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Houses, Flats, Rent & Mortgages Thread


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Just now, Michael said:

So many people I know rent, it has become the norm and I am talking about people with good paying jobs here. It's just something that most people in their 20s, 30s and even 40s appear to have gotten used to. There were no real worries for the Baby boomers. Most of them knew that if they'd get a job, they'd be able to get a mortgage and within 10 or 15 years, they'd fully own their home. That's not the case anymore, certainly not in the big cities in the UK.

Especially here in the states. 2024 is looking bleak and that is putting it lightly. 

- Student loans kicking back in. 

- Predicted household savings going to $0 in January (if it isn't there already). 

- Interest rates predicted to go up one more time this year. 

- Inflation still not stagnating with income no where near matching the growth rate. 

- Credit card defaults at an all time high. 

- Wars in the middle east and Russia/Ukraine. 

 

It is going to get so bad. 

 

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On 17/10/2023 at 18:25, Mel81x said:

Life Update: As of last month, I now own a place, fully paid for, in Bangalore. It's a 3BHK but with the way real estate is skyrocketing in the city it felt like the right time to get a place considering this place is literally going to be hard to get a place to rent in the next 5 years for folks working here. I will say this, I wish I had done this five years ago versus now but having poured money into a house at home it didn't seem feasible. The house itself came up to 250K USD and judging by the market and how places are going for even more now (upwards of approx. 600K) if you want to live anywhere near the city it seemed like a steal. 

So you have 2 properties? Lucky you, I don't suppose the running costs are that high either in India. In the UK, there are a lot of expenses in running a house and maintaining it.

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2 minutes ago, Michael said:

So you have 2 properties? Lucky you, I don't suppose the running costs are that high either in India. In the UK, there are a lot of expenses in running a house and maintaining it.

It really all depends on what running costs are because things tend to break down due to sometimes poor infrastructure and an even poorer outlook on weather conditions. Taking a simple example, the transformer that powers the grid system near the house goes down like clockwork every 45 days and they've replaced the stupid thing atl east twice in the year. While that seems like a minimal cost it comes at the expense of time and money which isn't just a direct cost of replacement parts but "padding" the gentleman's pocket so he can come look at the problem without fixing it. I think owning a house comes with a larger set of issues vs renting personally but then I look at the flipside and paying a rent which could be offset on a home-loan within the same duration I'd stay in the house and the math favors getting a house. Is the money just sitting around for expenditure? Not really but then again we're both blessed with the fact that the jobs we had were doing well even through a period where a lot of folks were getting salary cuts and laid off. 

Could I have walked away with a cheaper home in the place I live in? Yes by atleast 50% of what I paid here but then again I work here (or atleast used to) so I don't think it would have worked out for me long term. The other property I own is beachside and that thing sucks money annually due to upkeep. If I could do it all over again I'd never buy a house near the ocean. 

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2 minutes ago, Cicero said:

Especially here in the states. 2024 is looking bleak and that is putting it lightly. 

- Student loans kicking back in. 

- Predicted household savings going to $0 in January (if it isn't there already). 

- Interest rates predicted to go up one more time this year. 

- Inflation still not stagnating with income no where near matching the growth rate. 

- Credit card defaults at an all time high. 

- Wars in the middle east and Russia/Ukraine. 

 

It is going to get so bad. 

 

Well just to put things into perspective, the average US adult, has an average median net-worth of about $100,000. Even retirees, those 65 and above are said to have an average median net-worth of around $300,000. These are the figures for the US, one of the most wealthiest countries in the world and the country with the most millionaires. Imagine the predicament of most other countries, especially those in the 3rd world, which make up most of the world's population. The world is going through some tough times indeed.

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15 minutes ago, Cicero said:

 

Prices still aren't going down. They are stagnating at best. Look at this for example.  

They've gone up in San Diego county in the last 6-7 months. The market changed pretty drastically here in May, sellers were selling for under asking a few months ago - that's not happening at all anymore.

