Discussion
bestinshow said:
So rent then.
Why are you so keen to buy a house ?
Ive been renting for 4 years. Buying a house is the done thing isnt it?Why are you so keen to buy a house ?
Also Id like my own garage and a garden that isnt communal so i can grow my own veg and put a shed to have as a workshop for doing engineering stuff. Plus id have a bit more space and a little bit more freedom to decorate how I wanted it.
I suppose in this current climate having wants isnt really considered politically correct. Especially as a straight white male who earn an average/good wage, any spare income I have should go to the government right?
musclecarmad said:
Odie said:
bestinshow said:
So rent then.
Why are you so keen to buy a house ?
Ive been renting for 4 years. Buying a house is the done thing isnt it?Why are you so keen to buy a house ?
Also Id like my own garage and a garden that isnt communal so i can grow my own veg and put a shed to have as a workshop for doing engineering stuff. Plus id have a bit more space and a little bit more freedom to decorate how I wanted it.
I suppose in this current climate having wants isnt really considered politically correct. Especially as a straight white male who earn an average/good wage, any spare income I have should go to the government right?
if you can't afford it mate you are looking beyond your means.
however, i too agree property is overpriced. i see people every day that used to go out and party and go on holidays then they get suckered with a fat mortgage and don't go out.
you have a few options.
1. whinge
2. get a mortgage and have no life
3. continue renting
4. lower your sights
5. move abroad
6. move in with someone else
it's up to you.
I think what the OP is whinging about is the now massive gap between average wage against average house price.
When my parents bought their first flat it was 19k and my dad was earning about 10k on an apprenticeship with BAe.
In 1999 they bought their current house for 190k and he was earning a fairly reasonable 75k. That house is now worth about 400k, so over doubled. But the average wage has hardly moved in that time.
I, like the OP feel I do well for my age, however the chances of getting out of renting and into a reasonable house (IE not a s
t box) are pretty much nill.
To give you an example the house i currently rent is worth about 280k largely due to the area, and I rent it for £850/month. To buy it I would need to save around 40k deposit then over £1,650 a month. Even a more reasonable £200k house (which gets a 2 bed terraced here) is still over £1000 PCM with 15% down.
The only people I see getting houses at the moment are the chavs that keep having children to upgrade their home. People my age earning well (between 40-60k) have very little chance of getting on the ladder without sacrificing life itself. It didn't use to be like that.
When my parents bought their first flat it was 19k and my dad was earning about 10k on an apprenticeship with BAe.
In 1999 they bought their current house for 190k and he was earning a fairly reasonable 75k. That house is now worth about 400k, so over doubled. But the average wage has hardly moved in that time.
I, like the OP feel I do well for my age, however the chances of getting out of renting and into a reasonable house (IE not a s
t box) are pretty much nill. To give you an example the house i currently rent is worth about 280k largely due to the area, and I rent it for £850/month. To buy it I would need to save around 40k deposit then over £1,650 a month. Even a more reasonable £200k house (which gets a 2 bed terraced here) is still over £1000 PCM with 15% down.
The only people I see getting houses at the moment are the chavs that keep having children to upgrade their home. People my age earning well (between 40-60k) have very little chance of getting on the ladder without sacrificing life itself. It didn't use to be like that.
jon- said:
To give you an example the house i currently rent is worth about 280k largely due to the area, and I rent it for £850/month. To buy it I would need to save around 40k deposit then over £1,650 a month. Even a more reasonable £200k house (which gets a 2 bed terraced here) is still over £1000 PCM with 15% down.
I find this situation quite bizzare. Deva Link said:
jon- said:
To give you an example the house i currently rent is worth about 280k largely due to the area, and I rent it for £850/month. To buy it I would need to save around 40k deposit then over £1,650 a month. Even a more reasonable £200k house (which gets a 2 bed terraced here) is still over £1000 PCM with 15% down.
I find this situation quite bizzare. TuxRacer said:
Deva Link said:
jon- said:
To give you an example the house i currently rent is worth about 280k largely due to the area, and I rent it for £850/month. To buy it I would need to save around 40k deposit then over £1,650 a month. Even a more reasonable £200k house (which gets a 2 bed terraced here) is still over £1000 PCM with 15% down.
I find this situation quite bizzare. Merlot said:
Our place is worth about £170k and would fetch £650pcm, our minimum mortgage payment is £800pcm but that is capital repayment. The interest portion is about £570 (which obviously falls every month). We put in a deposit of £25k which would currently be earning us £40/month interest so it is cheaper to buy rather than rent in our case.
Sorry if I'm being thick here, but how does the above make it cheaper to buy rather than rent?You're buying at £800/mth +£25K deposit or you could rent for £650. Surely renting would be way cheaper?
Our place would be around the £2,000pcm rent but by riding the property boom buying at the right time means at barely over thirty the offset is currently in the very cool section of 20% hoping to be mortgage free within 3.5years.
The clear upside is once cleared only bills will be basic house costs and the odd repair. When you get to that stage you can then choose to retire very early if you choose.
If we had rented then in 3.5yrs we'd be continuing to shell out £2k PCM for the rest of our lives.
Mortgages repayment mortgages are very good forced saving plans as so many are poor with finance/spending. Sure you can make more other ways but for average joe hard to beat
The clear upside is once cleared only bills will be basic house costs and the odd repair. When you get to that stage you can then choose to retire very early if you choose.
If we had rented then in 3.5yrs we'd be continuing to shell out £2k PCM for the rest of our lives.
Mortgages repayment mortgages are very good forced saving plans as so many are poor with finance/spending. Sure you can make more other ways but for average joe hard to beat
Merlot said:
Deva Link said:
Merlot said:
Our place is worth about £170k and would fetch £650pcm, our minimum mortgage payment is £800pcm but that is capital repayment. The interest portion is about £570 (which obviously falls every month). We put in a deposit of £25k which would currently be earning us £40/month interest so it is cheaper to buy rather than rent in our case.
Sorry if I'm being thick here, but how does the above make it cheaper to buy rather than rent?You're buying at £800/mth +£25K deposit or you could rent for £650. Surely renting would be way cheaper?
As good as renting is there is something really nice about owning your own house. Pride perceived success once you have paid it off. Down side your tied to it cost of moving is higher and your reluctant to move but solution is buy in the correct area and choose the place you really want not rush into it
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