first time buyer question - how do you get a house?

SouthCoast

Psssssssss

Wanna buy a park home for £190k?

http://www.rightmove.co.uk/viewdetails-18591113.rsp?pa_n=2&tr_t=buy

toasterman

van_persie wrote: »

A very idealistic, naive way of looking at the most expensive decision you're ever likely to make.
Your original post also shows startling naivety; do you not see what's going on at the moment? Do you really think buying a property NOW is a sensible thing to do?

I know what you're saying really..everything is expecting a house price crash.. but then that seems to have been expected for the last 5 years and not happened.
I really don't see while there's still people willing to buy property, why the prices should suddenly fall. I've read reports of parents lending their children £20,000 to help with their deposit...for example. Other people commit mortgage fraud and lie about their income and self certify.
While prices are slowing and in some cases going down, its by tiny margins.
That said, I don't claim to be a property or mortgage expert by a long chalk - just trying to work it all out.

MadSebW wrote: »

How would you cope with a property abroad and paying rent in the UK if you had nobody to be a tenant for some time?
I think that would be a really silly thing to do.

Actually, on my current salary, (I think) I have enough money (even allowing for renting here in the UK, paying bills, etc), to pay the mortgage on a house at £60-70k...which seems to be easily findable abroad. If it was empty, I'd still be able to cover the cost.
Those figures worked out from the BBC's mortgage calculator thing, with current interest rates.
It was just an idea - I clearly haven't worked out all the potential problems with such an idea.

MadSebW wrote: »

Have you not considered shared ownership yourself? My husband and I are both under 25 with 2 children and only his income and our tax credits. That income all together makes no more than 20k and we are now buying a house for 62k on a 44% share

Wow, you must live in a very cheap area. My friend's one bedroom flat mentioned at the start was about £125k, and it's by no means in a 'posh' local area. And you've found a house big enough for a family for around what is that...£140k?

CYBERCIDERSAVER wrote: »

Friend bought 1 bed BTB house for 40K in 1999ish. may not sound like a lot but she only afforded it cos she was "very very" careful with money. Forward to 2004 and she and new partner (also very tight fisted... I mean careful with money;)) purchase house for 120K on mediocre salaries. Obviously the HPI meant she sold her 1bed BTB for 80K so had 40k deposit for house no. 2.

So okay at the moment the market is on a bit of a downer. So maybe wait fora bit

Well that was my original comment really. The 40k house bought on the 20k salary, was the situation of a friend who bought a house a few years ago. The same house now worth over 100k. Does anyone really see it crashing back down to even close what it was?

mcdelarich wrote: »

I think it depends on what area you are in as to whether you think it is a good market to be a ftb.
We are just about to exchange on our first house (we're ftb) and we have bought a medium 3 bed semi, large garden, good area/catchment schools, for £91,500 - we're in East Midlands. Our mortgage is the same price as we are renting for per month too. We saved a 20% deposit though.

A 3 bed house for £91,500! Unbelievable.

pdrskint wrote: »

back to original post, i have a few properties and wonder how my kids are going to get on the property ladder, my advice to you and my kids is look for a decent sized house with the internal plan that can convert into an upstairs and downstairs self contained units, basicly you have a main door and a entrance porch with stairs and hall way, an easy convert,you live upstairs and rent out downstairs helping with the mortgage, also you get a better house in a better area,

It's a nice idea, and certainly financially interesting. But presumably to do that, you need to have enough income for the bigger house to start with. I don't see that a single person can buy a house/flat these days, except for shared ownership.

toasterman

SouthCoast wrote: »

Psssssssss

Wanna buy a park home for £190k?

http://www.rightmove.co.uk/viewdetails-18591113.rsp?pa_n=2&tr_t=buy

That is incredible. £190,000 for a glorified prefab.
It's like those extra buildings they'd knock up when you were at school, when they needed an extra classroom.

Only over 50's allowed, and you know it's bad when the main listed local attractions are a Tescos. That said, it's probably nice and quiet - which I'd have killed for at 5:30 this morning when a housemate brought a load of people back here.

If I was gonna buy a prefab, I think I'd be more interested in this: http://www.rightmove.co.uk/overseas/usa/northern-florida/page-2/property-18896453
It's only £50,000 too. Abroad, but they still speak English there.. kinda.

poppy10_2

toasterman wrote: »

If I was gonna buy a prefab, I think I'd be more interested in this: http://www.rightmove.co.uk/overseas/usa/northern-florida/page-2/property-18896453
It's only £50,000 too. Abroad, but they still speak English there.. kinda.

Bah humbug. No need to spend that kind of money. Here's a nice 3-bed detached home in Detroit for just 5 grand.

Plenty more where that came from.

toasterman

poppy10 wrote: »

Bah humbug. No need to spend that kind of money. Here's a nice 3-bed detached home in Detroit for just 5 grand.

Plenty more where that came from.

Well that's very bizarre.
"Attention Investors. Nothing To Do But Collect The Rent!" Who on earth is renting if you can buy a house for £5,000?
Not many places in the world I could buy a house on an interest-free credit card, AND pay it back before the free period ended.....or at least transfer it to another card and clear it before that one ended.

Bruno - that is really weird. He gambled on there being a price crash, he was wrong, he hasn't bought again..I don't really see why that's a reason to wish death upon the guy.

toasterman

I heard about Ikea building flatpack homes (they put them together for you) recently somewhere, googled it and found this, from last year:
http://arts.guardian.co.uk/art/architecture/story/0,,2048116,00.html

"Each apartment, with two or three bedrooms, is expected to cost less than £100,000. More will follow - many more, probably, since BoKlok is quick to build, energy efficient and aimed at households earning between £15,000 and £30,000 a year."
Sounds good doesn't it, although it's a terrible name for a company operating in the UK.

http://www4.aname.net/~boklok/mambo//index.php?option=content&task=view&id=366
One bed flats from £99,500.
Which isn't really very good when you consider you can buy 2 and 3-bed houses for under £100,000 in the Gateshead area anyway. A quick look on rightmove just found flats in Gateshead for under £50,000.

Turnbull2000

Still waiting for your thoughts on something so simple CYBERCIDERSAVER.

itsgototstop

poppy10 wrote: »

Bah humbug. No need to spend that kind of money. Here's a nice 3-bed detached home in Detroit for just 5 grand.

Plenty more where that came from.

Blimey, how can they be so cheap, isn't the land worth something? Just had a look onrightmove and theres loads under 20k USD in Buffalo????????

Some of them are on RM for $40K and have annual rental income of $10k

How is this possible?

[Deleted User]

Copied from a Yahoo page where a similar question was asked:

"A lot of these cheapo properties are falling apart and have no value at all, not even the 20K or whatever they're selling for. At one time Buffalo's population was twice what it is now, and there are like 10,000 vacant houses in the city. Many of these have been ignored for years and even have holes in the roof and so on. Also, as the previous poster alluded to, many of them are on the east side of Buffalo in areas which are infested with drugs and gangs. There was some notorious example of a vacant property on the east side being sold on ebay, across the street from another abandoned property where a murder victim had just been dumped. Even the ones which are inhabitable, you may find it very hard to find renters due to the oversupply of housing in the city."

Simply put, you get what you pay for.

Pobby

O my Bruno is back.Lock up ya umbrellas!!!!!!!!!!