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

andyuk01

I also purchased a new build in Watford in Sept 2012

Purchase price £249k, 2 bed, 2 bath top floor flat just off the ring road. Recently remortgaged for £302k - 2 separate RICS valuations

Quite happy with that

Since i purchased the bottom end of the town has seen massive redevelopment with all the bars and restaurants opening and the future plans for the new cinema complex, close enough to be convenient, far enough away to not be a nuisance

Again, happy with that

The met line extension benefits me massively, within a 2 min walk of the high street station, 12 min of the junction so transport into london will be easier

For what was essentially a fairly grim commuter town a few years ago there have been a lot of improvements in and around Watford, you should feel much more confident about the future

The only caveat to that would be if you bought around the current met line station or west watford area

Fedupofworrying86

catshark88 wrote: »

Oh, the irony! ;-)

Yes i do get what you are saying there- i am not hoping for prices to grow here but stay the same back home in the midlands- my parents and close friends have homes back there so of course i want good for them! Also a huge growth in prices back home would mean the infrastructure there, including job opportunities for myself and partner had increased so there would be other perks.
What i mean is that i hope prices just stablise, slow and bit but still continue to grow gradually, just so that no-one makes a loss but thinks arent escalating at the non-maintanable speed they did....:)

Fedupofworrying86

andyuk01 wrote: »

I also purchased a new build in Watford in Sept 2012

Purchase price £249k, 2 bed, 2 bath top floor flat just off the ring road. Recently remortgaged for £302k - 2 separate RICS valuations

Quite happy with that

Since i purchased the bottom end of the town has seen massive redevelopment with all the bars and restaurants opening and the future plans for the new cinema complex, close enough to be convenient, far enough away to not be a nuisance

Again, happy with that


The met line extension benefits me massively, within a 2 min walk of the high street station, 12 min of the junction so transport into london will be easier

For what was essentially a fairly grim commuter town a few years ago there have been a lot of improvements in and around Watford, you should feel much more confident about the future

The only caveat to that would be if you bought around the current met line station or west watford area

Hi Andy,
Wow thats sounds great, i imagine you have an amazing flat and your location is great! No thankfully we knew to steer clear of west watford, we are not near the met line station either we are in between watford junction station (13min walk) and north watford. There are lovely roads mixed with some much less desirable roads but the location works for my commute into london.
Yes the other half of the high st is supposed to be done up by intu by 2017 i think and the met line works too should hopefully help...my road is just a bit caught between a bit of a run down area and a v nice area...i think iv just paid too much attention to negativity...
Really good to hear your example actually...

Fedupofworrying86

Crashy_Time wrote: »

Hmmm, looks like certain underemployed/overleveraged property people have migrated from the other forum all of a sudden, wonder why. Don`t know who you think lives in an HMO, is it you? The OP is from someone looking at a loss on property, tell us how that becomes a return on property in your mind can you? If you have a mortgage you are renting the money to experience the property instead of renting the property, no?

Hi crashy time,
You do sound like youve had experience- what actually happened? I do get the perks of renting as iv done it for ten years but i think we mainy did it to eventually have NO mortgage/rent to pay, or worry about when we reach 50ish, now that sounds appealing!!
Im not a risk taker or someone looking to make huge profit, but in London rent is huge and only growing, so having a mortgage does work out cheaper for us personally in the day to day.
After all of the recovery processes put into place by the government, changes to lending, improved public spending and generally more caution with the way things are managed now, a crash would be a HUGE shame. And it would not only be a problem for people with mortgages; more people would have to rent so rent would increase.
We have stayed in london a few more years to increase our earning potential, so in the longterm im hoping what we have earned extra would cover a loss in property, if id moved home to the midlands now id have halved my salary as my industry is based here so id have to go back into sales
So i do get the perks of renting- freedom to move wherever, whenever but i also know WHY buying can help build a v secure future. I am just not a risktaker and am just trying to stop second-guessing what will happen in two years as its just very consuming and i know its pointless!

weinvest

Buying property and invest money is one of the good option for increasing our wealth. I am investor and interested in buying property in Singapore Location for future purpose.

samba

Crashy_Time wrote: »

samba wrote: »

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.[/QUOTE]



Sorry to burst your bubble, but they don`t. Taking on large debts in a volatile, emergency interest rate, deflationary environment is a short cut to misery.

They contain more wisdom than you do.

cloo

One should definitely stop watching the market once one buys. For one thing, it fluctuates throughout the year at any time; it'll peak spring/early summer and die a death a bit in Nov-Feb, so you'll just drive yourself mad.

Crashy_Time

Jack_Johnson_the_acorn wrote: »

sure just last night.......



Don't know why you're denying it now, no shame in living to your means....... Now you're living further out of the centre in a studio flat because they increased your rent and you couldn't afford it.

You've previously adv that you bought in the 80's/90's.... But you sold to rent and you've been waiting for a crash ever since..... Probably why you're so sickened by everyone who can afford to buy having been removed from the gravy train that is house price inflation..... Best of luck and please no hard feelings.

No that house was sold to a developer ( who later went bust :T) and I moved to another flat near the centre which was 400 p.m for a 1 bed with box-room, rent was never raised on the house, and I didn`t mention it being raised...you just made that up.

Crashy_Time

Fedupofworrying86 wrote: »

Hi crashy time,
You do sound like youve had experience- what actually happened? I do get the perks of renting as iv done it for ten years but i think we mainy did it to eventually have NO mortgage/rent to pay, or worry about when we reach 50ish, now that sounds appealing!!
Im not a risk taker or someone looking to make huge profit, but in London rent is huge and only growing, so having a mortgage does work out cheaper for us personally in the day to day.
After all of the recovery processes put into place by the government, changes to lending, improved public spending and generally more caution with the way things are managed now, a crash would be a HUGE shame. And it would not only be a problem for people with mortgages; more people would have to rent so rent would increase.
We have stayed in london a few more years to increase our earning potential, so in the longterm im hoping what we have earned extra would cover a loss in property, if id moved home to the midlands now id have halved my salary as my industry is based here so id have to go back into sales
So i do get the perks of renting- freedom to move wherever, whenever but i also know WHY buying can help build a v secure future. I am just not a risktaker and am just trying to stop second-guessing what will happen in two years as its just very consuming and i know its pointless!

The only way banks will be able to lend at safe multiples again is if there is a crash, as I understand it 1/3 of the population rent, 1/3 have no mortgage, and 1/3 have some kind of mortgage (and many would keep paying during a crash) All the emergency measures were to keep the banks trading, the bonus for mortgage holders is a side effect. Can the UK banks survive a UK property crash? - well they survived a global economic crash....do they want a UK property crash so that they can get lending up.?.....you decide.

Crashy_Time

Jack_Johnson_the_acorn wrote: »

sure just last night.......



Don't know why you're denying it now, no shame in living to your means....... Now you're living further out of the centre in a studio flat because they increased your rent and you couldn't afford it.

You've previously adv that you bought in the 80's/90's.... But you sold to rent and you've been waiting for a crash ever since..... Probably why you're so sickened by everyone who can afford to buy having been removed from the gravy train that is house price inflation..... Best of luck and please no hard feelings.

This is the original post, which sadly you have changed to suit your little world view narrative :rotfl:



"Possibly because at the height of the RBS crisis I rented a house in the same street as Fred the Shred (only knew he was there when all the protesters started turning up) and paid 1000 p,m (split three ways) We reckoned that house would have been 800k to buy at the peak (VERY large garden) So frankly either your figures are off, or you don`t know value, or there is no value where you live (SE?) "


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