it take to achieve this not particularly picky feat? Seven years. During that time I looked at every house that came on the market there - which isn't many as there are only about 40. Got outbid twice and one was so grotty I couldn't be bothered to do it up. I wanted to live in this town in particular because it has good transport links for work. It wasn't that easy. I could have my choice of houses 15+ miles away where development is less tight but don't want to add a lot of time onto my journey.
I still hope to move to "the one" one day, but I think I'll leave that until I'm retired as heaven knows how much spare time I'll need to find that.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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'Dream' houses don't interest us at all, but location and land does. As people with limited funds, finding something with a couple of acres that would also work for us business-wise proved a real headache.
In the end, we settled for somewhere achitecturally naff in a very nice place. We did this because it is relatively 'easy' to bash houses about to suit, but very hard to alter shortcomings in land/location.
Not sure how many properties we viewed, but counting drive-bys, it must have been at least 250. I would always slot a few 'maybes' into the route. 0 -
vivatifosi wrote: »I still hope to move to "the one" one day, but I think I'll leave that until I'm retired as heaven knows how much spare time I'll need to find that.
I don't see you ever finding the "one" unless you learn to compromise.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
I don't see you ever finding the "one" unless you learn to compromise.
How would you know? You have no idea what my concept of "the one" is.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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Procrastinator333 wrote: »
Very true and maybe i'm being slightly naive. But I just don't get this "dream house" notion.
There are plenty of house the same size, similar layout, similar type street, similar location. The rest can and will be changed.
It depends what you're looking for. If you're looking for a 3 bed semi within reasonable commuting distance of work, then what you say is probably true. But not everybody is looking for something that's so easy to find. Davesnave and lir wanted land. Here's what I want:
4 bedrooms, detached if possible
Several separate downstairs rooms
South facing garden and lots of South facing windows
Parking and garage
Catchment for a specific secondary school
Safely outside flood zones
Would prefer no heavy traffic
I've been watching the market in my town for two and a half years, and seriously trying to buy for 11 months. I've found:
House 1: Ticks just about all of the boxes but the owners have decided they don't want to move after all.
House 2: Ticks all the boxes but by the time I'd got enough money to buy it they'd put the price up beyond my reach. They've recently dropped it to within what I can manage, and I'm now buying it.
House 3: I thought I could turn it into exactly what I wanted but the surveyor said it wasn't suitable for the extension I had in mind.
House 4: I thought I could turn it into exactly what I wanted but the planning department thought otherwise.
I'm 41. I've lived in a rented flat, a rented house, a tied house with late-nearly-ex's job (the main reason I haven't bought before), and three more rented houses. I'm now buying for the first time, and I'm happy for this to be my forever house.Do you know anyone who's bereaved? Point them to https://www.AtaLoss.org which does for bereavement support what MSE does for financial services, providing links to support organisations relevant to the circumstances of the loss & the local area. (Link permitted by forum team)
Tyre performance in the wet deteriorates rapidly below about 3mm tread - change yours when they get dangerous, not just when they are nearly illegal (1.6mm).
Oh, and wear your seatbelt. My kids are only alive because they were wearing theirs when somebody else was driving in wet weather with worn tyres.0 -
Catchment for a specific secondary school
I have a question on this one. Is this not determined on when they start school? ?y intent was always to get a house outside of the catchment area to get the cheaper price, then just rent for 6 or 12 months in the catchment area to get them in to the school.
This is really an inkling of an idea rather than something I have investigated as we don't actually have kids yet anyway. Is there anything stopping this? I'm also not actually sure of the difference the catchment area makes to price, so may not even be worth it.
P.S Glad you have found your house!0 -
Buy now/ Buy later argument
BUY NOW (arguments)
Prices have fallen from highs seen in 2006/07/08
Interest rates are at records lows/ fix for many years at lowish rates
Stamp Duty holiday up to 250k
Less buyers and more to choose from, you can cherry pick
Distressed sellers are getting desperate, easy to negotiate down
Lawyers just are not busy, so things get done quickly (sub 2 months)
Start chipping away at that 25 year mortgage now, then start contributing straight into your pension for future, rather than continuing to save for a house, you still dont know what its going to cost. Leaving less time for pension.
Live in a area you want to be, rather than in one, where there is a rental available.
Be your own landlord, control, make your own choices
Make friends with local neighbours, have a social life!
Mortgages are available now, at 10%, 15% +...
BUY LATER
Prices may fall, will you buy into a falling market in the future, or will you still wait longer and benefit from even cheaper price or will they go up wuickly again?
More distressed sellers in the future? (who knows?)
Interest rates will eventually go up, but when?
Keep renting and saving, but low interest rates will not help savings
Keeping money in bank above 30-50k not such a great idea.
Might be difficult to secure a 75% LTV mortgage in future after further falls.
Having to take what you can get, from desperate sellers.
Its not all plain sailing waiting, there is a lot of unknown. It carries as much risk as buying in reality.
as long as you think about it and make an informed decision you can never go wrong with what ever decision you make as it will fit your personal circumstances. So its RIGHT for YOU!!
It can never be right for you to buy if prices will fall in the following years.0 -
It can never be right for you to buy if prices will fall in the following years.
Disagree. For some, the benefits of home owenership for the period in which prices fall can be worth in excess of the value they have lost.
It is almost like purchasing from amazon, sure you get it cheaper on 5 day delivery, but if there is a very important reason for having it tomorrow it may be worth paying the extra for next day delivery.0 -
It can never be right for you to buy if prices will fall in the following years.
What about if they fall by a negligible amount that is more than offset by the cost of renting?More tea, anyone?
Yes please, strong white, no sugar.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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