Excited! But what will happen tomorrow?

Deadman_2

TT1 wrote: »

Good luck VWJO, hope you love your new place.

I hope all those waiting around predicting a HUGE crash are happy counting their money when they buy their cheap houses. If there is a big crash (which there won't be :dance: ) all the best houses on the street will immediately go up for sale for peanuts won't they :rolleyes2

Before i go, i've got a time saving tip for everyone. Has nobody noticed how neverdespairgirl just goes around all the threads thanking the doom and gloom merchants for their doom and gloom posts, without actually contributing anything? Very, very sad!
So, click to see whos thanked and you'll get the general jist of the post straight away without having to read it!

***TT1 sits and waits for the doom and gloom merchants to mention repossessions***

Hard facts are on our side.

1949, 1979, 1991......2007 isn't any different.

All those years have a common connection. Do your homework.

carolt

jenner wrote: »

sorry, i didnt read your post properly, no,, she cant afford rents either, the rent is about the same as a potential mortgage, hence why she cant afford the rent.

Well, assuming she's not planning on sleeping on the streets, presumably she's going to have to find somewhere to rent, albeit smaller/in a worse area/shared.

I found your "personally i couldnt bear the thought of renting, im very terratorial, i dont like the idea of living in something owned by someone else" comment quite amusing; many of us posting here would love to buy, but don't have the choice.

I think we're all agreed owner occupation is preferable to renting; that's why - as per the original comments - many of us feel that prices going down is to be welcomed, as it will enable more people like your friend to get a secure home.

It does mean, though, that those buying now need to be very sure that buying now is 100% the right decision for them in non-financial terms; as it clearly is going to be money-losing for them in at least the medium term. Hence the comments to the OP - buy if you want, but it is not advisable on purely financial grounds at the moment.

barnaby-bear

Deadman wrote: »

Hard facts are on our side.

1949, 1979, 1991......2007 isn't any different.

All those years have a common connection. Do your homework.

Not *for me*

1949: Only one parent born, maybe they should have bought me a house, oh him being only 3 might have been an issue...

1979: I was 4, and my most valuable asset a star wars toy.... see my problem buying then ?

1991: I was 16 hadn't got any GCSEs yet, was working 8 hours a week for £2 an hour in a supermarket....

2008: Have qualifications and good job guaranteed for 4 years (odd situation but that's tenure for you), have wife with good job, have friends and family in area, settled, want to be settled for kids, live in area with fiercly competitive rental market that generally doesn't allow kids and is hard to find long term unfurnished and have been messed around, put up with lack of repairs, ripped off and had to move because of LLs selling up/moving in themselves and comfortably enough off to pay through the nose if necessary to avoid them..... see why 2008 is a bit different for us...

barnaby-bear

carolt wrote: »

Well, assuming she's not planning on sleeping on the streets, presumably she's going to have to find somewhere to rent, albeit smaller/in a worse area/shared.

I found your "personally i couldnt bear the thought of renting, im very terratorial, i dont like the idea of living in something owned by someone else" comment quite amusing; many of us posting here would love to buy, but don't have the choice.

I think we're all agreed owner occupation is preferable to renting; that's why - as per the original comments - many of us feel that prices going down is to be welcomed, as it will enable more people like your friend to get a secure home.

It does mean, though, that those buying now need to be very sure that buying now is 100% the right decision for them in non-financial terms; as it clearly is going to be money-losing for them in at least the medium term. Hence the comments to the OP - buy if you want, but it is not advisable on purely financial grounds at the moment.

If they have the choice though it seems odd so many people are calling them stupid - many people seem to have made an informed choice because what else do you do with the spare money if you can afford it, let it erode away due to tax on savings, have a few more holidays?

phlash

vwjo wrote: »

Thanks boinging - (Christian, or surname?) - I don't intend to move for at least 10 years, so I'm thinking that a lot should happen between now and then. It's just gotten to a stage where I'm 35 years old, been with my company for over 8 years, and am lucky enough to be earning very well at the moment.....if I don't do it now, then I never will! It could all go horribly, disastrously wrong - and if it does, then I'll deal with it the same way I've dealt with every other !!!!!! hand I got dealt in life! There's always plenty of people worse off.......

Can I just point out that you are the dealer in this situation.

The cards to be dealt are face up my friend.

As long as you know this and your decision still makes sense, then go for it. I on the other hand am quite happy to just see how this plays out. Could be the best investment I ever make, but I know it will not be the worst! You on the other hand may have to flip a few words around in that last sentence.

Remember this is MSE, and I'll always go with the MSE decision, as long as no other pulls outweigh it. :money:

kunekune

Our first rental, the landlord let us know that he would be selling up in 10 months time which is why he wanted to move to a periodic when our AST ended. When somewhere better came up, we chose to move. This one, I have serious doubts: the developers on the site are giving a £500 a month 'subsidy' to purchasers. What will happen when that runs out is an open question.

I know that there are some people who have great experiences, but the real point is what your legal status is. Unless I have a long tenancy in law, then I can't assume that it will last longer. For the kind/size house I want, few landlords are there for the long term. You don't make a great profit from a 4 bed family home.

But (and YMMV), in other parts of the country and other kinds of property, the answer is quite likely different. That is kind of my point: the answers are different depending on where you live. If I had access to carolt's rental market, I would feel safer renting. But try looking for 4 bedroom properties in Bingley, W.Yorks (I'm no snob, believe me, that's not why I want a big house, but I need a study so I can work from home, also I snore something terrible so we need a spare room). There are occasional properties that are big enough ... but then they don't meet the safety test. Oh yeah, one child has a learning disability and it is really important that they can't get onto a busy road.

And that's the point. I can see that private rental works for some. My fear is about whether it will work for us. Or, more specifically, not for much longer.

eltawater

vwjo wrote: »

Woohoo! I got an answer! :beer:

Thank you George. I've been thinking about this too long and hard already. Should've made this move 5 years ago, but I didn't.

vwjo:

House prices rise, house prices fall. Are you mad to buy in the current climate? possibly

However, this is by and large irrelevant to you if you can afford the mortage payments at todays rates and at potentially much higher future rates, and have no intention of moving for a long while. At least you'll have more control over making cutbacks in your lifestyle to keep up the mortage repayments, rather than relying on a landlord who may well just throw in the towel to save their own home.

Who knows, by the time you come to move, prices may well have risen again, or you'll still be bound by negative equity.

But for the meantime, keep your fingers crossed for completion to go through smoothly, make sure everything is in order for the move and you have money in the bank to cover the costs of new furniture and decoration.

Then kick back and enjoy living in a home which is all yours for however many years to come, whilst others spend those years sitting on the fence.

Have fun

TT1_3

Deadman wrote: »

Hard facts are on our side.

1949, 1979, 1991......2007 isn't any different.

All those years have a common connection. Do your homework.

Nothing you put in your post has any relevance to mine. Learn to read.

TT1_3

neverdespairgirl wrote: »

I haven't noticed that, as I post quite a lot as well. Perhaps you should read more carefully?

So bumping a 6 month old thread is a useful post is it?

I see all the doom mongers stick together with your 8 'thanks for this useful post' in your response to mine, when in fact, its no use what-so-ever to anyone of those, lol.

carolt

TT1 wrote: »

So bumping a 6 month old thread is a useful post is it?

I see all the doom mongers stick together with your 8 'thanks for this useful post' in your response to mine, when in fact, its no use what-so-ever to anyone of those, lol.

What are you taking about, you peculiar person?

She was replying to your rather rude comment on a current thread.

Oh - and it's up to 9 thanks now, by the way - not the tiniest bit jealous are you? Diddums.