Own a house - you're working for nothing.

des_cartes

FTBFun wrote: »

I don't believe so - the OP has disappeared after throwing a few spiteful comments around.

I'm not sure why you are here. You have bought a house at IMO the wrong time and therefore have paid too much. You and others like you now seem intent on posting on a forum dedicated to money saving in order to encourage people to do what you did and pay too much. Instead of promoting money wasting you might want to consider looking at other sections of this forum to see where you can offset the losses you will make on buying an overpriced house and leave this area to people who are looking for lower house prices not higher ones.

des_cartes

RenovationMan wrote: »

I never really understand these sorts of threads. How do I gain or lose money on my home? If the average house price increases, how do I spend this money? If the average house price decreases, how do I lose money?

I bought my home for what I decided was a reasonable amount of money on the day I bought it. End of story, really.

Wrong. This forum is dedicated to saving people money on things they are about to buy, not for people like you to justify why you paid more than you should have done. As someone looking to buy a house, I am only interested in what happens to prices in the future, not what you paid for yours. It's a bit like you encouraging me to buy cornflakes at the price you paid last week when there is a 2 for 1 offer on next week. End of story, really.

des_cartes

chucknorris wrote: »

Looks like you entitled this thread incorrectly then, sounds from what you are saying you should have named it:

BUY (not own) a house - you're working for nothing

Or maybe 'dont buy a house and double you income':D

StevieJ

ska_lover wrote: »

Why do people resort to name calling on this type of thing? This was obviously posted as a serious debate, but has resorted to playground chat!

No it wasn't

Heyman_2

des_cartes wrote: »

Wrong. This forum is dedicated to saving people money on things they are about to buy, not for people like you to justify why you paid more than you should have done.

Really des, I thought it was a public forum for debating House Prices and the Economy open to all - even those such as yourself and all your contradictory Jackanory that you keep giving us.

de1amo

i have read a few of the posts but no one has mentioned that while people are saving hard to raise a deposit they must live somewhere --there seems no mention of money spent on rent--a definate depreiciation in spending power!!
i am in the camp that believes properties are a place to live not an investment--and i do wonder if the credit situation will restore itself in the foreseable future--even with a deposit i think the banks wil also be wary of other factors when loaning money- maybe they wont want to lend on diminishing securities!!

LilacPixie

I though I worked to pay my bills, have a nice an stable home for my family. Mortgage monthly cost (repayment) slightly less than rental cost of a similar sized property difference being end of 25 years with renting we just have more rent to pay, end of a 25 year mortgage term our home will be owned outright (aiming for 10 years actually) so one less bill to pay, less hours to work.

Graham_Devon

These kinds of stories are just as bad as the ones from the Express which celebrates your new wealth every time house prices rise.

LilacPixie

Graham_Devon wrote: »

These kinds of stories are just as bad as the ones from the Express which celebrates your new wealth every time house prices rise.

I don't understand that either. Surely your home is just a home, you don't actually have that money in your pocket unless you sell and live under a bridge or something?? I like a lower LTV just for remortgageing onto better deals but under no illusionn that HPI is going to give me that I have to be overpaying overpaying and then some more.

Graham_Devon

LilacPixie wrote: »

I don't understand that either. Surely your home is just a home, you don't actually have that money in your pocket unless you sell and live under a bridge or something?? I like a lower LTV just for remortgageing onto better deals but under no illusionn that HPI is going to give me that I have to be overpaying overpaying and then some more.

Depends on the mindset I guess.

I wrote not long ago about my parents friends who I've known pretty much all my life. Bought a house yonks ago, but are now in the process of moving outside of the area to a smaller home.

Not because they want to. Because they have no choice to. Can't pay off the mortgage.

Reason being, they remortgaged several times over the years, withdrawing the newly found equity in the house.

Now, I have to say, they did enjoy this money. New cars, nice holidays, nice way of living. BUT, it's caught up with them now and although they have enjoyed life, up to now, they face a hard slog, in an area they don't want to be in neccesarily, a lifestyle stepdown, and a smaller home which doesn't really suit their needs.

So they were firmly in the mindset of newly found wealth when prices grew.

As I said when I wrote it, came as a surprise to us all, we just assumed they had paid off their mortgage years ago, still both woked, so allowed them to have a nice life. But they were, in the end, slaves to debt, which forced their hand.

They would have got repo'ed in the end apparently, but have been rather lucky in getting a quick sale for a slightly reduced price. They are also had the benefit (though I hate describing it as such) of a recent stake in a will. Not enough to pay off any loans, but enough to help with their current situation.

Not really surprised that the house sold so quick, it was pretty immaculate, what with all the MEW'ed money spent on it.

Dad said they had assumed if they stopped withdrawing equity a couple of years ago in 5-10 years time, the houe would have enough built up equity in it again that they could move to France. So they got stung by the Euro too.

Strange thing is, they'd never have had the lifestyle experiences they had without large amounts of rising equity. And this is what they focus on.