**Don't Buy A House** House Prices Set To Crash!!!

vishpatel

DougK the statistics don't lie - buying a home has never been as expensive as it is now!!

Oh, and I've given up plenty thankyou very much. I'm actually a high earner for my age thanks to my efforts in School & University. I think I deserve £120 a month to socialise etc.... I wonder how you'd respond to a 26 yr old earning 22K in London??

And the gym isn't a pleasure for me - it's prescribed as I've had knee surgery.

dougk_2

But you still have plenty more to give up!

Anyhow say prices did drop 10% (so £12k) it means the mortgage repayments are only going to be about £80 a month difference - not a huge amount in your case.

vishpatel

dougk wrote:

But you still have plenty more to give up!

should I just give up living completely??

Go on then, tell me exactly what I should be giving up then. Here are my vitals again

1150 saving
155 student loan
0 mobile
35 adsl
5 haircut + products
15 toiletries etc…
120 social
150 food
35 gym
5 cd's
15 contact lenses
25 clothes
20 gifts
100 holidays
50 electronics

1880 TOTAL

dougk_2

There are lies, damn lies and statistics.
Winston Churchill (1874-1965) British Prime Minister

Statistics can be made to prove anything.

I quote "On the average, everybody has one testicle."!

vishpatel

dougk wrote:

There are lies, damn lies and statistics.
Winston Churchill (1874-1965) British Prime Minister

Statistics can be made to prove anything.

So you dispute my statement then? You'll have to do a lot better than come up with a cute sound bite to convince anyone but yourself...

dougk_2

Read the other forums on here!

I could cut the cost of your food to £50 a month
Socialising again under £50.
Holidays - Decent holiday £300 a year.
ADSL - could half that to £15.

This is just to start.

Er...yes you do have to stop living if you want a house - either you do or you don't!

vishpatel

dougk wrote:

I could cut the cost of your food to £50 a month
Socialising again under £50.

No you couldn't. To socialise with my friends I need to join them in buying rounds & pay for meals at restaurants, and I find my estimate covers that. Yes I could socialise less, but I'm already prudent about what I order etc... so it's just not practical.

dougk wrote:

Holidays - Decent holiday £300 a year.

Recently I've been obliged to go on quite a lot of family holidays for weddings & religious/family stuff - but you weren't to know that...

dougk wrote:

ADSL - could half that to £15.

Our home requires more than a bog standard capped connection as we have 4 advanced users - I have agreed to pay for it.

nik-nik_2

Sorry Vish, due to my partner leaving the army very shortly we NEED to buy NOW, we've waited as long as we can. We've given up eveything including socialising to save to buy - try being stuck in barracks with nothing at all to do after work except watching 1 TV channel! Explaining to other squaddies you are saving puts you in for so much stick and completely outcasts you in some respects. He's not travelling back to visit his loved one (me!) because we can't justify the costs. I left my rented accomodation to live with his parents in the interim (absolutely HATE the loss of independance). I've cancelled my gym, sky, mobile (again another loss of contact with my partner) and home internet. I can't remember the last holiday i had, just months of extra work! But if you want to buy you have to give things up!!! You simply cannot have anything! I don't have your wages but if I did, wow we would have save so much more.

dougk_2

Vishpatel -

My point is you can afford to do it - you just have to sacrifice things.

There are other ways to socialise and not all cost money. Meeting friends in their home is one way and taking a drink bought from a shop is cheaper than buying it in a club, bar or resturant.

Whether you choose to or not is your choice and I respect your choice. No-one has the right to tell you what to do and you make your own choices in life.

I am a methodical planner - Since before I left school I decided the route I wanted to do things - a house was a higher priority than a degree or partying. I geared it this way. Whilst saving for a house I worked days and studied evenings at College. This way I was not spending money (other than the course fee) and kept myself occupied. I still had a social life meeting new people at the college for instance.
I carried out my degree via open learning / weekend attendence whilst working , this way I didn't rack up debts by going away to university.

I still personally would recommend this route to others as it gives you some advantages - when you graduate you have both the qualification and the experience and avoids getting debts in the first place.

I still socialise, I do marshalling which is free and done on a voluntary basis.
I suppose we all have different "needs", and expect I am in different social circles to you so this explains some differences.

vishpatel

nik-nik wrote:

Sorry Vish, due to my partner leaving the army very shortly we NEED to buy NOW, we've waited as long as we can. We've given up eveything including socialising to save to buy - try being stuck in barracks with nothing at all to do after work except watching 1 TV channel! Explaining to other squaddies you are saving puts you in for so much stick and completely outcasts you in some respects. He's not travelling back to visit his loved one (me!) because we can't justify the costs. I left my rented accomodation to live with his parents in the interim (absolutely HATE the loss of independance). I've cancelled my gym, sky, mobile (again another loss of contact with my partner) and home internet. I can't remember the last holiday i had, just months of extra work! But if you want to buy you have to give things up!!! You simply cannot have anything! I don't have your wages but if I did, wow we would have save so much more.

Nik, I feel greatly for you an others who are lower earners...

But I refuse to get involved in this pyramid scheme that is the property ladder. It is a huge transfer of wealth to from young to old... I spend a LOT LESS than my peers so I am happy with my current outgoings.

The problem with the housing market is that it's cycles are long. It takes many years from peak to trough so you need to be patient if affordability is an issue.

I have the flexibility in that I live with my brother, not parents - and I'm not in a long term relationship. Since you and you're partner want some stability and are sick of renting, I say go for it. Just make sure you map out all scenarios eg. higher interest rates, house prices falls of 10,20,30% etc...

...and good luck!! Buying your own home should be one of the most exciting and fulfilling experiences you will ever have!