Its funny, everyday I continue to not own a house

borntobefree

Everyday that I'm buying my house and not renting my house I'm saving £1000k per month.:D My house house costs me £1.5k per month. It would cost me £2.5k to rent;). Since me and my hubby started buying our first flat in 1987 we have spent about £280k in interest and capital. Whatever market we are in - our house is probably worth more than that. We get to live in it rent free soon (MFW) and what ever is left - the kids can have.;)

When you factor in the costs of buying and selling Vs the amount of interest we would receive on our capital, I doubt we could have made any money out of STR.

But good Luck to you all. I really, truly do hope you all pick up a bargain. :money:

BTman

ruggedtoast wrote: »

I feel like I'm saving money.

Funny isnt it?

I feel the same way. Cheap rent at a lot less than an IO mortgage on the same property, prices sliding by many thousands of pounds since September... :beer:

I would be very happy if this downturn continued for a few years.

Maybe it is the renters turn to be smug..:p

IveSeenTheLight

BTman wrote: »

Maybe it is the renters turn to be smug..:p

As a LL, I am very happy receiving rent that someone else is paying off the mortgages:p

PasturesNew

IveSeenTheLight wrote: »

Yes, very sad, but also it may prove to be good financially, but also maybe not.

You could change your signature to incluse what you sold for, what the selling costs were, what rent you have paid, what buying costs you will incur and what interest you have accumulated from the house sale

It will give you very good reading when you buy again.

I'm not that interested! Maybe I'm not really into my hobby at all am I. I need a new one.

PasturesNew

IveSeenTheLight wrote: »

As a LL, I am very happy receiving rent that someone else is paying off the mortgages:p

If you were my LL you might not be. On IO I'd be paying the interest. But the flat itself would already be at an asking price £4k less than you paid. Next door is for sale so I know this - and as that's an asking price it will go for less... and I know that even at that price it has no viewers.

So how would you feel about a £10k loss in 2 years + paying insurance, paying service charges, doing maintenance and being at my beck and call to fix things? And then there was the cost to buy it paid up front.

Kez100

I understand where posters on here are coming from but, during your gloating, do remember that it is going to be luck which allows you to jump back on at the perfect time. I am not knocking what seems like a very sensible policy in your circumstances. However, home ownership has been sadly degraded on here to a £ versus £ argument, good investment versus bad investment, when actually it is very much more than that. I do agree that some people have been daft to buy, but most weren't and assessed everything clearly before going ahead. Many an hour in 1994 I spent thinking of renting having been bitten in the bum by 4k negative equity, but we didn't because we wanted a home, and now I am sat on 15%LTV - or, in other words, a large family home for a cost, in interest, of £250 a month - which will be free to live in, in eight years time. A lot of that was luck as much as judgement.

I think your decisions are very valid and dearly hope your actions will lead you to be in our very position in 14 years time (or before if you raised a good amount from previous sale). However, gloating isn't healthy nor, in fact, would those of you who did sell to rent early have been able to at such high a price if there hadn't been others around still buying, pushing the prices to level they reached.

andyyorks

Zammo wrote: »

I'd take the 270k at peak.

If only it was this easy! We're all wise after the event.

Zammo, apologies if I've got you confused with another frequent poster. Didn't you consider buying three years ago but didn't because you thought the market had peaked?

andyyorks

ruggedtoast wrote: »

I feel like I'm saving money.

Funny isnt it?

I feel like this with cars!

dannyboycey

Lotus-eater wrote: »

In 2035 you'd wish even more that you bought in 2011........... probably

In 2035, Earth will be so last year... Mars will be the place to buy a few BTL's!

Lotus-eater

dannyboycey wrote: »

In 2035, Earth will be so last year... Mars will be the place to buy a few BTL's!

Mmmm I remember 1976 at school we were asked to draw pictures where we would be in 2000, most drew rocket packs, living on the moon etc, I drew a 4 wheeled caravan, I think I'm closer