Should I be wary buying a house in the current climate?

silvertooth

It’s obvious we are facing some rough times

will it be as bad as the Great Depression 100 years ago or just the long overdue recession?

i think the former but time will tell

RelievedSheff

It must be so uplifting living with such a negative view of the world 24/7.

Perhaps you and Crashy should get together and have a little chat.

Herzlos

silvertooth said:

It’s obvious we are facing some rough times

will it be as bad as the Great Depression 100 years ago or just the long overdue recession?

i think the former but time will tell

Even if that were so, buying now would be a good idea because it's a lot harder for you to get kicked out of your own house, and you don't need landlord permission to install defensive barriers

silvertooth

Herzlos said:

silvertooth said:

It’s obvious we are facing some rough times

will it be as bad as the Great Depression 100 years ago or just the long overdue recession?

i think the former but time will tell

Even if that were so, buying now would be a good idea because it's a lot harder for you to get kicked out of your own house, and you don't need landlord permission to install defensive barriers

I wouldn’t want to be a property owner or certainly not a landlord during the crisis this year

people will stop paying rents just like China and Italy this is the least of the government’s worries so nobody will be evicted 

It’s not the pandemic that is the biggest problem it is the panic 

https://youtu.be/nhasaUDJSO8

lisyloo

What’s the issue with owning a home during this crisis then? just so I know 

triathlon

silvertooth said:

Herzlos said:

silvertooth said:

It’s obvious we are facing some rough times

will it be as bad as the Great Depression 100 years ago or just the long overdue recession?

i think the former but time will tell

Even if that were so, buying now would be a good idea because it's a lot harder for you to get kicked out of your own house, and you don't need landlord permission to install defensive barriers

I wouldn’t want to be a property owner or certainly not a landlord during the crisis this year

people will stop paying rents just like China and Italy this is the least of the government’s worries so nobody will be evicted 

It’s not the pandemic that is the biggest problem it is the panic 

https://youtu.be/nhasaUDJSO8

Try not paying rent to me silver ramper and you will be out on your ear, unless that is you have the genuine virus, and that's only last a few weeks, anything after that would be a con.
As for "wouldn't want to be a homeowner or landlord", in dark days being in your own home is the worlds biggest comfort, and as for landlords, it would take a good few years before this could effect me in any way

pjcox2005

lisyloo said:

What’s the issue with owning a home during this crisis then? just so I know 

I'd consider the issue to be around jobs. If you own a home you could typically be tied to one location, so if you have a weak economy/crash and the job market is decimated (strong word - replace with you can't get a job) are you able to be flexible.
If they're living at home, young etc, then perhaps they choose that time to move to a place where jobs are available in the UK or globally. May be they'd use it and savings as a time to travel if that's a passion. Basically, it just gives more flexibility.
You can argue that owning a house doesn't prevent this, but if they bought just before a crash and are in negative equity then how do they sell without losing out. Could potentially rent it but who to and what happens if it's a bad tennant. Likewise, if you did then relocate and buy a new house in a different area then you've got selling costs, stamp duty land tax potentially on the next one (as you don't get first time buyer relief, and potentially an additional 3% SDLT for owning two) which combined with interest paid on the borrowing could be substantially more than renting and certainly more than living at home.
Not saying it will happen, and likewise if you never have any intention of leaving an area and immune to changing circumstances like splitting up then no impact, but you asked the question, and I think that's the main downside along with not being able to pay your mortgage and the property being repossessed. 

lisyloo

pjcox2005 said:

lisyloo said:

What’s the issue with owning a home during this crisis then? just so I know 

I'd consider the issue to be around jobs. If you own a home you could typically be tied to one location, so if you have a weak economy/crash and the job market is decimated (strong word - replace with you can't get a job) are you able to be flexible.
If they're living at home, young etc, then perhaps they choose that time to move to a place where jobs are available in the UK or globally. May be they'd use it and savings as a time to travel if that's a passion. Basically, it just gives more flexibility.
You can argue that owning a house doesn't prevent this, but if they bought just before a crash and are in negative equity then how do they sell without losing out. Could potentially rent it but who to and what happens if it's a bad tennant. Likewise, if you did then relocate and buy a new house in a different area then you've got selling costs, stamp duty land tax potentially on the next one (as you don't get first time buyer relief, and potentially an additional 3% SDLT for owning two) which combined with interest paid on the borrowing could be substantially more than renting and certainly more than living at home.
Not saying it will happen, and likewise if you never have any intention of leaving an area and immune to changing circumstances like splitting up then no impact, but you asked the question, and I think that's the main downside along with not being able to pay your mortgage and the property being repossessed. 

