Bought house and regretting it

Newnoel

chucknorris said:

Newnoel said:

chucknorris said:

Crashy_Time said:

chucknorris said:

Crashy_Time said:

chucknorris said:

Crashy_Time said:

aoleks said:

Crashy_Time said:

Sunsaru said:

For 20 plus years I wanted my own house. The day i got my keys I walked into the house and thought

"What the frig have I done??"

Took me about 3 months for it to sink in. I'm now 8 months in and have sunk 5 figures into the property with another 5 planned. No regrets.

Do you think there is a possibility that you bought at the wrong time?

Do you think there’s a poasibility you sold at the wrong time? :-)

When do you think I sold?

I did have a good idea based on previous conversations with you, but I have forgotten now (it was a long time ago), but I think it was in the late 90's and if so, it was definitely 'the wrong time' (to leave the housing market). At the time (when you referred to it) I had the opinion that you were relieved to have got out unscathed after enduring years of negative equity, I realise that can be very uncomfortable, but it only matters when you sell. If it was the late 90's you did miss out on significant HPI, but of course hindsight is an exact science. And of course people sell for a variety of reasons, after all it was your home rather than merely an investment.

LOL, no you definitely have me confused with someone else, good to see you back though, I watched one of your films the other night, absolute classic.

I've sold most of my properties now Crashy, and I have just about got my portfolio where I want it for my retirement (trying to be diverse as possible), it is very different to not so many years ago, I included my share of our home, because although it isn't exactly an investment, is is after all is is part of my wealth:

Cash	2%
Investment property	8%
Own home	12%
Fixed pension	15%
Bonds (Individual corporate & funds)	15%
REIT's	19%
Equities (excl. REITs)	29%

Why are you posting this information?

Because we must have exchanged hundreds of posts with each other taking apposing views because you were always arguing with 'HPI bulls' (although what you never quite got it that I was not one of them). And now as you can see from my portfolio, residential investment is only a very small part of it now, and I'll probably sell what I have left in approx. 1 to 3 years.

Why are you selling out completely from investment property Chuck? Do you plan to reinvest the cash elsewhere?

A number of reasons:
I have been a landlord for over 30 years, and its become tiresome
Other investments look at least as attractive, and without the time spent and hassle of property 
If I waited any longer and the market crashed, I might have to keep them until I was in my 70's
I don't think HPI will perform as well as it has in the past

I have reinvested the equity in REITs (so still in property), buying additional pension in my DB scheme and bonds, so my portfolio is more diverse now.

Interesting - thanks for that. 

If you look at the 18 year property cycle, which has been pretty accurate to date, we are still facing into some 4 years or so of strong growth in house prices

I have always steered clear of REITs, personally. They can be very illiquid if the market turns, which I dont see as an issue for the short term - but who knows? (Answer: not Crashy)

As a matter of interest, do you have anything in VCTs? I am still 10-20 years from retirement, and have pushed through the pensions LTA, so I am always interested in something that could offer a decent tax efficient income to supplement my pension

lookstraightahead

RelievedSheff said:

lookstraightahead said:

Slinky said:

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

Scotbot said:

I still don't  like my house 4 yrs after purchasing it. It is a head house, I needed somewhere to live after moving back from overseas. If I had rented it would have cost me around 75K whilst the house has gone up in value by about 60k. A no brainer financially. 

Of course to realise that "value" you would have to sell it, why would anyone pay you over the odds for a house that you don`t even like!

Who says the price is "over the odds?"

It is boosted by the SDH and zero rates, hard to sensibly argue against that IMO.

This was in the doorway of a local estate agent a couple of days ago.

I wouldn't even step foot in there to buy - what appalling marketing. Cheesy and transparent. 

