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Well that's £35k down the drain
Comments
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Well, you need to factor in what you would have paid in rent over 4 years if you had not bought.
You can easily spend £9K per year in rent I would think. Of course you also need to factor in what you've spent on buying costs, decoration, maintenance etc that you would not have incurred if you had rented.
In general, I suspect that you might not have "lost" as much as you think you have.
Also, the reality is that other houses have dropped as well, so if you do have some spare cash then it could actually be a good time to make the jump up to the next property.
Ah, the fallacious argument that rent would inevitably have been more expensive.
-35k in value makes a 9k per year loss
add 4 years mortgage payments
add 4 years insurances, maintenance and so on.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I strongly believe these thresholds are hugely responsible for the falling house prices!
Naturally, it is nothing to do with the fact that house prices artificially inflated due to a debt bubble which isn't coming back any time soon and house prices are now falling from false values.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Ah, the fallacious argument that rent would inevitably have been more expensive.
-35k in value makes a 9k per year loss
add 4 years mortgage payments
add 4 years insurances, maintenance and so on.
It is indeed a fallacious argument since I didn't actually state that at all. In fact, nobody on this thread has stated that renting would have been more expensive.
I merely said that in weighing up the perceived loss, you have to factor in the alternative accommodation costs if the OP had not bought a house.
Not difficult to follow, surely?0 -
Clearly not, the reason we are having continuing price falls is that house prices are far too over priced. Prices went up 300% in just over a decade far higher than wages caused by mass fraud, irresponsible lending, too low interest rates, greedy buy to let investors etc.
The price falls are now just a correction to this and nothing to do with stamp duty.
I wish there were house price falls. In reality these figures are rather deceptive. Firstly a house price only falls if you sell and you cannot get the price you paid. A few years back when prices were said to be low, so few houses came on the market that I was unable to pick up a bargain. And when a nice house appeared, it sold as soon as it went on the market, sometimes with a bidding war, sometimes with gazumping just before completion. So much for house price falls. And prices are regional. So northern areas may see huge falls, but some areas such as central London and parts of Surrey are seeing rises. Where I live in Surrey/Hampshire prices are stable, though asking prices are now absurd. But they do drop as the sellers realise that the original asking price is silly.
Did you buy at a realistic price for the time? If yes, then there is no problem. Sit tight and you will do well. Move and you sell and buy at the same level so if you trade up you benefit, if you trade down you lose. Really a house is a place to live first, an investment second. Obvious I know.Warning: This forum may contain nuts.0 -
Ah, the fallacious argument that rent would inevitably have been more expensive.
-35k in value makes a 9k per year loss
add 4 years mortgage payments
add 4 years insurances, maintenance and so on.
Don't forget 4 years of investment income on whatever capital was used to buy the place.What goes around - comes around0 -
It is indeed a fallacious argument since I didn't actually state that at all. In fact, nobody on this thread has stated that renting would have been more expensive.
I merely said that in weighing up the perceived loss, you have to factor in the alternative accommodation costs if the OP had not bought a house.
Not difficult to follow, surely?
Evidently I misunderstood you. My apologies.
No, not difficult to follow and don't call me Shirley.
However, weighing up the reality against what-might've-beens doesn't draw any valid conclusions.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Well, you need to factor in what you would have paid in rent over 4 years if you had not bought.
You can easily spend £9K per year in rent I would think. Of course you also need to factor in what you've spent on buying costs, decoration, maintenance etc that you would not have incurred if you had rented.
In general, I suspect that you might not have "lost" as much as you think you have.
Also, the reality is that other houses have dropped as well, so if you do have some spare cash then it could actually be a good time to make the jump up to the next property.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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