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Wifes wants to buy a house


Kurt Barlow

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2 hours ago, Kurt Barlow said:

Wife wants to buy a house . In principal we are in a good position. Combined income of approx 100K with a decent deposit. However I can't help but feel we are on the edge of waves thats just about to crash. I'm 44 and wife 41. I really dont want to risk extending my working life by 10 years to finance a grand folly.

I wouldn't mind if houses were overpriced but we could buy something decent with a small mortgage however here in North London to get something half decent we will need to take out a 300K plus mortgage...

What tactics have you guys used in similar situations (those not MGTOW...)

How much deposit?

How about buying something in Maryport and living a life away from London? 

http://www.rightmove.co.uk/property-for-sale/property-59720950.html

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Mirror Mirror

Well I was thinking of buying a small pied a terre in my home town, but I might hold off now to see what happens, after the recent property to fall 40% headline.

Ive been waiting for and expecting a hpc for about 15 years now so I dont really know why it should be different this time though.

So I think Ill wait for 6 months or a year and see what happens.

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M S E Refugee
1 hour ago, sarahbell said:

How much deposit?

How about buying something in Maryport and living a life away from London? 

http://www.rightmove.co.uk/property-for-sale/property-59720950.html

I'm afraid Maryport is rather rough.

It's a local town for local people.

I would agree that selling up in London and moving to the North of England or the Scottish borders would enable you to live like a King.

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Wight Flight
2 hours ago, sleepwello'nights said:

I'd look at it the other way. What's the cost of the mortgage opposed to the rent you're paying. the differential may even be in your favour given how low interest rates are currently. Your risk then is whether house prices fall. Even if they do provided you can afford to pay the mortgage you can just sit tight with security of ownership instead of security of tenure at the whim of the landlord.

My landlord is getting just under 2% yield. And that is ignoring the £5k or so he should be spending on maintenance every year but isn't. I don't know if I could get finance at that price.

And I have security of tenure until March 2019 which is when I plan to move out of the area.

I am very happy that I can just walk out rather than try and sell up!

 

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Inoperational Bumblebee
3 hours ago, Kurt Barlow said:

Me 44, Her 41

One child - turns 2 next month.

 

Her view is - its different now from 89-95 as there are millions of 'Property minded' chinese and Indians looking for a home for their money and who don't trust banks.

I don't think that money is coming in now though, as spygirl intimated above. Chinese capital controls are now in place aren't they? Also, London prices are dropping. Don't want to catch a falling knife do you?

That said, I don't think there's a ever a right time.

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OK, at your age you should both be thinking of the very realistic fact that if it all goes Pete Tong you are fucked until you die.  If you are 20 and make a terrible financial decision, you can (normally) recover.  45+?  forget it.

I would say to her - OK, I agree we need a place of our own.  With our deposit we could buy outright in XXX location (find somewhere cheap up north or in wales/scotland.  We would just have to earn enough for living expenses, not rent/mortgage.  If the market doesn't crash, we are OK.  If the market does crash, we are OK.

Something like this:

http://www.rightmove.co.uk/property-for-sale/property-67027451.html

(note, I do not know the area, just showing the size you get for 200k).  

Your argument should be:

  • BREXIT plus globalisation means more and more employers leaving London - could cause a mini crash and also affect your jobs
  • Increasing terrorism/crime means your kids are much less at risk outside of a city/large town
  • Education MUCH better for free outside a city/large town
  • Families can come to stay with you for holidays, whereas in a small townhouse no chance to put them up
  • If you want more kids, you would have to either over extend, roomshare, or move again soon.
  • Does she see London as getting better in the future for quality of life and chances for your children?  seriously?

 

 

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The few people I know any near their 40's living in London are looking to move further out, not in. Schooling is a massive consideration.  Make some more money in London squirrel it away and then look outside London for a place to settle and bring up offspring.

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Oh I am not speaking on the other side - I can freely say, buy if you can afford it.

It's always going to be calculated risk. Buy income protection insurance, and Life Insurance, in case the worst happens, death illness etc. The insurance will pay for the house. But will they pay for your rent? How many people buy income insurance when they rent?

Life's too short - wife will get itchy feet and will resent you the longer you leave it. Sure you can move out and live on your own and avoid all relationships, but that might turn you into a mad cranky man. Like they say, every great man has a greater woman behind him.

 

Edited by 201p
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sleepwello'nights
51 minutes ago, Cunning Plan said:

My landlord is getting just under 2% yield. And that is ignoring the £5k or so he should be spending on maintenance every year but isn't. I don't know if I could get finance at that price.

