5% deposit a good idea?

Crashy_Time

Angela_D_3 said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Angela_D_3 said:

RoisinDove said:

moneysavinghero said:

House prices are going up because everyone is having the same thoughts as you - they must buy a house now or they are going to miss out because prices keep rising so they join in the 'i will buy something i am not such i can afford' game. This is a self-fuelling and is how bubbles form. It can't last for ever and must at least cool down if not pop (crashy has his fingers crossed) at some point.

But it hasn't yet, which is what people laugh at Crashy for, surely? I would actually prefer to wait and buy some time to think and see how life is as the pandemic winds down but other people are warning me that I could end up getting priced out by doing that. I'm not going to be able to save much much while renting...I've got a good deal now which allows me to save loads but I won't have it after July

Similarly i would like to buy before the summer as we jumped into a flat thinking wed be here 8 ish weeks.  Itll be nearer 4 months when all said and done.  I can almost guarantee that the market will crash the week after ive completed such is my luck,  but,  its still cheaper than rent and i can pay it off in 10 years.
im slightly biased in that i cannot bear renting though.  

I can't bear renting either. It's not just the money, it's all of it. Getting treated like rubbish by landlord, things not getting fixed for weeks on end, inspections every 6 months, not being able to paint the walls or make it feel like home, not knowing how long you can stay there...it's just awful. I've had enough.

Being trapped in a one bed flat that you can`t sell and don`t like any more with negative equity will be worse, rents in London are falling, get a new landlord IMO, or move out of London.

I don't see how either of these things will help. I have literally never had a good landlord, in or out of London. 

Interesting, I have only had good landlords, one guy even came round to my new flat (after I had said that his was too expensive and I needed to move somewhere cheaper) and gave me a tenner because I had left about that amount on the card payment electric meter. You need to build your cash pile to the point that landlords are chasing you for a taste, and stop putting up with nonsense from agents, a good thing to do is just tell the landlord that you love the property but the agent`s checks etc. are making you want to leave, that tends to get the agents in line because they are basically just a parasite feeding on the landlords cash flow.

Crashy theh dont care what you have in the bank. I have enough to buy my current rental abode outright sat in a current account.  Offered to pay 6 months up front for a £25 a month discount.  They said no.  

Offer to move out or a £25 p.m discount and they might take a different view, by playing it the way you have their next move will be to ask for a rent increase IMO.

Angela_D_3

Crashy_Time said:

Angela_D_3 said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Angela_D_3 said:

RoisinDove said:

moneysavinghero said:

House prices are going up because everyone is having the same thoughts as you - they must buy a house now or they are going to miss out because prices keep rising so they join in the 'i will buy something i am not such i can afford' game. This is a self-fuelling and is how bubbles form. It can't last for ever and must at least cool down if not pop (crashy has his fingers crossed) at some point.

But it hasn't yet, which is what people laugh at Crashy for, surely? I would actually prefer to wait and buy some time to think and see how life is as the pandemic winds down but other people are warning me that I could end up getting priced out by doing that. I'm not going to be able to save much much while renting...I've got a good deal now which allows me to save loads but I won't have it after July

Similarly i would like to buy before the summer as we jumped into a flat thinking wed be here 8 ish weeks.  Itll be nearer 4 months when all said and done.  I can almost guarantee that the market will crash the week after ive completed such is my luck,  but,  its still cheaper than rent and i can pay it off in 10 years.
im slightly biased in that i cannot bear renting though.  

I can't bear renting either. It's not just the money, it's all of it. Getting treated like rubbish by landlord, things not getting fixed for weeks on end, inspections every 6 months, not being able to paint the walls or make it feel like home, not knowing how long you can stay there...it's just awful. I've had enough.

Being trapped in a one bed flat that you can`t sell and don`t like any more with negative equity will be worse, rents in London are falling, get a new landlord IMO, or move out of London.

I don't see how either of these things will help. I have literally never had a good landlord, in or out of London. 

Interesting, I have only had good landlords, one guy even came round to my new flat (after I had said that his was too expensive and I needed to move somewhere cheaper) and gave me a tenner because I had left about that amount on the card payment electric meter. You need to build your cash pile to the point that landlords are chasing you for a taste, and stop putting up with nonsense from agents, a good thing to do is just tell the landlord that you love the property but the agent`s checks etc. are making you want to leave, that tends to get the agents in line because they are basically just a parasite feeding on the landlords cash flow.

