I am a cash buyer. Buy now or buy later??

RelievedSheff

Jmaho wrote: »

Why are you worried? You don't own a property! You are a cash buyer but not buying because we're all mugs and you're going to snap up your dream home at a rock bottom price as soon as the market crashes. Just like you predicted. So why are you worried and why is it scary?
Oh and you're one of only very few cash buyers out there don't forget. Happy days I recall you saying just a few posts ago?

Perhaps he is worried because he has finally realised he is deluded and the property market isn't going to crash as he had hoped so he will never buy a property as his pot of cash is being quickly eaten away in rent payments.

Davesnave

tom9980 wrote: »

Sadly the OP doesn't post to seek real advice.

OP originally posted some links to rural property with land in the West Country, which is something I know a little about.


Now, it's patently obvious they're simply trolling, so I won't be responding to any more of their threads/comments.


Suggest others do likewise.

MobileSaver

Diocletian_II wrote: »

I'm very happy to discover there are so few cash buyers in the market. I'm in a very rare and fortunate position.

I hate to break it to you but being a cash buyer is not remotely rare; roughly a third of all residential transactions in the UK are cash purchases. As explained previously but you either chose to ignore or have a problem understanding is that this site's primary user base is people with debt and so this site is heavily skewed towards the two thirds of buyers who need a mortgage.

I paid cash for all of my current properties and can tell you from experience that it has a negligible effect on getting a good deal; most sellers could not care less whether it is your cash or the bank's cash you are using. The mortgage offer aspect only adds a few weeks to the buying process and the vast majority of sellers would happily wait a few more weeks rather than lose £10k or £20k as a "cash discount."

Yes, there will be a tiny number of cases where a highly motivated seller has a tight deadline for personal reasons and is prepared to take a hit but those are exceptional and you'd have to be extremely lucky to find your dream home with a desperate seller. You are deluded if you think your cash buyer status puts you in a strong position for any home you want to buy.

System

Lovely to know about your property purchases back in the mists of time. But I'm more interested in what is going on in today's changed market, where from the looks of this forum cash buyers are pretty much awol,

Elliott.T123

My wife and I have recently sold each of our houses and are now in the position to be cash buyers for one larger property. We are looking to buy ASAP and have no intention to wait, we are buying a home not an investment, yes we may save some money if we wait but we will also lose time living in a home as opposed to renting a place to live.


So to answer your question Diocletian, yes we are cash buyers, no we have no intention to wait. Yes we may save money, no we don't care.

MobileSaver

Diocletian_II wrote: »

But I'm more interested in what is going on in today's changed market,

In today's changed market you find a bunch of deluded HPC zealots all egging each other on to see who can waste the most money before they finally admit there's not going to be a 50% house price crash.

You're a relative newbie so let's say you've only been looking for three or four months at around £1,000 a month rent plus the £2,400 you gave a buying agent not to find you a bargain; I make that £6,400 you've wasted so far... ouch!

System

No I'm not interested in a hire purchase contract. You keep on mentioning that I'm into those for some reason. You get one if you want one.

System

Elliott.T123 wrote: »

My wife and I have recently sold each of our houses and are now in the position to be cash buyers for one larger property. We are looking to buy ASAP and have no intention to wait, we are buying a home not an investment, yes we may save some money if we wait but we will also lose time living in a home as opposed to renting a place to live.


So to answer your question Diocletian, yes we are cash buyers, no we have no intention to wait. Yes we may save money, no we don't care.

What region are you buying in?

It must be tough living with parents in the interim with a newly married wife and possibly also baby coming too. Why have you waited and not already bought a new marital home already? I would not have sold, and then waited like you have, I'd have sold and bought simultaneously.

laptop80

Don't know about houses, but cash (and specifically the pound) isn't exactly a great asset class at the moment either. Anyone holding cash has to lock it away for a long time just to stop its relative worth depreciating, never mind appreciating. If you are really pessimistic about the global economy, shouldn't you be converting your assets into a genuine safe haven like gold?

System

laptop80 wrote: »

Don't know about houses, but cash (and specifically the pound) isn't exactly a great asset class at the moment either. Anyone holding cash has to lock it away for a long time just to stop its relative worth depreciating, never mind appreciating. If you are really pessimistic about the global economy, shouldn't you be converting your assets into a genuine safe haven like gold?

I've got over £150k in gold, most which I've held for many years. I bought some more the other day, the first time in ages. My main holding I bought at around £200-300 per oz, and it has gone up to around £1200 per oz, which is far and away the best investment I have ever made. I wish I had bought more, but at least I'm now adding on the dips.