And I have security of tenure until March 2019 which is when I plan to move out of the area.

I am very happy that I can just walk out rather than try and sell up!

My son has just mortgaged at 1.49%. He had an extension built, current market value is 25% more than his cost so he is insulated to some extent should there be a fall in house prices. He also has a house large enough to meet the living needs of his family with room for more children if they want. It's in a nice rural area, no mosque :ph34r:, schools with good OFSTED reports, convenient for their jobs and a relatively easy commute to London should they ever need to work there. Airports are easily accessible, both London and Southampton.

On the upside if prices continue to climb his equity is increasing and his mortgage gearing is low.  In his situation renting wouldn't be an option I would recommend. As always YMMV, the decision is based on various factors and despite looking very hard I haven't found a crystal ball or any other way to see the future. 

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Wight Flight
1 minute ago, sleepwello'nights said:

My son has just mortgaged at 1.49%. He had an extension built, current market value is 25% more than his cost so he is insulated to some extent should there be a fall in house prices. He also has a house large enough to meet the living needs of his family with room for more children if they want. It's in a nice rural area, no mosque :ph34r:, schools with good OFSTED reports, convenient for their jobs and a relatively easy commute to London should they ever need to work there. Airports are easily accessible, both London and Southampton.

On the upside if prices continue to climb his equity is increasing and his mortgage gearing is low.  In his situation renting wouldn't be an option I would recommend. As always YMMV, the decision is based on various factors and despite looking very hard I haven't found a crystal ball or any other way to see the future. 

Without a crystal ball it is very hard to say what is the best plan of action. I am happy with my choice.

The other thing that is starting to worry me is the chavisation of the population. You may think that buying in a leafy suburb would protect you but that lovely road of 4 bed family homes can become a nightmare of hmo's very rapidly.

As mentioned on another thread, my neighbour's chickens are starting to destroy my quality of life. I am glad I can move away at no cost.

One thing I think we will all agree on is that the situation is currently feckin stupid. You should just be able to buy a house and get on with life without worrying about all the behind the scenes political machinations.

 

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Buy something somewhere in the country relatively cheap that she likes, and good schools, with a view to moving in when the stars align with work commitments. In the meantime let it out.

If you've kept some capital preserved you could always buy elsewhere and leave it rented if you wanted to. The key is probably good schools you will probably still get reasonable rental demand even if prices go south. A third loss of value somewhere prices are reasonable, if there is a crash, will be a lot less painful than a third in London and if it does go TBH I could see it being a lot worse in London.

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One percent
3 minutes ago, Cunning Plan said:

Can I just ask, as per the thread title, how many wifes are we talking about?

You might be outnumbered!

Your question is irrelevant. You should know that one wife means that a bloke is outnumbered. :)

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1 hour ago, Cunning Plan said:

Without a crystal ball it is very hard to say what is the best plan of action. I am happy with my choice.

The other thing that is starting to worry me is the chavisation of the population. You may think that buying in a leafy suburb would protect you but that lovely road of 4 bed family homes can become a nightmare of hmo's very rapidly.

As mentioned on another thread, my neighbour's chickens are starting to destroy my quality of life. I am glad I can move away at no cost.

One thing I think we will all agree on is that the situation is currently feckin stupid. You should just be able to buy a house and get on with life without worrying about all the behind the scenes political machinations.

 

I think the rentrufication has stopped with LHA changes

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Virgil Caine
2 hours ago, Inoperational Bumblebee said:

I don't think that money is coming in now though, as spygirl intimated above. Chinese capital controls are now in place aren't they? Also, London prices are dropping. Don't want to catch a falling knife do you?

That said, I don't think there's a ever a right time.

Ii would imagine the prospect of Comrade Corbyn in number 10 is going to put them off as well

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Green Devil
5 hours ago, The Generation Game said:

Tell her you've moved from Cambridge to Saudi to Aus and then to London in a short space of time. Whilst you would like to put down roots, the current climate in London suggests that a call now might be better than "all-in". 

I concur.

Sounds like you are mobile and non commital though a young kid might change that for a few years.

Dont get sucked in as the last fool paying fantasy QE EA prices. This market is toast and the UK london especially is toast. Stay renting and mobile. Dont want to be stuck in a freefalling asset. You may want to return to Oz in few years. Be better than anywhere within a 250 mile radius of london...

