The New Top Easy Access Savings Discussion Area

dosh37

dosh37 said:

masonic said:

dosh37 said:

The idea of saving to buy a house is a con.

It absolutely is if you have to save cash to the full value of a house before buying. Very few people can save at a rate that would allow them to achieve that in a lifetime.

So what is the answer?

Jump on a rubber boat and move to France?

Bridlington1

@soulsaver
Oxbury EA Bonus Base Rate Trckr 1 4.36% (inc.0.83% v.bonus to 18/10) £1k min  NLA

masonic

dosh37 said:

dosh37 said:

masonic said:

dosh37 said:

The idea of saving to buy a house is a con.

It absolutely is if you have to save cash to the full value of a house before buying. Very few people can save at a rate that would allow them to achieve that in a lifetime.

So what is the answer?

Jump on a rubber boat and move to France?

You either buy a home with a mortgage during your working years, move to a cheap area in retirement, or rent. The notion of the 'housing ladder' is to buy the cheapest you can afford as early as you can in order to lock in some housing equity that will grow with prices. Then work up to the home you really want. I'm not sure what the market is like in France, but some do that yes.

You could already afford to buy multiple houses in the NE, based on what you appear to have saved.

dosh37

So the system is that we work and pay most of our lifetime income into a mortgage.

The money pays the already rich lenders.

The house we buy and live in doesn't actually improve over time. It deteriorates.

It needs more repairs, maintenance etc. Yet the the market price still goes up?

If you buy a car, the opposite is true. The value goes down as it gets older.

I once read a book - 'rich dad, poor dad'. It explains that the house you live in should be regarded as a liability rather than an asset on the balance sheet.

I guess it all comes down to supply & demand.

There are too many people in this country & the world.

The answer has to be to reduce global population.

It would solve so many problems - energy, pollution, housing, traffic, starvation etc.

Eco_Miser

dosh37 said:

So the system is that we work and pay most of our lifetime income into a mortgage.

Not if you do it right

The money pays the already rich lenders.

If you use a Building Society, it mostly pays the people saving for a deposit.

The house we buy and live in doesn't actually improve over time. It deteriorates.

That depends on how well you maintain it.

It needs more repairs, maintenance etc. Yet the the market price still goes up?

You're paying for the land as well as the house. Scarcity value.

If you buy a car, the opposite is true. The value goes down as it gets older.

Until it gets really old and the value goes up again.

I once read a book - 'rich dad, poor dad'. It explains that the house you live in should be regarded as a liability rather than an asset on the balance sheet.

Really, it's both - as are most physical assets.

I guess it all comes down to supply & demand.

There are too many people in this country & the world.

The answer has to be to reduce global population.

It would solve so many problems - energy, pollution, housing, traffic, starvation etc.

See responses in bold above

Bridlington1

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