Am I nuts (buying a house)

Good luck @paradox x

 

Go Para, at the end of the day, you gotta live somewhere and it’s my little opinion that you’ll always be better off by buying, almost whatever’s the cost. That as opposed to rent just don’t stack up. If you buy now and something does go wrong like potty neighbours or being on the other side of Snottys fence or whatever. It doesn’t have to be a permanent thing, if you buy now and your money isn’t going on rent, then you’ll be building up equity and that will make a move in the future more than a possibility as you’ll have built up a bit of a nest egg . A move to a nicer / different / better / suitable / whatever area should then be possible with your toes curled firmly around the ladder as opposed to just staring at this fabled and elusive ladder.

Ozziedog,,,,,,,,,, then do as you want to it

 

We’ve arranged a second viewing for Monday
However I think the ship has sailed
We redid the mortgage calculations today keeping everything the same as before
And in four days it’s changed that the mortgage payment would be £200 a month more.

 

Yes, I’ve changed my mind.

- It is a very fast moving situation and what could be termed as an absolute car crash that will have far reaching and long term negative effects on a large section of the population - all directly attributed to Tross and Kwarteng.

you may well be best off out of it and use your good buying position to your advantage in a couple of years….

 

For reference we recently completed on a project house - would I enter into negotiations now - No!!

 

I think a lot of people are just going to sit tight for a long while

 

I'd be tempted to stick in a very low offer. They'll reject it and come back to you in a few weeks time. That's what happened in the recession in the early 1980s. You can decline if the mortgage situation is still poor.

 

..well I kept quite but I might be only one to not be that enthusiastic about buying property now..I was about to invest some money into something but..recession is just round the corner knockin on our doors..and its gonna be nasty one if it comes..anyways we were on the property buying market just at the very beginning of last recession/crash in 2008..in fact we were the very last couple tobe offered 100% mortgage at the agency with dealed with..well to cut the long story short after finding property our offer being accepted survey paperwork started sorting out and…something happened..Im not gonna get intodetails now but..sale failed though..we lost some money time blabla so bit devastated at the time but..like I said cant get into detsils but we won in the long run..it was one of the best things that happend to us..something was just telling us do not go though..if it didnt we would be still crying now financially anyway..Im just saying our individual circumstances were different obvoiusly but in this unpredictible times Id be very carefull about makin such a big decision..also if its u are first propery buyer remember you have your fitst time buyer power so dont waste it..sayin this bear in mind I didnt and still have no idea about property market in this country hehe..good luck with whstever decision you make

 

i wouldn't sit for to long ...hang on a bit and see how much they come down . It's a see saw situation with property

 

If you were intending to flip it quickly yes you did the right thing, but the market did recover then go crazy so by now you'd have made a huge profit. There isn't a bad time to buy your first house that you are going to live in. There are times when you could look at your paper profit and feel smug, but unless you sell up and rent to take that profit it's just numbers with no practical meaning.

 

Property has become a currency in it's own right, with the obsessive expectation for profit.

But theres a big difference between buying a house and buying a home.

 

Think hard.

go £25k below especially if it’s been for sale for a while and then work up and have a point where you’ll walk. Your in a great position. I’m going to look at a house and offer them £40k below as a cash buyer, don’t like it, never mind there’s another house on the same road £25k less.

It’s a buyers market right now. Someone once said to me, buy the worst house on the best street.

Don’t do less than 5yrs on the mortgage.

If you need to worry about schools anytime, look at that also, no point buying a house to find out the closest school ‘needs improvement’.

Those are my ramblings….

 

When I sold my last house it soon became obvious that the estate agent was telling people it was a divorce sale, some of the offers were darn right insulting. Remember that even if it is a "forced" sale the vendors still want a fair price. Wouldn't you wait another few months for £30-40-50k? I told the scallywags to do one. It went to sealed bids then the "winner" tried to knock £40K off. Doh! He got his marching orders too and words were had with the estate agent who was so obviously out to get it cheap for one of his many builder chums. Eventually real people were sent to look and we got a good price.
It's a jungle out there folks.

 

Ozziedog,,,,,,,,sometimes I wonder how I keep from going under.

 

Estate agents just want to shift properties as fast a possible to make their money (usually to the seller's detriment). If they really do give you grief, it may be necessary to set fire to their Audi.

 

And their Ill fitting blue suits

 

Don't want to appear negative, but Banks and Building Societies are pulling fixed rates left, right and centre.
Unless you've got an offer, then fixed rate mortgage might now be just a distant dream, I hope I'm wrong for your sake, so you can stop paying somebody else's mortgage.

 

Bear in mind if this is a probate sale by the family, they won't want to hang on for months in the hope of getting a higher price. I would start with a low offer, they may accept it.

Re mortgage rates, I well remember buying our first house in the early 70's and not long after, mortgage rates went from 6% to 13% and inflation went to 24%, we struggled and had to drastically cut our living costs, but we got through it and sold for a hefty profit, it was worth it. There is no money to be made renting.

Buying is always better than renting and you are looking to buy a home to live in.

 

Glad we bought when we did, tbh. 1992, the great crash, when the price of property went through the floor.The year before, the interest rates were something daft like 15% or something. Yuppies in London we’re running themselves over with their own porches.
Then the bottom fell out of everything, so we jumped on the ladder.
You will never go wrong, owning your own property. We don’t own ours yet, as we sold our last house and borrowed more for this one, but we have paid half of it back, in the last 6 years. A growing family made us move again. This is our 3rd house since 1992. Be all worth it, one day.

 

Selling in a crash:
You want a house that is the opposite of an estate house, get one that's a one off if you can.
Selling in a boom:
Same thing, preferably one that's possible to add value to, not one done up to the nth degree.
When buyers can directly compare houses because they are in a row of identical ones, it's a buyers market to a degree whatever the prevailing economic situation.
If you have a one off, valuing it accurately is very difficult, if someone wants it, they want THAT one and that puts the seller in a better position.
I realise this is a thread about buying, but it pays to think ahead.