Offer accepted soon to be a home owner

DaddyBear

Congratulations. You're now allowed to start threads on this board. However, make sure that any price rises are followed by a :beer: or all privileges will be revoked.

Generali

Worriedrenterman wrote: »

I have been saving for a house for a while now. Put off in on a house and it has been accepted. As some of you know my landlord was going to put rent up so now I will have much delight in saying to him "I AM A HOMEOWNER"

Congrats. Warren Buffet (formerly the Richest Man In The World) said his home was his best investment.

The groin thrusting thing is just a silly in joke. The idea is that home owners taunt sorrowful renters by thrusting their groins at them.

HAMISH_MCTAVISH

wotsthat wrote: »

groin thrusting like it's 1999.
.

1899, unless we build some more houses.....;)

chewmylegoff

HAMISH_MCTAVISH wrote: »

1899, unless we build some more houses.....;)

Are you suggesting that house prices are going to fall back to 1899 levels? If so let me be first to offer you £5 6s 4d for your humble abode. Whilst you're considering my offer I should remind you that as this is 1899 my currency is backed by solid gold, none of this fiat nonsense.

HAMISH_MCTAVISH

chewmylegoff wrote: »

Are you suggesting that house prices are going to fall back to 1899 levels? .

No.

Just homeownership levels.

Where 90% of people have to rent from the 10% who own all the property.

That would be the end result of continuing to allow mortgage rationing, property consolidates in the hands of the wealthy.

wymondham

Worriedrenterman wrote: »

I have been saving for a house for a while now. Put off in on a house and it has been accepted. As some of you know my landlord was going to put rent up so now I will have much delight in saying to him "I AM A HOMEOWNER"

Now the other fun starts, with you having to pay the mortgage (and any scheme if you're on one?)/insurance/repairs/being prohibited from moving on easily/closely watching interest rates and paying fees when you re-mortgage every x years.... well done on your purchase and a different set of problems!

chucknorris

wymondham wrote: »

Now the other fun starts, with you having to pay the mortgage (and any scheme if you're on one?)
Over time it will be cheaper than rent

/insurance
Included in the rent, so renters pay this anyway

/repairs
Ditto

/being prohibited from moving on easily
Never been a problem to me, only a minority of owners are trapped by NE

/closely watching interest rates
I usually forget to check every first Thursday of the month

and paying fees when you re-mortgage every x years.... well done on your purchase and a different set of problems!

I go for lifetime trackers and tend not to remortgage every x years, my current rate is just over 1% and has been for over 4 years now. Last time I remortgaged (2005) it was to switch to a better deal and the extra saving easily paid for the fees.

It is amazing how many renters don't realise that in reality they are already paying for insurance, maintenance and repairs of the property they rent, it is obviously included in the rent. Other responses in red in your quoted text.

wymondham

True repairs are included in rent as is insurance, but when things go wrong it's usually an unexpected bill rather than a simple phone call to the agent. Hurts a little more!

Moving on easily was aimed at selling process rather than NE but that could be an issue as well

chucknorris

wymondham wrote: »

True repairs are included in rent, but when things go wrong it's usually a large bill rather than a simple phone call to the agent. Hurts a little more!

Moving on easily was aimed at selling process rather than NE but that could be an issue as well

It is still included in the rent, and not just that, don't forget about overheads and profit. I've actually moved 6 times without selling, I simply rented out the property I vacated. But when you do sell yes it can be a pain but it can also be associated with compensations (better job, moving in with partner, upsizing etc)

N1AK

chucknorris wrote: »

It is amazing how many renters don't realise that in reality they are already paying for insurance, maintenance and repairs of the property they rent, it is obviously included in the rent. Other responses in red in your quoted text.

If you've got a reasonable deposit and aren't going to move for 3+ years then buying will work out cheaper than renting unless property prices fall noticeably during the time you own. I think even the majority of us current/historical bears would happily accept that premise.