House prices surge......

Pobby

I used to work along side Ricky Desmond, owner of the Express. He sure knows how to put together eye catching stuff in more ways than one.

http://www.mediauk.com/owners/35/northern-shell-network

andybenw

reweird wrote: »

I prefer to look on the differences between home owners, and renters as a modern day class system. People who have more than 1 home and rent out the others are the upper class, those who own a single home are the middle class, and those who rent are the lower classes. Let's not beat about the bush and kid ourselves here, anyone who rents or still lives at mummies while approaching their 30's does not take pleasure from their situation.

According to your logic I am currently middle class.

At one stage I lived with mummy and daddy and was therefore lower class.

However in a couple of years I will have enough funds to buy a second property for cash and rent it out.

Just goes to show then, that social mobility is there for those who strive for it.

RenovationMan

bingobob777 wrote: »

don't think those sums add up somehow unless by free you mean 20% cheaper than normal.

Nope free because the tenant was paying for the work via his rental. TBH I had no interest in earning any money from the rental income - just another hassle on my already complex tax return. I would have been happy just to have someone I could trust to 'house sit' and pay the mortgage, so to get that, the house improvements done for free and some 'cash in hand' was a bonus.

andybenw

RenovationMan wrote: »

Nope free because the tenant was paying for the work via his rental. TBH I had no interest in earning any money from the rental income - just another hassle on my already complex tax return. I would have been happy just to have someone I could trust to 'house sit' and pay the mortgage, so to get that, the house improvements done for free and some 'cash in hand' was a bonus.

I must say, looking at your signature that you are doing a great job at lowering your mortgage. Although I have more or less paid off my mortgage it was a much lower level, and my saving rate is not as high as your pay off rate.

Well done sir!!

RenovationMan

andybenw wrote: »

I must say, looking at your signature that you are doing a great job at lowering your mortgage. Although I have more or less paid off my mortgage it was a much lower level, and my saving rate is not as high as your pay off rate.

Well done sir!!

Thanks!

We had almost paid off the mortgage on our previous property too. It was a 4 bed detached house on a newbuild estate but we had always wanted a nice character home. We sat down and analysed the current economic situation, job security and current returns on our savings and decided to gamble. We took the view that interest rates would stay low for several years, allowing us to buy a dream home and be able to pay it back before rates went up and we were repossessed.

We bought a dream 5 bed stone farmhouse with a 5x salary interest only mortgage and have been cashing in our savings bonds as they mature and using our monthly disposible to make overpayments and to pay for renovations.

It's going well at the moment, though I am behind track on my overpayments because I decided to put £10k into a penny share rather than onto the mortgage. I was sweating a couple of days ago as it bombed, but it was the FTSE250 highest climber yesterday (10%) and is up around 3% today. Fingers crossed that this will allow me to put in a much higher OP than the £10k I had planned.

Jimmy_31

MrRee wrote: »

Renting is for mugs - we all know that ... those who cannot afford to buy kid themselves that they are saving loads of money, waiting, sitting, hoping, that prices will fall to their level.

Im saving plenty of money by not buying yet.

Waiting, sitting, hoping, laughing, buying:)

Jimmy_31

reweird wrote: »

I prefer to look on the differences between home owners, and renters as a modern day class system. People who have more than 1 home and rent out the others are the upper class, those who own a single home are the middle class, and those who rent are the lower classes. Let's not beat about the bush and kid ourselves here, anyone who rents or still lives at mummies while approaching their 30's does not take pleasure from their situation.

Issues can be dealt with reweird.

Do it whilst you still have a chance at a normal life.

Saying that though, by using your system im more superior than a homeless tramp, god that makes me feel so good about myself:).

MrRee_2

Jimmy_31 wrote: »

Im saving plenty of money by not buying yet.

Waiting, sitting, hoping, laughing, buying:)

The only way you can be laughing is if you are living Rent Free AND are saving more than house prices are increasing.

Any other scenario means that you are sliding backwards every single month - but, I suppose you do have the pleasure of buying someone else's house for them! :rotfl:

Jimmy_31

MrRee wrote: »

Well, yes, maybe on your planet that is the case ....... now, back down to earth - I will sell my house for £xxx,xxx and spend that money having a rather marvellous retirement.

Renters will be, well, they will STILL be renting ....... Ha Ha Ha!!

Or buy a house outright because they have tanked in price so much and stick 25 years mortgage payments in the bank (on top of what you were planning to save anyway).

This method enables people to not give a 5hit about house prices, live worry free and also have a marvellous retirement.

What would you do if another house price crash comes along when you need to sell your portfolio to fund your marvellous retirement.

Jimmy_31

MrRee wrote: »

The only way you can be laughing is if you are living Rent Free AND are saving more than house prices are increasing.

Any other scenario means that you are sliding backwards every single month - but, I suppose you do have the pleasure of buying someone else's house for them! :rotfl:

I spend a lot of time living rent free in the digs my bosses provide, the rest of the time i dont pay my mum £700 a month to kip in back bedroom.

I do pay my way at my mummys though, i would be quite the 5hithouse if i didnt.

Im saving quite a bit every month.

House prices are dropping quite a bit every month.

Im laughing:D