Aspirations

[pandarilla]

You just renting the crohns or did you buy it?
In all seriousness, hope the new treatment helps get it telt and you're back on your feet soon. Posts like yours help me realise there's more things to worry about than owning a house or not.

Oh this illness is very much squatting mate. The c**t.

In terms of aspiring to own a home, we're definitely a bit conned in this country. Hopefully in years to come there will be far more opportunities to rent decent housing at a decent rate.

Owning your home is overrated. I'll be paying off my mortgage into my late 50s if not later. And all the costs that build up over the years make it questionable (although I'd definitely rather have it than not in the current climate).

[throbber]

Why is it over rated pandarila? What do you think will happen in your late 50's if you are renting?

[Hedgecutter]

Why would you rather pay off someone else's mortgage than your own? All the money you spend on rent is just dead money, even if you get a shit deal from a bank and are paying mostly interest its still money paying back a loan and you will own the house after the agreement. I pay about 2/5 s on my flat for what i would pay if i was renting it and don't have to deal with letting agents or land lords etc and everything in my flat is mine rather than just keeping it warm for someone else who would kick me out at the first sign of trouble.

 

This.

 

For me it's about the great ambition of reaching retirement age*, at which point I don't really fancy giving a huge chunk of my pension to somebody else when I could have had mortgage / rent free life for decades. Each to their own of course, but similar to you I'm now spending less on a mortgage on a 3-bed house as I was on the rent for a pokey wee 2-bed flat. Still notably cheaper even with all the insurance / home care etc etc on top. Best of all, no flat inspections!

This said, it's easy enough to suggest buying, but managing to keep enough of a surplus to afford a house/flat deposit is tricky for an awful lot of people. It's the folk that can, but don't that perplex me somewhat.

 

*probably 94 for my generation [emoji20]

[Joey Jo Jo Junior Shabadoo]

Just now, Melanius Mullarkey said:

Ah the Northern Rock. Fond memories of myself and 3 colleagues strolling into the Dundee branch one day and all being offered 115% mortgages on the same day
 

 

Now is the time to invest in Northern Rock. The share price can only go one way (up!) from its current state.

[BuddieInDundee]

Hopefully I'll have a decent enough salary to be able to put money away for a deposit on a mortgage in a few years. It's much easier said than done, however. Once you're in a cycle of paying private rent it is incredibly difficult to get out of.

Spending £400 odd a month to pay just the rent, then living costs and bills etc, where the hell is the spare cash going to come from?

For a lot of people the only alternative is to move back in with parents after university. For myself and many others that is a non starter, mostly because parents would laugh off the suggestion (understandably, to be fair).

[pandarilla]

Why is it over rated pandarila? What do you think will happen in your late 50's if you are renting?

 

It's the sheer pressure to do it.

 

Don't get me wrong, the current economic situation in Britain means I'm very happy to be 'on the ladder'. But ideally I don't really care about owning a house. I don't really believe in passing on a huge chunk of cash to my kids - they need to earn for themselves.

 

High quality social housing is long, long overdue. My dad, in his hatred for Thatcher and everything she stood for, refused to buy his council house. I massively admire his decision - but it's not really a realistic option now. Whoever gets that house when my folks are deid will have hit the jackpot.

 

He's definitely been disadvantaged but the house is in great nick - and they get new upgrades every few years. His is the only house in the street that has been re-roofed and they got a new kitchen not long ago. And it's a big house - not in an 'estate'.

 

Is it not just us and the Americans that have high rates of home ownership? What do the Scandinavians do?

 

[Am Featha Taigh Nan Clach]

It's not exactly as simplistic as that.

Very true. Easy to forget how lucky our generation (mid30s-mid40s) were with the willingness of the banks to lend us money for mortgages. 
 

I'm in my 20's and bought my flat after the financial crisis.

I didn't buy a property for some sort of prestige, I did it because it's far, far cheaper than renting and will save me tens of thousands over my lifetime. That's not trying to keep up with the Jones', it's a simple financial decision.

[throbber]

I'm in my 20's and bought my flat after the financial crisis.

I didn't buy a property for some sort of prestige, I did it because it's far, far cheaper than renting and will save me tens of thousands over my lifetime. That's not trying to keep up with the Jones', it's a simple financial decision.

You can't just say it's far cheaper than renting though, that depends on your deposit and how much you borrowed and the type of property you bought. Surely your main reason for buying was to own a property and pay off a loan rather than have a good chunk of your income gone on someone else's mortgage?

[welshbairn]

Interest rates have been stable and at record lows for a good while, so buying has seemed a no brainer if you can afford the deposit. That could easily change, especially with Brexit on the horizon. The rate has nowhere to fall to, it can only go up or stay the same. Mortgages could easily double in cost in a fairly short period of time.  If I was buying now I'd go for a fixed rate for as long as possible even if it costs a bit more, and stay well within the margin of what I could afford. You can no longer bank on house prices going up.