Crashy theh dont care what you have in the bank. I have enough to buy my current rental abode outright sat in a current account.  Offered to pay 6 months up front for a £25 a month discount.  They said no.  

Offer to move out or a £25 p.m discount and they might take a different view, by playing it the way you have their next move will be to ask for a rent increase IMO.

Im tied in to a 6 month tenancy and hope to be in my own house by the time it ends.  Even with £25 thats still £675 down the pan 

Crashy_Time

Angela_D_3 said:

Crashy_Time said:

Angela_D_3 said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Angela_D_3 said:

RoisinDove said:

moneysavinghero said:

House prices are going up because everyone is having the same thoughts as you - they must buy a house now or they are going to miss out because prices keep rising so they join in the 'i will buy something i am not such i can afford' game. This is a self-fuelling and is how bubbles form. It can't last for ever and must at least cool down if not pop (crashy has his fingers crossed) at some point.

But it hasn't yet, which is what people laugh at Crashy for, surely? I would actually prefer to wait and buy some time to think and see how life is as the pandemic winds down but other people are warning me that I could end up getting priced out by doing that. I'm not going to be able to save much much while renting...I've got a good deal now which allows me to save loads but I won't have it after July

Similarly i would like to buy before the summer as we jumped into a flat thinking wed be here 8 ish weeks.  Itll be nearer 4 months when all said and done.  I can almost guarantee that the market will crash the week after ive completed such is my luck,  but,  its still cheaper than rent and i can pay it off in 10 years.
im slightly biased in that i cannot bear renting though.  

I can't bear renting either. It's not just the money, it's all of it. Getting treated like rubbish by landlord, things not getting fixed for weeks on end, inspections every 6 months, not being able to paint the walls or make it feel like home, not knowing how long you can stay there...it's just awful. I've had enough.

Being trapped in a one bed flat that you can`t sell and don`t like any more with negative equity will be worse, rents in London are falling, get a new landlord IMO, or move out of London.

I don't see how either of these things will help. I have literally never had a good landlord, in or out of London. 

Interesting, I have only had good landlords, one guy even came round to my new flat (after I had said that his was too expensive and I needed to move somewhere cheaper) and gave me a tenner because I had left about that amount on the card payment electric meter. You need to build your cash pile to the point that landlords are chasing you for a taste, and stop putting up with nonsense from agents, a good thing to do is just tell the landlord that you love the property but the agent`s checks etc. are making you want to leave, that tends to get the agents in line because they are basically just a parasite feeding on the landlords cash flow.

Crashy theh dont care what you have in the bank. I have enough to buy my current rental abode outright sat in a current account.  Offered to pay 6 months up front for a £25 a month discount.  They said no.  

Offer to move out or a £25 p.m discount and they might take a different view, by playing it the way you have their next move will be to ask for a rent increase IMO.

Im tied in to a 6 month tenancy and hope to be in my own house by the time it ends.  Even with £25 thats still £675 down the pan 

I don`t see the point of trying to get 25 pm off in that situation TBH.

Crashy_Time

https://www.ft.com/content/e921a438-3532-4ddf-8f5b-06113cf3f762

RoisinDove

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Angela_D_3 said:

RoisinDove said:

moneysavinghero said:

House prices are going up because everyone is having the same thoughts as you - they must buy a house now or they are going to miss out because prices keep rising so they join in the 'i will buy something i am not such i can afford' game. This is a self-fuelling and is how bubbles form. It can't last for ever and must at least cool down if not pop (crashy has his fingers crossed) at some point.

But it hasn't yet, which is what people laugh at Crashy for, surely? I would actually prefer to wait and buy some time to think and see how life is as the pandemic winds down but other people are warning me that I could end up getting priced out by doing that. I'm not going to be able to save much much while renting...I've got a good deal now which allows me to save loads but I won't have it after July

Similarly i would like to buy before the summer as we jumped into a flat thinking wed be here 8 ish weeks.  Itll be nearer 4 months when all said and done.  I can almost guarantee that the market will crash the week after ive completed such is my luck,  but,  its still cheaper than rent and i can pay it off in 10 years.
im slightly biased in that i cannot bear renting though.  

I can't bear renting either. It's not just the money, it's all of it. Getting treated like rubbish by landlord, things not getting fixed for weeks on end, inspections every 6 months, not being able to paint the walls or make it feel like home, not knowing how long you can stay there...it's just awful. I've had enough.

