Buying a house (and renting)

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Corazon de Leon

PostRe: Buying a house (and renting)
by Corazon de Leon » Thu Nov 19, 2020 12:26 am

Pancake wrote:Buying a house is the worst. My wife and I can't even agree where to live, let alone on a property, too many conflicting priorities!

I wish I hadn't been born and raised in South West London, too. I mean, it's great and all, but the property market is just silly. We have a pretty big budget but I'm still faced with the prospect of either buying a nice house in a gooseberry fool area, or a compromised house in a nice area, or even worse, moving back to the same town as my parents. I mean, we're talking £500-600k and I'll probably have to make do with a terrace house without a driveway and only small garden, just to be in a nice place that is close but not too close to my parents. And by nice place I obviously mean somewhere that my wife has deemed acceptable, which is about three streets in the UK as far as I can gather.

Classic first world problems, I know, but it's all bloody annoying.


FWIW I have the opposite problem, in that my wife has deemed anywhere in the UK acceptable for permanent settlement except the city I'd actually like to live in. :lol:

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Thu Nov 19, 2020 8:16 am

Corazon de Leon wrote:FWIW I have the opposite problem, in that my wife has deemed anywhere in the UK acceptable for permanent settlement except the city I'd actually like to live in. :lol:

WTF :lol:

Come down south? :shifty:

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Thu Nov 19, 2020 8:29 am

Moggy and drumstick - im trying to make crudely annotated maps on my tablet and its proving impossible, so a PM will have to wait until next time I'm on my pc I'm afraid. Sorry bbz x

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Pancake
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PostRe: Buying a house (and renting)
by Pancake » Thu Nov 19, 2020 8:53 am

Corazon de Leon wrote:
Pancake wrote:Buying a house is the worst. My wife and I can't even agree where to live, let alone on a property, too many conflicting priorities!

I wish I hadn't been born and raised in South West London, too. I mean, it's great and all, but the property market is just silly. We have a pretty big budget but I'm still faced with the prospect of either buying a nice house in a gooseberry fool area, or a compromised house in a nice area, or even worse, moving back to the same town as my parents. I mean, we're talking £500-600k and I'll probably have to make do with a terrace house without a driveway and only small garden, just to be in a nice place that is close but not too close to my parents. And by nice place I obviously mean somewhere that my wife has deemed acceptable, which is about three streets in the UK as far as I can gather.

Classic first world problems, I know, but it's all bloody annoying.


FWIW I have the opposite problem, in that my wife has deemed anywhere in the UK acceptable for permanent settlement except the city I'd actually like to live in. :lol:

That just seems unnecessarily spiteful :lol:

Wives. :x

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Oblomov Boblomov
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PostRe: Buying a house (and renting)
by Oblomov Boblomov » Thu Nov 19, 2020 9:04 am

How does a normal person (you are normal, right? :shifty:) get to a budget of £600k?

I had a pretty big deposit, but that was only because I got lucky and sold my flat for more than I bought the house! Surely even if you had something crazy like £200k to put down, you'd still need a household income of ~£100k to borrow enough to take you to £600k?!

Christ, what a ridiculous state the market is in. This is all Robbie Fowler and Marcus Rashford's fault :shifty:.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Thu Nov 19, 2020 9:07 am

Victor Mildew wrote:Moggy and drumstick - im trying to make crudely annotated maps on my tablet and its proving impossible, so a PM will have to wait until next time I'm on my pc I'm afraid. Sorry bbz x


No rush! I'm stuck here for at least another 3 months so you have time to make beautiful annotations.

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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Thu Nov 19, 2020 9:13 am

Whoa, whoa, whoa - I stop checking this thread for an afternoon and suddenly we're contemplating letting Moggy into South Wales?! WTF guys? We've got processes and procedures in place to prevent these kinds of things! :fp:

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Cuttooth
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PostRe: Buying a house (and renting)
by Cuttooth » Thu Nov 19, 2020 9:17 am

Jenuall wrote:Whoa, whoa, whoa - I stop checking this thread for an afternoon and suddenly we're contemplating letting Moggy into South Wales?! WTF guys? We've got processes and procedures in place to prevent these kinds of things! :fp:

SWales Movement Form - v. 2003

Q1: Are you local?

