Buying a house (and renting)

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Fri Nov 20, 2020 8:48 am

You went from unemployed to having saved £32k in 2 years?

You earn too much money.

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Fri Nov 20, 2020 8:54 am

I was earning (a lot) more than I do now, simply because of the overtime.

Saving for a deposit to buy a property was my main priority and I was in a privileged position to be able to treat it as such.

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Ecno
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PostRe: Buying a house (and renting)
by Ecno » Fri Nov 20, 2020 9:37 am

Bunni wrote:I was finishing driving lessons when I got offered the house we move into on Monday. It's only 3 miles from work but public transport at 7am is absolute gooseberry fool. I'll be taking taxis to work and fumbling home in awful weather until such time as I'm back on my feet enough to get the last lessons and get a car.

As for the cost of houses especially down south, I agree it's fantasy for most average earners. Though I do LOVE they click bait stories about how 27 year olds have managed to by a house without bank of mum and dad handing over £20k for a deposit. There's always a some unreasonable way they've saved up themselves that seems to be praised rather than realised for the awful stands we live by. 'I saved up £17k living in my sister's garage!' or 'I ate only rice and beans for 6 years'. Absolutely mental the sacrifices folk go through for housing despite working full time.


It usually always involves them living rent free with their parents for a few years (which I have no problem with- and have benefited from my self at times, but it's not exactly a great way to run a society)

My favourite one was a US one where it was I rented out the house that my parents gave me, and stayed at home whilst giving up my dreams to work on the board of my Mum's not for profit at $150k a year. And then after 4 years I was able to buy the house of my dreams. I'll try and find it, as it's that ridiculous.

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Imrahil
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PostRe: Buying a house (and renting)
by Imrahil » Fri Nov 20, 2020 9:44 am

Yeah, I spent several years at my parents to build a deposit. It's the only realistic way to do it for a single person in the modern property market.

Although I had to put up with the usual judgemental simpletons at work. "Oh that's so tragic, I'm really disappointed to hear you're still living with your parents!", etc, from the older people who never had to deal with the same problem when they were in their 20s.

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Fri Nov 20, 2020 9:58 am

We had to save whilst renting :dread:

765 snoops pcm just gone into the rental market's black abyss.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Fri Nov 20, 2020 10:20 am

Yeah we saved whilst renting which wasn't the quickest approach but we did get some help via a family loan as well.

On the one hand I would have loved to have lived at my parents longer as it would have been much easier to save money but at the same time after moving out at 18 to go to uni I had very little appetite for moving back! Both of my brothers lived with our parents until basically the end of their 20s, I just couldn't have stuck it out personally but I can't deny I wasn't jealous of how little it cost them! :lol:

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Fri Nov 20, 2020 10:23 am

I saved in a big bed with my wife

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PostRe: Buying a house (and renting)
by Qikz » Fri Nov 20, 2020 10:33 am

Victor Mildew wrote:I saved in a big bed with my wife


yeah well I saved in a race car bed.

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PostRe: Buying a house (and renting)
by Jenuall » Fri Nov 20, 2020 11:14 am

Victor Mildew wrote:I saved in a big bed with my wife

Did you give her a big deposit?

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PostRe: Buying a house (and renting)
by Tomous » Fri Nov 20, 2020 11:14 am

I saved while renting but despite having a decently paid job i was gooseberry fool at saving because I wasted a lot of money in my 20s on booze, drugs and holidays. It worked out though because I married up :shifty:

Strong moral to this story i think.

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PostRe: Buying a house (and renting)
by Victor Mildew » Fri Nov 20, 2020 11:16 am

Jenuall wrote:
Victor Mildew wrote:I saved in a big bed with my wife

Did you give her a big deposit?


Short term loan.

Hexx wrote:Ad7 is older and balder than I thought.
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PostRe: Buying a house (and renting)
by jawa » Fri Nov 20, 2020 11:16 am

Tomous wrote:...I wasted a lot of money in my 20s on booze, drugs and holidays...

"Wasted".

Or... "lived" :datass: .

