Buying A House

[Flipper_Al 1,012]

I see your point, but the houses most in demand in our area are the 2 bed first foot on the ladder homes, therefore due to supply and demand these houses will increase in price quicker... area and demand are huge factors, as well as good schools

 

We paid 56k 10 years ago sold for 195k, full asking price to 3rd viewer

Edited May 28, 2014 by Flipper_Al

[Waz 4,266]

I see your point, but the houses most in demand in our area are the 2 bed first foot on the ladder homes, therefore due to supply and demand these houses will increase in price quicker... area and demand are huge factors, as well as good schools

 

We paid 56k 10 years ago sold for 195k, full asking price to 3rd viewer

 

Flipper Al, did you do significant improvements to the house? 14k a year that house has earnt you minus maintenance/improvements!

[mushroom 13,180]

Forget percentages the most you can put down is what you should although 10k isn't a lot nowadays. Also if your mortgage is say 500 a month and you can afford 1000 then pay it. You'll have more collateral to expand your porfolio if you want at a later dateb

[tsteve9999 456]

 

 

 

Actually paid 94k for it and they were selling for 50k in 2011 lol

The market has raised a little prob get 60k for it at minute.

Still got a 72k left on mortgage lmao.

Makes me ill and straessed out thinking about it.

If I wasnt in an army pad I would have walked away from it.

You cant make money on house unless you do it for a buisness

You maybe buy a house for 20k and in 10 years its worth 60k so you are up 40k.

But then when you move or buy another house the other property you buy will have raised the same value as one you are selling

 

Thats the whole point mate, you shouldn't look at it as a way of making a quick profit, more as a way of saving money. I don't know how much it would cost to rent your house, but I'll bet it would be as much as you are paying in mortgage or very close to it, and definately a hell of a lot more in 30 years time, so by the time you pay it off you will have actually spent less on the mortgage than you would have in rent and you'll have a property worth £xxxxx into the bargain. As long as you can get through the first 10 years or so your wages will increase but the mortgage wont.Trust me, there will come a time when you think it's all been worth it and it also makes sure the kids will have to visit and be nice when your old and dribbling in a chair to make sure you don't change your will :laugh:

 

[Flipper_Al 1,012]

 

I see your point, but the houses most in demand in our area are the 2 bed first foot on the ladder homes, therefore due to supply and demand these houses will increase in price quicker... area and demand are huge factors, as well as good schools

 

We paid 56k 10 years ago sold for 195k, full asking price to 3rd viewer

Flipper Al, did you do significant improvements to the house? 14k a year that house has earnt you minus maintenance/improvements!

 

,New kitchen, we knocked through a wall to open it all up, large porch, max 20k spent on it

[blackdug 90]

 

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

What a strange thing to say.

If you've never had a mortgage then you will never know how good it feels to know that what you've got around you is yours.

I rented from the age of 17-23 and it is dog shit. Wasted money living by someone else's rules. Asking for permission to paint a wall

Even if house prices fall over the next few years then there is no way that in 25 years when my mortgage is paid off I will be worse off than if I had rented.

Why is it a strange thing to say....I am sitting on my arse doing nowt this morning due to property bought at the right time in the right places so I know my shit ......here is a simple bit of Maths for you

You buy a over priced house in a over priced market on historically low interest rate levels but the interest rates then rise and your house price falls ....are you winning or losing.....

and if I had a pound for every time I have heard the saying property only goes up I would be a rich man

When I hear people say this phrase I know I am in the company of amateurs

I have seen people imprisoned and others made destitute due to falling houses prices...how they people wished they had lived in a rented house I tell yeh

[Themoocher 231]

 

 

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

What a strange thing to say.

If you've never had a mortgage then you will never know how good it feels to know that what you've got around you is yours.

I rented from the age of 17-23 and it is dog shit. Wasted money living by someone else's rules. Asking for permission to paint a wall

Even if house prices fall over the next few years then there is no way that in 25 years when my mortgage is paid off I will be worse off than if I had rented.

Why is it a strange thing to say....I am sitting on my arse doing nowt this morning due to property bought at the right time in the right places so I know my shit ......here is a simple bit of Maths for you

You buy a over priced house in a over priced market on historically low interest rate levels but the interest rates then rise and your house price falls ....are you winning or losing.....

and if I had a pound for every time I have heard the saying property only goes up I would be a rich man

When I hear people say this phrase I know I am in the company of amateurs

I have seen people imprisoned and others made destitute due to falling houses prices...how they people wished they had lived in a rented house I tell yeh

 

 

The only people that make money are the banks and the goverment.

