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If we vote for Brexit what happens
Comments
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Crashy_Time wrote: »I think our concepts of "massive" and "losses" are quite different :rotfl:, people who bet it all on the "house" do tend to see a polarised black and white world where there are limited options, only winning (market goes up) and losing (market goes down) In this environment you need to be flexible, renting cheaply while saving/investing more than the rent suits me fine. When I last owned a property I lived 200 odd miles away from the property and the various tenants I had (all people I knew) did nothing but wreck it and annoy the neighbours, massive headache and not really a long term workable situation. We can thrash about back and forth on the internet all day (and I know many of you do :rotfl:) but it won`t change the fact that there are some juicy political and banking problems coming quickly down the track, and we can each only prepare in our own way to deal with the situation. As I have said many times, I am really really glad not to be attached to a large mortgage debt at the present moment.
Let's have a quick look. My definition of massive is roughly £96,000.00
If we assume an avg monthly rent of £400.
Multiplied by 20 yrs = £96,000.00.
Plus assumed rent for the next however many yrs until you buy??? Catastrophic IMHO.0 -
Jack_Johnson_the_acorn wrote: »Let's have a quick look. My definition of massive is roughly £96,000.00
If we assume an avg monthly rent of £400.
Multiplied by 20 yrs = £96,000.00.
Plus assumed rent for the next however many yrs until you buy??? Catastrophic IMHO.
Well I can`t be "renting rooms" and paying £400 a month every month for 20 years can I? A room isn`t £400 a month now let alone 20 years ago, so the total is less than that, and many people who bought at peak prices will be dropping their price more than that in many areas to get a sale now?0 -
Crashy_Time wrote: »Well I can`t be "renting rooms" and paying £400 a month every month for 20 years can I? A room isn`t £400 a month now let alone 20 years ago, so the total is less than that, and many people who bought at peak prices will be dropping their price more than that in many areas to get a sale now?
I never stated you only rented rooms... but I'll let you off. Not only have you spunked 20 yrs in rent payments but also imagine the HPI you would have benefited from. It's scary how much you've lost. I'm just glad you've been able to delude yourself into thinking that you are somehow "winning". How many more yrs of rent are you going to pay out? Because the longer you rent the more you lose. I'll be mortgage free by the time I'm 40 Crashy, I'll be saving £600 pcm in rent every single month for potentially 40 yrs.0 -
Crashy_Time wrote: »No, it has been explained very clearly, I have had this flat for a couple of years, and the last flat (I bedroom, I box-room, maybe that is where you became confused about rooms and renting them?) for 7 years, and before that I rented a room in a shared house (Fred the Shred`s street if that rings any bells for you) that cost £334 or thereabout a month, with the house probably valued at about 800k at that time (pure guess) which I considered a good deal. There are links to the actual house on the discussion forum so checking it`s historical value shouldn`t be difficult if that interests you. Staying in one house/area for decades and counting how many pennies I have saved over renting isn`t for me, I believe in saving/investing more than the rent, and measuring "wealth" in how many years I could live at present expenditure without working. As you can imagine if you do your sums I am doing pretty well at this so far. And as for owning this flat, or any of them, no thanks, the roof came off the top flat in the last block every windy season, cue neighbour with the begging bowl (not pennies though) at the door for people to chip in, and this flat so far has been great, but if any problem neighbours move in the option is there to pack and move quickly.0
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And don't forget a nice detached house in the commuter areas of Edinburgh could have been bought for £250k a few years ago. No way it's ever going to drop in value to £150k...more like £400k value for the coming years. But value doesn't matter if it's a home, does it.0
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Jack_Johnson_the_acorn wrote: »I never stated you only rented rooms... but I'll let you off. Not only have you spunked 20 yrs in rent payments but also imagine the HPI you would have benefited from. It's scary how much you've lost. I'm just glad you've been able to delude yourself into thinking that you are somehow "winning". How many more yrs of rent are you going to pay out? Because the longer you rent the more you lose. I'll be mortgage free by the time I'm 40 Crashy, I'll be saving £600 pcm in rent every single month for potentially 40 yrs.
Y
Add to that the fact that for almost all the time my mortgage payments were less than rent and considerably more it latter years.0 -
Jack_Johnson_the_acorn wrote: »I never stated you only rented rooms... but I'll let you off. Not only have you spunked 20 yrs in rent payments but also imagine the HPI you would have benefited from. It's scary how much you've lost. I'm just glad you've been able to delude yourself into thinking that you are somehow "winning". How many more yrs of rent are you going to pay out? Because the longer you rent the more you lose. I'll be mortgage free by the time I'm 40 Crashy, I'll be saving £600 pcm in rent every single month for potentially 40 yrs.
You have to find a buyer to "benefit" from HPI, that is how Ponzi schemes work. You are sounding pretty desperate today TBH, something must really be in the air.0 -
He doesn't seem to grasp that I paid my house off 7 years ago and similar properties now rent for £1600 a month allowing for the fact that rents were lower 7 years ago I've saved over £100k so far and hopefully I've still got a few years left.
Y
Add to that the fact that for almost all the time my mortgage payments were less than rent and considerably more it latter years.
None of that protects your house price in a crash. Maybe you could rent your house to yourself, you would make a fortune....:rotfl:0 -
glasgowdan wrote: »And don't forget a nice detached house in the commuter areas of Edinburgh could have been bought for £250k a few years ago. No way it's ever going to drop in value to £150k...more like £400k value for the coming years. But value doesn't matter if it's a home, does it.
People were saying the same thing in N.I. in 2006.
Luckily I didn't believe them. Carried on renting, watched the market crash 60%, and bought a house in 2012. Paid probably 40k in rent but saved about 500k waiting on the inevitable crash.0 -
glasgowdan wrote: »And don't forget a nice detached house in the commuter areas of Edinburgh could have been bought for £250k a few years ago. No way it's ever going to drop in value to £150k...more like £400k value for the coming years. But value doesn't matter if it's a home, does it.
Show us some links to what you are talking about then.0
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