Buying a house without a mortgage

Frugaldom

EXCELLENT CHALLENGES, WALSHY!
I've just rejigged my signature thread to fit most of my challenges into it. I notice you have all round figures, so I'm assuming that, like many of us on here, you suffer from the affliction lovingly known as numbers OCD :rotfl:

Good luck with your savings, feel free to post anytime and let us know how you are doing and if you want to cut costs, pop over to the 4k challenge thread in debt free wannabe. Several are already debt free but we like the thread and are refusing to leave on the grounds that mortgages, stoozing and other such stuff do represent debt until paid in full.

I also need to increase my percentage as there's been an interest payment paid into my interest beater account :rotfl:

kbarty

I'd love to join the challenge too. I keep looking up prices of land and houses and since reading this thread am so into the idea of just buying without a mortgage. Well it's a challenge and a half isn't it? I've no idea of costs or what I'm aiming for at the moment though. Good luck to all those who are joining in!

edit - have just updated my signature too

Frugaldom

Ooh, excellent! Another challenger who doesn't think this is too far-fetched to attempt. Well done!

Incisor

nykmedia wrote: »

Save £1000 a month??? I don't even EARN £1,000 a month :laugh:

I hope someone who lives beyond their means will pop up and give us some tips for saving beyond our means. It must be possible.

Walshyboy84

That's what I'm thinking!

But if there isn't... Then we'll all have to stalk Hypno as she seems to be the DFW goddess and can show how to make a very healthy second income when you put your mind to it!

Walshyboy84

nykmedia wrote: »

EXCELLENT CHALLENGES, WALSHY!
I've just rejigged my signature thread to fit most of my challenges into it. I notice you have all round figures, so I'm assuming that, like many of us on here, you suffer from the affliction lovingly known as numbers OCD :rotfl:

Good luck with your savings, feel free to post anytime and let us know how you are doing and if you want to cut costs, pop over to the 4k challenge thread in debt free wannabe. Several are already debt free but we like the thread and are refusing to leave on the grounds that mortgages, stoozing and other such stuff do represent debt until paid in full.

I also need to increase my percentage as there's been an interest payment paid into my interest beater account :rotfl:

Don't quite have the OCD but i do like the number 0!!!

It makes it easier to summarise! That and I was very good in balance transferring whole amounts and paying the odds off on the last card!

The overdraft is all over the place, however if I can make £1500 then that's as good as gone! :rolleyes:

Frugaldom

I'll be happy if I can raise an extra £1000 this year through cashback, clicks, free bingo and stuff like that, but I'd LOVE to be able to do the £10/day challenge to fill the ISA that way.

Interesting property came on the market here today - a former veterinary surgery for conversion at offers over £45,000. Considering this is a 5 room detached building with parking & garden space plus all services already installed, is it just me, or does this sound a bit of a bargain for someone with the cash ready to develop it?

pavlovs_dog

nykmedia wrote: »

Interesting property came on the market here today - a former veterinary surgery for conversion at offers over £45,000. Considering this is a 5 room detached building with parking & garden space plus all services already installed, is it just me, or does this sound a bit of a bargain for someone with the cash ready to develop it?

sounds to me like there's either a 0 missing from the price, or there's a problem which will make the building hard to sell (lease? covenant? change of use?)

nykmedia wrote: »

Pavlov, I meant to ask - how come you added an extra grand to your furniture and decorating budget?

couple of reasons. i had more money at that point than i had anticipated and it had to go somewhere. my calculations suggested 7k would be a bit tight if we got our hands on a real wreck, which in turn would mean renovations would be slower (and we wouldnt be able to afford any furniture :eek: ). The extra £1k is a nice cushion to soften the blow.

the house deposit fund is guaranteed to exceed £20k, its just a matter of by how much. obviously the more the merrier, but as basic deposits go £20k is quite respectable i think. in the grand scheme of things i dont think that an extra grand will make a huge amount of difference to our deposit fund, and it would make a more noticable difference inside.

as things stand, the type of properties coming to the market is changing in our area. there are a lot fewer fixy up types of late. plenty that need modern decor, but few that need real hard work. there are plenty out there that we like that we could move straight in to and if that happens then we would cream off some of that 8k and put down more of a deposit instead.

Frugaldom

You're doing really well, Pavlov! And a nice soft cushion sounds ideal, especially when travelling the bumpy road of finances.

There's no '0' missing, it is o/o 45k. However, like the inaccessible 'plot with a roof' I've been mulling over, this, too, would need to be thought of as a plot with a roof and would need planning consent for change of use to a dwelling before conversion/building work could commence. It was purpose built as a veterinary centre and has a flat, concrete roof. I know the building quite well, but won't be considering it as a potential development. I just thought it was interesting that the prices here seem to be dropping like stones. I'd expect this to attract offers fairly quickly, though, as there are new builds right next door and plans passed for a housing development on the same stretch of road.

I still haven't found out what the 5-bed fixy-up at o/o 105k sold for (itching to find out!) and the 2-bed along from us at o/o 75k hasn't been snapped up yet. I'm amazed at that, as I thought it would have been under offer within a week!

This is still a very longterm project, despite my getting impatient because prices are beginning to come within our grasp. Really, I should be concentrating on how to earn & save more to try and catch up with the housing prices whilst they are correcting.

Bone_Idle

I've been lurking on this thread for a while so thought I should pop in properly and say hi! :hello:

I've been following your quest with interest - I don't think we'll be in any kind of position to buy a house without a mortgage down here in the south-west, but if I ever need inspiration I know I can get it over here! :T