Y - Move to Q2
N - Move to 'The End'

Q2: Are you sure you're local?

Y - Move to Q3
N - Move to 'The End'

Q3: If you're local what are you doing being outside? You know this is forbidden.

Y - Move to 'The End'
N - This is 'The End'

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Thu Nov 19, 2020 9:18 am

Oblomov Boblomov wrote:How does a normal person (you are normal, right? :shifty:) get to a budget of £600k?

I had a pretty big deposit, but that was only because I got lucky and sold my flat for more than I bought the house! Surely even if you had something crazy like £200k to put down, you'd still need a household income of ~£100k to borrow enough to take you to £600k?!

Christ, what a ridiculous state the market is in. This is all Robbie Fowler and Marcus Rashford's fault :shifty:.


I can never understand it either and that's talking outside of London. Basing it just on a single person (I know couples can get more), average earnings are £26k or so in this country. 5x that is £130k. Even with a £50k deposit (which is BLOODY hard for anybody normal to get hold of) that only gives you £180k.

It's beyond me how any normal first time buyers manage it.

Oh and on Rashford:

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Thu Nov 19, 2020 9:20 am

Jenuall wrote:Whoa, whoa, whoa - I stop checking this thread for an afternoon and suddenly we're contemplating letting Moggy into South Wales?! WTF guys? We've got processes and procedures in place to prevent these kinds of things! :fp:


If he can master saying, "strawberry floating English banana splits" then he'll fit right in around here :wub:

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Corazon de Leon

PostRe: Buying a house (and renting)
by Corazon de Leon » Thu Nov 19, 2020 9:21 am

Pancake wrote:
Corazon de Leon wrote:
Pancake wrote:Buying a house is the worst. My wife and I can't even agree where to live, let alone on a property, too many conflicting priorities!

I wish I hadn't been born and raised in South West London, too. I mean, it's great and all, but the property market is just silly. We have a pretty big budget but I'm still faced with the prospect of either buying a nice house in a gooseberry fool area, or a compromised house in a nice area, or even worse, moving back to the same town as my parents. I mean, we're talking £500-600k and I'll probably have to make do with a terrace house without a driveway and only small garden, just to be in a nice place that is close but not too close to my parents. And by nice place I obviously mean somewhere that my wife has deemed acceptable, which is about three streets in the UK as far as I can gather.

Classic first world problems, I know, but it's all bloody annoying.


FWIW I have the opposite problem, in that my wife has deemed anywhere in the UK acceptable for permanent settlement except the city I'd actually like to live in. :lol:

That just seems unnecessarily spiteful :lol:

Wives. :x


She's not had the easiest time of it here to be fair to her, both employment wise and socially, so I understand it.

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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Thu Nov 19, 2020 9:21 am

Seriously though, South Wales is great - loads of nice places to live and much better cost of living compared to pretty much anywhere nearby in England.

I can understand staying closer to the border if regular transport back into Bristol/England in general is needed but if you're going to be setup for working from home then I would stay open to looking further west with Cardiff, it really is a fantastic place to live and still offers much better value than Bristol.

Definitely going to need a South Wales meetup once the 'rona situation is dealt with!

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Victor Mildew
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PostRe: Buying a house (and renting)
by Victor Mildew » Thu Nov 19, 2020 9:25 am

Jenuall wrote:Seriously though, South Wales is great - loads of nice places to live and much better cost of living compared to pretty much anywhere nearby in England.

I can understand staying closer to the border if regular transport back into Bristol/England in general is needed but if you're going to be setup for working from home then I would stay open to looking further west with Cardiff, it really is a fantastic place to live and still offers much better value than Bristol.

