Have I Made a Huge Mistake...

blue_max_3

Crashy_Time said:

tom9980 said:

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?

I have a pot of cash from my sale due to divorce. I'm currently renting, but just about covering my costs each month by working. I could probably see my days out - and that's because of home ownership. I'll probably end up buying (and certainly if there proves to be a significant reduction in prices). I may well be encouraged to do so if there are tax rises and rent rises. 
It's fine to have a view on how things might pan out, but it needs to shift based on evidence. As the evidence shifts, so will opinion. Currently it's very uncertain what might happen. The SDLT holiday has had an effect and there could be other measures introduced. Life has to go on until the evidence suggests we change our outlook. Then we'll be looking at 'opportunities' again.

Smodlet

Jamaicanmelaff said:

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.

In my humble opinion, OP, your response was entirely justified.  I failed to detect AdrianC's sarcasm; I think my brain cell is out to lunch.  Whoever this patronising, "coked-up", guy is, he sounds like a word that would get me banned from posting if I used it.

Niv

Crashy_Time said:

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?

This is one thing I generally agree with you on. I say generally as I think that if house prices were to crash then it would have an impact on quite a lot of ordinary working people which would be just as horrible a situation as people paying ever increasing prices for housing. I do believe the best thing that could happen to house prices is that they stablise so you end up with a middle ground, no crash but the value drifts downwards due to the effect of inflation. 

However I do not expect that to happen long term and if there is any 'crash' I suspect will be relatively short lived. So far covid has had very little effect on asking prices. I do not look closely enough to know if it is effecting number of sales and sold prices in my area tbh so it may be doing something.

Crashy, I would like to ask you a question though; what do you consider a 'crash' in terms of % reduction and over what time period? Also would you consider it the crash you are hoping for if prices recover within say a year?

onthemend88

We have recently bought our first home, which is our forever home after renting for over 14 years in total, and it has been the best decision we could have ever made. We love our new home, it is everything we have ever wanted and more

gwynlas

You are buying a house on your own having sold a flat which was a good investment.
If you wanted to you could rent a room and have all your utilities covered and extra.
Whay is not to like about that?

Young_Turk

Jonbvn said:
After the lock-down you will surely appreciate a garden more than ever. I know our garden helped to keep the whole family sane when things were quite dark in May.

Doesn't the appeal of garden diminish now that the lockdown is over?

Falafels

Crashy_Time said:

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?

I’d describe it as the sort of thing our Crashy loves to see!

RelievedSheff

Young_Turk said:

Jonbvn said:
After the lock-down you will surely appreciate a garden more than ever. I know our garden helped to keep the whole family sane when things were quite dark in May.

Doesn't the appeal of garden diminish now that the lockdown is over?

Absolutely not.

We have spent a lot of time outside in our garden this year while the weather has been fine.

The bbq has had some right abuse this year, and that's not due to poor cooking!

RelievedSheff

Crashy_Time said:

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?

Not the end of the world. 

We were in negative equity for a long while with our last property. It didn't really matter as we didn't need to move and could carry on paying the mortgage. 

Mickygg

Someone mentions house prices and like flies to poo there is crashy time spouting nonsense as usual.

for the avoidance of doubt for anyone not accustomed to crashy, he has rented for what 20 years now as he keeps saying there will be a house price crash. In that time people will have paid most or if not all their mortgage and own their homes outright.

Then there are those like crashy forever renting, spouting about house price crashes and house prices being too high. With this being a money saving site, there is a simple answer.....do the exact opposite of what crashy says as he is truly terrible at predictions and has probably paid off someone else’s mortgage in full rather than his own!!

OP you haven’t made a bad decision, there are trolls on these sites (aka crashy) that long for house prices to go down and try to stifle the market on their crusades. Buying a place with a garden is a good move.