No One else does.

I bought into the band wagon and bought house when I was 25.

Wish I never bothered one of the worst decsions I think I made was buying a house

[Themoocher 231]

 

 

 

 

Actually paid 94k for it and they were selling for 50k in 2011 lol

The market has raised a little prob get 60k for it at minute.

Still got a 72k left on mortgage lmao.

Makes me ill and straessed out thinking about it.

If I wasnt in an army pad I would have walked away from it.

You cant make money on house unless you do it for a buisness

You maybe buy a house for 20k and in 10 years its worth 60k so you are up 40k.

But then when you move or buy another house the other property you buy will have raised the same value as one you are selling

 

Thats the whole point mate, you shouldn't look at it as a way of making a quick profit, more as a way of saving money. I don't know how much it would cost to rent your house, but I'll bet it would be as much as you are paying in mortgage or very close to it, and definately a hell of a lot more in 30 years time, so by the time you pay it off you will have actually spent less on the mortgage than you would have in rent and you'll have a property worth £xxxxx into the bargain. As long as you can get through the first 10 years or so your wages will increase but the mortgage wont.Trust me, there will come a time when you think it's all been worth it and it also makes sure the kids will have to visit and be nice when your old and dribbling in a chair to make sure you don't change your will :laugh:

 

 

 

Im not saying its a quick profit.

But its not a money spinner either.

If you buy a house for 100k over 30 years paying £500 a month.

it will mean repayment of 180k roughly over the loan peoid.

Plus maintenace and what ever other monthly shite you get roped into.

Lose job cant afford payment ect ect.

pay £350 for council house next door stress free?

Im not saying its a bad idea all im saying is dont get caught up with the buying and shite hype on tv as its not always a bed of roses.

[Waz 4,266]

Over borrowing for a mortgage, all part of the credit culture mixed + booms in house prices x interest rate rises = bad times.

 

House I live in I bought as uninhabitable stone cottage, no water, waste or electric. Took a few months to be able to live in it to a half decent standard and done bits when ive had the money which has taken a few years, but dont owe anything on it. Could have had it faster using other peoples money, but id be paying it off still.. happy that ive done that as I have now a steadier income and have used other peoples money to buy another old place, which im probably going to borrow some more money to get be done a lot quicker, sell 1st house and pay a fair whack off, or rent out to cover repayments? 1st house should be worth 3 times what its cost including renovating (on a budget). New house 4 or 5 times as bought in a buyers market, not finshed fixing it up yet. & in 5 or 10 years!

 

Not over borrowing as the pessimistic streak in me is strong, didnt borrow a penny till I was 36, apart from 500 quid for a mk3 escort 17 years ago!

Edited May 29, 2014 by GD Waz

[Accip74 7,112]

 

 

 

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

 

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

What a strange thing to say.

If you've never had a mortgage then you will never know how good it feels to know that what you've got around you is yours.

I rented from the age of 17-23 and it is dog shit. Wasted money living by someone else's rules. Asking for permission to paint a wall

Even if house prices fall over the next few years then there is no way that in 25 years when my mortgage is paid off I will be worse off than if I had rented.

Why is it a strange thing to say....I am sitting on my arse doing nowt this morning due to property bought at the right time in the right places so I know my shit ......here is a simple bit of Maths for you

You buy a over priced house in a over priced market on historically low interest rate levels but the interest rates then rise and your house price falls ....are you winning or losing.....

and if I had a pound for every time I have heard the saying property only goes up I would be a rich man

When I hear people say this phrase I know I am in the company of amateurs

I have seen people imprisoned and others made destitute due to falling houses prices...how they people wished they had lived in a rented house I tell yeh

The only people that make money are the banks and the goverment.

No One else does.

I bought into the band wagon and bought house when I was 25.

Wish I never bothered one of the worst decsions I think I made was buying a house

Yeh I got caught out, bought a house about 8 years ago, peak of prices.......5 years later, split up with that mrs & got the house valued at 10k less than what I'd paid for it, sold for 15k less than what I'd paid & it was in better nick!

We got off very lightly, because we had paid just enough off to cover our arses, so only had to chuck a few hundred quid in to cover things........

So there's no guarantees......

One plus to renting, is that you can sometimes rent something a lot better than you can afford to buy, we do that now here.....we own a flat & rent it out, then rent a cottage for ourselves which we couldn't possibly afford to buy in an area we can't afford :-)......but....I would prefer to own it.....

Edited May 29, 2014 by Accip74

[Born Hunter 17,784]

Over borrowing for a mortgage, all part of the credit culture mixed + booms in house prices x interest rate rises = bad times.

