House Prices?


Ian

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Now that I'm getting old ;), I've been looking at house prices quite a bit over the last couple of years. It does seem to be the worst time to buy, with no hope in sight for the low prices of the mid nineties - not good for a first time buyer.

Has the housing market been like this before, as it is rather worrying to think that even a small house costs £100,000+ in most areas. The amount we are paying in rent for a small student flat can't be much less than a morgage, but it just disappears instead of at least appearing as equity!
 
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come on my friend you are not OLD! :)

You are still very very young!
 

floppybootstomp

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I've owned four properties and as far as I can recall, it's never ever been as bad as it is now :(

However, if you can get a foot on the property ladder, do it, no better investment.

The Goverment have announced plans today to help first time buyers, it may be worth checking out the BBC news site for details of the proposed scheme.

Now, I have nothing, I seperated 2.5 years ago, she took the 3 kids with her, took the lot, now after almost completing paying for the mortgage, I'm in a Council flat - I gone turned full circle.

I'm still optimistic though, if my business does well soon, I still have hopes of being a property owner again.

Let that be a warning chaps, I hate to sound cynical, but once you cohabit and children are involved, it's all hers, automatically, by law. That's the way it is and a lot of guys just don't realise.

So be sure when you sign that dual agreement. And don't mess her about cos she owns you :D

My ex now has a house in Glastonbury, my twin daughters live with her. I last saw them Boxing day. But irony of ironies, the eldest (almost 18) came back to live with me.

It sure is a strange old world.

I'm sure that's more than you wanted to know Ian, but I just got that off my chest - a little ;)

Anyways, as daunting as it may be, try and get a property as soon as you can, it's worth it. One thing to remember - will your property be easy to sell? Cos you don't want to be in your first purchase forever, usually.
 

Ian

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Thats some sobering advice there floppy, but I'm glad to hear things are getting back on track :D

I saw something on the BBC about the governments plans, but I'll have to take a proper read now! (scurries off to read!)

floppybootstomp said:
Anyways, as daunting as it may be, try and get a property as soon as you can, it's worth it.
I've heard this from everyone, so it must be good advice :D As soon as I don't have to rent the better, as the money just disappears!
 
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Ya, you really don't want to rent any longer than you have to, and you nailed it on the head. Rent just goes up in smoke. Property never seems to go down in value. What ever you buy, will be worth more in three years. You could refinance, and have a morgage payment lower than most rents. Of course, things here in Chicago are on a much higher scale than most of you have seen. Rents are up around $1000, give or take. I have a Very small town house that I bought for 150,000. Anything for a small family is going to 190,000 to 240,000. But this really is my point. If I sell for 170,000 in 4 years, I can come live by you
and not work for many years. Really buy as soon as you can,( The prices are not coming down)
 

floppybootstomp

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wizard1231 said:
If I sell for 170,000 in 4 years, I can come live by you
and not work for many years.
Sorry to burst ya bubble mate, but, assuming you sold for $170,000, that equals about £100,000, being liberal.

Let's assume your profit is about £60,000, in London you may be lucky enough to buy a broom cupboard for that.

I'm in touch with lots of guys in The States.

Property is cheaper there, almost no matter where you are in that huge continent.
 
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If we sold our house, we could buy a couple of mansions in Kansas, and still have a few grand left, and house isnt worth THATmuch!
 
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Ian

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wizard1231 said:
Rents are up around $1000
Thats about the same price for our rent in a small 2 bedroom flat! I should move to the US and commute to university ;)
 
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It all depends on where you are (in the States at least). I live in Peoria, IL, a medium sized town. I bought a 1 bdrm house with all new furnace/ac, carpet, big fenced in back yard, for $22,000. Even if the neighborhood goes down the drain, I'll be able to get my money out of it, either by selling it or becoming a landlord and renting it out...

Location, location, location.... lol

Bill
 
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mmmm....I didn't realize the property values between here and there were so comparable. I was always led to believe that the property taxes in this area were some of the highest in the world. We were always told that in school growing up. (Dupage County) I certainly did'nt mean to offend anyone
I guess I should do more research first. My only real point was that houses are a great investment. You can't go wrong, and again, I'm sorry if it came out the wrong way.
 

Ian

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wizard1231 said:
mmmm....I didn't realize the property values between here and there were so comparable. I was always led to believe that the property taxes in this area were some of the highest in the world. We were always told that in school growing up. (Dupage County) I certainly did'nt mean to offend anyone
I guess I should do more research first. My only real point was that houses are a great investment. You can't go wrong, and again, I'm sorry if it came out the wrong way.
Don't worry about it :thumb:

House prices have shot up in the UK in the last few years, I just hope they come down a bit soon :)
 
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