Have I Made a Huge Mistake...

kangoora

Delete Facebook from all your devices.

Removes 99% of crap in your daily life, gives you back 1 - 2 hours of quality time per day and probably reduces the chances of getting scammed by 50% also

Job done

Arghbloodyhouse

I think the only people who need to worry about this stuff are people who make their money from flipping houses.

If you plan to live in the house then I don't think it really affects you what value that house has. The market will go down then back up (then down again). 

eidand

You care too much what others think. The internet is full of advice from people who have no business giving it. If you're getting the house you want and you can afford the mortgage, surely that's all that matters.

Crashy_Time

wesleyad said:

If it makes yourself feel better you can trawl through these forums and find certain people saying you've made a mistake at any point in the last 20 years.
At some point there will be a correction, but that's always the case. You're saving money on the stamp duty. And if you don't move I assume you will be renting, which is money down the drain anyway. 

How would you describe negative equity, or paying too much for a house?

Crashy_Time

tom9980 said:

HummingBird76 said:

Before I start this, I should probably point out that I do suffer from anxiety at the best of times, so I realise this may come across as me being silly.  After 12 years in my first flat, I sold it last month (for way more than I had hoped) and had an offer accepted on a house (I'd been longing for a house with a garden for years).  All going to plan, I should be moving out next week, and into the new house 2 weeks after that.  I am naturally feeling a mixture of excitement and nerves and I am doing this on my own (although the intention is that my long distance other half will eventually move in).  The issue is, last night I was reading a story on Facebook about how mortgage approvals are up 40% and lots of people (as we know from these pages) are buying at the moment.  But I made the mistake of reading the comments.  There were thousands and so many of them were saying stuff like anyone who buys a house right now is off their head, throwing their money away, making a huge mistake... etc.   I know I shouldn't let these things get to me, but fact is it has now been on my mind all night.  I know there is nothing I can do anyway, as I'm committed, but have I actually made a mistake...?  If you got this far, thanks!  And sorry!

 If you are buying a home to live for 5-10+ years there is little chance of it being a mistake. If you do a comparison with renting over the period you will quickly see why.

There are a hardcore group of individuals who desperately want prices to fall so they frequently like to sow negativity at times like this in the hope they get what they want.

You would have to admit though that this little band of "Doomists" is getting quite large now? IMO it is the people who are stuck in the HPI Forever! loop that look more out of touch nowadays, and I STILL have not heard a credible reason for why high house prices are of any benefit to ordinary working people, has anybody got a reason they would like to share?

jimbog

 No shame in renting in a HMO or studio flat (I did both when I was a student) but you're in it for the long term so enjoy your new house purchase, sit back and enjoy the garden.

Angela_D_3

My personal opinion is that prices will drop, however the people that will be forced to sell and therefore drop their prices will be cash strapped for 12 months leading up to it and therefore the properties maintenance will not be a priority for them.  Houses being a money pit at the best of times i'm not queing up for one of those.   To be blunt people who've !!!!!! up financially tend to not be living in the areas I want to move to, with the best of neighbours.  I know that's a huge generalisation but I reckon you're more likely to go bankrupt in B37 than CV37.  If the crash was just caused by people having to relocate then fine it could work but it won't be, it'll be caused by some poor !!!!!! who's had a crack at living the dream and either their family has broken up or they've had bad luck job wise and they'll be crippled by the consequences.  I don't actually want to benefit from that tbh.

Crashy_Time

Angela_D_3 said:

My personal opinion is that prices will drop, however the people that will be forced to sell and therefore drop their prices will be cash strapped for 12 months leading up to it and therefore the properties maintenance will not be a priority for them.  Houses being a money pit at the best of times i'm not queing up for one of those.   To be blunt people who've !!!!!! up financially tend to not be living in the areas I want to move to, with the best of neighbours.  I know that's a huge generalisation but I reckon you're more likely to go bankrupt in B37 than CV37.  If the crash was just caused by people having to relocate then fine it could work but it won't be, it'll be caused by some poor !!!!!! who's had a crack at living the dream and either their family has broken up or they've had bad luck job wise and they'll be crippled by the consequences.  I don't actually want to benefit from that tbh.

Would you rather benefit from people who can`t manage their money (a fair chunk of the country IMO) having to massively over-borrow for basic shelter? Any correction or crash will be heavily influenced by sentiment, it is a lot harder to convince people that the debt ladder is good when there is job uncertainty and they can see people struggling to sell homes they over-paid for.

RelievedSheff

Crashy_Time said:

Angela_D_3 said:

My personal opinion is that prices will drop, however the people that will be forced to sell and therefore drop their prices will be cash strapped for 12 months leading up to it and therefore the properties maintenance will not be a priority for them.  Houses being a money pit at the best of times i'm not queing up for one of those.   To be blunt people who've !!!!!! up financially tend to not be living in the areas I want to move to, with the best of neighbours.  I know that's a huge generalisation but I reckon you're more likely to go bankrupt in B37 than CV37.  If the crash was just caused by people having to relocate then fine it could work but it won't be, it'll be caused by some poor !!!!!! who's had a crack at living the dream and either their family has broken up or they've had bad luck job wise and they'll be crippled by the consequences.  I don't actually want to benefit from that tbh.

Would you rather benefit from people who can`t manage their money (a fair chunk of the country IMO) having to massively over-borrow for basic shelter? Any correction or crash will be heavily influenced by sentiment, it is a lot harder to convince people that the debt ladder is good when there is job uncertainty and they can see people struggling to sell homes they over-paid for.

Could you enlighten us as to the advantages of your plan to pay rent forever over someone paying a mortgage for 25 years and then owning their property please?

Jamaicanmelaff

AdrianC said:

Jamaicanmelaff said:

A friend’s partner even told me if I were older (I’m 33) and/or a man who better understood economics then maybe I’d get it. I replied that since he was an older man who understood economics it seemed an awful shame he had 3 failed businesses. We are no longer friends 😂. 

That's simply lovely. Well done...

You know what, reading it back written down like that, it does sound absolutely awful.

For context, this guy turned up absolutely coked off his head. He had spent the 2 hours prior to this telling me how stupid I was to be buying now and if I’d been around as long as he has I might understand that (he’s only 37 himself), how I was mental and lazy for being in my chosen profession and I should get “a real job” (I’ve been quite successful as a subtitler and translator for 11 years) and if I wasn’t a silly little girl who didn’t understand business I’d know that. I’d told him politely that I understood the risks but was perfectly happy with my decision several times and he just kept going on so I guess I just lost it. Honestly I hadn’t really considered how nasty a thing it was to say it until I read it back written like that now cos the guy p1ssed me off so much. I’d be lying if I said I fully regret saying it to that specific person in that situation though.