Thanks for your response.
Some of us don’t have a mortgage and don’t work near our home  ( I appreciate most people do).
my point being it’s not home owning per se that’s the issue but associated issues like job, mortgages etc,

The retired (for example) who have neither mortgages nor jobs shouldn’t have anything to be worried about related specifically to their ownership (in fact having no mortgage or rent is a great thing)

Crashy_Time

lisyloo said:

pjcox2005 said:

lisyloo said:

What’s the issue with owning a home during this crisis then? just so I know 

I'd consider the issue to be around jobs. If you own a home you could typically be tied to one location, so if you have a weak economy/crash and the job market is decimated (strong word - replace with you can't get a job) are you able to be flexible.
If they're living at home, young etc, then perhaps they choose that time to move to a place where jobs are available in the UK or globally. May be they'd use it and savings as a time to travel if that's a passion. Basically, it just gives more flexibility.
You can argue that owning a house doesn't prevent this, but if they bought just before a crash and are in negative equity then how do they sell without losing out. Could potentially rent it but who to and what happens if it's a bad tennant. Likewise, if you did then relocate and buy a new house in a different area then you've got selling costs, stamp duty land tax potentially on the next one (as you don't get first time buyer relief, and potentially an additional 3% SDLT for owning two) which combined with interest paid on the borrowing could be substantially more than renting and certainly more than living at home.
Not saying it will happen, and likewise if you never have any intention of leaving an area and immune to changing circumstances like splitting up then no impact, but you asked the question, and I think that's the main downside along with not being able to pay your mortgage and the property being repossessed. 

Thanks for your response.
Some of us don’t have a mortgage and don’t work near our home  ( I appreciate most people do).
my point being it’s not home owning per se that’s the issue but associated issues like job, mortgages etc,

The retired (for example) who have neither mortgages nor jobs shouldn’t have anything to be worried about related specifically to their ownership (in fact having no mortgage or rent is a great thing)

Not if you bought in the 90`s, no, but there is an issue when posters are constantly encouraging people to get into massive debt for the mystical and mythical experience of "owning", fortunately though many people can see that the  modern housing market is just a debt scam built by bankers for bankers (I`m still hopeful that one way or another the banking class are going to find themselves badly caught out, and the public will wake up to how pointless expensive property and big mortgage debt is for ordinary people)

lisyloo

Crashy_Time said:

lisyloo said:

pjcox2005 said:

lisyloo said:

What’s the issue with owning a home during this crisis then? just so I know 

I'd consider the issue to be around jobs. If you own a home you could typically be tied to one location, so if you have a weak economy/crash and the job market is decimated (strong word - replace with you can't get a job) are you able to be flexible.
If they're living at home, young etc, then perhaps they choose that time to move to a place where jobs are available in the UK or globally. May be they'd use it and savings as a time to travel if that's a passion. Basically, it just gives more flexibility.
You can argue that owning a house doesn't prevent this, but if they bought just before a crash and are in negative equity then how do they sell without losing out. Could potentially rent it but who to and what happens if it's a bad tennant. Likewise, if you did then relocate and buy a new house in a different area then you've got selling costs, stamp duty land tax potentially on the next one (as you don't get first time buyer relief, and potentially an additional 3% SDLT for owning two) which combined with interest paid on the borrowing could be substantially more than renting and certainly more than living at home.
Not saying it will happen, and likewise if you never have any intention of leaving an area and immune to changing circumstances like splitting up then no impact, but you asked the question, and I think that's the main downside along with not being able to pay your mortgage and the property being repossessed. 

Thanks for your response.
Some of us don’t have a mortgage and don’t work near our home  ( I appreciate most people do).
my point being it’s not home owning per se that’s the issue but associated issues like job, mortgages etc,

The retired (for example) who have neither mortgages nor jobs shouldn’t have anything to be worried about related specifically to their ownership (in fact having no mortgage or rent is a great thing)

Not if you bought in the 90`s, no, but there is an issue when posters are constantly encouraging people to get into massive debt for the mystical and mythical experience of "owning", fortunately though many people can see that the  modern housing market is just a debt scam built by bankers for bankers (I`m still hopeful that one way or another the banking class are going to find themselves badly caught out, and the public will wake up to how pointless expensive property and big mortgage debt is for ordinary people)

The group of homeowners does in fact include people who bought in previous decades and it includes those with no mortgages. The big advantage is that you continuously increase your equity.

The point I was making is that home owning itself isn’t the issue and that sweeping claim from silvertooth was incorrect which I think all of us have agreed one way or another (even you for those who bought in previous decades).
in fact those who don’t have to pay a mortgage or rent are in a much better position to weather any bad times.
those who have taken on “too much” debt will certainly have issues as will those renters who have little contingency and an unsympathetic landlord.
im not sure what you mean about mystical or mythical, in fact the term “bricks and mortar” is often used to mean the complete opposite.

What do you propose as an alternative to mortgage debt when in many places renting is not cheaper and people need somewhere to live. Those with babies and children can’t compromise on some things like single adults can.