Would be a waste of time if you did step foot in there. They have nothing to sell  

They may as well close then - if they've got absolutely nothing to sell, no buyer will go in. So why would you choose to sell with them? But I get you're point. Waste of time 

chucknorris

Newnoel said:

chucknorris said:

Newnoel said:

chucknorris said:

Crashy_Time said:

chucknorris said:

Crashy_Time said:

chucknorris said:

Crashy_Time said:

aoleks said:

Crashy_Time said:

Sunsaru said:

For 20 plus years I wanted my own house. The day i got my keys I walked into the house and thought

"What the frig have I done??"

Took me about 3 months for it to sink in. I'm now 8 months in and have sunk 5 figures into the property with another 5 planned. No regrets.

Do you think there is a possibility that you bought at the wrong time?

Do you think there’s a poasibility you sold at the wrong time? :-)

When do you think I sold?

I did have a good idea based on previous conversations with you, but I have forgotten now (it was a long time ago), but I think it was in the late 90's and if so, it was definitely 'the wrong time' (to leave the housing market). At the time (when you referred to it) I had the opinion that you were relieved to have got out unscathed after enduring years of negative equity, I realise that can be very uncomfortable, but it only matters when you sell. If it was the late 90's you did miss out on significant HPI, but of course hindsight is an exact science. And of course people sell for a variety of reasons, after all it was your home rather than merely an investment.

LOL, no you definitely have me confused with someone else, good to see you back though, I watched one of your films the other night, absolute classic.

I've sold most of my properties now Crashy, and I have just about got my portfolio where I want it for my retirement (trying to be diverse as possible), it is very different to not so many years ago, I included my share of our home, because although it isn't exactly an investment, is is after all is is part of my wealth:

Cash	2%
Investment property	8%
Own home	12%
Fixed pension	15%
Bonds (Individual corporate & funds)	15%
REIT's	19%
Equities (excl. REITs)	29%

Why are you posting this information?

Because we must have exchanged hundreds of posts with each other taking apposing views because you were always arguing with 'HPI bulls' (although what you never quite got it that I was not one of them). And now as you can see from my portfolio, residential investment is only a very small part of it now, and I'll probably sell what I have left in approx. 1 to 3 years.

Why are you selling out completely from investment property Chuck? Do you plan to reinvest the cash elsewhere?

A number of reasons:
I have been a landlord for over 30 years, and its become tiresome
Other investments look at least as attractive, and without the time spent and hassle of property 
If I waited any longer and the market crashed, I might have to keep them until I was in my 70's
I don't think HPI will perform as well as it has in the past

I have reinvested the equity in REITs (so still in property), buying additional pension in my DB scheme and bonds, so my portfolio is more diverse now.

Interesting - thanks for that. 

If you look at the 18 year property cycle, which has been pretty accurate to date, we are still facing into some 4 years or so of strong growth in house prices

I have always steered clear of REITs, personally. They can be very illiquid if the market turns, which I dont see as an issue for the short term - but who knows? (Answer: not Crashy)

As a matter of interest, do you have anything in VCTs? I am still 10-20 years from retirement, and have pushed through the pensions LTA, so I am always interested in something that could offer a decent tax efficient income to supplement my pension

I have looked at VCT's a few times, but I have always come to the conclusion that they are not for me because:

The thing that was attracting me to them was the tax efficiency, and I always ended up thinking that's like the tail wagging the dog, I would rather invest in something that I like for what it is in itself.

Also I think the fees are quite high too.

But that's just my opinion, it's horses for courses, and VCT's are not my course.

Slinky

lookstraightahead said:

RelievedSheff said:

lookstraightahead said:

Slinky said:

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

Scotbot said:

I still don't  like my house 4 yrs after purchasing it. It is a head house, I needed somewhere to live after moving back from overseas. If I had rented it would have cost me around 75K whilst the house has gone up in value by about 60k. A no brainer financially. 

Of course to realise that "value" you would have to sell it, why would anyone pay you over the odds for a house that you don`t even like!

Who says the price is "over the odds?"

It is boosted by the SDH and zero rates, hard to sensibly argue against that IMO.