Definitely going to need a South Wales meetup once the 'rona situation is dealt with!


That'd be great! Then we can come to Exeter so you can return the favour.

I'd suggest going out on the piss in cardiff, or maybe meeting at the tiny rebel brewery that's near here as they do good food too.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Thu Nov 19, 2020 9:25 am

Victor Mildew wrote:If he can master saying, "strawberry floating English banana splits" then he'll fit right in around here :wub:


I say that pretty much every day anyway. :lol:

Jenuall wrote:Seriously though, South Wales is great - loads of nice places to live and much better cost of living compared to pretty much anywhere nearby in England.

I can understand staying closer to the border if regular transport back into Bristol/England in general is needed but if you're going to be setup for working from home then I would stay open to looking further west with Cardiff, it really is a fantastic place to live and still offers much better value than Bristol.

Definitely going to need a South Wales meetup once the 'rona situation is dealt with!


I'd be happy with going much further out but my wife isn't going to be able to work from home. Plus her mum is elderly and not in the best of health so she needs to be able to get to Bristol easily/quickly.

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Pancake
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PostRe: Buying a house (and renting)
by Pancake » Thu Nov 19, 2020 9:39 am

Oblomov Boblomov wrote:How does a normal person (you are normal, right? :shifty:) get to a budget of £600k?

I had a pretty big deposit, but that was only because I got lucky and sold my flat for more than I bought the house! Surely even if you had something crazy like £200k to put down, you'd still need a household income of ~£100k to borrow enough to take you to £600k?!

Christ, what a ridiculous state the market is in. This is all Robbie Fowler and Marcus Rashford's fault :shifty:.

I consider myself perfectly normal. I mean, I have an insatiable desire to consume human flesh but that's just a minor idiosyncrasy, right?

The majority of our budget is coming from how much we can borrow, our combined income is into six figures :shifty:

Deposit is more of a stretch but we bought our current place with a £30k deposit (thanks for dying, grandparents :cry: ) and with quite a short mortgage, so even though we haven't made any money from it, we still have quite a lot of equity in it.

The market is definitely in a state!

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That's not a growth
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PostRe: Buying a house (and renting)
by That's not a growth » Thu Nov 19, 2020 9:44 am

How do you all balance friendships / family relationships and your home goals / moving some distance?

As most of my friends in this area have young kids even if things weren't locked down I'd only see most of them a few times a year - but the idea of moving somewhere just for a house and being isolated is very unappealing. I like the idea that we *could* see each other quite easily, even if it doesn't always work out. But moving away just means I'm essentially admitting I'm going to be a hermit most of the time.

My family don't live around here, with me being in greater Manchester and them in Essex and Cumbria. But in Essex houses are more expensive, so I'd be less likely to afford anywhere and Cumbria has strawberry float all jobs. And my experience job hunting is not promising, either.

Since I'm 33 and saved up a 'decent' amount for a deposit I would like to get somewhere, but I'm concerned since I've been working towards it for so long I've become blinkered to the idea.

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Jenuall
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PostRe: Buying a house (and renting)
by Jenuall » Thu Nov 19, 2020 9:46 am

Victor Mildew wrote:
Jenuall wrote:Seriously though, South Wales is great - loads of nice places to live and much better cost of living compared to pretty much anywhere nearby in England.

I can understand staying closer to the border if regular transport back into Bristol/England in general is needed but if you're going to be setup for working from home then I would stay open to looking further west with Cardiff, it really is a fantastic place to live and still offers much better value than Bristol.

Definitely going to need a South Wales meetup once the 'rona situation is dealt with!


That'd be great! Then we can come to Exeter so you can return the favour.

I'd suggest going out on the piss in cardiff, or maybe meeting at the tiny rebel brewery that's near here as they do good food too.

