Debate House Prices
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House ownership - Selling yourself into a lifetime of servitude
Comments
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I'm not trying to prove anything; note how my factual claim about SMI was actually based upon fact and not upon what I believe because things have turned out OK for me. I merely try to illustrate that your situation doesn't prove anything either.
I'd agree my position in isolation proves nothing but I think I’m fairly typical. I’m sure there are people for whom it hasn’t worked if fact I know one. But if you don’t stretch yourself too much do not fall in the temptation to mew the vast majority of people are not in servitude if they buy.
Your smi quote might be fact but what does it prove out of context.0 -
debtistheft wrote: »
you are not compelled to keep investing even if you lose your job or are ill. With a house 'investment' you are, or you lose the greater part of your investment and your good name and status.
99% of home owners do not loose thier house (look up the stats). You are arguing we should form a life plan based around a 1 in 100 chance event which in any event can be mitigated with careful and responsible planning.
That's akin to arguing you must not use the road in case of an accident.
Investing in shares has many downsides - you do realise that for example palm oil present in many household products is responsible for the wholesale destruction of virgin rainforest?
How about your investments in plastics manufacturers - are you aware of the huge enviromental damage this brings about?
What about your investments in food production, have you considered the vast damage that results?
If you are going to argue bricks and mortar debt is immoral / bad practice, you better be whiter than white in your own investing.
Why are you using a computer - it makes a detrimental enviromental and indeed Human imprint (child miners / adult mining deaths).
I'm not seeking to poke fun, I'm asking you address morality in the round and stop being so partisan in your approach.0 -
i don't see what is very marxist about idealising the landlord / tenant relationship. :think:
It's simply a rant against property owners by, I suspect, someone who is embittered that they can't afford a house.Nothing is foolproof, as fools are so ingenious!0 -
tartanterra wrote: »I suggest that you read the OP. It has nothing to do with "idealising the landlord / tenant relationship".
It's simply a rant against property owners by, I suspect, someone who is embittered that they can't afford a house.
not my reading at all.....this line completely idealises the freedom of being a renter rather than a mortgagee...
"Is the tenant the free-est person, unshackled by the false dreams pushed by the banks and their puppets, the politicians?"Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0 -
House ownership - Selling yourself into a lifetime of servitude
Not really.
I first bought in 2000.
Upsized in 2004 (and reset the amortization period to 25 years)
Relocated overseas and converted UK home to a BTL
Bought another BTL in 2007.
Bought a property overseas in 2007.
All in, I'm on schedule for all three properties to be mortgage free in 7 years, although that is reducing due to lower mortgage interest rates and overpaying the mortgages.
I could be mortgage free on two of the properties if I sold the third and released the equity.
Not trying to gloat and there certainly is a lot of benefits due to my company essentially paying for myoverseas property and tenants paying my BTL's, but to own three properties outright within 14 years, is pretty darn good.
This is not isolated, I know quite a few people who without investing in additional properties have increasingly reduced their amortization periods.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
As the Germans like to say, “Jein” – or yes and no. For a start, renting is not necessarily the cheap option. In thriving cities like Hamburg, Cologne and Munich, tenants might be spending up to half their wages on rent.
And the prospect of paying a landlord well into old age appeals to Germans no more than it does to the Brits.
http://www.propfund.com/brits-buy-homes-the-germans-rent-%E2%80%93-which-of-us-has-got-it-right/0 -
debtistheft wrote: »How much financial sacrifice did it entail to have sufficient money to be able to do this? Why did you buy your 1st house and then move after only 3 years? How much did it cost you in those three years to buy and sell two houses?
Have you ever totalled up how much your two brick cubes have cost you, have you ever thought of what life-enhancing experiences or opportunities that cube money could have provided you and your family?
And those of us who will pay off the mortgage(s) well before they are 40 and are still able to do loads of things that are 'life-enhancing'
Are we serfs too? if so..well, I highly recommend itGo round the green binbags. Turn right at the mouldy George Elliot, forward, forward, and turn left....at the dead badger0 -
not my reading at all.....this line completely idealises the freedom of being a renter rather than a mortgagee...
"Is the tenant the free-est person, unshackled by the false dreams pushed by the banks and their puppets, the politicians?"
I shall immediately move out of my mortgage free home and rent a bedsit like debtistheft.
Oh....the freedom......:rotfl:Nothing is foolproof, as fools are so ingenious!0 -
Its an 85% LTV 4.29% 2 year fix.
Yes but does that matter? If I don't pay them the landlord would and factor that into the rent I pay.
So if you remove that 15% deposit your rent and interest only payments would be much closer together and at a time when we have historically low interest rates.
The landlord may not have a mortgage at all, so would not need to periodically add arrangement fees onto the mortgage. Otherwise he could have a commercial loan, which negates the need to chop and change mortgage products.
When I choose where to rent I research the landlord. I generally rent from property management companies as they in business to secure long-term lets and pretty much lave good tenants alone. They do not seek to sell the property from under you in order to cash in on a housing boom or because they are in financial difficulties.0
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