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I am a cash buyer. Buy now or buy later?? - Page 3

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I am a cash buyer. Buy now or buy later??

edited 17 September 2019 at 7:35PM in House Buying, Renting & Selling
156 replies 5.5K views
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  • We bought a house last month. FTB. Not a new build. We had already waited and waited. We wanted a house in a specific area. There arent many 2 beds in the area, but one came up this year. My dog is the most important thing to me and its difficult to find rented places allowing dogs. I hadnt found anything suitable in 4 years (!) So had been stuck at home with parents. We are going to be in our new home for a good 10-15 years I expect unless we come into some money somehow so house prices this decade aren't massively relevant, we have a plan for overpayment to get LTV up for remortgaging should house prices have dropped when we come to remortgage. In any case the price was good for the area and we live in a relatively cheap part of the south. You wouldn't get much for what we paid for this anywhere within a decent radius without going into the midlands or wales.

    Watching and waiting is a luxury you have, maybe. Not everyone has it. You have to be a bit pragmatic when you dont currently have anywhwere comfortable to live.

    How long are you going to wait for?
  • RelievedSheffRelievedSheff Forumite
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    Every month now prices are getting cheaper and cheaper. How long do you reckon you will be waiting for them to come down to a level you can afford?

    You really are deluded!
  • VestraVestra Forumite
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    I hardly think he’s deluded... as someone who was looking to buy this year I’ve now held of as prices ARE reducing every month (in South London anyway).
  • RelievedSheffRelievedSheff Forumite
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    Vestra wrote: »
    I hardly think he’s deluded... as someone who was looking to buy this year I’ve now held of as prices ARE reducing every month (in South London anyway).

    Despite what several people on here would like the believe, there are places outside of London.

    The property market in London might be falling but that doesn't mean it is falling nationwide!
  • PasturesNewPasturesNew Forumite
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    You buy when a house you want comes up in your price bracket.

    It's all about budget/risk.

    If you buy now you know you have one you like.

    If you take a risk on prices falling, you run the risk of never getting one as nice as one that is for sale now.

    Nobody knows the answer.... and you will only know in 5+ years' time.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • PasturesNewPasturesNew Forumite
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    Are there any other cash buyers out there?

    I am one.

    Strangely, most of the houses I view turn out to be people who have inherited a lot of money and are moving to a bigger/nicer house. Some have so much money they have a fixed price for their empty house and are quite happy to wait. e.g. one I viewed, £300k in January 2019. It did go down £10k, then up £10k. It's just changed from its 2nd and 3rd agents back to its original agent, still £300k.

    The market and buyers are made of all sorts.

    Is their house worth £300k? Clearly not as others around theirs have sold in recent months.... I'd say theirs was worth about £280-288k when I viewed it 5-6 months ago.

    If it drops to, say, £290k again - has it dropped? No, it was always overpriced.
  • it seems my original post has gone from here! i would say wait until after Brexit see what happens.
  • LornceLornce Forumite
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    We are in the process of buying (not cash buyers, need a mortgage) in Sale, Manchester and the houses are selling so fast we FOMO'd into buying ours for asking price. I do keep thinking should we have waited but the house we are buying is a long term home and we will be in it for many many years.
  • MobileSaverMobileSaver Forumite
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    I am currently living very comfortably, thank you.

    Why the obsession with buying a house if you are living so comfortably already?
    whether they would wait 6 months to a year to get more property or spend less.

    So basically put your life on hold for a year in the forlorn hope that you'll get a bargain on your dream home?
    Yalpsmol wrote: »
    Watching and waiting is a luxury you have, maybe. Not everyone has it.

    Trying to time the property market when buying a home is a mug's game.
    Yalpsmol wrote: »
    How long are you going to wait for?

    That's the fundamental flaw in the HPC master plan! Fast forward 12 months from now and how do you know prices won't be lower the following month? Of course you don't, so you hold off for another month, then another, etc. Before you know it you are like Crashy and 15 years later are still renting a bedsit in a not very nice part of Edinburgh.

    The other major problem with this cunning plan is that as prices fall all the decent properties get taken off the market and you are just left with the dregs that no-one wanted anyway.
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
  • i think if you are buying a home for yourself and it's your 'forever home' then it's worth the price you are willing to pay for it. if it's for investment purposes take your time and wait until things settle down in the market.
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