This was in the doorway of a local estate agent a couple of days ago.

I wouldn't even step foot in there to buy - what appalling marketing. Cheesy and transparent. 

Would be a waste of time if you did step foot in there. They have nothing to sell  

They may as well close then - if they've got absolutely nothing to sell, no buyer will go in. So why would you choose to sell with them? But I get you're point. Waste of time 

Why would you choose to sell with them? Because they've managed to sell everything else they've had! 

And most buyers are looking online these days, not walking through estate agents doors.

Crashy_Time

The sign has a hint of desperation if you ask me, they know the SDH helped them, and they know furlough probably won`t happen in the next lockdown.

RelievedSheff

Crashy_Time said:

The sign has a hint of desperation if you ask me, they know the SDH helped them, and they know furlough probably won`t happen in the next lockdown.

You do talk some tripe.

If the stamp duty holiday was the reason people bought houses why are they still buying them now that the holiday has ended?

People still bought houses when furlough was around last time. Why would next time, if there is one which I genuinely doubt, be any different?

Crashy_Time

RelievedSheff said:

Crashy_Time said:

The sign has a hint of desperation if you ask me, they know the SDH helped them, and they know furlough probably won`t happen in the next lockdown.

You do talk some tripe.

If the stamp duty holiday was the reason people bought houses why are they still buying them now that the holiday has ended?

People still bought houses when furlough was around last time. Why would next time, if there is one which I genuinely doubt, be any different?

1) Why do you think they introduced the SDH in that case?

2) I said furlough WOULDN`T be around this time.

BikingBud

lookstraightahead said:

RelievedSheff said:

lookstraightahead said:

Slinky said:

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

Scotbot said:

I still don't  like my house 4 yrs after purchasing it. It is a head house, I needed somewhere to live after moving back from overseas. If I had rented it would have cost me around 75K whilst the house has gone up in value by about 60k. A no brainer financially. 

Of course to realise that "value" you would have to sell it, why would anyone pay you over the odds for a house that you don`t even like!

Who says the price is "over the odds?"

It is boosted by the SDH and zero rates, hard to sensibly argue against that IMO.

This was in the doorway of a local estate agent a couple of days ago.

I wouldn't even step foot in there to buy - what appalling marketing. Cheesy and transparent. 

Would be a waste of time if you did step foot in there. They have nothing to sell  

They may as well close then - if they've got absolutely nothing to sell, no buyer will go in. So why would you choose to sell with them? But I get you're point. Waste of time 

Human nature is often beyond comprehension.
 
https://www.southampton.ac.uk/news/2020/03/angell-panic-buying-study.page

jimbog

BikingBud said:

lookstraightahead said:

RelievedSheff said:

lookstraightahead said:

Slinky said:

Crashy_Time said:

RelievedSheff said:

Crashy_Time said:

Scotbot said:

I still don't  like my house 4 yrs after purchasing it. It is a head house, I needed somewhere to live after moving back from overseas. If I had rented it would have cost me around 75K whilst the house has gone up in value by about 60k. A no brainer financially. 

Of course to realise that "value" you would have to sell it, why would anyone pay you over the odds for a house that you don`t even like!

Who says the price is "over the odds?"

It is boosted by the SDH and zero rates, hard to sensibly argue against that IMO.

This was in the doorway of a local estate agent a couple of days ago.

I wouldn't even step foot in there to buy - what appalling marketing. Cheesy and transparent. 

Would be a waste of time if you did step foot in there. They have nothing to sell  

They may as well close then - if they've got absolutely nothing to sell, no buyer will go in. So why would you choose to sell with them? But I get you're point. Waste of time 

Human nature is often beyond comprehension.
 
https://www.southampton.ac.uk/news/2020/03/angell-panic-buying-study.page

Despite being down to my last 76 toilet rolls I have no intention of panic buying

YoungBlueEyes

You’re down to double digits?! 😧