12 reasons to not buy a house

Pimperne1

lowlandsmatt wrote: »

T-shirts are way overvalued at the moment - I wouldnt recommend buying into this fools trap :eek:. Personally, I'm renting a nice Lacoste dark green number at the moment until the economy improves. Wait and save for a few months and then see what the market is doing. Theres a fair few distressed sellers out there, might be some high-end stuff going for peanuts anytime soon (saw a stunning cotton Hugo Boss polo neck in turquoise the other day, been on the market for months)

Yes but that Lacoste could be yours alone if you just borrowed some money to help you buy it (if the owner is prepared to let it go which in the current climate he should). Otherwise if the owner wants it back then he can just give you two months notice and you need to find another one. Your real problem is going to be that if you do want to buy then there are a lot of people out there that don't need to sell and your aspiration to get them to drop their price might come to nothing. A few other points:

1, Dont have to get clothing insurance
2, Dont have to pay to repair things like frayed sleeves
3, If they build a nuclear power station next door you can just move
4, if they build a land fill site next door you can just move
5, if the area turns into a ghetto with high crime you can just move
6, You can search for work across a wider geographical area
7, Your not tied down to a single t shirt for 25 years
8, you dont have to pay interest to a t shirt owner for 25 years
9, If you neighbours have the same t shirt you can just move
10, You dont have to worry about colour fade and other such issues
11, You dont have to worry about the bank/government raising the interest rates you pay
12, You never have to go through the whole buying/selling process which is a nightmare and very expesnive

diable

don't watch your £48k investment rise to £750k in 23 years.

Desperate_Housewife_2-2

...if everyone on this forum just bought or rented as they felt was appropriate to their own lives, there would be no posters!

Heres an idea...if you want to buy a house then buy one, if you want to rent then rent! simples!

wallbash

To those that rent, you will never know the excitement that I experienced last month, when I paid off the Mortgage after 23 years.

MF and rent free .............ecstatic.

Pimperne1

wallbash wrote: »

To those that rent, you will never know the excitement that I experienced last month, when I paid off the Mortgage after 23 years.

MF and rent free .............ecstatic.

Two great experiences I expect, the purchase and the eventual owning.

Londonsu

B_Blank wrote: »

Renting>buying. And use the money you would buy with to invest and make more money.

And how pray do you do that if the money you are using for the house comes via a mortgage, I think the building society or bank actually want proof that their loan is being used to buy property, not invested in some scheme or another, or has buying a House via mortgage changed since I last did it.


same with diables comment - if the 48k you are using to buy property comes via a mortgage how on earth can you use it for investments.

HAMISH_MCTAVISH

B_Blank wrote: »

Renting>buying. And use the money you would buy with to invest and make more money.

So how does that work then?

To rent my house would cost about £500 a month more than a full repayment mortgage costs me.:rotfl:

And rent is now more expensive than mortgage interest in 80% of the UK....

adindas

I think you forget one of the most Important thing:
"YOU CAN NOT GET A MORTGAGE"

ADINDAS

Loughton_Monkey

Twelve reasons why I retired early:

1. I bought a house 9 months after starting work. For £6,200
2. I sold it for £7,500 and bought another one for £11,750
3. I sold that for £15,750 and bought another for £18,900 in London
4. I sold that one for £34,000 and bought another one for £37,500
5. I sold that for £51,500 and bought another one for £58,000
6. I sold that one for £135,000 and bought another one for £170,000
7. I sold that one (after a house price crash) for £173,000 and bought another for £295,000
8. In between whiles, I bought a London flat for £80,000 and sold it for £160,000
9. If I sold my current (£295K) house, I would get over £900,000
10. I was mortgage free 30 years after buying my first house.
11. Er.......
12. That's it.

Own money invested: Virtually zero
Lifetime Mortgage Interest Paid: £214,891.

Loughton_Monkey

B_Blank wrote: »

12 reasons to not buy a house.

Forgot to mention.

Never split your infinitives if you wish to be taken seriously.