Being trapped in a one bed flat that you can`t sell and don`t like any more with negative equity will be worse, rents in London are falling, get a new landlord IMO, or move out of London.

I don't see how either of these things will help. I have literally never had a good landlord, in or out of London. 

Interesting, I have only had good landlords, one guy even came round to my new flat (after I had said that his was too expensive and I needed to move somewhere cheaper) and gave me a tenner because I had left about that amount on the card payment electric meter. You need to build your cash pile to the point that landlords are chasing you for a taste, and stop putting up with nonsense from agents, a good thing to do is just tell the landlord that you love the property but the agent`s checks etc. are making you want to leave, that tends to get the agents in line because they are basically just a parasite feeding on the landlords cash flow.

Why would a landlord care how much I have in the bank? I could buy my own flat tomorrow if I wanted to...so what? I left my last place because it had a mice infestation, damp and mould, and it was rented for the same price within a week. And this was during the last year when there's supposedly a surplus of rental flats. If you live in a desirable area, there will always be more renters. 

But you started a thread about not being able to afford a one bedroom flat?

I can't afford the one bed flat I want in the area I want. Of course I can afford to buy *a* flat. I don't see what that has to do with anything at all. Your example about a landlord coming round to give you a tenner was a man who felt sorry for you because you had to move somewhere cheaper - exactly the opposite of what you think about being treated better if you have money. 

Getting_greyer

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Angela_D_3 said:

RoisinDove said:

moneysavinghero said:

House prices are going up because everyone is having the same thoughts as you - they must buy a house now or they are going to miss out because prices keep rising so they join in the 'i will buy something i am not such i can afford' game. This is a self-fuelling and is how bubbles form. It can't last for ever and must at least cool down if not pop (crashy has his fingers crossed) at some point.

But it hasn't yet, which is what people laugh at Crashy for, surely? I would actually prefer to wait and buy some time to think and see how life is as the pandemic winds down but other people are warning me that I could end up getting priced out by doing that. I'm not going to be able to save much much while renting...I've got a good deal now which allows me to save loads but I won't have it after July

Similarly i would like to buy before the summer as we jumped into a flat thinking wed be here 8 ish weeks.  Itll be nearer 4 months when all said and done.  I can almost guarantee that the market will crash the week after ive completed such is my luck,  but,  its still cheaper than rent and i can pay it off in 10 years.
im slightly biased in that i cannot bear renting though.  

I can't bear renting either. It's not just the money, it's all of it. Getting treated like rubbish by landlord, things not getting fixed for weeks on end, inspections every 6 months, not being able to paint the walls or make it feel like home, not knowing how long you can stay there...it's just awful. I've had enough.

Being trapped in a one bed flat that you can`t sell and don`t like any more with negative equity will be worse, rents in London are falling, get a new landlord IMO, or move out of London.

I don't see how either of these things will help. I have literally never had a good landlord, in or out of London. 

Interesting, I have only had good landlords, one guy even came round to my new flat (after I had said that his was too expensive and I needed to move somewhere cheaper) and gave me a tenner because I had left about that amount on the card payment electric meter. You need to build your cash pile to the point that landlords are chasing you for a taste, and stop putting up with nonsense from agents, a good thing to do is just tell the landlord that you love the property but the agent`s checks etc. are making you want to leave, that tends to get the agents in line because they are basically just a parasite feeding on the landlords cash flow.

Why would a landlord care how much I have in the bank? I could buy my own flat tomorrow if I wanted to...so what? I left my last place because it had a mice infestation, damp and mould, and it was rented for the same price within a week. And this was during the last year when there's supposedly a surplus of rental flats. If you live in a desirable area, there will always be more renters. 

But you started a thread about not being able to afford a one bedroom flat?

I can't afford the one bed flat I want in the area I want. Of course I can afford to buy *a* flat. I don't see what that has to do with anything at all. Your example about a landlord coming round to give you a tenner was a man who felt sorry for you because you had to move somewhere cheaper - exactly the opposite of what you think about being treated better if you have money. 

Because according to crashy anyone that buys a house will always have overpaid. Or at the very least will find themselves in hardship when rates go up etc.  There is of course contrasting views that renting is dead money and always the worst option no matter what.

Just like a hypothetical increase in mortgage costs in the future, renting may cost you extra now.  However only you can judge wether the value you get from that cost is worth it.

