I wanted to Buy a House In Cash for £600k but am not sure after brexit

Grenage

Crashy_Time wrote: »

Not for everyone, some people have been trying to "convert" their bricks for years with no luck.

Then they're asking too much!

ukcarper

Crashy_Time wrote: »

Not for everyone, some people have been trying to "convert" their bricks for years with no luck.

You seem to keep contradicting yourself in one breath you say we are in a credit fuelled boom and in the next you say people have been trying to sell thier properties for years.

AnotherJoe

Emidb wrote: »

I have been watching news and reading news on the net and I am getting more and more worried whether to buy this house or not to buy as according to the news house prices are going to be affected by up to 30%.

Well, I persoanlly think that size of fall is wholly exaggerated, maybe 10% over a year or so (outside of insane edge cases like central London apartments) but I have no more knowledge of what will happen than you or anyone else. If you believe it then you should stay in ?rental? and buy in 2-3 years time.

Its your call, no one here has a working crystal ball, you'll mostly find people saying "no one knows" and a few with an axe to grind like Crashy who've been predicting a crash below 1998 prices since oh, 1998, and have been wrong for getting on for 20 years now.

The only solid prediction I'll make is your buyers will drop you unless you exchange by their deadline so you need to determine if you care or not that you lose this house at this price. If you dont, pull out.

hazyjo

Crashy_Time wrote: »

Did you see a future buyer at 400k in your own personal crystal ball? Having cash and having cash "tied up" in a property are two different things.

No. I saw a buyer at £500k. I will then pay off the mortgage and buy cash.


If mine goes down and I get less, so will the house I'm buying (as Grenage says). It has been at £500k for the last 6 months or so Before that, it was rising at around £100k a year. If it goes down a bit, it goes down. It is East London though which isn't slowing down near me. Two houses just up from my road recently sold within a day or three of their open days. They've all gone within a week for £450k-£500k (2 bed bungalows in need of renovation to 3 bed houses with compromises [1 bathroom off a bedroom, the other had a downstairs bathroom off a kitchen]). Mine is much nicer and could well go for over £500k.


Jx

Emidb

To be frank, I am truly so confused and cannot make up my mind hence the need for some professional advice on this forum. To answer your questions, this my current situation:

How much do you want/like the property?

Well, I do like the property

Is this to be your home, or an investment?

It is going to be my home but obviously a future saving for my pension perhaps.

Is it 'the perfect home', or a compromise?

It is a good home, not compromise but not perfect perfect that I really hoped to have found, but still quite good and I like it. It is THE BEST place in Sutton Coldfield.

Could you find another local property, that you liked just as much, for a similar/lower/greater price?

Honest answer is, not sure but houses around there are very good but depends if they come on the market.

Where do you live now and how desparate are you to move? In rented? With parents? Squatting with friends?

I own my own house, paid for.

What are your personal circumstances? Boy/girlfriend very keen to move in with you but you need the space? Kids? Single person with just yourself to consider?

I and my wife both like the house but my wife loves it the most. We wanted/want to invest our money in something that will be kept safe when we retired in some 10 years time.

Any honest and professional advice would be most appreciated.

AnotherJoe

With your £600k cash are you planning to buy a second house and keep the first, or will the £600k mostly be from sale of the house you live in now? Two very different situations.

Crashy_Time

Grenage wrote: »

Then they're asking too much!

Yes! But only emergency rates and government intervention in the market allow them to indulge that fantasy!

NYM

Emidb wrote: »

....

Any honest and professional advice would be most appreciated.

I'm sure all comments you've received have been honest
What professional advice are you looking for?

Crashy_Time

ukcarper wrote: »

You seem to keep contradicting yourself in one breath you say we are in a credit fuelled boom and in the next you say people have been trying to sell thier properties for years.

The credit fuelled boom is over, that is why we have emergency interest rates and central banks printing money like it is going out of fashion.

Crashy_Time

AnotherJoe wrote: »

Well, I persoanlly think that size of fall is wholly exaggerated, maybe 10% over a year or so (outside of insane edge cases like central London apartments) but I have no more knowledge of what will happen than you or anyone else. If you believe it then you should stay in ?rental? and buy in 2-3 years time.

Its your call, no one here has a working crystal ball, you'll mostly find people saying "no one knows" and a few with an axe to grind like Crashy who've been predicting a crash below 1998 prices since oh, 1998, and have been wrong for getting on for 20 years now.

The only solid prediction I'll make is your buyers will drop you unless you exchange by their deadline so you need to determine if you care or not that you lose this house at this price. If you dont, pull out.

I have agreed with predictions of a crash since, oh, 2007...:rotfl:and also with predictions that when it finally pops it will be much more than house prices going down. In 1998 I had no interest in house prices whatsoever.