scoob
Premium Member
Registered: 16th Oct 03
Location: Beverley, E Riding of Yorkshire
User status: Offline
|
bought my house when i was 22 hard work but worth it.
|
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
|
Im amazed an American can even fit in to a Metro tbh.
|
Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
|
quote:
Originally posted by Cosmo
Im amazed an American can even fit in to a Metro tbh.
|
Daimo B
Member
Registered: 20th Mar 00
User status: Offline
|
quote:
Originally posted by Nath
Maybe he crashed his Metro due to lack of grip.
Wet or dry? On the one way system racing a part built R5GTT and a broken Scooby I heard?
PS, cosmo, I thought most Americans were the size of a metro? (metro BUS that is...)
[Edited on 27-07-2010 by Daimo B]
|
Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
|
quote:
Originally posted by Paul_J
Yeah but he's going to have a miserable time when he gets old. No property, no income to rent.
Same as anyone who has mortgaged and the price has gone down. You can't sell it if you still need to live there, you're unlikely to be able to release equity out of it with market conditions being what they will be, and he won't want to rent if the rental income still exceeds the mortgage payment. And he'll still need somewhere to live.
And he might be miserable paying a mortgage, you need to get past this 'rental people are sad' and 'home owner people are masters of their estate, sitting on a nest-egg which will mean they can retire a happy a full life simply because of a few sensible decisions earlier in life'.
This is not the case any more! Property doesn't appreciate at the same levels, it costs more to buy them, it costs money to move, it costs money to run.
Unless you saved between the age of 15 to 25 and put down 25%, you won't retire with a paid-off mortgage and equity to spare. With respect, it's too late (for us all btw!)
|
Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
|
quote:
Originally posted by Paul_J
The thought of 'being 35' seems old, but the reality is everyone I know who is 35 is still fairly young (seems it in comparison) and I can imagine being 35 feeling similar to how I do now.
I feel no different now to when I was 23.
School to sixth form is a big step
Sixth form to uni is a big step
Uni to a job is a big step
I've been in the same job for 10 years, always had cars I'm happy with, comparable social life throughout that period, nothing has changed.
I could get to 40 still living in this flat quite easily, probably would be like WTF where did that go when I do, but it's easily done, I don't "feel" old even though I have a few years on some of these guys on this web site
|
Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
|
quote:
Originally posted by Daimo B
And anyway, house insurance covers anything the landlord would need to fix.
Not at all, I've had leaks, toilet flush failed, heating problems, bits of decoration, appliance problems, none of which were covered by insurance.
Its not even a bad quality build, just 5 years old now.
|
Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
|
quote:
Originally posted by Cosmo
Your parents bought it?
I have a trust fund in my name which I got access to when I was 18, so I used that cash to buy it.
So yes then.
|
ed
Member
Registered: 10th Sep 03
User status: Offline
|
Your flat is very nice Ian 
|
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
|
quote:
Originally posted by Ian
quote:
Originally posted by Cosmo
Your parents bought it?
I have a trust fund in my name which I got access to when I was 18, so I used that cash to buy it.
So yes then.
As I said further down
|
Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
|
quote:
Originally posted by ed
Your flat is very nice Ian
Thanks, fairly glad I bought it but I do get annoyed when people say buying it's a good idea.
If I had have rented, I would have certainly have paid out less money to be here, and I could move in half a day at no cost.
As it is now, I would be potentially stuck here for years, lose a chunk of cash and put up with people coming to visit and then saying they don't like the curtains.
Renting has its benefits!!
That said, buying a flat is probably less sensible than buying a house, for some of the reasons above. But yeah, I'm stuck here 
|
Daimo B
Member
Registered: 20th Mar 00
User status: Offline
|
quote:
Originally posted by Ian
And anyway, house insurance covers anything the landlord would need to fix.
Not at all, I've had leaks, toilet flush failed, heating problems, bits of decoration, appliance problems, none of which were covered by insurance.
Its not even a bad quality build, just 5 years old now.
We had a ball cock break, and a copper pipe burst. God blass dads
Heating covered by British Gas plan, which also covers some appliances, and decoration and such can be done whenever. Appliance should have warrantee (bar pond pumps  ).
But when my rabbits eat my carpet, im covered 
I don't think im better than any renter, but every month im paying something off. As I say earlier, its personnal choice and situation at the time thats best for each individual. Sometimes I do wish I could just roll on, go travelling etc and not have a house/mortgage/pets to worry about. But other times im gratefull i've got no-one to answer to and leases to re-sign (although this can be covered by having to re-get a mortgage I guess).
My house is now 40 odd years old  See these new builds, aint built like they used to build em
[Edited on 27-07-2010 by Daimo B]
|
ashleh
Member
Registered: 23rd Dec 08
Location: Nottingham
User status: Offline
|
Moving out in september with 5 other people as part of uni. Can't wait tbh .
|
Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
|
quote:
Originally posted by Daimo B
I don't think im better than any renter, but every month im paying something off.
Exactly.
And when you retire you can live rent free, with 100% of your pension.
Or re-mortgage, nice fat lump sum to spunk away etc.
I still cant see the short term advantages of rent over long term ownership 
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
quote:
Originally posted by Jules S
quote:
Originally posted by Daimo B
I don't think im better than any renter, but every month im paying something off.
Exactly.
And when you retire you can live rent free, with 100% of your pension.