[Honest Saints Fan]

Not much. Enjoy the time i have with my daughter and watch her grow up. Maybe have another kid and eventually move back down to the central belt. 

If I stay in the same job I'll get a promotion as soon as I go back full time but in no hurry to do that at the moment. 

Save any spare cash so I can retire early. My colleague is retiring in February at the age of 59. Sounds delightful.

[Bobby Skidmarks]

32 minutes ago, Am Featha *****h Nan Clach said:

 

 

I'm in my 20's and bought my flat after the financial crisis.

I didn't buy a property for some sort of prestige, I did it because it's far, far cheaper than renting and will save me tens of thousands over my lifetime. That's not trying to keep up with the Jones', it's a simple financial decision.
 

 

 

Again, you're not really grasping that other people have different circumstances to your own. Deposit amounts, earning capabilities and mortgage providers all negate your simple equation of how they'd be "£250ish" better off buying. Some people even take out personal loans to enhance their deposit, so you'd have to include all that within your calculations.

Well done you for saving that amount of money, but we were talking about people renting within your development.

[Sergeant Wilson]

33 minutes ago, Am Featha *****h Nan Clach said:

 

 

I'm in my 20's and bought my flat after the financial crisis.

I didn't buy a property for some sort of prestige, I did it because it's far, far cheaper than renting and will save me tens of thousands over my lifetime. That's not trying to keep up with the Jones', it's a simple financial decision.
 

 

 

Where did you get the money for the deposit?

[Menzel]

2 hours ago, harry94 said:

 

Out of interest, what links your PhD to the Czech Republic?

 

My thesis looks at documentary films that came out of communist Czechoslovakia (i.e. propaganda narratives, censored content), and Czechoslovakia/Czech Republic after 1989. Sort of a history of the transition using films as historical evidence. 

[throbber]

Where did you get the money for the deposit?

He probably inherited it but still makes a good point about it being a good financial decision for someone in their 20's. I just don't understand his argument that it is cheaper than renting, that's not the reason people buy they do it for an investment for the future.

[welshbairn]

3 minutes ago, throbber said:

 

He probably inherited it but still makes a good point about it being a good financial decision for someone in their 20's. I just don't understand his argument that it is cheaper than renting, that's not the reason people buy they do it for an investment for the future.

 

Buying was the only way I could afford my own flat in London, accidentally I made a huge profit on it. I don't think buying with a big mortgage is a guaranteed wise investment anymore.

[throbber]

Buying was the only way I could afford my own flat in London, accidentally I made a huge profit on it. I don't think buying with a big mortgage is a guaranteed wise investment anymore.

I'm not sure I agree but f**k knows anymore and you can't really predict anything! I was lucky with inheritance and I don't regret sticking the majority of mine down on a property, if things get sticky for me financially I can always rent it out and move to somewhere less expensive to live and make a profit on it.

Would still recommend any 17/18 year olds to be putting money aside for a property, even if it takes them until they are 30 to get a place it will still be worthwhile and something meaningful to aspire towards. But again that's just me.

[Sergeant Wilson]

9 minutes ago, throbber said:

 

He probably inherited it but still makes a good point about it being a good financial decision for someone in their 20's. I just don't understand his argument that it is cheaper than renting, that's not the reason people buy they do it for an investment for the future.

 

I agree that buying is the best option, if you can afford it. But it's just not possible for a lot of people now and it's unfair for him to lecture based on his experience.

[throbber]

I agree that buying is the best option, if you can afford it. But it's just not possible for a lot of people now and it's unfair for him to lecture based on his experience.

I'm not sure that what he was doing tbf, there were a few posts about being a homeowner not being worthwhile/overrated/keeping up with he Jones type mentality which he was arguing against.

[Hedgecutter]

Would still recommend any 17/18 year olds to be putting money aside for a property, even if it takes them until they are 30 to get a place it will still be worthwhile and something meaningful to aspire towards. But again that's just me.

True. £25 aside each week from age 18 would give you a pot of ~15k when they turn 30. Try telling a just-out-of-school 18yo to do that rather than spend your first serious cash on nights out, fitba and lad's holidays to the Med' though.

[Hedgecutter]

Would still recommend any 17/18 year olds to be putting money aside for a property, even if it takes them until they are 30 to get a place it will still be worthwhile and something meaningful to aspire towards. But again that's just me.

True. £25 aside each week from age 18 would give you a pot of ~15k when they turn 30. Try telling a just-out-of-school 18yo to do that rather than spend your first serious cash on nights out, fitba and lad's holidays to the Med' though.