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

ReadingTim

Diocletian_II wrote: »

I am looking for a home, but I am thinking that it is silly to buy now, when I could get something better for my money or pay less by waiting 6 months or a year. It would be unpleasant to discover with time that I had settled for something that was sub-standard and prices had continued to fall. That way I would not only have lost money on my purchase, but I could have bought something nicer if I had I waited. As it is I haven't found anything I much like yet.

It's very good to get an insight into the thinking of the few other cash, first time buyers here. But I am amazed buyers are so few on the ground here. I think that speaks volumes.

Therefore it really depends on whether home ownership makes for better or worse living circumstances than the ones you're currently in. Many people are living in sub-standard rented accommodation with ever rising rents which they're keen to get out of at all costs - look at the number of threads on this very board complaining about letting agents and landlords if you don't believe me.

Furthermore, the number of cash FTBs are extremely rare as they're limited to the bank of a very rich mum & dad, a dead wealthy granny, or a lottery winner.

So, which are you?

System

I am looking for the views of other cash or first time buyers, not owners (who, unhelpfully, swarm on this board encouraging buyers to throw caution to the wind). There seem to be very few other cash buyers here, which actually speaks volumes about the market, when they are in such short supply on a big public buying forum.

Please would cash buyers leave there views, not owners who are shill-ing the market.

System

ReadingTim wrote: »

Therefore it really depends on whether home ownership makes for better or worse living circumstances than the ones you're currently in. Many people are living in sub-standard rented accommodation with ever rising rents which they're keen to get out of at all costs - look at the number of threads on this very board complaining about letting agents and landlords if you don't believe me.

Furthermore, the number of cash FTBs are extremely rare as they're limited to the bank of a very rich mum & dad, a dead wealthy granny, or a lottery winner.

So, which are you?

I am a cash third time buyer. But many of the issues I am facing also apply to first time buyers, although they are not identical. Lots of buyers will also be living in quite adequate rented accommodation or with parents, so I think the argument that bought accommodation is always better than rented is not accurate. In London it is quite possible to rent something better than people can afford to buy.

ReadingTim

Diocletian_II wrote: »

I am looking for the views of other cash or first time buyers, not owners (who, unhelpfully, swarm on this board encouraging buyers to throw caution to the wind). There seem to be very few other cash buyers here, which actually speaks volumes about the market, when they are in such short supply on a big public buying forum.

Please would cash buyers leave there views, not owners who are shill-ing the market.

There are very few other cash buyers out there not because of the market, but because very few people have £200k+ in cash sitting around doing nothing, and those that do probably own property already.

The only thing which "speaks volumes" is your nativity, suggesting, to answer my previous question, you're still living at home with mummy and daddy. Shouldn't you be at school? - term started last week.

System

ReadingTim wrote: »

There are very few other cash buyers out there not because of the market, but because very few people have £200k+ in cash sitting around doing nothing, and those that do probably own property already.

The only thing which "speaks volumes" is your nativity, suggesting, to answer my previous question, you're still living at home with mummy and daddy. Shouldn't you be at school? - term started last week.

I am renting a place that is quite adequate. Your insults are unwelcome. I have noticed that owners tend to insult non-owners here.

hazyjo

90%-odd equity, so I'll stay, thank you

System

PasturesNew wrote: »

I am one.

Strangely, most of the houses I view turn out to be people who have inherited a lot of money and are moving to a bigger/nicer house. Some have so much money they have a fixed price for their empty house and are quite happy to wait. e.g. one I viewed, £300k in January 2019. It did go down £10k, then up £10k. It's just changed from its 2nd and 3rd agents back to its original agent, still £300k.

The market and buyers are made of all sorts.

Is their house worth £300k? Clearly not as others around theirs have sold in recent months.... I'd say theirs was worth about £280-288k when I viewed it 5-6 months ago.

If it drops to, say, £290k again - has it dropped? No, it was always overpriced.

As cash buyers on this board, we are a very rare breed, almost extinct it seems. Cash buyers amongst a herd (or swarm) of owners trying to shill the market. I find it quite revealing.

MobileSaver

Diocletian_II wrote: »

As cash buyers on this board, we are a very rare breed, almost extinct it seems. I find it quite revealing.

What exactly do you find revealing about the fact that there are not many posters with £200k cash on a site where the biggest financial topic by far is the "how to get out of debt" Debt-Free Wannabe forum?!?!

hazyjo

Diocletian_II wrote: »

As cash buyers on this board, we are a very rare breed, almost extinct it seems. Cash buyers amongst a herd (or swarm) of owners trying to shill the market. I find it quite revealing.

Really?


I don't. Most people I know max out their borrowing power to buy bigger. Most don't worry too much about paying off mortgages until later in life (40s, 50s, 60s+).


You may be spending £200k cash. Joe Bloggs somewhere else may be spending £1m with a mortgage. Not sure why you're making such a thing about cash? Unless you're an investor, I don't see why it would make any difference to how or when you would buy a house to live in.

MobileSaver

Diocletian_II wrote: »

I am currently living very comfortably, thank you.

Diocletian_II wrote: »

I am renting a place that is quite adequate.

So in less than 24 hours your living standards have gone from "very comfortably" to "quite adequate." I find that quite revealing.

I suspect your vehemence against property owners is down to not being able to afford the home you want because of a "deluded seller" who would rather leave their property on the market than sell at a cut-down price to you.