Crashy_Time

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Angela_D_3 said:

RoisinDove said:

moneysavinghero said:

House prices are going up because everyone is having the same thoughts as you - they must buy a house now or they are going to miss out because prices keep rising so they join in the 'i will buy something i am not such i can afford' game. This is a self-fuelling and is how bubbles form. It can't last for ever and must at least cool down if not pop (crashy has his fingers crossed) at some point.

But it hasn't yet, which is what people laugh at Crashy for, surely? I would actually prefer to wait and buy some time to think and see how life is as the pandemic winds down but other people are warning me that I could end up getting priced out by doing that. I'm not going to be able to save much much while renting...I've got a good deal now which allows me to save loads but I won't have it after July

Similarly i would like to buy before the summer as we jumped into a flat thinking wed be here 8 ish weeks.  Itll be nearer 4 months when all said and done.  I can almost guarantee that the market will crash the week after ive completed such is my luck,  but,  its still cheaper than rent and i can pay it off in 10 years.
im slightly biased in that i cannot bear renting though.  

I can't bear renting either. It's not just the money, it's all of it. Getting treated like rubbish by landlord, things not getting fixed for weeks on end, inspections every 6 months, not being able to paint the walls or make it feel like home, not knowing how long you can stay there...it's just awful. I've had enough.

Being trapped in a one bed flat that you can`t sell and don`t like any more with negative equity will be worse, rents in London are falling, get a new landlord IMO, or move out of London.

I don't see how either of these things will help. I have literally never had a good landlord, in or out of London. 

Interesting, I have only had good landlords, one guy even came round to my new flat (after I had said that his was too expensive and I needed to move somewhere cheaper) and gave me a tenner because I had left about that amount on the card payment electric meter. You need to build your cash pile to the point that landlords are chasing you for a taste, and stop putting up with nonsense from agents, a good thing to do is just tell the landlord that you love the property but the agent`s checks etc. are making you want to leave, that tends to get the agents in line because they are basically just a parasite feeding on the landlords cash flow.

Why would a landlord care how much I have in the bank? I could buy my own flat tomorrow if I wanted to...so what? I left my last place because it had a mice infestation, damp and mould, and it was rented for the same price within a week. And this was during the last year when there's supposedly a surplus of rental flats. If you live in a desirable area, there will always be more renters. 

But you started a thread about not being able to afford a one bedroom flat?

I can't afford the one bed flat I want in the area I want. Of course I can afford to buy *a* flat. I don't see what that has to do with anything at all. Your example about a landlord coming round to give you a tenner was a man who felt sorry for you because you had to move somewhere cheaper - exactly the opposite of what you think about being treated better if you have money. 

He came round with the tenner because he was honest and a decent bloke, he knew I would be paying about 150 p.m less than his flat so wouldn`t be short of tenners.

RoisinDove

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Angela_D_3 said:

RoisinDove said:

moneysavinghero said:

House prices are going up because everyone is having the same thoughts as you - they must buy a house now or they are going to miss out because prices keep rising so they join in the 'i will buy something i am not such i can afford' game. This is a self-fuelling and is how bubbles form. It can't last for ever and must at least cool down if not pop (crashy has his fingers crossed) at some point.

But it hasn't yet, which is what people laugh at Crashy for, surely? I would actually prefer to wait and buy some time to think and see how life is as the pandemic winds down but other people are warning me that I could end up getting priced out by doing that. I'm not going to be able to save much much while renting...I've got a good deal now which allows me to save loads but I won't have it after July

Similarly i would like to buy before the summer as we jumped into a flat thinking wed be here 8 ish weeks.  Itll be nearer 4 months when all said and done.  I can almost guarantee that the market will crash the week after ive completed such is my luck,  but,  its still cheaper than rent and i can pay it off in 10 years.
im slightly biased in that i cannot bear renting though.  

I can't bear renting either. It's not just the money, it's all of it. Getting treated like rubbish by landlord, things not getting fixed for weeks on end, inspections every 6 months, not being able to paint the walls or make it feel like home, not knowing how long you can stay there...it's just awful. I've had enough.

Being trapped in a one bed flat that you can`t sell and don`t like any more with negative equity will be worse, rents in London are falling, get a new landlord IMO, or move out of London.

I don't see how either of these things will help. I have literally never had a good landlord, in or out of London. 

