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

System

No. I've never said I am a FTB. I'm a third time buyer to be precise.

Yalpsmol

Your previous post referencing "other cash, first time buyers" (rather than cash OR FTBs) confused me.

:money:

System

I just figure that many of the issues cash buyers face are similar to FTB issues, essentially buyers with nothing to sell, in the estate agent lingo.

Slithery

Diocletian_II wrote: »

I just figure that many of the issues cash buyers face are similar to FTB issues, essentially buyers with nothing to sell, in the estate agent lingo.

What a ridiculous concept.

The majority of potential FTB's are only still FTB's because they haven't saved up enough cash for a deposit yet. There are practically zero FTB's that can afford to buy that are holding out trying to guess the market - they tend to buy as soon as possible.

System

Both are classed as 'nothing to sell', in estate agent lingo.

rash.m2k

Glover1862 wrote: »

Why don't you just mortgage the unencumbered property?

Easy saying that now, wasn't thinking back then pal!

rash.m2k

Diocletian_II wrote: »

Would another great financial crisis starting to get underway give you more pause for thought? The talk is of central banks losing control this time round. The Bank of England cannot cut interest rates sufficiently to fight off a recession and rescue the markets. Historically, it takes a 4-5% cut to bring about a recovery. It's already on only 0.75%, so it does not have room for much more cutting.

Very valid point, hadn't really given it much thought. You are right another recession and they have no more room to cut interest rates.

With respect to buying or waiting - it's simple, if you're renting then buy right now why would you pay someone elses mortgage? But i'd buy something cheap, that isn't going to lose much.

If not then wait unless the right property comes along.

System

rash.m2k wrote: »

Very valid point, hadn't really given it much thought. You are right another recession and they have no more room to cut interest rates.

With respect to buying or waiting - it's simple, if you're renting then buy right now why would you pay someone elses mortgage? But i'd buy something cheap, that isn't going to lose much.

If not then wait unless the right property comes along.

Yeh, I've thought about buying somewhere cheap in the meantime. But the problem with doing that is the 3% stamp duty surcharge on buying the second (and more expensive) place, if the first place won't sell without making a loss.

george4064

OP, first time cash buyer here and I think you’re deluded from what I’ve read.

I really think you need to reconsider your viewpoint and try to comprehend what others are saying. You don’t seem to have a clear objective in mind, nor can you accept that other people have their own opinions, that god forbid, disagrees with yours.

System

I'm afraid there is nothing on the market I want to buy. I'm not about to be persuaded by strangers here, advising me to hand over hundreds of thousands of pounds for properties that make me want to vomit - I've never heard more ridiculous advice. I'll be holding on to my money for the moment, thanks.