We have to move out soon and don't know whether to buy or not

carolt

The maths sounds OK, but do be sure that 2 beds will be enough for you. Kids of 6 and 3 are still tiny - once they get a bit bigger not only do they need more room, but they have so much STUFF everywhere! Also, there is the risk (delightful possibility..) that a no.3 could turn up unexpectedly - we didn't plan on more than 2, but here we are (and I'm not complaining one tiny bit - but I am glad we didn't buy one of those tiny 3 bedders or 2 bed houses we were looking at).....

pamaris

carolt wrote: »

The maths sounds OK, but do be sure that 2 beds will be enough for you. Kids of 6 and 3 are still tiny - once they get a bit bigger not only do they need more room, but they have so much STUFF everywhere! Also, there is the risk (delightful possibility..) that a no.3 could turn up unexpectedly - we didn't plan on more than 2, but here we are (and I'm not complaining one tiny bit - but I am glad we didn't buy one of those tiny 3 bedders or 2 bed houses we were looking at).....

Tee hee hee... well fortunately we will not be delighted by a 3rd unless my OH's vas deferens (sp!) magically get fused back together! :rolleyes: We have sorted that one out.

If we do settle for a 2BR then we will definitely try and get big rooms and/ or a cellar and/ or the possibility of adding a third room in the loft. Whatever we do, we will think long and hard about it and at the same time drive a hard bargain. I can be a really fierce negotiator when I want to be. Here's hoping I can check my emotions at the door. I've got too many of those right now, especially with my MIL breathing down my neck. I wouldn't wish that on anyone.

pinkshoes

bigjoe wrote: »

So prices will rise even if it is at a "more realistic rate", but nobody will be able to borrow 4x their salary let alone the 6-10x their salary they were being offered pre-credit crunch.

So please tell us all where the money is going to come from for people to buy the houses????

The average uk salary is £22k, therefore the average joint uk salary is £44k. Borrowing 4x this is £176k, then there's no reason why people can't save up £20k deposit, giving you nearly £200k to spend on a house.

There's no law that says you HAVE to be able to buy on your own. Times change. Perhaps it'll change further whereas it'll become the norm to live with 3 generations under one roof like in other countries?

People used to wait until they were married to buy a property.

If you can't afford it, get a higher paying job, save more, move in with family etc... Life doesn't owe you a living. If you want something, you gotta fight for it, not sit on your back side moaning about house prices being too high!

Having rented for 10 years, I can't put a price on finally owning my own home. It's MINE (ok, mine and my OH's!). Private renting really sucks. If prices drop, then so be it. If just means if I have to move, I'll rent somewhere and rent my property out.

Nenen

Is there any way you could accept MIL's kind offer of 20K but just take a few months to find a suitable property and therefore benefit from both MIL's money and drop in prices?

In 6 months time hopefully prices will have come down a bit... according to Rightmove, average asking prices fell by 0.8% last month so in 6 months they might have dropped 4%+ which would make a difference of £6,000+ on the kind of house you are looking at. Every little helps

If you decide to buy now, I'd certainly go for a smaller house in a nice area with potential to extend in a few years. Hopefully, by the time the children are a bit older you will be able to be earning more yourself to afford to extend.

The thing I really don't understand is why MIL is making this a 'once only' offer and why your BIL is so sure that prices are going up and you MUST get on the ladder! Has he any real knowledge of the situation? I can't help but feel he must have some vested interest of his own to be putting you under all this pressure! Has MIL promised to give him 20K too when she gives it to your dh and you? Why is your MIL so determined to make you buy straight away and not rent for a while and wait a few months?

merlinthehappypig

pamaris wrote: »

Tee hee hee... well fortunately we will not be delighted by a 3rd unless my OH's vas deferens (sp!) magically get fused back together! :rolleyes: We have sorted that one out.

Whilst completely off-topic and not wishing to blight your next few years, I regret to say that from personal experience that you can't assume anything.

We had three kids, then I had the operation. Five years almost to the day from the operation my wife had a routine checkup at which she was informed that she was 4 months pregnant. Looking back you could see the symptoms but, of course, we assumed that the vasectomy was foolproof - pregnancy hadn't crossed our minds.

