Bloor Homes

SquatNow

sarah500 wrote: »

I'm not having an argument

Many appologies... didn't mean it in that way... I meant the entire "Should I shouldn't I" thread is pointless unless you've already been through "can I/can't I".

sarah500 wrote: »

It's funny that i'll need £40k deposit when i've already had a mortgage agreed on £200k with a deposit for less than that!

Is that a mortgage in principle or have you had the surveyors in and a mortgage agreed?

sarah500 wrote: »

I'm here to get advice and discuss with other people - you are simply asserting the fact that what you think is going to happen.

What the government thinks will happen AT BEST is a 10% fall this year.

sarah500 wrote: »

Again, i'll reiterate, i'm gathering opinions - I am not buying house tomorrow -I am going to see what happens. I'll more than likely wait another 9 months and save up some more money as the site i'm looking at his half way through anyway with another 4 of the house type I like left to be built - with another 2 as stock houses. So hopefully when the time is right I'll buy one!

I'm glad you're planning to wait. But don't assume they'll finish the site. At the moment builders are calling a halt to any houses that haven't got foundations down... they simply can't find buyers. They are having major problems because many people who signed up to buy the places off plan can't get the financing when it comes to complete... the banks take one look at the place, value it £30k below the price agree last august and walk off.

Banks have also started to deduct builders incentives from the value of the property now... a £200k house with a £10k deposit paid by the builder plus £5k of freebies thrown in is being values as a SALE PRICE by the banks of £185k.

I should make clear that no offense was intended by any of my comments. I'm just trying to prevent another person from becoming a victim of our ludicrous housing system.

SquatNow

Treadmill wrote: »

Its personal choice, there are advantages with a new build... The main one being its new :j

I'm not sure that's an advantage... it means the bilding hasn't had a chance to settle in so any possible faults haven't become apparent yet. I'de rather someone else fought with the builders over the leaky roof and the subsidence!

Treadmill wrote: »

I personally plan to live in mine for at least 15 years so I will not see a loss other than a paper one, I can afford the mortgage so thats not an issue.

Paper losses arn't important. They don't matter. Until you come to renew your mortgage deal and no-one will touch you because your £10k deposit has become £10k negative equity, so you end up stuck on SVR paying 30% more than you were when you moved in.

The "price falls don't matter to me" argument is used all the time. I'm happy to agree with it for people who own their property outright, but the longer/higher your outstanding mortgage, the more wrong it becomes.

sarah500

SquatNow wrote: »

Many appologies... didn't mean it in that way... I meant the entire "Should I shouldn't I" thread is pointless unless you've already been through "can I/can't I".



Is that a mortgage in principle or have you had the surveyors in and a mortgage agreed?



What the government thinks will happen AT BEST is a 10% fall this year.



I'm glad you're planning to wait. But don't assume they'll finish the site. At the moment builders are calling a halt to any houses that haven't got foundations down... they simply can't find buyers. They are having major problems because many people who signed up to buy the places off plan can't get the financing when it comes to complete... the banks take one look at the place, value it £30k below the price agree last august and walk off.

Banks have also started to deduct builders incentives from the value of the property now... a £200k house with a £10k deposit paid by the builder plus £5k of freebies thrown in is being values as a SALE PRICE by the banks of £185k.

I should make clear that no offense was intended by any of my comments. I'm just trying to prevent another person from becoming a victim of our ludicrous housing system.

This whole country is ludicrous - never mind the housing situation!!

I'm definitely not buying yet - there is too much uncertainty. I'm a first time buyer, me and my boyf have well paid jobs so we're not in a rush to buy. With a decent deposit now - so another 9 months will make it even bigger!

Your comments have been thought provoking - once you've toned them down a bit! Think it's easier to live with my mum till i'm 60!

SquatNow

sarah500 wrote: »

This whole country is ludicrous - never mind the housing situation!!