Or re-mortgage, nice fat lump sum to spunk away etc.
I still cant see the short term advantages of rent over long term ownership
To quote myself:
Im in a similar boat to Paul tbh in that since ive lived on my own ive never known what i wanted to do with my life and ive not wanted to be tied down by a mortgage in the current hard to sell climate.
I chatted to my landlord the other day and he suggested that the flat i live in was worth £225k when I moved in in Jan 2008 and that its worth less than £210k at present hence, has my rent really just been money down the drain (around £22k in the same period) givne the flexibility that renting has afforded me (for example as many know, i will shortly be movign to london and can simply give 6 weeks notice - badda-bing badda-boom and ive moved). Also, as Ian said, when somethign breaks - one call and the landlord fixes it such as the partially damaged ceilign where upstairs dickhead fell asleep with the taps running 
Done
|
Half Pint
Member
Registered: 25th Mar 02
User status: Offline
|
quote:
Originally posted by Daimo B
Tony, see your location, thats me, right now.
Nice sofa btw.
And here I am at work in the shitter...
Least the Mrs won't be pestering me for sex later.
|
Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
|
quote:
Originally posted by Jules S
quote:
Originally posted by Daimo B
I don't think im better than any renter, but every month im paying something off.
Exactly.
And when you retire you can live rent free, with 100% of your pension.
Or re-mortgage, nice fat lump sum to spunk away etc.
I still cant see the short term advantages of rent over long term ownership
Yeah, I think this is what Ian is missing in his responses to me, I'm not talking about buying for the short term.
I'm talking about long term benefits, e.g. paid off mortgage, property asset for retirement and security.
I do agree with a lot of Ian's point though, I don't really want to tie myself down and short term it is highly possible to lose money - so therefore only best to consider buying a house when ready to settle down long term.
That said, I still disapprove with just 'renting'. People who rent often find they are unable to save much. Therefore people who rent generally end up, living paycheck to paycheck - never really getting any savings or financial security under them. Therefore despite being able to move at any time, they will only be able to move to more rented accommodation.
I think staying at parents home is the best move until you at least have some financial security. Then sure go rent else where for a while, but you'll still have the money in the bank to put down as a deposit if required.
|
Daimo B
Member
Registered: 20th Mar 00
User status: Offline
|
quote:
Originally posted by Half Pint
And here I am at work in the shitter...
Least the Mrs won't be pestering me for sex later.
Dunno about that, I put on a poor show. I was in and out before you could say moist
|
Half Pint
Member
Registered: 25th Mar 02
User status: Offline
|
quote:
Originally posted by Daimo B
quote:
Originally posted by Half Pint
And here I am at work in the shitter...
Least the Mrs won't be pestering me for sex later.
Dunno about that, I put on a poor show. I was in and out before you could say moist
bugger, may end up stiring your porridge after all
|
jr
Member
Registered: 20th May 02
Location: Kent
User status: Offline
|
quote:
Originally posted by Ian
quote:
Originally posted by Paul_J
Yeah but he's going to have a miserable time when he gets old. No property, no income to rent.
Same as anyone who has mortgaged and the price has gone down. You can't sell it if you still need to live there, you're unlikely to be able to release equity out of it with market conditions being what they will be, and he won't want to rent if the rental income still exceeds the mortgage payment. And he'll still need somewhere to live.
And he might be miserable paying a mortgage, you need to get past this 'rental people are sad' and 'home owner people are masters of their estate, sitting on a nest-egg which will mean they can retire a happy a full life simply because of a few sensible decisions earlier in life'.
This is not the case any more! Property doesn't appreciate at the same levels, it costs more to buy them, it costs money to move, it costs money to run.
Unless you saved between the age of 15 to 25 and put down 25%, you won't retire with a paid-off mortgage and equity to spare. With respect, it's too late (for us all btw!)
This
|
Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Offline
|
I always think it's a tad naive when people believe that because they bought their house in 20 years all will be rosey.
What about the now? Global catastrophes are just around the corner, buy because you want to, not because you want to have your money invested wisely because that's what your parents done.
We live in a very different world to our parents and their parents.
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
Also how many people spend forever int he same house these days? people upgrade and buy bigger better and thus more expensive hosues, therefore pushing back the amount of time it takes them to pay off their mortgage
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
Does it not annoy you that with renting your just topping up someone elses pension. Thats all that would bother me, paying x thousand a year towards someone elses nest egg when I could be paying off my own. If theres a leaky tap or the boiler brakes you just roll up your sleves or make a few phonecalls I dont see why having a landlord would make things so splendid you've still got to pick up the phone & go through similar motions you just may or may not swerve the bill at the end.
Ive often cosidered having a rental property, however I dont think theres many folk around here that rent. Its almost unknown, i'd fear that I couldnt fill the place.
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
not in my personal situation as i woudl ahve lost thousands ! stamp duty, legal fees etc not to mention the loss of value plus the hassle of havign to sell it and chains etc
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
quote:
Originally posted by Robbo
Also how many people spend forever int he same house these days? people upgrade and buy bigger better and thus more expensive hosues, therefore pushing back the amount of time it takes them to pay off their mortgage
Its the best thing to do though, keep upgrading to the biggest & best you can then once the kids fly the nest downgrade & have a 5 figure lump sum. So long as the mortgage payments are managable its the way to do it?
|
