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would you buy just to get on the ladder?
Comments
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ManuelG said:Do many people end up with their perfect house, anyway? I mean, I like my house... but I'll never earn enough for my perfect house, and I'm not *that* ambitious, I don't want a castle!All I'll ever get is a house I like, one I love even... but it'd never be my perfect house, there'll always be some compromise in there.1
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Shout out to people who don't know what the opposite of in is.0
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Around 1990 my OH’s family were like a stuck record ‘renting is dead money’ and ‘house prices can only go up’ and ‘if you don’t get into the ladder now you’ll be renting for life’.So we bought a flat. Then we went into recession, jobs changed as a result, and we ended up selling after two years. The value of the flat fell by only a small amount, but we lost the money we spent on the cost of buying and only avoided losing money on the cost of sale because a new employer paid relocation expenses. Oh, and although we had a fixed rate mortgage this wasn’t cheaper than rent and we were very, very lucky with our timing as we managed to avoid an early repayment charge or going onto the SVR which kept going up.‘Frictional costs’ has been part of my vocabulary ever since.Fashion on the Ration
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Sarahspangles said:Around 1990 my OH’s family were like a stuck record ‘renting is dead money’ and ‘house prices can only go up’ and ‘if you don’t get into the ladder now you’ll be renting for life’.So we bought a flat. Then we went into recession, jobs changed as a result, and we ended up selling after two years. The value of the flat fell by only a small amount, but we lost the money we spent on the cost of buying and only avoided losing money on the cost of sale because a new employer paid relocation expenses. Oh, and although we had a fixed rate mortgage this wasn’t cheaper than rent and we were very, very lucky with our timing as we managed to avoid an early repayment charge or going onto the SVR which kept going up.‘Frictional costs’ has been part of my vocabulary ever since.1
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Aw thank you - it was tough at the time but a valuable lesson!Fashion on the Ration
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We bought our first home knowing full well that it wouldn't be a forever home. But it was what we could afford at the time and we ended up staying there for 13 years due to a variety of events.
The mortgage on the property was the same price as renting so it made financial sense to buy and start repaying off the mortgage. We didn't make much money on that house but it allowed us to make the next step when the time was right.
4 years ago we moved to the home we now live in and we love this one and really can't see us moving again unless something very special comes along. It isn't the most expensive house, it isn't a big house but it is what we wanted in a great location and with the overpayments we are making it will allow us to be mortgage free before we are 50 with a secure future ahead of us.1 -
tiger135 said:im wondering if anyone considers buying somewhere that either:
1. property isnt exactly what they want because what they want isnt available at the time (due to lack of supply or being fussy) , but has a view to moving on in a few years to something more ideal.
2. cant afford what they want so buys the best they can afford and again plans to upgrade in a few years (example buys a flat when would like a house)
3. just wants to get on the ladder and maybe already lodges or rents somewhere so buys something to rent out with a view in the future to move in or buy elsewhere but not have to go through all the 'getting on the ladder' stress again
alternatively is it best to keep the cash in the bank until the place you want to live comes up and be a cash buyer even if this means renting or lodging for longer first?0 -
Sarah1Mitty2 said:
A market going down or sideways isn`t really a ladder though is it? Buying a flat or a BTL is probably a bad idea for many reasons, cash in the bank is probably your best bet just now, money market accounts, high interest savings accounts and some premium bonds is my choice at the moment.2 -
Our first home was just that a start on the property ladder, we did however wait for a house than a flat as we believe they are always more saleable.
It took everything we had and was a struggle for 2 years.
Like most things the struggle was worth it1 -
Sarah1Mitty2 said:tiger135 said:im wondering if anyone considers buying somewhere that either:
1. property isnt exactly what they want because what they want isnt available at the time (due to lack of supply or being fussy) , but has a view to moving on in a few years to something more ideal.
2. cant afford what they want so buys the best they can afford and again plans to upgrade in a few years (example buys a flat when would like a house)
3. just wants to get on the ladder and maybe already lodges or rents somewhere so buys something to rent out with a view in the future to move in or buy elsewhere but not have to go through all the 'getting on the ladder' stress again
alternatively is it best to keep the cash in the bank until the place you want to live comes up and be a cash buyer even if this means renting or lodging for longer first?1
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