looking to buy to let for 1st time ; advice appreciated

new_home_owner_3

brit1234 wrote: »

Has any first time buyer complained that they can't get cheap homes, no they just want a home at a normal price rather than highly overvalued as now.

the question is whats normal price? what a normal person paid in 2007? or what you think is a normal price to pay now?

houses are only worth what people want pay whats a normal price for some people will be completely different to yours.

I would love a brand new mercedes for 20,000 pound but the problem is the cost is 40,000 pound, if i cant afford it i will have to go for a second hand one or a ford.

Or maybe look at the new government scheme they will pay 10 percent and so will the builder theyres a 20 percent drop straight away.

Jimmy_31

brit1234 wrote: »

They are already been falling months at 0.5% interest rates.




No just an historically normal priced home rather than at present not being able to afford any home.

Has any first time buyer complained that they can't get cheap homes, no they just want a home at a normal price rather than highly overvalued as now.

This is exactly the reason i have held off from buying my first home.
I dont want a cheap home i want a home that hasnt got a boom priced attached to it, for the life of me i cant figure out why lots of others who were in the same position as me didnt do the same, i have friends who have payed close to 200 thousand pounds for a 2 bed new build that cost less than 30k to build, i couldnt get my head round the fact that people were willing to do this and take on so much debt when a few years previous they could have bought a 4 bed detached with land for the same price.

It all comes down to value for money.

new_home_owner_3

back to the thread, if i was you i would buy a buy to let, if i had the spare money i would get another one, the only worry you have is if house prices crash.

but like ive said they have not crashed in the last 3 years and it doesnt look like they are going to fall in the near future, thats unless you listen to britt who has been going on about a house price crash for the last 3 years and has changed her signature a thousand times lol.......

Jimmy_31

new_home_owner wrote: »

We've had 32 months of price stagnation.

Nationwide index:

Aug-08 328.5
Sep-08 322.8
Oct-08 316.9
Nov-08 316.1
Dec-08 305.3
Jan-09 300.2
Feb-09 294.7
Mar-09 301.1
Apr-09 302.9
May-09 307.2
Jun-09 312.1
Jul-09 316.9
Aug-09 319.6
Sep-09 322.8
Oct-09 323.2
Nov-09 324.7
Dec-09 323.4
Jan-10 326.1
Feb-10 321.8
Mar-10 328.2
Apr-10 334.7
May-10 336.0
Jun-10 336.0
Jul-10 334.0
Aug-10 330.5
Sep-10 330.9
Oct-10 327.9
Nov-10 326.9
Dec-10 324.7
Jan-11 322.4
Feb-11 328.0
Mar-11 330.9

good luck

Thanks but i dont think ill need much luck, i dont need a chart from nationwide (arent they big into mortgages) to tell me what prices are like at the moment, i just look in the estate agents window and keep checking rightmove and look at the same houses that are chasing the market down for over a year and still not selling

new_home_owner_3

Jimmy_31 wrote: »

This is exactly the reason i have held off from buying my first home.
I dont want a cheap home i want a home that hasnt got a boom priced attached to it, for the life of me i cant figure out why lots of others who were in the same position as me didnt do the same, i have friends who have payed close to 200 thousand pounds for a 2 bed new build that cost less than 30k to build, i couldnt get my head round the fact that people were willing to do this and take on so much debt when a few years previous they could have bought a 4 bed detached with land for the same price.

It all comes down to value for money.

what youve got to remember is these people are living in their own homes and are also paying it off, your waiting for soemthing that may never happen and in the mean time your paying rent.

Jimmy_31

new_home_owner wrote: »

back to the thread, if i was you i would buy a buy to let, if i had the spare money i would get another one, the only worry you have is if house prices crash.

but like ive said they have not crashed in the last 3 years and it doesnt look like they are going to fall in the near future, thats unless you listen to britt who has been going on about a house price crash for the last 3 years and has changed her signature a thousand times lol.......

No wonder the banks got plenty of takers for the money they were throwing about

Jimmy_31

new_home_owner wrote: »

the question is whats normal price? what a normal person paid in 2007? or what you think is a normal price to pay now?

houses are only worth what people want pay whats a normal price for some people will be completely different to yours.

I would love a brand new mercedes for 20,000 pound but the problem is the cost is 40,000 pound, if i cant afford it i will have to go for a second hand one or a ford.

Or maybe look at the new government scheme they will pay 10 percent and so will the builder theyres a 20 percent drop straight away.

I can tell you what a normal price isnt and thats a price of 6,7,8,9x the average sallary.

Jimmy_31

new_home_owner wrote: »

what youve got to remember is these people are living in their own homes and are also paying it off, your waiting for soemthing that may never happen and in the mean time your paying rent.

You really are not getting it are you, i live in the north and the crash is already underway. in the last 12 months alone ive easily saved 25 to 30 thousand pounds by not buying an overpriced house. You are right on the fact that im currently not paying anything off a mortgage but hey my mortgage is going to be a lot less than if id jumped on the bandwagon like a lot of other people.

new_home_owner_3

Jimmy_31 wrote: »

I can tell you what a normal price isnt and thats a price of 6,7,8,9x the average sallary.

a average house by me is about 150,000 pound thats for a three bed semi, which should be easily affordable for a couple who both earn avergae sallaries.

maybe you need to look at cheaper areas, if you live on your own you wouldnt need a three bed roomed house anyway.

new_home_owner_3

Jimmy_31 wrote: »

I can tell you what a normal price isnt and thats a price of 6,7,8,9x the average sallary.

its a good job your not on a average sallary then to save 30,000 pound in 12 months is good going, is that whilst you are paying rent or do you still live with your parents?