First time buyer / buy to let

homersimpson_3

if buy to let and shared ownership are out, what about moving back home until you've saved enough- do parents live close? could you afford flat/mansionette and then when circumstances improve/prices falls buy a house. would getting part-time job help?

speedqueen

meanmachine,

I've visited many countries, have friends from all over the world, & have lived in another country for many years, it has never been any different. You will always get some people want to own their own homes, each for their own reason (do what you want to it, not have housemates, security for later years), & other people who know they will inheirit and don't have to worry, or who just prefer not having the responsibility. Good for you and your friends if you don't have a desire to own your own home. fortunately we're all different.

And really I'd prefer to get out there and find someone for reasons other than my personal finances.
I enjoy being independent, & if the economy won't let me, so be it! Come on Property Crash!

speedqueen

homersimpson wrote:

if buy to let and shared ownership are out, what about moving back home until you've saved enough- do parents live close? could you afford flat/mansionette and then when circumstances improve/prices falls buy a house. would getting part-time job help?

Hi
home is abroad, and i certainly wouldn't save the pounds there. Besides, living with mom again?? Ugh ;p Just kidding. My rent where I am is really good actually & I've masted the art of not spending so I don't think I could do any better from those perspectives. I've just been watching prices for the last few years & they seem to keep rising, so I've wondered if I should stop waiting for the drop that may never happen.

Judging by some of the other responses I am obviously fooling myself with what I thought I could afford, i'd rather take the chance and wait than lose the property and be blacklisted. Between being worried that I'd never be able to afford anything and that the prices might drop after I've bought, there's no solution until the prices Do drop.

thanks for the ideas though.

meanmachine_2

Good for you.

You've kind of answered your own question.

You say that property prices keep rising and yet, perfectly sensible people like yourself are unable to afford to get on the ladder. WHat does that tell you about the current property market? Does that sound sustainable?

I can only imagine that others like you have taken out lie-to-buy mortgages and saddled themselves with a massive 25, even 30 year debt. All for the sake of "not being left behind".

I'll be glad when these flaming property shows have died a death. It's like Ground Force and decking five years ago. Waste of money and looks rubbish. But people wouldn't listen...

slater14

speedqueen,

The powers that be (the government) are powerless to stop a crash, they can encourage a bubble but cannot make you earn more money which is the only way the bubble can survive.

when I said greed it wasnt meant in a bad way - you expect houses to rise and if you buy in now you can share in that extra cash .......thats just a little form of greed isnt it? and theres nothing wrong with that!

Just re-read your own post and THINK - how can housing possibly rise to a level where no one can afford to buy it?.....it just doesnt make sense does it?

Well, we are at that moment right now, no one can afford to buy property....Just like you! which means something has to give, the buyers cannot get more money short of robbing a bank - so thats that.....which only leaves PRICE. So which way will prices go if no one can afford to buy?

If property ownership is so important to you, you should have bought years ago. It wasnt, because there wasnt all this talk of hyper pricing and massive yearly gains and so on, the only reason its important to you now is because you are AFRAID. I will say it again, that is a very bad reason to buy into any market.

Join a gym, go out, and have loads of fun......but keep saving for the day it goes belly up!

speedqueen

slater14
I really don't have any ambition about cashing in on property price increases. All I want is my own little box that I can one day afford to live in. I don't even care if the value doesn't go up. I'm sure that statement has you running for cover, I know it's not how I should think but at the mo that's it. I can't explain enough. I just want my own place. As long as it's decent or I can make it decent and that it doesn't drop in price (cos that could be heartbreaking) I just wanted to get onto the ladder before it's impossible. I am not trying to make money out of this. Renting it out was purely an affordability option. I was even prepared to top up the mortgage repayments if need be. When I want and can afford something bigger and better then I would move. If the value of the box has increased and helps against the remortgage - bonus.

If i had been able to buy years ago I would have, however I was a stupid child, got myself into BIG debt. I tried the banks. they thought I was mad and I now understand why. I am now debt free, proud to have paid it off myself (hence new found saving skills) & yes it's great to not have the debt, but I still want my own place, even if it means getting back into debt - at least this time I'll have something to show for it. So now that I have a little savings & a better salary, I thought I could finally make the property break.
Obviously not.

Glad to hear a crash is out of everyone's control.

Thanks for your input.