Postive thread about buying now!

gingin_2

silvercar wrote: »

Predicting the low point is difficult, sentiment can change quickly. Once the crisis bottom's out who knows how quickly prices will rise?

I would prefer to buy while it is a buyers' market and sellers are only too pleased to grab a sale than feel pressurised to buy for fear of missing the boat once prices start to increase.

I agree, however our timescales are not based on reaching the bottom of the market, more what suit us timewise. Whether prices have fallen 20 percent and bounced back 5%, or whether they have fallen 15 and fall another 10 after we have bought I still will not regret buying. I did say "hope". We are waiting 2-3 years because I believe the economy is going to go even further downhill over the next few years and we need to make sure we have weathered that and for general economic conditions have improved before we buy. I would be devastated if husband lost his non recession proof job having just moved into our first house. I can see my post maybe didn't make that clear.

Scenic_Route

Hello,

Please forgive me for jumping into your thread but after lurking for ages round MSE I am over the moon to see a positive buying of houses thread, my other half and I are putting an offer in on some bricks and mortar this week.

It is as perfect as a house can get for us and at the end of the day we need somewhere to call home.

The only thing is I am petrified of property but not because of the current credit crunch malarky.

Realistically I don't know if the offer will be accepted and if it is, I don't know if in the future the house will ever be financially worth what we are prepared to pay for it this week, but it is worth it from the perspective of having somewhere secure to live. At least that is what I keep telling myself.

danksybaby

jeepjunkie wrote: »

I would add this... Buy when the time is right for you. Everyones circumstances and finances are different. Do not make the mistake of listening to a bunch of sour people who wish down prices cos they missed out Yes some houses will drop in price but that's probably because they're dros and just rode the trend...

:T :T Totally Agree :T :T

cozlw

I think it really is a 50/50 split and comes down to circumstances. I was renting, moved back in with my parents for a year and am now going through a purchase on a new build.

Im buying alone, im a first time buyer and Im not doing it at risk. Iv got it all planned to the last detail and know exactly what I can or cannot afford. Iv been lucky to find a good mortgage deal, no not the best, and certainly nothing to compete with the rates that were available in December when I first started looking.

But its fixed for 5 years and I really cant see the economy dropping to the extent that is being discussed. Plus im not moving to make a profit, I just need my own space and was sick of paying rent to pay someone elses mortgage!

Its the right time for me now, iv saved like crazy and have been willing to make the sacrifices to have my own place. Luckily, I timed it right with the bank holidays as well, and have been able to get a lot of my necessities at very good prices.

I know its not for everyone, but its hardly fair to call someone a moron because of how they choose to live their life and spend their money. Im confident that 5-10 years from now, I wont have lost a great deal, if at all, and will be well on my way to paying the mortgage off!

halia

Originally Posted by jeepjunkie
I would add this... Buy when the time is right for you. Everyones circumstances and finances are different. Do not make the mistake of listening to a bunch of sour people who wish down prices cos they missed out Yes some houses will drop in price but that's probably because they're dros and just rode the trend...


:T :T Totally Agree :T :T

glad to see someone agrees with me!

and hey I'd love to hear why exactly I'm a moron? Do some people honestly think it would be better to stay in a house which doesn't meet our needs and impacts negativly on our quality of life just to save a 'possible' sum of money?

I put my health & happiness, my partners health & happiness, my small sons health & happiness above the 'payoff' from trying to predict and play the housing market to gain some cash.

One way of looking at it is this, most of our friends in similar financial positions would think little of spending £2k on a family holiday each year and they'd own a car because that improved their enjoyment/quality of life.
We dont' do/have those things instead we're chosing to move to an area we love which will make us all very happy, so what if it 'costs' us £2-£5k a year in theoretical finance comapred to what would happen if we played the market? I'd rather by happy than be sitting in a 'not so dream' house counting my cash.

That's not contrary to moneysaving, its looking at whats really important in your life. We run a frugal lifestyle generally and I dont' mind doing so(no car, no satelitte, no holidays that aren't with friends or in a tent, scrounge and save methods of shopping), however there are some things that aren't about money.

I'm advisign my sister to buy as well, she's a FTB who is getting married next year and is pregnant at the moment. They are currently living in a studio flat (her) and a shared house (him).

In order to rent a decent place with a nice garden, close to some schools etc and nr to jobs they would have to pay rent which is at least DOUBLE the mortgage interest on a similar place they bought. Plus rental properties of the type they'd like (2bed, garden) tend to be on slightly dodgy streets (drug busts, breakins, burnt out cars) and not in brilliant school catchment areas.

They've got a deposit of 10% saved, they're getting cash for the wedding towards more deposit/house costs and they're looking at a mortgage of slightly less than 3x BILtobe salary NOT COUNTING any salary/maternity pay sis will get.

I suppouse they are morons to?

halia

Captain_Mainwaring wrote: »

Very bitter, you obviously lost out. I wish house prices down for the same reason others wished them up - call it what you will. I'm probably worse becuase I'd like to see interest rates hit 14% and really separate the men out from the boys.

why exactly do you wish house prices down? if you own a house then you won't want to see it go down in value so I assume what you are saying is you don't own so you would like to see other peoples possessions/financial position become worse? Isn't that just a wee bit nasty? to activly WANT something to happen that would cause lots of people unhappiness and pain?


What's so cool about seperating men from boys, and more to the point how does a nasty level of interest rates do that? All it does is put thousands of ordinary people in financial difficulties, or are you saying that ordinary people deserve to suffer? because they aren't big macho 'men'?

ixwood

What the "it's a home, not an investment, timing doesn't matter" brigade don't seem to realise timing's not about making money, it's spending less of it. Money saving!

Captain_Mainwaring_2

halia wrote: »

why exactly do you wish house prices down? if you own a house then you won't want to see it go down in value so I assume what you are saying is you don't own so you would like to see other peoples possessions/financial position become worse? Isn't that just a wee bit nasty? to activly WANT something to happen that would cause lots of people unhappiness and pain?


What's so cool about seperating men from boys, and more to the point how does a nasty level of interest rates do that? All it does is put thousands of ordinary people in financial difficulties, or are you saying that ordinary people deserve to suffer? because they aren't big macho 'men'?

Not nasty at all. The "boom" was for the mostpart sparked by greed. Are you telling me that 250K for a basic 2 bed flat outside of London is not encouraged by greed? Why didn't the vendors at that time say "hey, this price is much too high, I'm just going to take a fair profit"? Of course they won't say that, and so when the same vendors suffer a loss it's one of those things.

I've got two houses, and I don't care, I make a good rental income, so in fact when the prices are high I have to consider if my investment would be better on deposit.

Yep, It will do a few people good to get a grip of reality. The maths were always very simple to work out, and like I said, the interest rates haven't gone up - yet.

Take it you are just about to take a caning?

Don't borrow what you don'y have any realistic chance of paying back - you have to work out what would happen if the interest rates went up to say 8% which whilst unlikely is possible (14% before) . But no, people don't think about that do they? Great big LCD TV's and all the other trappings.

ixwood

I have a house btw, but now is still the worst time to buy in a decade. Nothing changes that.

panichousebuyer

halia wrote: »

What's so cool about seperating men from boys, and more to the point how does a nasty level of interest rates do that? All it does is put thousands of ordinary people in financial difficulties, or are you saying that ordinary people deserve to suffer? because they aren't big macho 'men'?

I agree! What a ridiculous thing to say, even if you can afford it, are you so high and mighty that you really want to double or treble your mortgage payments and watch a lot of other people suffer!:mad: