How many people pulling out?

Mrs_Pepperpot_2

Thanks all for this!

Makes really interesting reading but such extreme views make me very confused.

We have about 65k and are in rented. Think we might sit on it for a while and see what happens.

It's not the same as having your own home though is it???:(

tomstickland

Last week I did start thinking about selling my flat. I only bought it 18 months ago, for below market value, since then I've added a garage and tarted it up a little bit. I put down a 10% deposit.
It'd be sad if the value of the flat nosedived and a lot of hard work went to pot. Then again, I can easily afford the mortgage, so it'd only be a paper loss.

The gamble would be to sell it for, say £5K profit above what I paid and the fees. Then rent for 2 years and then buy something larger for less money.

However, I've decided that I don't want to do that, so I'll stay put.

Doozergirl

Mrs_Pepperpot wrote: »

It's not the same as having your own home though is it???:(

No it's not. Your original question I don't think indicated that you were looking to buy aswell.

I'm hanging fire on an investment, many people here are talking with regard to property as an investment, even if that is, or would be, their main residence. It is different if you're someone with a regular job with a regular who wants somewhere to be in the long term.

If you can afford the mortgage comfotably, you're not buying using huge multiples of your salry or little or no deposit, then you will most likely be absolutely fine if prices did drop or things tightened up.

The security of a home is priceless for some/most people. If you can do your sums and you can cope if your mortgage rate went up quite a bit then you are probably, psychologically, better off with that roof over your head.

You're not treating your home as a commodity, you want your mortgage paid off after 25 years and the security that goes with that too.

I think even the vast majority of those who don't buy, criticise the market or sell up to rent are thinking of ways to use their money that they too, at the end of a 25 year period, own their own home outright. I certainly do not want to head into retirement without a permanent roof over my head.

Mrs_Pepperpot_2

No - my original post was deliberately vague. I didn't want to ask advice - I just wanted to get an idea as to whether people who had started to go down the buying route were starting to regret it.

I think we will end up buying - and soon, but I suspect we will sit out the next six months just to see...

No-one has a crystal ball....too many very intelligent, experienced people on here with totally different opinions for me to even try and second guess what might happen in the future!

Doozergirl

No one knows what will happen. Don't allow the fact that some people are so very self assured to fool you into thinking that they know. They don't.

Mrs_Pepperpot_2

I know....

Just trying to make the best of this old life! Hate feeling like I might get had and that buying might be the biggest mistake we have ever made but on the flip side hate not having a place of our own.

Libra1975

MrsP I know just how you feel it's a horrible feeling not knowing if what you are doing is the right thing financially. I keep getting calls from EA with houses where the buyer has pulled out so it's back on the market and being told well they have had an offer but the people offering havent sold theirs yet so it's being kept on the market and it does all seem so uncertain however you just have to remind yourself that you want a home not an piece of property. Do a hypothetical, say you are going to stay in this house you buy for 10 years - what is the downside to buying now? Do you really think that the market will crash so badly it will never recover?

Jonbvn

I'm thinking of buying a second property in another city, to let to students. Since it is really too late for the forthcoming academic year, it is obviously sensible to wait. However, I am in no particular rush, since some sort of correction already seems to be happening (at least in my area).

Jonbvn

Doozergirl wrote: »

No one knows what will happen. Don't allow the fact that some people are so very self assured to fool you into thinking that they know. They don't.

Spot on (as always). Remember even a clock that is not working is right twice a day;)

vansboy

CRIKEY!!!! That was a lot to read in one go!!

I'll answer the original Q, as we're just about ready to exchange on our 'upsidedown house !!!!

& no. we're NOT pulling out!!

I will add a BUT..........

If it was just an ordinary house purchase, (it is) with no pressure to move (there isn't) & it'd been the same as dozens of other properties (it CERTAINLY isn't) we hadn't spent over a year looking ( we have) & I we were Mr & Mrs 2.4 kids & NEEDED somewhere 'cos of whatever reason, we'd probably bee really concerned about all the city/financial/estate agent type comments.

We don't plan to move again, for a good few years, we bought our last place at the top of the market, just before the prices dropped, with scarey interest rates AND started a new business, but long term, we did OK, by having our baked bean periods & making sure staff & all the suppliers & banks had their £$£$, before ourselves.

So this time, luckily the £$£$ side of things isn't a problem - unless the prices dropped & we we're forced into a selling situation, which we're not anticipating.

Instead we'll have the opportunity to make a VERRRY nice home, how WE want it & maybe 'add value', too!

As Sarah Beeny says, it's NEVER the wrong time to buy a home!!

Lets prove her right!!

VB

PS Anyway, we MUST move now, I just bought a 12 piece set of garden furniture from Wilkinsons reduced from £250 to £75!! & yes, we're currently in a flat!!!!