I'm definitely not buying yet - there is too much uncertainty. I'm a first time buyer, me and my boyf have well paid jobs so we're not in a rush to buy. With a decent deposit now - so another 9 months will make it even bigger!

Your comments have been thought provoking - once you've toned them down a bit! Think it's easier to live with my mum till i'm 60!

It's certainly cheaper and saves doing your own ironing.

That said, I moved out at 20 and live above someones garage... tis cheap though!

sarah500

SquatNow wrote: »

It's certainly cheaper and saves doing your own ironing.

That said, I moved out at 20 and live above someones garage... tis cheap though!

good point - she doesn't cook very often which is slightly annoying!

I'm 27 gotta do sometime - just not yet!

SquatNow

sarah500 wrote: »

good point - she doesn't cook very often which is slightly annoying!

I'm 27 gotta do sometime - just not yet!

27 gives you plenty of time.

If house prices follow historic trends from the last 100 years, then if you wait 5 years your current "deposit" will buy you a nice place outright.

Tis not my "pridiction" is merely history.

sarah500

SquatNow wrote: »

27 gives you plenty of time.

If house prices follow historic trends from the last 100 years, then if you wait 5 years your current "deposit" will buy you a nice place outright.

Tis not my "pridiction" is merely history.

you are probably right but I know I can't wait another 5 years. this bloody country screws you one way or another!

Thanks for your advice - I definitely know its not the right time for us to buy yet. Am keeping an eye on my plots - I hope they go down now! I've picked my furnsihings alread!

SquatNow

sarah500 wrote: »

you are probably right but I know I can't wait another 5 years. this bloody country screws you one way or another!

Thanks for your advice - I definitely know its not the right time for us to buy yet. Am keeping an eye on my plots - I hope they go down now! I've picked my furnsihings alread!

Forget furnishings... wait as long as you physically can then use every penny to reduce the mortgage. Every £1 reduction in the mortgage saves you AT LEAST £1 in interest payments.

Personally I'm expecting prices to become nominal after about 5 years.

Banks wont lend to people when prices are dropping unless those people have huge deposits. Eventually you hit a point where only those with 100% cash are able to buy. The people with big deposits are usually sucked in and stripped of cash/equity in the first couple of years. They will think they are getting a bargain even after they are left in negative equity.

In the last couple of years most of the buying is done by cash-rich speculators who buy houses up for less than the bricks are worth because there are simply no other buyers. All this has happened before and will happen again and again.

Last time this happened a lot in the north where speculators bought up large numbers of houses for under £5000 a time and left them empty to crumble until around 2006 when the local coucil bought them for £50,000+ a piece in order to knock them down and build new houses on the land.

As an example, there are houses in the US which fail to sell at Auction with no reserve... whole neighbourhods are, right now, simply being bulldozed. And these are houses that the previous owners bought with mortgages for $300,000!! Meanwhile the people that used to live in them are living nearby in shanty towns made from old tents and caravans. The councils have to demolish them to prevent the previous owners moving back in.

You see, if people were able to simply move back into their now-empty house, what incentive would ANYONE have to pay the rent/mortgage? If people could live there without paying, no-one would pay their mortgage and the banking system would collapse.

The whole system relies on the threat that people will be thrown out into the gutter in order for it to opporate. Those people MUST pay for their right to exist. If they do not pay, they obsolutely MUST be throw into the gutter as an example to others.

And they do so, so that the people who bought the land for $5000 and sold it to them for $300,000 can afford their new gulfstream jet.

neverdespairgirl

Treadmill wrote: »

Its personal choice, there are advantages with a new build... The main one being its new :j

Actually, to me, that seems to be the main disadvantage!

JanCee

SquatNow wrote: »

27 gives you plenty of time.

If house prices follow historic trends from the last 100 years, then if you wait 5 years your current "deposit" will buy you a nice place outright.

Tis not my "pridiction" is merely history.

Ok SquatNow lets see your evidence for that comment.