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posted 26-07-2010 17:40
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Personally, I would not reccommend anyone buy in this current financial or housing climate.
There is just too much uncertainty job wise and all the incentives and schemes the Labour government have put in to stop the housing crash in 2007 are all being scaled back or cut.
Also, there is talk of interest rises that are going to really mess everyone up.
I have been frantically overpaying whilst in employment and shaved off about 20 grand off my outstanding mortgage.
If I get fired tomorrow, I can get by on working in Tesco's with the added knowledge of my babymothers having to curtail their wild spending sprees.
Having large debts used to keep me awake at night.
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posted 26-07-2010 17:44
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Tactical Genius wrote:
Having large debts used to keep me awake at night.
Debts give you a boner?
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posted 26-07-2010 17:51
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Perhaps that's what led to the impregnation of the babymothers. (is that right, more than one? You have been busy...)
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posted 26-07-2010 17:56
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Having even small debts keeps me awake at night. I fucking hate owing money. All I owe is the mortgage and even that bugs me.
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posted 26-07-2010 18:17
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I think having/owing money in general does that.
As you get older and the debts go down — mortgage paid off, kids leave home — so your earning ability goes down. The worry then becomes whether you've got enough cash to last the rest of your life.
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posted 27-07-2010 01:27
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Bill Poster wrote:
Perhaps that's what led to the impregnation of the babymothers. (is that right, more than one? You have been busy...)
Yes two Bill Poster. And what do you think i have been busy doing?
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posted 27-07-2010 18:09
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TG, waiting wasn't really an option - and I can't see things getting better* any time soon. The change in my domestic circumstances meant a move had to be done.
*Of course, I reject the notion that rising house prices are a "better" state of affairs. For a large chunk of the population they are not.
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Last Edit: 27-07-2010 18:09 By E10 Rifle.
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posted 28-07-2010 17:24
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Well now this thread has just passed its one year anniversary, and one year later, it's more of a buyer's market in most areas (mainly UK and US where most posters are.)
In the US IIRC about 1/4 of homes are "upside down" (meainng their mortgages exceed the market value of the house) and with 27% of the population unemployed or underemployed, it's definitely a buyer's market. Previous markets that have shown some resistance to the recession (like Dallas or Houston) are starting to show signs of weakness. My friend is putting an offer for a 3-br house on a half acre lot in a nice area of Richmond, Calif for $330k. The last mortgage on this house in '06 was made on a basis price of $500k. This is a good time for young couples to get in the market,although with the huge shadow inventory things should get even better from the buyers' perspective in the short and medium term.
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posted 28-07-2010 17:43
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How do they measure underemployment?
I thought Richmond, CA was a rough neighborhood.
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posted 28-07-2010 17:52
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Increase in part-time employment coupled with a decrease in full-time employment, such as the UK is currently experiencing, is one way I imagine.
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posted 18-10-2010 12:34
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Bleurgh. I have to move again. I have to find somewhere cheap to rent and unfortunately it kind of has to be somewhere in or near London. Ugh. Even an hour on moveflat.com has already depressed me. I want to live somewhere I can have cats. But I'll never be able to afford that.
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Crusczoe
A lover, not a fighter. Well, not a lover either.
Posts: 2589
  
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posted 18-02-2011 19:22
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So.
First attempt to buy a house (summer 2009): gazumped.
Second attempt to buy a house (winter 2009/10): pipes burst on day of exchange, property badly damaged, removed from market.
Third attempt to buy a house (spring 2010): lender values property far lower than agreed price, we have to walk away.
Fourth attempt to buy a house (winter 2010/11): was going smoothly, but now structural damage has been found, the lender won't lend without repairs, but they won't accept our surveyor's report either.
I'm getting a MITE FUCKED OFF about this house-buying lark. I reckon it's cost us five grand so far with FUCK ALL to show for it.
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Crusczoe
A lover, not a fighter. Well, not a lover either.
Posts: 2589
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posted 22-05-2011 14:46
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...and fall through it did. Two years, a lot of wasted money, and we've given up. Gone back to renting, found a nice little place backing onto the railway about five minutes from where we are now, and sod this buying lark.
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