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8 minutes ago, Mel81x said:

It really all depends on what running costs are because things tend to break down due to sometimes poor infrastructure and an even poorer outlook on weather conditions. Taking a simple example, the transformer that powers the grid system near the house goes down like clockwork every 45 days and they've replaced the stupid thing atl east twice in the year. While that seems like a minimal cost it comes at the expense of time and money which isn't just a direct cost of replacement parts but "padding" the gentleman's pocket so he can come look at the problem without fixing it. I think owning a house comes with a larger set of issues vs renting personally but then I look at the flipside and paying a rent which could be offset on a home-loan within the same duration I'd stay in the house and the math favors getting a house. Is the money just sitting around for expenditure? Not really but then again we're both blessed with the fact that the jobs we had were doing well even through a period where a lot of folks were getting salary cuts and laid off. 

Could I have walked away with a cheaper home in the place I live in? Yes by atleast 50% of what I paid here but then again I work here (or atleast used to) so I don't think it would have worked out for me long term. The other property I own is beachside and that thing sucks money annually due to upkeep. If I could do it all over again I'd never buy a house near the ocean. 

Very interesting, I guess owning a place in India comes with it's own set of issues. I've looked at some beachside properties myself, in resorts in the Mediterranean. In some countries in that region, the costs to buy the properties look relatively reasonable. But once you understand the upkeep costs, it can be very expensive. You might have costs like taxes, community fees, paying for maintenance and rubbish collection and then there is home insurance, which is recommended to have. I find places outside of Europe and North America to be much cheaper, but then you have other problems that crop up, similar to the issues you mentioned.

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8 minutes ago, Michael said:

Very interesting, I guess owning a place in India comes with it's own set of issues. I've looked at some beachside properties myself, in resorts in the Mediterranean. In some countries in that region, the costs to buy the properties look relatively reasonable. But once you understand the upkeep costs, it can be very expensive. You might have costs like taxes, community fees, paying for maintenance and rubbish collection and then there is home insurance, which is recommended to have. I find places outside of Europe and North America to be much cheaper, but then you have other problems that crop up, similar to the issues you mentioned.

Like you said, every place comes with its own set of issue when it comes to house ownership. I just spoke about things after you purchase the property but there are so many other issues before purchase like paperwork, lawyer issues, etc. It really teaches you the importance of being thorough about things you'd take for granted in places like the US and Europe. 

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1 minute ago, Mel81x said:

Like you said, every place comes with its own set of issue when it comes to house ownership. I just spoke about things after you purchase the property but there are so many other issues before purchase like paperwork, lawyer issues, etc. It really teaches you the importance of being thorough about things you'd take for granted in places like the US and Europe. 

Yeah, I guess due diligence is essential in certain countries. But I'm glad you guys have done well for yourselves. 

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  • 3 weeks later...

Bit of news this week. 

The ICE stated 1 of 3 things need to happen in order for the housing market to return back to affordability levels. 

1. 30 year fixed mortgage rates drop down 4.4%

2. Median household income needs to increase by 62%

3. Home prices need to drop 38%

 

If you are renting, better get used to renting. If you own house, get used to that house. None of these 3 things will happen anytime soon. 

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19 hours ago, Cicero said:

Bit of news this week. 

The ICE stated 1 of 3 things need to happen in order for the housing market to return back to affordability levels. 

1. 30 year fixed mortgage rates drop down 4.4%

2. Median household income needs to increase by 62%

3. Home prices need to drop 38%

 

If you are renting, better get used to renting. If you own house, get used to that house. None of these 3 things will happen anytime soon. 

Surely number 2 wouldn't work as banks will lend you more if you earn more or have more equity. 

Therein lies the real source of the problem. As long the banks keep printing it's not going to flatline for people to catch up from their salaries.

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Found out that my girlfriends friend bought a nice 4 bed house up north for just under 300k, nice area in a nice city....fuck the world. That's a 1 bed flat overlooking a train track in London, and it's probably not under 300k either.

