Bought property, big mistake :( any words of wisdom?

Crashy_Time

nubbins wrote: »

This chappy is a prime example of why you should get on the ladder as and when you can afford it. I think the houses he was looking at a few years ago for 275k are now selling for at least 100k more. He's still waiting for "the crash" hence the name, bless him

She is already on the ladder, and looking at losing money. Didn`t you read the OP?

Crashy_Time

pelirocco wrote: »

Buying a property is a long term investment , they may 'lose' money or they may 'gain ' if they. HAVE sell at the wrong time . Unlike renting where you never see any return for your money .

Except a safe warm place to live, with repairs done, and sometimes even gardening........


If house prices crash my landlord loses money, not me.

samba

I think it's time you faced up to your fears... so the market crashes? So what? Your house won't fall down. And forget about the financial side of things, cos in the end you can't take it with you, so get on and enjoy the here and now.

In the long run, you will be ok, and even if you lose out, it's only money.

Sorry for all the cliches, but they do contain a lot of wisdom.

samba

Crashy_Time wrote: »

She is already on the ladder, and looking at losing money. Didn`t you read the OP?

You're a nasty piece of work aren't you?

Crashy_Time

samba wrote: »

You're a nasty piece of work aren't you?

Why, for pointing out the obvious fact (if you read the post) that she has already bought a property?

cloo

Please try not to worry about what may or may not happen!

We bought at the top of the market in 2007 and we knew it was all about to go south (and I don't think the same is really being predicted now). The fact is, within a few years it already exceeded the pre crash price and we're selling it for £175k more than we paid.

But try to think of it as a home rather than an investment, you have a lot of life to live yet and no point having regrets.

Jack_Johnson_the_acorn

Crashy_Time wrote: »

Except a safe warm place to live, with repairs done, and sometimes even gardening........


If house prices crash my landlord loses money, not me.

Had me in stitches, do home owners not have the benefit of heating like the renters?....... Would you class a HMO with a shared bathroom safe???? I think most of us have different standards to crashy. :rotfl:

penguingirl

We have just agreed a sale on our house for less (1.3% less) than we paid for it in 2009 (so we didn't even buy at the peak). We have done work on it, but in our area the house market is almost non-existent due to high levels of unemployment and lots of families struggling. We were also after a quick-ish sale so could have got more if we'd held out longer. But what I'm trying to say is- it doesn't matter. We have saved a lot compared to renting, we have enjoyed living in our own home and we have gained a lot of equity by overpaying. We've had an offer accepted on a property in a different area and again are realistic that it is a home to live in, not something to make money from. Just enjoy it!

Snakey

Stop being a big baby 86! I bought at what - if the internet is to be believed - was the absolute peak in my part of London (April last year). Time will tell whether this is the truth, right now it's far too early to say.

I've deleted all my bookmarks to the property websites and plan to enjoy what I have, which is my own home, just like I always wanted, in my local area. It was the nicest one available for the price and every day I smile when I walk around it (nine months later and I still find myself walking from room to room thinking how great it is to be here).

What you won't have noticed, because you didn't care until now, is that the internet (and lots of real people too) have been predicting crashes for at least the last fifteen years, with varying degrees of glee and delight at the prospect of homeowners losing everything. So don't think that just because "people" are saying it, that means it's going to happen. Once every few years they are "proved right" in the same way that stopped clocks tell the right time twice a day. It might be the case in 2015, or it might not be - they have no special knowledge that the rest of us don't have.

Newlyboughthouse

Fedupofworrying86 wrote: »

P.s- overpayments on a mortgage- we can do 10% per year. Is it best to save that 10% in a savings account and pay once a year (or as close as we can afford) or do overpayments monthly- is the new amount owed and therefore interest due, recalculated every time we pay? I am presuming not as our repayments are the same every month for our 2 year fixed period...not sure I fully understand overpaying, thanks again all

Sorry if this has already been answered

Depends - is your savings account higher interest than your mortgage interest? If not, make the overpayment AS SOON AS you can afford to. Interest is recalculated the following day each and every time you overpay.

If your savings account is higher interest than your mortgage interest, then put it in savings.

Can you overpay 10% on original loan amount, or 10% of the remaining balance? Make sure you know the difference as if it's the latter, the overpayments you can make will reduce over the years.