12 reasons to not buy a house

Pimperne1

Loughton_Monkey wrote: »

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.

Not just difficult to argue with - impossible. You probably moved home less often than the average private renter (did any of your moves involve a nuclear power plant being built etc?).

Loughton_Monkey

Pimperne1 wrote: »

Not just difficult to argue with - impossible. You probably moved home less often than the average private renter (did any of your moves involve a nuclear power plant being built etc?).

Mainly moved house in early days at employer's cost. No power stations, but a by-pass did quell the profit on my £58K house (would otherwise have sold for roughly £160K rather than £135K).

How can you own houses for 40 years, without the odd 'crash'? Had 10 years 1988/98 to make 2.9% profit. Had I thought the same as the doom-mongers on here and packed it all in - moved to rent instead - I would have lost a fortune.

Those who are struggling to get onto the property ladder have my sympathy (but encouragement to do so as soon as they can). The 'losers' who somehow think renting is better also have my sympathy - but for totally different reasons. It cannot be fun being a loser.

B_Blank

Loughton_Monkey wrote: »

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.

How old did you retire at?

Loughton_Monkey

b_blank wrote: »

how old did you retire at?

56..................

Loughton_Monkey

B_Blank wrote: »

How old did you retire at?

Forgot to mention.

Never finish sentences with a preposition.

fiesta04

Loughton Monkey, did you ever buy property while you were abroad? I must add I do like your posts as they are very informative.

Loughton_Monkey

fiesta04 wrote: »

Loughton Monkey, did you ever buy property while you were abroad? I must add I do like your posts as they are very informative.

No. Apartments provided by employer!

Allowed me to rent out main property for 6 years [virtually paid off the mortgage] and the other I sold while abroad, just before the CGT window.

Wouldn't be able to afford to 'rent' in Korea. Extremely strange system in which renting consists of paying a huge deposit [something up to 60% to 80% of value], and the landlord lives off the interest. You get the 'deposit' back after the (say) 2 year lease.

All my questions about 'why the hell don't you buy?...' were never answered properly, but eventually found out that you cannot get a mortgage on any property until you already own it outright!

No wonder the Koreans are called the "Irish of Asia".

B_Blank

Loughton_Monkey wrote: »

56..................

From how you spoke I thought you would of retired aged 35 or something. haha

fiesta04

Surely reason 11 would have been to enjoy life with Mrs Loughton.

Loughton_Monkey

fiesta04 wrote: »

Surely reason 11 would have been to enjoy life with Mrs Loughton.

It goes without saying (she tells me).