RunRickyRun Posted July 3, 2013 Share Posted July 3, 2013 Those aren't the only numbers though. How much do you budget for insurance and maintenance? I need a new roof this year which will come in at around £9000. If I rented, that wouldn't be my problem. Ditto for the new boiler the year before last or the central heating replacement last year. It's not as simple as rent vs mortgage payment. I think it's a good investment if you can afford it, I'm just pointing out that there are other costs. There's also mobility to think about. Mobile renters can earn more by switching jobs easily and securing a higher wage. Not something that will apply to everyone but worth bearing in mind. There's too much emphasis placed on home ownership imo. It's not always the wisest investment, Link to comment Share on other sites More sharing options...
Wainy316 Posted July 3, 2013 Share Posted July 3, 2013 Will own a flat soon in Oxfordshire. Having a serious helping hand but idea is that it can be sold on in a few years at a decent profit. It's a new build, and the next batch being released are £20k more expensive already. Link to comment Share on other sites More sharing options...
8pints Posted July 3, 2013 Share Posted July 3, 2013 really loud noises. Like a tree falling in the wood and you're around to see it? Link to comment Share on other sites More sharing options...
Voinjama Posted July 3, 2013 Share Posted July 3, 2013 Was thinking more about the builders extending park central in Edgbaston. From 7am until onwards ggggrrrrr Link to comment Share on other sites More sharing options...
chrisp65 Posted July 3, 2013 Share Posted July 3, 2013 really loud noises. BANG! you have to read it out loud for the full affect Link to comment Share on other sites More sharing options...
mjmooney Posted July 3, 2013 VT Supporter Share Posted July 3, 2013 Still staggered by Risso's 50 grand roof. We're getting ours done too, and the cost is similar to Limpid's (it's a pretty big house and it'll cost us about £11 thousand - but that includes a dormer window being built). 50 thousand. Wow. Link to comment Share on other sites More sharing options...
chrisp65 Posted July 3, 2013 Share Posted July 3, 2013 Still staggered by Risso's 50 grand roof. We're getting ours done too, and the cost is similar to Limpid's (it's a pretty big house and it'll cost us about £11 thousand - but that includes a dormer window being built). 50 thousand. Wow. I can't see beyond 'suspicious fire' when looking for a solution. Link to comment Share on other sites More sharing options...
CVByrne Posted July 3, 2013 Share Posted July 3, 2013 People buying houses. Seriously. It's up there at the top of things that piss me off that shouldn't. The amount of people who buy or want to buy a house without any logical reason to. It drove me mad in Ireland when people would use the reason "property ladder". Idiotic reason as that was. It was the lack of proper thought that went with getting the biggest loan of your life. People spend plenty of time about thinking other less important things. I think buying a house when you're settling down to have a family makes perfect sense. But the majority of the rest are bad decisions imo. In general, it's a better investment than putting your cash in a bank, nope? In general?? Well by the definition that on average house price inflation has outstripped return on deposits over say the past 40 or so years then yes, you are correct. But it's also risky as buying property is an investment. Period. While putting your money on deposit in a bank is the safest way of saving your income. Also putting all your eggs in one basket, ie concentration risk. I have all my life tied into one asset if I go and get a huge mortgage to buy a piece of property in the belief that it will increase in value and let me "trade up". It's this thinking that creates bubbles which lads to crashes, like the epic property crash in Ireland which has seen house prices drop by over 50% in 5 years. 1 Link to comment Share on other sites More sharing options...
StefanAVFC Posted July 3, 2013 VT Supporter Share Posted July 3, 2013 I'd rather not rent and I don't want to live with my parents anymore. Logic dictates.. Link to comment Share on other sites More sharing options...
CarewsEyebrowDesigner Posted July 3, 2013 Share Posted July 3, 2013 Unless you have good inside knowledge as to which area is wise to buy a house in, I would not put myself in the position of having a mortgage to pay in my early 20s. You're just asking for trouble and will likely regret your decision in a few years. 3 Link to comment Share on other sites More sharing options...
villaajax Posted July 3, 2013 Share Posted July 3, 2013 really loud noises. BANG! you have to read it out loud for the full affect I didn't read it loud enough so it didn't startle me too much. Sorry Link to comment Share on other sites More sharing options...
StefanAVFC Posted July 3, 2013 VT Supporter Share Posted July 3, 2013 Unless you have good inside knowledge as to which area is wise to buy a house in, I would not put myself in the position of having a mortgage to pay in my early 20s. You're just asking for trouble and will likely regret your decision in a few years. I'll be buying in an area I know really well and I'll be upgrading asap Link to comment Share on other sites More sharing options...
CVByrne Posted July 3, 2013 Share Posted July 3, 2013 Home ownership, the perpetuated myth that suckers people in and in the case of many of my Generation in Ireland, ruins or defines their lives. You just need a stable regulated renting infrastructure like in Germany & France. You do not need government incentives to get you to buy houses. Or any special relief for owning a home over renting one. Most people buying homes do so at the wrong time and do so without putting in the right amount of thought into the magnitude of the decision they are making. The bullshit, "better off paying a mortgage than pissing away the money on rent". If you don't know the error in that general mostly wrong sweeping statement, you're already screwed. Link to comment Share on other sites More sharing options...
leviramsey Posted July 3, 2013 VT Supporter Share Posted July 3, 2013 In general, it's a better investment than putting your cash in a bank, nope?Maybe not keeping it in the bank, but home ownership is not generally a good investment (once you strip away the leverage effect). You're almost always better off renting and cost-averaging the difference between the cost of owning over renting into a reasonably diversified investment program (e.g. maintaining a 50/50 split between broad-based share and broad-based bond index funds). 1 Link to comment Share on other sites More sharing options...
CVByrne Posted July 3, 2013 Share Posted July 3, 2013 Unless you have good inside knowledge as to which area is wise to buy a house in, I would not put myself in the position of having a mortgage to pay in my early 20s. You're just asking for trouble and will likely regret your decision in a few years. I'll be buying in an area I know really well and I'll be upgrading asap Hahaha, classic. Upgrading asap, oh this mythical property ladder of course. Literally in tears here, but part of those are tears for the people with 300k mortgages on houses worth 150k they bought 5 years ago. They were upgrading asap too you know. Link to comment Share on other sites More sharing options...
Meath_Villan Posted July 3, 2013 Share Posted July 3, 2013 Its the lads in say dublin that paid 200k + for a bloody flat ....that was a load of ball sac Link to comment Share on other sites More sharing options...
StefanAVFC Posted July 3, 2013 VT Supporter Share Posted July 3, 2013 I meant that in the sense that I see myself married with a couple of kids in a few years time and it'll be an upgrade in size. Add that to almost a guaranteed pay-rise every year and I'll be laughing. Link to comment Share on other sites More sharing options...
tonyh29 Posted July 3, 2013 Share Posted July 3, 2013 (edited) As someone that has made nice profits on the 2 previous houses I've owned I can only sit here and smile at you CV Edited July 3, 2013 by tonyh29 1 Link to comment Share on other sites More sharing options...
CarewsEyebrowDesigner Posted July 3, 2013 Share Posted July 3, 2013 Married with kids, and a mortgage before your 30! You may as well pack it in. 1 Link to comment Share on other sites More sharing options...
leviramsey Posted July 3, 2013 VT Supporter Share Posted July 3, 2013 As someone that has made nice profits on the 2 previous houses I've owned I can only sit here and smile at you CVMaking a profit (especially in an inflationary environment...) does not necessarily make it a great investment... 1 Link to comment Share on other sites More sharing options...
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