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Why won't the agent take no for an answer?

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Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Simby wrote: »
    No you are right having a mortgage does not provide security against homelessness but paying off a mortgage and owning your home does , and I agree having strong pension savings and another savings vehicle plus 6 months wages in savings are also important. But I personally never felt secure until I had cleared my mortgage and it was mine.

    House prices go in cycles but after 25 years but if you buy you will own a house to live in as opposed to renting for 25 years and not owning a home after the same time and continuing to have to pay rent into retirement, each to their own but I know which I prefer.

    Yes if you bought in Sydney 6 months ago you would be facing a paper loss now if you sold but it’s only a real loss if you have to sell before prices recover and you bought at the peak or after, actually the peak was July 2017 with declining prices since then but in about 18 months it will stabilize and then grow gradually in a cycle . It’s only a small minority will have to sell in this time and as normally happens in a downturn listings drop as sellers wait for the market to recover.

    But I still firmly believe that having your own home over time gives a better outcome then renting. Look at it this way I buy a house today prices rise a little then fall a little then rise some more then fall again after 25 years maybe the house is worth the same as it was when I bought it who knows.. but I own it. Unlike the person who chose not to buy but after those 25 years has spent exactly what I have but do not own their home and have to continue spending income on rent.

    Buying the wrong house at the wrong time at the wrong (too high) price will set you further back economically than renting cheaply and getting your head round a sensible diversified portfolio (if you can`t resist property dabble in an ETf or something) many who borrowed into this mega bubble will be ruined for life, and prices won`t go back to the silly bubble days either IMO, so little point in hoping for that.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Simby wrote: »
    I get what you mean ... we used to joke that bank had kindly let us live in their house for another month ... as they owned more of the house then we did in the early days..

    One thing that helped me was having an offset mortgage and paying some extra each month even if it was only £10 , Over time I could see the mortgage come down .. whatever happened each month I made sure to pay something additional. Meant I felt I was progressing.

    It’s not easy but over time it feels good to chip away at that balance.. just think how you will feel when it’s all yours :)

    Problem is that on normal wages in somewhere like London that is a forty year wait, and the generation that would need to take up the borrowing slack to keep it all going live with mum and dad and "go travelling" instead of taking the banker`s loans, meaning that it is all just completely unsustainable.
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