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1st forum post. first time buyer queries
Comments
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I hope you know the area very well,
a lot of the ex mining villages in this region are VERY insular.It's a health benefit ...0 -
edited by me to remove personal details. apologies for any inconvenience caused.bubblesmoney :hello:0
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no, I mean local area for local people
I lived in the area during the miners strike in the 80s.
they can be a scary place for 'strangers'It's a health benefit ...0 -
I think before making a decision on buying a house you need to think how long you will live there. Also if there is more than one of you on the mortgage could you afford it for long enough to sell it if you lost your job or your circumstances changed like one of you getting ill, injured or pregnant. Even where you can get benefits in the event the worse happens - it tends to be for a time limited period and only on the interest element. It may be worth getting insurance for this...
In my first house - we did not lose any money but didn't gain any in 5 years! :mad: In my next house we gained 33% equity through house price rises in 2 years. :j In my third house we gained approxi 150% of original price in approx 5-6 years.
In this house we've been there just over 2 years and gained... 2%! :eek: It is worth looking up house price trends for your street.
I think you also have to weigh up the cost of renting which is going up and the joy of having the freedom to decorate your own home etc.... I personally intend to keep property owning and take the rough with the smooth. £135K depending on area sounds great for a 4 bed house.... It is schools in my opinion that make the biggest difference to house prices - that and crime rates. I personally check upmystreet.com for that kind of info plus others websites.:cool:Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £171.8K Equity 36.37%
2) £2.6K Net savings after CCs 10/10/25
3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
(If took bigger lump sum = 60.35K or 47.6%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5K updated 10/10/250 -
edited by me to remove personal details. apologies for any inconvenience caused.bubblesmoney :hello:0
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it's over 20 years since I lived in the region, so I can't really say what they are like now.
I do know Normanton/Castleford/Hemsworth etc very well due to relatives living there.
one good point of reference is looking at the ofstead reports for the local schools. you will see some thing in those which should give you a clue about the neighbour (look for absences/exclusions etc)It's a health benefit ...0
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