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PostRe: Buying a house (and renting)
by OrangeRKN » Fri Nov 20, 2020 11:29 am

I was in a house share for my first 5 years of working after uni, 450pcm including bills. The last two years I've been renting a house with my girlfriend at 880pcm plus bills. We essentially maxed out the possible loan we could get for our mortgage at 250k with a deposit of 50k to put our offer on a 300k house (mid terrace, 3 bedrooms), and that's on a combined (covid adjusted) income of over 50k.

So many people must already be completely priced out of ever buying and just a cursory look at house price trends shows that's going to get much worse.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Fri Nov 20, 2020 11:40 am

OrangeRKN wrote:
So many people must already be completely priced out of ever buying and just a cursory look at house price trends shows that's going to get much worse.


It's insane and completely unsustainable in the long term.

Rents are also strawberry floating ridiculous. There are (really shitty) flats near me that are for rent at £1100 per month. How the strawberry float can anybody afford that?

House shares seem the only way that younger people will be able to live away from their parents. What a shitty country we live in where people are going to be forced to live with 5 strangers/friends for decades just so greedy banana split landlords can get richer.

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PostRe: Buying a house (and renting)
by OrangeRKN » Fri Nov 20, 2020 11:50 am

Yeah - house shares can be great and I absolutely loved my time there, but I think I got very lucky in that. We had a few people move through who obviously didn't want to socialise and were just renting in a house share out of necessity (as was I originally, but I also wanted to make friends as I was moving to a brand new town). There's some great benefits to house sharing but only when the people sharing are looking for that, the financial pressure to house share works against that.

Our landlady was perfectly nice and always helpful, but my god did she get rich. When I moved in it was her first rental property, newly bought, and she did everything herself. When I left she had half a dozen rented properties and was employing someone to manage everything. It just shows how quickly wealth compounds making an unfair situation even moreso. Of course house prices are accelerating out of reach of first time buyers when they are stuck paying the mortgage for their landlord who is continually buying up more property.

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PostRe: Buying a house (and renting)
by Drumstick » Fri Nov 20, 2020 11:59 am

It is not unrealistic to say that Landlordism is one of the biggest problems the UK faces, because greater percentages of entire generations aren't going to be able to get a footing in the housing market. It is bloody hard now and is only going to get worse.

No regulation will ever be passed because, guess what, all the strawberry floating MPs are at it too.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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PostRe: Buying a house (and renting)
by Imrahil » Fri Nov 20, 2020 12:08 pm

Rents are largely driven by the base house values - which have skyrocketed over the last 20 years - you'd be surprised how little gap there is between the monthly rent you pay and the monthly mortgage payment on that property, once fees/costs are also taken into account.

They make their money by having large portfolios, so the slim margins on each property can stack up over a long period of time. Plus they slowly gain capital obviously.

If you fixed the root cause of the problem - land/property overvaluation due to woefully limited supplies - the rents would equalise back down. But every government has neglected this for the last 30 years.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Fri Nov 20, 2020 12:15 pm

Imrahil wrote:Rents are largely driven by the base house values - which have skyrocketed over the last 20 years - you'd be surprised how little gap there is between the monthly rent you pay and the monthly mortgage payment on that property, once fees/costs are also taken into account.


My heart bleeds for them. ;)

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Fri Nov 20, 2020 12:22 pm

Imrahil wrote:Rents are largely driven by the base house values - which have skyrocketed over the last 20 years - you'd be surprised how little gap there is between the monthly rent you pay and the monthly mortgage payment on that property, once fees/costs are also taken into account.

They make their money by having large portfolios, so the slim margins on each property can stack up over a long period of time. Plus they slowly gain capital obviously.

If you fixed the root cause of the problem - land/property overvaluation due to woefully limited supplies - the rents would equalise back down. But every government has neglected this for the last 30 years.

The supply is limited partly because the pricks are snapping them all up!

Yes, more houses need to be built. It's not too difficult to put two and two together when you realise the people required to make the decisions necessary to allow more houses to be built are made up of the landlords themselves whose asset values will reduce if it happens.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Fri Nov 20, 2020 12:26 pm

Oblomov Boblomov wrote:Yes, more houses need to be built.


Yep. And they need to be council houses.

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