House prices surge......

MrRee_2

Jimmy_31 wrote: »

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.

You are deluding yourself ......

All joking aside, renting costs money - every month.

Buying does too (currently buying, even at 100%, costs less than renting due to low interest rates) - but, in about 10 years time (most people pay off their Mortgage by 10 years) ....... you have an asset which you no longer owe anything on.

The lifetime renter still pays rent ... for life, never ever free from paying that monthly amount.

Meanwhile, the buyer moves down and releases £xxx,xxx's to enhance their retirement.

Even a blind man on a galloping horse can see the logic in my statement!

Jimmy_31

MrRee wrote: »

You are deluding yourself ......

All joking aside, renting costs money - every month.

Buying does too (currently buying, even at 100%, costs less than renting due to low interest rates) - but, in about 10 years time (most people pay off their Mortgage by 10 years) ....... you have an asset which you no longer owe anything on.

The lifetime renter still pays rent ... for life, never ever free from paying that monthly amount.

Meanwhile, the buyer moves down and releases £xxx,xxx's to enhance their retirement.

Even a blind man on a galloping horse can see the logic in my statement!

Renting costs money, every month. good job you are here mate because i bet a lot of people dont know that.

The way things are going i will have an asset the second i am handed the keys to my first home, no mortgage payments ever.

How am i deluding myself.

I think you are losing the plot mate.

IveSeenTheLight

Jimmy_31 wrote: »

Renting costs money, every month. good job you are here mate because i bet a lot of people dont know that.

The way things are going i will have an asset the second i am handed the keys to my first home, no mortgage payments ever.

How am i deluding myself.

I think you are losing the plot mate.

It would be good to see the figures you are working with and how much of that is attributable to your hope for a large crash.

Potentially you could be better off buying and paying less mortgage interest than rent meaning that you can own the assett far quicker.

Thrugelmir

MrRee wrote: »

(most people pay off their Mortgage by 10 years) .......

Never heard that before. Take some commitment to achieve that goal and disposable income.

IveSeenTheLight

Jimmy_31 wrote: »

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.

Ahhhhh!!!!!!

IveSeenTheLight

Thrugelmir wrote: »

Never heard that before. Take some commitment to achieve that goal and disposable income.

It can be done, especially with joint incomes.

I would question whether most are able to achieve it though.

Jimmy_31

Thrugelmir wrote: »

Never heard that before. Take some commitment to achieve that goal and disposable income.

It was a sneaky little dig to make everyone think weirdo pays mortgages off in 5 minutes.

This results in weirdo feeling happy because he thinks everybody believes him.

Hes a bit messed up like that.

Jimmy_31

IveSeenTheLight wrote: »

Ahhhhh!!!!!!

Got there in the end eh:)

Percy1983

Just like the thread title.

House prices surge... downwards!


:beer::j

MrRee_2

Jimmy_31 wrote: »

Renting costs money, every month. good job you are here mate because i bet a lot of people dont know that.

The way things are going i will have an asset the second i am handed the keys to my first home, no mortgage payments ever.

How am i deluding myself.

I think you are losing the plot mate.

Now, little youngster, let's get some things straight ....

1. I am not your mate, and,

2. I have forgotten more than you will ever know ..... you have two ears and one mouth for a reason - do yourself a big favour and use them in that ratio ... :beer:
You are sponging off your bosses accomodation, so you can save every penny you earn - that's excellent news.

The trick you need to pull off is to buy at the very bottom of the market .... or your savings will just disappear in an ever increasing purchase price.

That's the trick - the problem you face, today, is that the bottom was in 2009! I know that is a hindsight statement and I do not expect any applause for it - but it is a fact, history proves it.

You need to decide whether to buy now or wait decades until you can buy outright ... as that's how long it will take to save enough to buy at today's prices, let alone where they will be in 10 years time!

Now, you may be much smarter than you come across on here - you may not be the bumbling dreamer you appear, you may have it sorted and in 10 years buy with cash on the hip ..... having spent that time living rent free in your bosses cellar.

I wish you all the very best .... I do think the clever money is buying right now!