Is buying a house a good idea?

Crashy_Time

ScorpiondeRooftrouser wrote: »

I don't know. You certainly don't. You've been saying for 20 years it's not a good time to buy a house, so you have been consistently wrong, haven't you.
I thought for a lot of time it was a bad time to buy a house and I was wrong as well.
The difference is you still think you are right, whereas I don't claim to predict the future.

No, I have been saying for TEN years that property is a bubble created by cheap credit, and that situation will change at some point, and that the closer you are to that inflection point with a big property debt, the worse the economic consequences will be for you. Nobody was interested in property prices 20 years ago (except maybe a multiple I.D "poster" who may or may not be on this thread, but was definitely trolling, sorry contributing to, property discussions on the internet 20 years ago (is there a medal for that kind of dedication? Maybe they give you a free Liar Loan?:rotfl:)

Crashy_Time

buggy_boy wrote: »

I thought you had low rent because you have rented the same place for a long time, so by your own logic you should have bought a long time ago...

Do you in hindsight regret not buying and admit you were wrong then? If you don't your clearly a liar and if you do you have to then admit that back then you thought it was not the time to buy so you may be wrong this time.

The best time to buy is when you are ready, if you try to guess the market and win you will likely lose like you.

No, low rent is there on loads of places if you look for it.

ScorpiondeRooftrouser

Crashy_Time wrote: »

No, I have been saying for TEN years that property is a bubble created by cheap credit, and that situation will change at some point, and that the closer you are to that inflection point with a big property debt, the worse the economic consequences will be for you. Nobody was interested in property prices 20 years ago (except maybe a multiple I.D "poster" who may or may not be on this thread, but was definitely trolling, sorry contributing to, property discussions on the internet 20 years ago (is there a medal for that kind of dedication? Maybe they give you a free Liar Loan?:rotfl:)

No you have not. You have been saying constantly that a crash is not only imminent but in progress. You have been posting on any thread that asks the value of a house with a normally ridiculously understated figure.

And you have been saying it for 20 years; it's why you sold up.

You were wrong weren't you. You've lost out massively by your actions, haven't you. Start by admitting that.

ScorpiondeRooftrouser

buggy_boy wrote: »

I thought you had low rent because you have rented the same place for a long time, so by your own logic you should have bought a long time ago...

Do you in hindsight regret not buying and admit you were wrong then? If you don't your clearly a liar and if you do you have to then admit that back then you thought it was not the time to buy so you may be wrong this time.

The best time to buy is when you are ready, if you try to guess the market and win you will likely lose like you.

And this is the point. The only person claiming to be able to predict the market is him. The guy who tried to do it and failed spectacularly. The vast majority of people he tries to shout down are simply saying "Who knows; do whatever seems right to you."

getmore4less

Crashy_Time wrote: »

So you think now is a good time to buy a house?

Long term any time is a good time to buy a house just some times are a bit better than others.

Since you sold at the worst time in last 30 years there has only been one really bad time to buy since that was around 2006/7, many of those may sitting on some loss but that is short term, yet to see if this carries on, inflation will sort it out eventually.

This place you sold in 1995(ish) when did you buy it?

Hope it was not 1989/90 window because that means you bought at the top of a peak and sold right at the bottom of a crash.

not for me to say but I think some would find that VERY funny.

buggy_boy

Crashy_Time wrote: »

No, low rent is there on loads of places if you look for it.

Well my house is now paid off and so all I pay is a bit for maintenance that you don't pay, I bet my housing costs are way cheaper than yours and thats the big difference, renting over 25yrs you then still have to keep paying rent, buying after 25yrs you stop paying the mortgage...

Even if someone buys at the peak of the market as long as they are not forced to sell it will still be better than renting, ok yes buying at the bottom is better, but the risk of not buying is being priced out.

westernpromise

getmore4less wrote: »

Getting out at the bottom after a 7 year decline must have seen some serious circumstances to force that.

Or simply very, very, very poor judgment.

westernpromise

buggy_boy wrote: »

if prices do go down or crash I don't think Crashy will ever think its the bottom

I think that's exactly correct. He didn't spot the bottom in 1996 or 2009 and buy back in.

Compounding his problem is the fact that the longer he rents, the bigger the crash he needs. He needs a crash of about 130%, which means that even if he notices a crash, it's never big enough so he can never buy back in.

westernpromise

Crashy_Time wrote: »

In this case "buying" it without actually paying for it was a dreadful idea.....


http://www.thisismoney.co.uk/money/mortgageshome/article-5679831/Len-Val-never-missed-mortgage-payment-face-losing-home.html

In what way are they worse off than you, Crashy, given that you've been paying for the roof over your head without making any progress towards buying it?

westernpromise

buggy_boy wrote: »

If you can afford a house even if rates go up and you are not going to move any time soon then yes... There is a risk house prices could crash but there is always that risk, there is also a risk house prices could continue to rise and you could be priced out...

Exactly.

Put a 10% deposit down on a house. Then take a 25-year mortgage. Over its first five years you pay off 15% of it. That means that you are proof against a 25% price crash. But more likely over any 5 years the price will be the same or higher. That gets you access to the cheaper LTV mortgages which means that over the next 5 years you pay off even more.

Meanwhile Crashy sits there in his Edinburgh bedsit that he'll never own, paying off someone else's mortgage, and gurgling with delight at the elderly idiots on the interest-only mortgage, as though he's somehow smarter.