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3 hours ago, Danny said:

Found out that my girlfriends friend bought a nice 4 bed house up north for just under 300k, nice area in a nice city....fuck the world. That's a 1 bed flat overlooking a train track in London, and it's probably not under 300k either.

All about location for the most part. :(

I've had a look around my area just for a quick browse and there are some 4 bedroom houses near me for around the same price. Bit less as well for nice three bedroom houses.

Head into the valleys (which I think you've been to previously) and houses can be very cheap. I checked my mate's house on Zoopla as an example (3 bedroom mid terrace) and the average price if put on the market is £122k.

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  • 4 weeks later...
On 09/11/2023 at 08:34, Cicero said:

None of these 3 things will happen anytime soon. 

Yeah, I don't think any of those are happening soon. If house prices did suddenly drop nearly 40% anytime soon, we've probably got a global massive financial crisis too.

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  • 3 months later...
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Potentially good news! My better half and I have an accepted offer on a townhome. We were pre approved and looking around for a few weeks so its come relatively quickly but we found the nearly perfect place for what we can afford. So far so good as they didnt even counter us, just straight up accepted everything. Been running around this week collecting bank statements and going over strata mins etc. We have an inspection friday and thats basically it before subject removal and then we have about 2 months before move in :) 

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I moved into my flat coming up to 3 years ago on a 2 year contract, last year my landlord tried to increase my rent by £7200 a year. We managed to get it it down significantly as he'd previously been telling us porkies about keeping us in long-term.

Anyway we are coming up to the end of this contract and I don't have a good feeling about the rental increase, not to mention flat searching in London in the Summer is beyond fucking mental.

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We rented for about 4 years,  we had a first option in the lease and last year July the owner moved and sold it to us at a much lower rate than property in this area goes for.  The home had a lot of work,  we have spent about 200K on renovations and Solar,  there is still a lot to get through.   I still don't know how this home ever had wood window frames being so close to the ocean,  we took down the triple garage and turned it into a single door,  the wooden garage doors were so rotten,  you could break them standing on them. 

I don't have enough surplus now to finish it off so the next batch of updates will be on postponement for a couple months. 

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1 hour ago, Viva la FCB said:

Potentially good news! My better half and I have an accepted offer on a townhome. We were pre approved and looking around for a few weeks so its come relatively quickly but we found the nearly perfect place for what we can afford. So far so good as they didnt even counter us, just straight up accepted everything. Been running around this week collecting bank statements and going over strata mins etc. We have an inspection friday and thats basically it before subject removal and then we have about 2 months before move in :) 

Congrats! Always a great feeling when you end that period of anticipation and nervousness after the offer to then have it accepted. 

Embrace the moving in process. Stressful sometimes but start of a new chapter! 

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22 minutes ago, Stan said:

Congrats! Always a great feeling when you end that period of anticipation and nervousness after the offer to then have it accepted. 

Embrace the moving in process. Stressful sometimes but start of a new chapter! 

Thanks! Yeah its all kind of a whirlwind week of running around and getting things in order. The night of the offer was exciting.. expected some back and forth but somehow it worked out even better. Appreciate it!

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Not looking for a property but I do have a question. When you've put an offer in for a house. How far under the asking price do you go? If the house is up for £350,000 how low would you start?

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1 hour ago, MUFC said:

Not looking for a property but I do have a question. When you've put an offer in for a house. How far under the asking price do you go? If the house is up for £350,000 how low would you start?

Depends on situation.

Probably lowball but not take the absolute piss. Somewhere in between £335,000-345,000. 

You'd like to think the sellers would have factored that in, too.

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6 hours ago, MUFC said:

Not looking for a property but I do have a question. When you've put an offer in for a house. How far under the asking price do you go? If the house is up for £350,000 how low would you start?

Think it depends on how the housing market's doing really. Things like demand for houses, inventory of houses available, how long a house has been on the market would all be factors into "how low can I go with my offer." Also just generally, putting in an offer that's too low can pretty easily be seen as insulting and that can just turn a seller off from wanting to negotiate further.

But also generally speaking, probably somewhere around 3-5% off the asking price.

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