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To buy or not to be in current climate
Comments
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Ahh by "investing" you mean putting money into something that has little to no chance of going up in price for the next couple of years and a good chance of going down (IMHONice reply ;-).
No kids, nor will there be, and no debts. I understand the benefits of renting but over time it's frustrating being limited as to what you can do to or invest in a property.
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If I was a betting man and I am, I wouldn't be betting on the property market atm. I would be putting my money into ISA's (which I am)Freedom is not worth having if it does not include the freedom to make mistakes.0 -
Lotus-eater wrote: »Ahh by "investing" you mean putting money into something that has little to no chance of going up in price for the next couple of years and a good chance of going down (IMHO)
If I was a betting man and I am, I wouldn't be betting on the property market atm. I would be putting my money into ISA's (which I am)
Fair comment i guess its because i've never bought a house as an investment that i don't agree with a lot that is said on here.0 -
Oh, by investing in a property I mean spending money on things like decorating, getting a new cooker etc. Not buying the property to make money.0
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Add up all the costs for buying and selling the house, investing in it by doing it up and buying new things for it, add to it the interest you would get on your 60K in the bank for five years. Tot it up, add the mortgage payments for five years. Take off your rent payments for five years.
That is roughly (apart from maintenance and other things I will have forgotten) is how much it will cost you to own that house for five years.
If its worth it, then you only have to worry about the value of the house falling. And if you do want to move in five years then IMHO you are gambling with that.Freedom is not worth having if it does not include the freedom to make mistakes.0 -
I lived in rented for 3 years, very happy lovely house and landlord. The only reason I moved out and bought my own place was because I couldnot decorate.
Some wallpaper was falling off by the window and the LL said he would put a new piece up and paint it but it wouldn't match as orginal blown vinyl wasn't made any more.
It didn't matter how much I liked the house the fact I couldn't do anything made me think long term and long term I wanted control over my home and surroundings.
OP no one knows the future if your happy with the decision you make that is what matters.0 -
Lotus-eater wrote: »Add up all the costs for buying and selling the house, investing in it by doing it up and buying new things for it, add to it the interest you would get on your 60K in the bank for five years. Tot it up, add the mortgage payments for five years. Take off your rent payments for five years.
That is roughly (apart from maintenance and other things I will have forgotten) is how much it will cost you to own that house for five years.
If its worth it, then you only have to worry about the value of the house falling. And if you do want to move in five years then IMHO you are gambling with that.
Why because if his house falls so will the house he wants to move up to?0 -
The figures have been put on here often enough. You know he would be better off buying the house he wants to move up to when it has fallen in price without buying a house now that will fall in price.mr.broderick wrote: »Why because if his house falls so will the house he wants to move up to?
As always its a guess...... and you can't put a price on owning your own home if thats what you want.Freedom is not worth having if it does not include the freedom to make mistakes.0 -
mr.broderick wrote: »All posts after post #1 are total guess work please anyone reading these posts do not let them influence any important decisions you may be making anytime soon. A lot of posts on here recently should carry this warning.
You're very grumpy these days, mr b. _party_poppy100 -
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Lotus-eater wrote: »The figures have been put on here often enough. You know he would be better off buying the house he wants to move up to when it has fallen in price without buying a house now that will fall in price.
As always its a guess...... and you can't put a price on owning your own home if thats what you want.
Ok just bought a 200k house borrowed 80k. The house i want is 300k. If they fall 50%. My house 100k ideal house 150k. 130k to change. If I buy it now would have had to borrow 180k.
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