 

House I live in I bought as uninhabitable stone cottage, no water, waste or electric. Took a few months to be able to live in it to a half decent standard and done bits when ive had the money which has taken a few years, but dont owe anything on it. Could have had it faster using other peoples money, but id be paying it off still.. happy that ive done that as I have now a steadier income and have used other peoples money to buy another old place, which im probably going to borrow some more money to get be done a lot quicker, sell 1st house and pay a fair whack off, or rent out to cover repayments? 1st house should be worth 3 times what its cost including renovating (on a budget). New house 4 or 5 times as bought in a buyers market, not finshed fixing it up yet. & in 5 or 10 years!

 

Not over borrowing as the pessimistic streak in me is strong, didnt borrow a penny till I was 36, apart from 500 quid for a mk3 escort 17 years ago!

 

That's well and good mate but in todays climate you would have to save 10 mortgage deposits to buy that pile of stone.

 

Borrowing money is perfectly safe, just use a bit of common.

[Themoocher 231]

 

 

 

 

 

We've just had a mortgage accepted with Yorkshire bank. 5% deposit and £500 cash back on completion. Our rent is £550 a month and the mortgage will be £460 a month so it's a no brainer really

I wish you the best but

Are you going to be saying the same thing when interest rates rise and house prices fall .....

What a strange thing to say.

If you've never had a mortgage then you will never know how good it feels to know that what you've got around you is yours.

I rented from the age of 17-23 and it is dog shit. Wasted money living by someone else's rules. Asking for permission to paint a wall

Even if house prices fall over the next few years then there is no way that in 25 years when my mortgage is paid off I will be worse off than if I had rented.

Why is it a strange thing to say....I am sitting on my arse doing nowt this morning due to property bought at the right time in the right places so I know my shit ......here is a simple bit of Maths for you

You buy a over priced house in a over priced market on historically low interest rate levels but the interest rates then rise and your house price falls ....are you winning or losing.....

and if I had a pound for every time I have heard the saying property only goes up I would be a rich man

When I hear people say this phrase I know I am in the company of amateurs

I have seen people imprisoned and others made destitute due to falling houses prices...how they people wished they had lived in a rented house I tell yeh

The only people that make money are the banks and the goverment.

No One else does.

I bought into the band wagon and bought house when I was 25.

Wish I never bothered one of the worst decsions I think I made was buying a house

Yeh I got caught out, bought a house about 8 years ago, peak of prices.......5 years later, split up with that mrs & got the house valued at 10k less than what I'd paid for it, sold for 15k less than what I'd paid & it was in better nick!

We got off very lightly, because we had paid just enough off to cover our arses, so only had to chuck a few hundred quid in to cover things........

So there's no guarantees......

One plus to renting, is that you can sometimes rent something a lot better than you can afford to buy, we do that now here.....we own a flat & rent it out, then rent a cottage for ourselves which we couldn't possibly afford to buy in an area we can't afford :-)......but....I would prefer to own it.....

 

 

Im the same mate.

Got 2 bed ex councilhouse in a shit area, I paid over 90k in the boom.

Mortgage is 400 a month now, I rent it for 450.

I now rent a 3 bed log cabin/cottage in the middle of a nature reserve and stunning area with log burner and river running through my back garden.

Bout a acre to play with barns for storage and sheds.

All for a whooping price of £400 a month.

 

Now I know what I rather be doing lmao

[Born Hunter 17,784]

Themoocher, if I understand correctly, how can you get a buy to let mortgage to be able to let your property and be in negative equity? I thought most mortgage lenders required 20% equity for a buy to let mortgage?

[Kay 3,709]

I was lucky enough to buy a house in the 80's when they were cheaper.. its bought & paid for now .. i am so glad i don't have to pay private rent on a property , I genuinely don't know what i would do if i couldn't live here.... probably end up in a shitty caravan in a field somewhere... mind that don't sound so bad thinking about it

 

I like my little house all to myself .. solitude & come & go as I please... bliss

[Themoocher 231]

Themoocher, if I understand correctly, how can you get a buy to let mortgage to be able to let your property and be in negative equity? I thought most mortgage lenders required 20% equity for a buy to let mortgage?

 

I bought a house for 94k in 2008 to live in and put 10% down on it.

In 2011 the same houses were selling for 50-60k.

I lived in an army pad for nearly 5 years letting the house out.

Left the army and still have it rented out.

Thats what im saying I was very very lucky I was in the army with steady job and low rent or I would have walked away from the house and took the hit.