Seller reject survey valuation?

lookstraightahead

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

I also don't like the feeling that I can't move if I wanted to

Why can't you move if you wanted to?

lookstraightahead said:

I don't really see my house as "security" (from a financial perspective) I perhaps see it as a bit of a threat.

I see people taking on these huge mortgages at relatively low interest rates and assuming they can stay put for years, buying a 'dream'. They live to the top of their means and then can't afford the rise in interest rates

I genuinely feel sad that people have such glass-half-empty viewpoints. Yes, everything we do in in life has a risk (life would be pretty pointless and boring if there wasn't) but the reality is that the risk is absolutely tiny.

Even at the height of the most devastating financial crisis in a generation, the worst it ever got was a fraction of one percent of home-owners losing their home and since then rules have been tightened so much that should the same happen again even less will be affected.

It's right to be cautious but no-one should let the fear of worst-case-scenarios stop them from enjoying life.

I don't feel I'm risk-averse in my life. Far from it. I run my own business, I travel, I do all the things that matter to me. In fact, I think seeing property as security is a bit glass half empty.
you don't need to feel sad for me honestly I still will have my house, I just don't rely on it financially. 

I really don't understand your thinking. Everyone has to live somewhere and for most people the cost of housing is their biggest outgoing so financial security surely has to revolve around paying that expense?

If you rent then you have no financial security; you'll be paying rent forever and in the worst case your rent could go up every single year - there are certainly very few if any options to fix your rent for a longer period.

If you instead buy your home then most people who need a mortgage are fixing for at least five years - straight away that's the financial security of knowing exactly how much your cost of housing will be for those five years. And five years later you can do the same again. Even better, as each fixed rate comes to an end you will often end up paying less each month and you are getting closer and closer to owning your home outright resulting in your cost of housing being zero.

Yes of course you should have other pots of money for everyday living and treats but (especially with inflation running at 10%) I can't think of anything else that remotely comes close to paying off a mortgage that eventually means you are guaranteed to one day have either very low or zero housing costs?

What other things did you have in mind that provide better financial security? That's a genuine question as I'm intrigued as to whether I've been missing a trick somewhere!

I think you have totally ignored circumstance. As I've said numerous times, home ownership is great if life is linear and can also be an investment if not (sometimes) but home ownership does not give you financial security always,. You can rely on it that's fine, but I bet you actually don't and you have other savings - your house is probably just a part of that. Some have nothing else but their house. They've put every penny into it and so the really are blind to market changes, or refuse to acknowledge that it's value is out of their hands.
I don't need to justify my other investments just as you don't need to justify to me that housing has worked for you. 

I've actually been quite honest and open with the reasons why owning put me into a lot of debt. I'm not against owning, I own my home, but I do not rely on it for financial security. 

Sunsaru

The only time a house can provide financial security is when you have no mortgage. Up until that point you're paying monthly payments which you have to provide the security/stability. No different to renting.
The only stability owning a house does provide is a stable address.
As you've admitted @MobileSaver, you only rented for a short period. I rented for 20+ years before buying. The only difference I've found between renting and owning is that I can do what I want but any issues are mine alone. 
Anecdotally, over the numerous rentals I've lived in, I've only ever had 2 rent raises. One of those I'd been there over 6 years and I was still paying well under market rate (about 25% under).

Sarah1Mitty2

Sunsaru said:

The only time a house can provide financial security is when you have no mortgage. Up until that point you're paying monthly payments which you have to provide the security/stability. No different to renting.
The only stability owning a house does provide is a stable address.
As you've admitted @MobileSaver, you only rented for a short period. I rented for 20+ years before buying. The only difference I've found between renting and owning is that I can do what I want but any issues are mine alone. 
Anecdotally, over the numerous rentals I've lived in, I've only ever had 2 rent raises. One of those I'd been there over 6 years and I was still paying well under market rate (about 25% under).

Good points.