Interesting, I have only had good landlords, one guy even came round to my new flat (after I had said that his was too expensive and I needed to move somewhere cheaper) and gave me a tenner because I had left about that amount on the card payment electric meter. You need to build your cash pile to the point that landlords are chasing you for a taste, and stop putting up with nonsense from agents, a good thing to do is just tell the landlord that you love the property but the agent`s checks etc. are making you want to leave, that tends to get the agents in line because they are basically just a parasite feeding on the landlords cash flow.

Why would a landlord care how much I have in the bank? I could buy my own flat tomorrow if I wanted to...so what? I left my last place because it had a mice infestation, damp and mould, and it was rented for the same price within a week. And this was during the last year when there's supposedly a surplus of rental flats. If you live in a desirable area, there will always be more renters. 

But you started a thread about not being able to afford a one bedroom flat?

I can't afford the one bed flat I want in the area I want. Of course I can afford to buy *a* flat. I don't see what that has to do with anything at all. Your example about a landlord coming round to give you a tenner was a man who felt sorry for you because you had to move somewhere cheaper - exactly the opposite of what you think about being treated better if you have money. 

He came round with the tenner because he was honest and a decent bloke, he knew I would be paying about 150 p.m less than his flat so wouldn`t be short of tenners.

And you were moving because in your own words, his place was too expensive. Please explain how having money makes landlords treat you better when you literally just told a story of how you, in his eyes, were broke, and were treated well. 

Persian_DG

@RoisinDove Could a good negotiation and a catalogue of suitable properties not resolve some of your problem? I keep reading that everywhere is non negotiable at the moment but being the eternal optimist, i'd like to think differently! And if you did go for the "future proof" Family type home then could a good negotiation and a lodger not potentially open things up / give an easier outlook?

Thrugelmir

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Crashy_Time said:

RoisinDove said:

Angela_D_3 said:

RoisinDove said:

moneysavinghero said:

House prices are going up because everyone is having the same thoughts as you - they must buy a house now or they are going to miss out because prices keep rising so they join in the 'i will buy something i am not such i can afford' game. This is a self-fuelling and is how bubbles form. It can't last for ever and must at least cool down if not pop (crashy has his fingers crossed) at some point.

But it hasn't yet, which is what people laugh at Crashy for, surely? I would actually prefer to wait and buy some time to think and see how life is as the pandemic winds down but other people are warning me that I could end up getting priced out by doing that. I'm not going to be able to save much much while renting...I've got a good deal now which allows me to save loads but I won't have it after July

Similarly i would like to buy before the summer as we jumped into a flat thinking wed be here 8 ish weeks.  Itll be nearer 4 months when all said and done.  I can almost guarantee that the market will crash the week after ive completed such is my luck,  but,  its still cheaper than rent and i can pay it off in 10 years.
im slightly biased in that i cannot bear renting though.  

I can't bear renting either. It's not just the money, it's all of it. Getting treated like rubbish by landlord, things not getting fixed for weeks on end, inspections every 6 months, not being able to paint the walls or make it feel like home, not knowing how long you can stay there...it's just awful. I've had enough.

Being trapped in a one bed flat that you can`t sell and don`t like any more with negative equity will be worse, rents in London are falling, get a new landlord IMO, or move out of London.

I don't see how either of these things will help. I have literally never had a good landlord, in or out of London. 

Interesting, I have only had good landlords, one guy even came round to my new flat (after I had said that his was too expensive and I needed to move somewhere cheaper) and gave me a tenner because I had left about that amount on the card payment electric meter. You need to build your cash pile to the point that landlords are chasing you for a taste, and stop putting up with nonsense from agents, a good thing to do is just tell the landlord that you love the property but the agent`s checks etc. are making you want to leave, that tends to get the agents in line because they are basically just a parasite feeding on the landlords cash flow.

Why would a landlord care how much I have in the bank? I could buy my own flat tomorrow if I wanted to...so what? I left my last place because it had a mice infestation, damp and mould, and it was rented for the same price within a week. And this was during the last year when there's supposedly a surplus of rental flats. If you live in a desirable area, there will always be more renters. 

But you started a thread about not being able to afford a one bedroom flat?

I can't afford the one bed flat I want in the area I want. 

We can all want something that's out of reach. At the end of the day. Compromise. It'll be your home and you won't be paying rent. If you want to move up the ladder quickly then it's up to you.