James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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I want a house 
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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P.s. I also want house day 
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PaulW
Member
Registered: 26th Jan 03
Location: Atherton, Greater Manchester
User status: Offline
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my grandparents have me written into there will to have there house when they pass on...
sounds grim i know, but its not a bad place, was recently valued at £165k
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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housing market will grind to a hault at this rate, people dont want to rent, people cant afford to buy.
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by James
P.s. I also want house day
Would be nice, i got back from IKEA about an hour ago and im chuffed as i got a desk in the bargains section, with a tiny chip on the back and got it from £80, down to £40 then down to £20 
I bought a double bed (which, i got into my clio ) and a few little bits
I love going there  Just need to get blinds for downstairs, new curtains for upstairs, foam and mdf for my headboard, a mattress for bed for spare room, and new sheets for me bedroom
Oh the list just gets longer and longer
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Ally did you buy your property at auction?
If not, do you know much about buying properties at auction? 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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I got a cabinet to match my desks from Ikea from the bargain bit.
Funny you should mention that James
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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ooooohhh **holds back excitement**
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Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
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quote:
Originally posted by Russ
housing market will grind to a hault at this rate, people dont want to rent, people cant afford to buy.
It'll crash soon.
There was a bloke on Radio 2 earlier, who was comparing prices now, to the prices just before the last market crash, as well as mortgage trends (people offering more money to people)
Earlier this month, a beach hut in Brighton sold for 60k 
Before the market crashed last time, a small cupboard type thing opposite Harrods in London sold for 36k
Apparently, within a few months, the market had crashed, bringing the prices down considerably for people.
Hopefully his prediction is right.
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by James
Ally did you buy your property at auction?
If not, do you know much about buying properties at auction?
No mine was via normal sale, i know a little bit, what du wanna know?
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
User status: Offline
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I can't see there being any crash. One of the main reasons for the crash in the 80s was due to the sudden amount of un-employment. Everyone realised they were loosing thier jobs so could not afford their repayments which started people selling thier houses then it just went silly.
Currently there is no hint of massive job loss in the UK. The main sectors are doing well (well maybe not NHS).
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Jamie Walby
Member
Registered: 15th Nov 04
User status: Offline
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My mum and dad have suggested I get on the ladder asap. I could afford a mortgage but not all the bills too. So they said, lookinto buying a house/flat, then rent it out for a few years.
Havent looked into it too much though so not sure how practical it would be.
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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I am looking to buy to rent J, you could always get an interest only mortgage to start with as the repayments will be lower.
I would go for it, you can limit your bills, ovbiously things like tax, assurance, insurance, water, leccy etc must be paid for but if you are good with your money then its certainly worth it.
Or u could buy a house and get a lodger/rent a room out to a mate etc
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Jamie Walby
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Registered: 15th Nov 04
User status: Offline
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Im going to look into it. Id rather buy then rent it out to a family or a couple for a few years. The idea is, interest only mortgage, hopefully rent will be more than the mortgage payments, and the profit can go into an isa. Then if all goes well in 3-4 years, I can move in with enough money behind me to be comfortable. Or, remortgage first flat/house, for a deposit on a 2nd property for me to live in.
Like I said, only just started looking into it.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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dont forget all the other costs with buy-to-let that you'll have to cover, aswell as your duties as landlord which if something goes wrong can be fairly pricey.
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jaffa
Member
Registered: 27th Mar 00
Location: Stoke-on-Trent
User status: Offline
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Also think buy to let requires bigger deposit than normal mortgages
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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quote:
Originally posted by jaffa
Also think buy to let requires bigger deposit than normal mortgages
Yeah they do, about 20%
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Jamie Walby
Member
Registered: 15th Nov 04
User status: Offline
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This is all the stuff I need to be looking into 
Duties as a landlord wouldnt bother me, I can save costs by doing a lot of the work myself, my dad is also a god at plumbing, so potentially money could be saved there. I see what you are saying though Cosmohomomofo.
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Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
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Going into the buy to let market at the moment is quite hard work due to the house prices against rental prices.
My next door is up for rent and its up for less than would cover the mortgage.
The winners are the ones who bought up 3/4 years ago with a much smaller mortgage and can now charge way over what thier repayments are.
If you can find a run-down house you have more chance as you can do it up and have a smaller mortgage
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Daimo B
Member
Registered: 20th Mar 00
User status: Offline
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quote:
Originally posted by Russ
housing market will grind to a hault at this rate, people dont want to rent, people cant afford to buy.
People have been saying this for 20 years and its only a couple of times that the market has dipped.
People earn more, economy goes up, as does prices...
Why do you think we dont pay 25p for a packet of crisps or 25p for a can of coke these days? All like 40-50p upwards.
Its just eh way the economy goes. If that goes tits up, then all you need to do is stay in the place your living and not move until prices raise again, which they will do.
Its something that highly concerned me as i didn't want to be in negative equity. But when you realised your actually living in your house, it really isn't so worrying. Just means you can't move yet.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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VXR...crisps and drink cans are luxury goods (sort of) so are purely optional if prices go up if to buy or not.
Houses are not optional, yeah some people can stay if they cant afford to move, but others need the extra space, need to relocate, etc. so its not always an option to stay.
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Daimo B
Member
Registered: 20th Mar 00
User status: Offline
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True, but then if the house prices drop, and everythign goes pete tong, you shouldn't really be thinking about having kids etc and moving out (IMO).
What i mean is that if the poop hit the fan, and prices DO take a sudden drop, its not the end. It just means your staying put in that house till prices rise. You can still move, but be prepared to loose money.
Crisps etc, yeah i know what you mean, but inflation, economy, costs etc have all gone up. So those prices get paid on to the customers, i.e us...
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