Someone on this forum just bought his first house (me :D )

dkmech · 03-02-2007, 12:19 AM

The deal finally completed. So I am now a proud part owner of a little semi! (parents own part of it too but it's all for me to live in). Got quite a lot of decorating work to do now. Should be fun (for a while

).

Clunk · 03-02-2007, 12:26 AM

Originally Posted by dkmech

So I am now a proud part owner of a little semi!

Congrats on the house as well

tiggerai · 03-02-2007, 12:33 AM

Originally Posted by dkmech

The deal finally completed. So I am now a proud part owner of a little semi! (parents own part of it too but it's all for me to live in). Got quite a lot of decorating work to do now. Should be fun (for a while ).

Congrats, I've been in mine for the last 3 months and the decorating was the best bit! Enjoy the freedom, i certianly am!

Jonny · 03-02-2007, 12:34 AM

Nice one, fella!

Signed for mine in November, and can't wait to move in!

When do you take up residence?

Let us know how you get on!

menthel · 03-02-2007, 03:17 AM

Congrats! We got our flat nearly 3 years ago now and it is a great feelng, what worries me is the next one with buying and selling. Yuck, chain!

Dareos · 03-02-2007, 05:22 AM

Originally Posted by tiggerai

Congrats, I've been in mine for the last 3 months and the decorating was the best bit! Enjoy the freedom, i certianly am!

we are sooooo different people

dkmech · 03-02-2007, 09:05 AM

It's likely to take at least two months. But there is no rush for me to move, so its all good.

merdat · 03-02-2007, 10:03 AM

'Enjoy'

MD · 03-02-2007, 10:27 AM

Been in mine two months, just do the decorating as quickly as possible, it gets really boring really quickly

Smokey21 · 03-02-2007, 01:27 PM

Cool congratulations, you living on your own in it?

I had a chat with me boss the other day, (giving him a lift home, whats the world coming to?) and he said i should give some thought to buying a small house, but still live at home. Rent it out, and the tennents pay the mortgage off, but surely that wouldn't be enough.

Ive got a full time job, that pays alright, and ive got a fair bit saved up, im giving it serious thought, ill have to talk to me parents about it.

Otherwise, in a few years were never gonna get on the property ladder with the insane house prices of today, and theey will only get worse. Unless i find a dead rich bird.

Pedant · 03-02-2007, 01:48 PM

I'm looking into buying. Going to take me another year to save enough for the deposit alone. About that time I plan to go contracting though, so that should help the cash flow

dkmech · 03-02-2007, 07:55 PM

My dad is a very good builder, which will help on the decorating front. The kitchen is tiny - we plan to extend it later, that'll be another piece of work nearer summer. And yes, I'll be living alone in it to start with...

Did the first half day of work there. Decided to knock down all the chimneys as they are blocked and bricked off and of no use. Too expensive to put right and take up valuable space.

Rave · 03-02-2007, 09:34 PM

Originally Posted by Smokey21

I had a chat with me boss the other day, (giving him a lift home, whats the world coming to?) and he said i should give some thought to buying a small house, but still live at home. Rent it out, and the tennents pay the mortgage off,

Erm- no they won't. They won't even pay the interest on your mortgage, let alone pay it off. Rental yields are at an all time low vs. property prices. AFAIK my rent doesn't even cover my landlord's mortgage interest- so he's subsidising us to live in his house. Which is nice of him

.

Otherwise, in a few years were never gonna get on the property ladder with the insane house prices of today, and theey will only get worse.

Hahahahahahahahahahahahaha

.

Nope.

Here's a good site about house prices:

www.housepricecrash.co.uk

...and here's a fantastic book about financial bubbles:

http://www.amazon.co.uk/Crashes-They...e=UTF8&s=books

Could be the best four quid you ever spend. Happily, I got my copy for free

.

We are in the final throes of an enormous speculative bubble, fuelled by cheap credit and utter recklessness. I can't tell you exactly when house prices will crash, but they will at some point- IMO soon- and spectacularly.

My best advice is pay off your debts and start saving- interest rates are currently on the up and up, so saving money is a far better ploy than borrowing it right now.

Of course, I'm not a financial advisor, so if you don't believe me feel free to borrow vast sums of money from a bank and gamble it all on buying a house- after all, there's nothing other than common sense and 300 years of historical evidence to say that house prices won't keep rising forever, so why not

.

manwithnoname · 03-02-2007, 10:21 PM

Originally Posted by Rave

Erm- no they won't. They won't even pay the interest on your mortgage, let alone pay it off. Rental yields are at an all time low vs. property prices. AFAIK my rent doesn't even cover my landlord's mortgage interest- so he's subsidising us to live in his house. Which is nice of him.

...

You can look at your landlord's house from another angle - you are subsidising his investment.
The value of the investment can go down as well as up ... etc

But as someone who does not own a house I have my fingers crossed for a house price correction. I'm sure it's people like your landlord are behind the reason why I cannot afford a house at the moment - that and the fact my boss won't double my wage.

Rave · 03-02-2007, 10:32 PM

Originally Posted by manwithnoname

You can look at your landlord's house from another angle - you are subsidising his investment.
The value of the investment can go down as well as up ... etc

Well, if house prices continue to go up (which is what I'm assuming he's gambling on) then yes I'm defraying his costs on the money he's using to gear up massively.

http://en.wikipedia.org/wiki/Gearing

He's gambling bigtime though, and I'm not

.

But as someone who does not own a house I have my fingers crossed for a house price correction. I'm sure it's people like your landlord are behind the reason why I cannot afford a house at the moment - that and the fact my boss won't double my wage.

BTL landlords have become a scourge, but they're a symptom of the problem, which is excessively cheap credit. Most of them will get their comeuppance.

kempez · 03-02-2007, 11:18 PM

If the bubble bursts soon

Anyway not getting into that

Grats on the house mate, I just bought my first flat a few months back and loving every minute of owning my own property instead of throwing it down the drain on rent

Enjoy it

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