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Horrified Onlooker

OP

I'm similar age & earnings to you. More kids but we've held off on buying for 7 years waiting for the great HPC. We've now gone sstc although I still expect collapsogeddon to occur the day after we exchange. We've selected a small village with minimal HPI in the last 10 years (5% since '06). No obvious presence of 'diversity' elements in the local towns. Schools are good as is links to local cities. 

Forget about values & HPC/HPI. Buy where you can live for 20-30 years, you like the locals and you can raise your kids with a measure of confidence. Everything else is window dressing. Put down roots, make friends, and live....

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Kurt Barlow
3 hours ago, Cunning Plan said:

Can I just ask, as per the thread title, how many wifes are we talking about?

You might be outnumbered!

I'm a 'Muslim' so it could be 4.

 

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One percent
1 minute ago, Kurt Barlow said:

I'm a 'Muslim' so it could be 4.

 

Respect. You have a lot of stamina and deep pockets. O.o

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Kurt Barlow
5 hours ago, wherebee said:

OK, at your age you should both be thinking of the very realistic fact that if it all goes Pete Tong you are fucked until you die.  If you are 20 and make a terrible financial decision, you can (normally) recover.  45+?  forget it.

I would say to her - OK, I agree we need a place of our own.  With our deposit we could buy outright in XXX location (find somewhere cheap up north or in wales/scotland.  We would just have to earn enough for living expenses, not rent/mortgage.  If the market doesn't crash, we are OK.  If the market does crash, we are OK.

Something like this:

http://www.rightmove.co.uk/property-for-sale/property-67027451.html

(note, I do not know the area, just showing the size you get for 200k).  

Your argument should be:

  • BREXIT plus globalisation means more and more employers leaving London - could cause a mini crash and also affect your jobs
  • Increasing terrorism/crime means your kids are much less at risk outside of a city/large town
  • Education MUCH better for free outside a city/large town
  • Families can come to stay with you for holidays, whereas in a small townhouse no chance to put them up
  • If you want more kids, you would have to either over extend, roomshare, or move again soon.
  • Does she see London as getting better in the future for quality of life and chances for your children?  seriously?

 

 

The problem with the move somewhere up North or middle of nowehere is that we are both professionals so jobs can be quite limited in a given location. This is more so for my wife than me.

I like the look of some of the Hertfordshire towns - Letchworth, Baldock, Hitchin however Mrs. B had to go and get a job in Grays!

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Wight Flight
23 minutes ago, Kurt Barlow said:

I'm a 'Muslim' so it could be 4.

 

Good effort. Does that mean 4 mother in laws or would they all be cousins so just one or two?

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whitevanman

If the wife wants to buy a house then go for it. If you're planning on sticking around for a while then it makes sense. It's good to own the home you live in and renting can be precarious in the UK. Most of us aren't against ownership, we're against rampant hpi, debt slavery and the whole of the economy being turned into a ponzi scheme and the twats that bore everyone at dinner parties with stories how rich their leveraged btl empire has made them. 

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27 minutes ago, Kurt Barlow said:

The problem with the move somewhere up North or middle of nowehere is that we are both professionals so jobs can be quite limited in a given location. This is more so for my wife than me.

I like the look of some of the Hertfordshire towns - Letchworth, Baldock, Hitchin however Mrs. B had to go and get a job in Grays!

But if you have no mortgage debt, your income can be as low as 10k a year and you are actually better off, as you can access a lot of benefits...

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Horrified Onlooker
On 10/07/2017 at 00:59, DTMark said:

We (self and partner) do have the luxury that I am self-employed, work from home and can work anywhere with an internet connection.

I'm the main income earner. And yet, we've never taken advantage of this. We live in Hampshire. Near to Farnham. We pay over a grand a month to rent a small, admittedly pretty, two-bed cottage in a pleasant rural area. It's a semi. Nice neighbours. And yet..

In Scotland, we could have, for the same money, a stunning five bed detached house. Or, for significantly less money, a three bed detached with loch views. Partner would have to find work, but it doesn't need to be highly paid.

We've been up to Scotland twice this year, looking and travelling around. Can't wait..

The only reason we haven't done this yet is because we're holding out for the perfect place. The longer-term view is to buy, at prices which seem like pocket money compared with where we are now.

Mark you normally have your head firmly screwed on. Do you really need a 5 bedder? The bigger the house the more cleaning and maintenance required. Yes, you may want to host family/friends/local swingers, but how often will people really travel to rural Scotland if your network is in SE?

Don't fall into the trap of a big house just because you can...

 

* Full disclosure the house we've gone sstc upthread is a 5 bedder but we do have 4 kids.

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