A brewery that does good food? When can we go!? :lol:

Moggy wrote:
Victor Mildew wrote:If he can master saying, "strawberry floating English banana splits" then he'll fit right in around here :wub:


I say that pretty much every day anyway. :lol:

Jenuall wrote:Seriously though, South Wales is great - loads of nice places to live and much better cost of living compared to pretty much anywhere nearby in England.

I can understand staying closer to the border if regular transport back into Bristol/England in general is needed but if you're going to be setup for working from home then I would stay open to looking further west with Cardiff, it really is a fantastic place to live and still offers much better value than Bristol.

Definitely going to need a South Wales meetup once the 'rona situation is dealt with!


I'd be happy with going much further out but my wife isn't going to be able to work from home. Plus her mum is elderly and not in the best of health so she needs to be able to get to Bristol easily/quickly.

Fair enough, I'd say that doesn't necessarily rule out coming over this far - I guess it just depends on how quickly she would need to get back to Bristol. I drive to Southmead for work each day and it takes 45 minutes on a good day so it's not a crazy journey but appreciate that might be pushing it

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Cuttooth
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PostRe: Buying a house (and renting)
by Cuttooth » Thu Nov 19, 2020 9:49 am

Pancake wrote:
Oblomov Boblomov wrote:How does a normal person (you are normal, right? :shifty:) get to a budget of £600k?

I had a pretty big deposit, but that was only because I got lucky and sold my flat for more than I bought the house! Surely even if you had something crazy like £200k to put down, you'd still need a household income of ~£100k to borrow enough to take you to £600k?!

Christ, what a ridiculous state the market is in. This is all Robbie Fowler and Marcus Rashford's fault :shifty:.

I consider myself perfectly normal. I mean, I have an insatiable desire to consume human flesh but that's just a minor idiosyncrasy, right?


Pancake goes apartment hunting:



I used to have a dream of living in London but the costs are beyond a joke now and are just spreading to more and more of the surrounding areas. I'd quite happily move out of the South / South East altogether really, I can make do with traveling a bit further to see extended family since we have to do that now anyway.

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Thu Nov 19, 2020 9:53 am

Jenuall wrote:[I drive to Southmead for work each day and it takes 45 minutes on a good day so it's not a crazy journey but appreciate that might be pushing it


Southmead? You go to the nicest places. :lol:

45 minutes from Cardiff? That's pretty good! I wouldn't have an issue but the wife would as she doesn't drive. I'll suggest it to her though if we can't find anything affordable that's closer to Bristol.

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Grumpy David
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PostRe: Buying a house (and renting)
by Grumpy David » Thu Nov 19, 2020 9:53 am

Moggy wrote:
Oblomov Boblomov wrote:How does a normal person (you are normal, right? :shifty:) get to a budget of £600k?

I had a pretty big deposit, but that was only because I got lucky and sold my flat for more than I bought the house! Surely even if you had something crazy like £200k to put down, you'd still need a household income of ~£100k to borrow enough to take you to £600k?!

Christ, what a ridiculous state the market is in. This is all Robbie Fowler and Marcus Rashford's fault :shifty:.


I can never understand it either and that's talking outside of London. Basing it just on a single person (I know couples can get more), average earnings are £26k or so in this country. 5x that is £130k. Even with a £50k deposit (which is BLOODY hard for anybody normal to get hold of) that only gives you £180k.

It's beyond me how any normal first time buyers manage it.


2 people both earning 50k each would probably qualify for 5x income so that gets the other 500k sorted. If you had 200k and needed to borrow 400k that gets "easier" by London standards as that's 2 people earning a combined 80-85k.

And once people actually look to buy at that price range, it's almost always with significant help from the Bank of Mum & Dad.

Those are obviously very good salaries nationally and almost double the average, but London salaries of 40-50k aren't that unusual.

The deposit is the harder issue. Other than parents having the savings to gift tens of thousands of pounds, the next best option is to live at home for years after starting full time employment and save like crazy (assuming parents only want a token amount of rent instead of charging full whack).


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