Need to find cheap BidSit

fairy_lights

toomsie wrote: »

About 7k. It mainly comprised of assets I don't want to sell because of a future bull.

Buying in London on a £26k salary with only £7k to pay your deposit and all your fees? Not a chance.
Why not look at renting somewhere a bit bigger and more permanent than a bedsit?

Tixy

In that case you are unlikely to be able to find any property where you want to live at a price you could afford with your savings and what you could borrow on a mortgage. So it sounds like buying is not an option for you.

You can find house share rooms to let for around £350pcm in that area. I doubt you would find a bedsit for less than £400 pcm.

Cheeky_Monkey

toomsie wrote: »

About 7k. It mainly comprised of assets I don't want to sell because of a future bull.

Funnily enough, that's exactly what this sounds like to me :rotfl:

toomsie

Cheeky_Monkey wrote: »

Funnily enough, that's exactly what this sounds like to me :rotfl:

Future bull market you knob. Make him stop!!

booksurr

toomsie wrote: »

Future bull market you knob. Make him stop!!

your chances of making him stop are as good as your chances of buying somewhere. NIL

do you have at least 3 years of tax returns to support your 10K pa Amazon income, if not do you seriously think a lender will include that in your income total?

You cannot possibly buy anywhere in that part of London on your substantive salary of 16k plus the lack of any savings you are prepared to use yourself for the deposit and costs.

At age 42 with your stated financial position I assume you are either a divorcee who was taken to the cleaners or it is as Cheeky-monkey says....

even on 16k you would be bonkers to get a rental on your own as you would be overstretched funding bills + rent all on your own. Find a house share

Cheeky_Monkey

toomsie wrote: »

Future bull market you knob. Make him stop!!

:rotfl::rotfl::rotfl::rotfl:

Ahh, bless - it went right over your head didn't it

ViolaLass

toomsie wrote: »

I keep my books on Amazon FBA, so I don’t need to store them. I aint going to leave London. London is where the car boot sales and frith stores are. I also need to up my gain in the office before I can become competitive enough to get a job elsewhere. I feel a little like London Cabbies living on borrowed time.

You don't think the rest of the country has car boot sales and thrift shops?

LoveLifeAgain

toomsie wrote: »

I currently live in bed sit with 8 others. I have a sink in my room, share toilet and kitchen. It is not a house-share, and manage to stay out of other folks way as a result. Unfortunately my land lord is giving up the property, so I have to leave. I am looking for similar property at similar price. Unfortunately, I don't know the best way to do this. Also the price seems considerably more then what I am paying now,£325. I don't like the thought of taking a £100+ haircut .

it seems that buying a flat seems to be a better option if I am to pay so much in rent. Though, don't like the thought of buying a property at the top end of a housing bubble.

Good luck in your search toomsie, could you ask the landlord if he knows of anywhere? It is not popular but I agree with you that we are in a housing bubble just that I cannot judge where about, so you should do really well in the future when it all comes crashing down.


Please posters, do not bash me because I don't think the same as you, I do not diss what you think.
Thank you

toomsie

Cheeky_Monkey wrote: »

:rotfl::rotfl::rotfl::rotfl:

Ahh, bless - it went right over your head didn't it

My folks think that I could do it if I put my head to it. Previously I was strongly against buying when renting was cheap even though I was unable to do it when I only had one job (£16 office job).

Would you guys say this link reflex the true reality of buying a property. http://www.theguardian.com/business/2015/may/04/first-time-buyers-need-to-earn-77000-a-year-to-live-in-london

toomsie

Mallotum_X wrote: »

Where are you in the country? Can you get a mortgage?

Why do you think we are the top of a housing bubble. Prices have only just started to rise again after the crash, if anything we are the start of the next housing boom. Although clearly not all of the country is at the same stage yet.

The low interest rates means folk borrow leveraged money to put into assets such as stock market and property. It explains why the stock market and property have done well relative to the rest of the economy. Housing is being used for investment instead of a place to live. It would not surprise me if big corporation buy houses without living in them in the hope to flip them later when prices go up.

I have seen the speed that property is built. I can only assume that is also very cheap to build thinks to modern technology but all that technology only goes to benefit then wealthy, well connected or older folk who got in early. How will the younger generation be able to feed this bubble.