price drops

m00m00

it's lose, not loose

and lillyj is highly educated and skilled, so wouldn't find it too hard to find another job.

LillyJ

neas wrote: »

nobody can say with 100% conviction they wont be repossessed... what if you loose your job?

No, but I can say my partner can never be made redundant, it is written in to law that he can't be! And this would be the case forever and ever, however cheap houses are. And we could afford it on one wage anyway. (unlikely situation anyway!) If I think "what if" all the time, then I would never leave the house.

neverdespairgirl

LillyJ wrote: »

That is your choice, but I personally would not want children in rented. My home is important to me, more so than how much a bit of paper tells me my house is worth. I HATE renting and pay the same as I would for a mortgage. If you have found somewhere nice to rent then good for you.

I'm 30, so is my OH, and we have a 2 year old son. We've lived in the same rented flat since 1997, and we are very happy here. My home is important to me, and to us, but we don't need to own it.

LillyJ

neverdespairgirl wrote: »

I'm 30, so is my OH, and we have a 2 year old son. We've lived in the same rented flat since 1997, and we are very happy here. My home is important to me, and to us, but we don't need to own it.

Well you are obviously very happy there and are lucky to have a good landlord and a nice home. I haven't found that rented place, and I have looked hard. My house has been sold from under my feet, I have had landlords who don't fix showers and then when I pay for repairs I get a warning letter from the agent etc etc

Surely it is personal choice and I don't think anyone could slate me for wanting to own a home when I can afford it and understand the risks and costs involved. It is my money and my choice, which I am happy with. I wouldn't be happy to just keep waiting to see when house prices go down. I feel like I am in limbo and have for 7 years.

Sorry if people here find it unusual to want to buy a house, but I don't think it is that odd. I suspect due to the nature of this board people here aren't really representative of most people anyway.

I actually find it quite insulting this assumption that everyone should just rent, as I am a grown woman with my own money, and I have chosen to spend it in a specific way which is my choice. I haven't blown it on fast cars and alcohol, which in my opinion would be a lot more reckless than buying a family home.

Kez100

This isn't about slating anyone for wanting their own home, it's about knowing the risks in buying at the moment. There is a higher chance (than not) that your house will be cheaper if you wait a year. That could be a good money saving option - wait and get yourself on the 'ladder' a rung higher - save moving twice if you have family etc etc. However, we nearly bought at the last height in 1989, and only didn't because our work location was likely to change as I was not going to qualify until early 1991. When we stepped into our first home, we thought it was the bottom of the market and it wasn't. Prices didn't just fall, you see, they tended to tumble - recover for a few months - then fall again. Being desparate to own your own home now is a difficult situation to be in as - if we use last time as an example - you are more likely than not to jump on at a 'wrong' time anyway. It's impossible to time perfectly without hindsight. All I would say is, know the risks and, if you believe you are in safe, well paid employment, the biggest risks are probably needing to move for work or family size in the next ten years and upset when next door goes on the market at a significant saving to what you paid today.

That is what happened to us. Three years after moving in we wanted a family despite me not feeling maternal at allwhen we bought our first home. The house was big enough for a small family, but too far from my work for me to sensibly work part time which I wanted to do as I wanted to spend as much time with my children as possible. So, we chose to move, and we had to save (hard) to get ourselves out of negative equity. Then we did then time the market perfectly!

LillyJ

I know the risks, and am more secure than most in our jobs (particularly my partner who is completely safe)
We are also not going to have to move twice anyway. Our house is more than adequate for us for a very long time.
Your situation proves that no one will ever know when the bottom of the market is, and I have more important things to worry about than the price of my house on paper.

I know I will sleep soundly in my house when I move there, with no financial worries, and that to me is priceless.

boinging_2

But surely if you could buy a bigger house or the same house cheaper in 6 months time then it's better to wait?

You wouldn't buy a TV in John Lewis knowing it's going to be cheaper in the future.

Jimuth

Hey Lilly, no problems with you moving, and I work in Brum - and yeah, Harborne's nice etc. and I totally agree with going with your heart rather than your head if it works for you (some people on here can't see the wood for the £££££ signs sometimes).

What I do have a problem with is your acceptance of market forces and saying that people should "know their level". For example, it seems very unfair to me that someone in rural Wales gets priced out because of English holiday homes, for example, even though them wanting to stay near friends/family/work and price used to be affordable for them are all factors you've used to defend yourself against boinging in your calcs (and fair play for that).

What if Harborne was unaffordable for you & OH apart from renting or a crappy flat? Would you be as happy then to accept that "people must have realistic expectations"? What if you parents were gravely ill and you had to care for them but couldn't afford to live back in Herts?

Is that not being realistic? Should we allow the market (in the form of absent owners, BTL landlords) to separate communities in such a way?

Not having a go at all, just wondering what you thought. We're creating slum areas (for want of a better word) by HPI, and it's the quiet majority who are like you, happy to have a home ("I'm alright Jack"), who don't seem to see this as a problem that I'm currently trying to understand...

Apologies if you DO think HPI is a social problem; it just didn't come across in your posts.

LillyJ

boinging wrote: »

But surely if you could buy a bigger house or the same house cheaper in 6 months time then it's better to wait?

You wouldn't buy a TV in John Lewis knowing it's going to be cheaper in the future.

Ah yes but we do. Very bad example, as electricals have been getting cheaper all the time.

For example my dad bought an MP3 player about 10 years ago when they first came out. Cost £250 and only held 30 songs. Look what you can buy now.

If I had that attitude I would never buy, as in 6 months time , you could say "just wait another 6 months"

I am happy with my house, I love it in fact, and am comfortable with the finances. You want to wait and that is fine too. It is a personal choice and that's that.

boinging_2

LillyJ wrote: »

Ah yes but we do. Very bad example, as electricals have been getting cheaper all the time.

For example my dad bought an MP3 player about 10 years ago when they first came out. Cost £250 and only held 30 songs. Look what you can buy now.

If I had that attitude I would never buy, as in 6 months time , you could say "just wait another 6 months"

I am happy with my house, I love it in fact, and am comfortable with the finances. You want to wait and that is fine too. It is a personal choice and that's that.

You do know this is a "moneysavingexpert" website and you are posting on a thread entitled "Price Drops" within the "House Prices" board... So if it doesn't matter to you why post here?