Print Story Will the madness never end?
By random (Wed Sep 01, 2004 at 12:31:34 AM EST) (all tags)
HouseHalf a house / Flat update.

At 8.30am tomorrow morning, the removals men will arrive to take our carefully packed belongings to a new location.

We haven't exchanged contracts yet, which is a pain. Still, as long as the other solicitor actually talks to mine, it should all happen. As long as the vendor hasn't done something stupid, like she's done before. So I'd still say 50/50 chance of this working.

The house is mostly packed. Of course, the computers go last. I've given up on the idea of working today, so will just back up everything, and put it in boxes fairly soon.

My partner is doing lots of cleaning, the price for getting a meal cooked from scratch every weekday evening, I suppose. I repaired a curtain rail this morning using torn up pieces of paper. I felt really nauseous earlier, almost threw up, then went to the bank to send all our savings to the solicitor.

I hate moving. It seems to be worse buying than when you rent.

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Will the madness never end? | 11 comments (11 topical, 0 hidden) | Trackback
No, it won't end. by wiredog (5.50 / 2) #1 Wed Sep 01, 2004 at 12:45:45 AM EST
This madness may end, but another will take its place.

Earth First!
(We can strip mine the rest later.)

On top of all the hassles you're having by djotto (5.00 / 1) #2 Wed Sep 01, 2004 at 12:47:31 AM EST

looks like you have impeccable timing, too.

(Serious question, though - I gather you're a first-time buyer. Why did you choose to make the jump now, rather than waiting a few months?)

Or at any time in the last 3 years? by Dr H0ffm4n (5.00 / 1) #3 Wed Sep 01, 2004 at 01:09:00 AM EST
There have been doom sayers prophesying a house market crash for, well a while. I figured I'd buy and even if I lost equity in the short term, I'd get it back in the long term. It was more important to have the freedom. If I put off buying for 12 months then I'd pay 12 months of rent which would have worked out at more than I would likely lose if there was a dip in prices after I bought.

As it turns out my house has gone up by £40K in the last 12 months.

[ Parent ]
Totally agree by random (3.00 / 0) #5 Wed Sep 01, 2004 at 01:30:39 AM EST
I reckon if you're in it for the long run, the risk is fairly minimal. It's only when you look at these things over short periods of time that it's bad.

Let's say in 5 years it's crashed and risen up to what we paid for it. That's 5 years of rent going into paying off a mortgage, rather than into a profiteering landlord's pocket. In fact, we still win even if it goes down a bit.

This flat we're buying rose 60k in 3 years. The area hasn't peaked yet.

[ Parent ]
The larger concern was for interest rate increases by Dr H0ffm4n (3.00 / 0) #8 Wed Sep 01, 2004 at 01:48:14 AM EST
A lot of people are taking advantage of the low interest rates and getting mortgages that they can only just afford. That is the dumb thing to do. I'm mortgaged at about half of what I could have afforded.

[ Parent ]
Same here by random (3.00 / 0) #10 Wed Sep 01, 2004 at 02:00:15 AM EST
We're paying half of our current rent in the mortgage, pre interest rate rises.

The only problem is that if those stupid people who have borrowed 8x salary get into trouble and stuff up the housing market, our houses get reduced in price too.

If only stupidity could be made illegal. Or perhaps just some sensible laws about lending large quantities of cash to people who can't afford it.

[ Parent ]
Jumping by random (3.00 / 0) #4 Wed Sep 01, 2004 at 01:28:23 AM EST
Well, two months ago, almost to the day, we got given two months notice on our flat because the landlord wanted to live in it. Bastard.

Seeing as we could afford it, were in a stable relationship together (inc engagement) we thought we might as well pay our own mortgage rather than someone elses'.

Like buying computers, there's never a right time to buy a house, except when you need one. Whatever decision we make is probably going to be suboptimal. We have done our research, and chosen an area in London which hasn't peaked yet, has regeneration work starting, and wonderful transport to two major centres of workplaces. This should hopefully minimise our risk.

On the other hand...

[ Parent ]
Thanks by djotto (3.00 / 0) #9 Wed Sep 01, 2004 at 01:59:52 AM EST
Key difference betwen thee and me seems to be the living-together thing.

[ Parent ]
Yep, by random (3.00 / 0) #11 Wed Sep 01, 2004 at 02:02:22 AM EST
That was a big help in making this all affordable.

Interestingly enough, my banks computer rather likes me. I could have got a 114k mortgage on my own. Which is just about enough to buy a scummy place in London if you add in my savings on top. But it's far far easier with two of you.

[ Parent ]
You're like me by nebbish (3.00 / 0) #6 Wed Sep 01, 2004 at 01:43:17 AM EST
You can't afford a house, so just tell everyone what a bad idea it is to buy one ;-)

It's political correctness gone mad!

[ Parent ]
Yes you can. by random (3.00 / 0) #7 Wed Sep 01, 2004 at 01:46:40 AM EST
Just lower your standards, just like we did.

[ Parent ]
Will the madness never end? | 11 comments (11 topical, 0 hidden) | Trackback