It's incredibly rare and o.k. if you like lots of surgeons using you as an interesting case for study, which I didn't. Just to be safe my body decided that both sides needed to grow back together - first time in the U.K. apparently.

By the time I had plucked up the courage for the 2nd operation, number five was on the way, but a girl after 4 boys so some consolation (or so we thought until she grew up a bit!);)

pamaris

merlinthehappypig wrote: »

Whilst completely off-topic and not wishing to blight your next few years, I regret to say that from personal experience that you can't assume anything.

We had three kids, then I had the operation. Five years almost to the day from the operation my wife had a routine checkup at which she was informed that she was 4 months pregnant. Looking back you could see the symptoms but, of course, we assumed that the vasectomy was foolproof - pregnancy hadn't crossed our minds.

It's incredibly rare and o.k. if you like lots of surgeons using you as an interesting case for study, which I didn't. Just to be safe my body decided that both sides needed to grow back together - first time in the U.K. apparently.

By the time I had plucked up the courage for the 2nd operation, number five was on the way, but a girl after 4 boys so some consolation (or so we thought until she grew up a bit!);)

Crap! You must have been stunned... probably a few milkman/ postman jokes eh? Guess it's just a gamble, like house prices. I have known lots of families in the USA with 4 or 5 kids; while in the UK I have only known one family with three and one with more than three. Things must be very expensive and inconvenient for you.

bigjoe

pinkshoes wrote: »

The average uk salary is £22k, therefore the average joint uk salary is £44k. Borrowing 4x this is £176k, then there's no reason why people can't save up £20k deposit, giving you nearly £200k to spend on a house.

I love the "therefore" in your maths. :T But unfortunately you're wrong.

According to ONS, "Gross incomes include income from employment, self-employment, pensions, investment income, and cash benefits. The median gross household income in 2004/05 was £24,700 per year. The mean household gross income was £31,884 per year."

Okay we are a couple of years on, but wage inflation hasn't exactly been rocketing.

Taking even a mean figure of say 35k, that's a JOINT income - banks lend less multiples on joint incomes. Even 4x that is only 140k. And you were the one who said you might only get 3x these days. And that only comes to 105k. Half of what you reckon people can easily afford to pay.

And by the way I don't need a higher paid job and I don't sit on the sidelines moaning about house prices.

bigjoe

pamaris wrote: »

The "rush" to buy a house is simply that we have moved 5 times in 5 years and I want to stay put for a few years. Stability is very important to me at this point.

One thing you can't put a price on is happiness. And if now is the right time for you to buy, then so be it.

Nenen

merlinthehappypig wrote: »

By the time I had plucked up the courage for the 2nd operation, number five was on the way, but a girl after 4 boys so some consolation (or so we thought until she grew up a bit!);)

:rotfl::rotfl::rotfl:
Merlin... the term 'studmuffin' must have been invented for you!:D

... having two boys and a girl myself I can honestly say (being completely sexist I know after years pre-children telling myself I never would be and doing everything in my power when they were young to bring them up in a non-sexist environment) that while they are little boys can wear you out physically more than girls... girls make up for it ten-fold in emotional wear and tear in their teens! My two boys put together are far less hassle than my daughter on her own. Good job I love her (espeically when she is away at uni)! :lovethoug

merlinthehappypig

Nenen wrote: »

:rotfl::rotfl::rotfl:
Merlin... the term 'studmuffin' must have been invented for you!:D

At only 5' 3" and no obvious redeeming physical qualities I'd say that was pretty unlikely.;)

Even the surgeon reckoned that my body was saving everything up for that one remarkable effort. Apparently, one side growing back is very rare, both sides unheard of.

Joking aside, at the time, it was a complete disaster. Three children is fine, but at four everything changes. You can't have a normal car for a start, unless you use the boot...........

I can still remember the night my mother-in-law found out about number five (she had been rooting through my wife's wardrobe for reasons of her own and found the maternity dresses). I was doing a concert that night and had to perform with this sour-faced old lady glaring at me like Medusa from the second or third row.