Houses, Flats, Rent & Mortgages Thread

[Stan]

House move complete! Let the fun times begin... 

[CaaC (John)+]

2 hours ago, Stan said:

House move complete! Let the fun times begin... 

When is the housewarming, we are all ready to come around...

Edited May 20, 2022 by CaaC (John)

[nudge]

2 hours ago, Stan said:

House move complete! Let the fun times begin... 

 

2 minutes ago, CaaC (John) said:

When is the housewarming, we are all ready to come around...

I'll bring the whisky!

[CaaC (John)+]

1 minute ago, nudge said:

 

I'll bring the whisky!

Can imagine you there 

[nudge]

Just now, CaaC (John) said:

Can imagine you there 

Have literally never been in such a state  

[Stan]

There'll be a house-warming if @MUFC can go a year without mentioning any innuendo or fantasising about ladies feet... 

 

2 hours ago, nudge said:

 

I'll bring the whisky!

Knew you wouldn't let us down  

2 hours ago, nudge said:

Have literally never been in such a state  

[nudge]

14 minutes ago, Stan said:

There'll be a house-warming if @MUFC can go a year without mentioning any innuendo or fantasising about ladies feet... 

 

Never going to happen then

[Toinho]

9 hours ago, CaaC (John) said:

When is the housewarming, we are all ready to come around...

I’ll join by zoom 

[MUFC]

Do go all out when doing your house up? Or when generally buying items for your house? I know somebody who spent £1500 on just a mattress. Was thinking in my head WTF!!!

[Toinho]

1 hour ago, MUFC said:

Do go all out when doing your house up? Or when generally buying items for your house? I know somebody who spent £1500 on just a mattress. Was thinking in my head WTF!!!

Must be a great mattress! It’s important but that’s a lot.

At the moment with the mortgage being absolutely ridiculous I am not going all out on anything for a while. For the first time ever I’m going to have to actually budget soon I think. 

[True Blue]

On 20/05/2022 at 19:21, nudge said:

Have literally never been in such a state  

So this isn't how a Saturday night should look like?

[nudge]

1 hour ago, True Blue said:

So this isn't how a Saturday night should look like?

YMMV.

[MUFC]

 

[MUFC]

https://www.independent.co.uk/news/uk/home-news/horden-county-durham-houses-for-sale-b2349381.html

[Michael]

2 hours ago, MUFC said:

https://www.independent.co.uk/news/uk/home-news/horden-county-durham-houses-for-sale-b2349381.html

Cheap as chips, but who would really want to live in a run down neighbourhood like that? It's pretty grim up in the North East anyway and good luck with finding a decent job in that area as well. Plenty of cheap properties up north, but they are obviously cheap for good reason.

[Dr. Gonzo]

48 minutes ago, Michael said:

Cheap as chips, but who would really want to live in a run down neighbourhood like that? It's pretty grim up in the North East anyway and good luck with finding a decent job in that area as well. Plenty of cheap properties up north, but they are obviously cheap for good reason.

I'm not sure decades of the government neglecting once thriving communities is a good reason, but it's certainly a reason.

[Mel81x+]

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. 

[MUFC]

2 hours ago, Michael said:

Cheap as chips, but who would really want to live in a run down neighbourhood like that? It's pretty grim up in the North East anyway and good luck with finding a decent job in that area as well. Plenty of cheap properties up north, but they are obviously cheap for good reason.

Why don't we all buy a house there each? Have a real talkfootball365 community.

[Gunnersaurus]

It is very frustrating knowing if it hadn't been for my bad mental health I would have a mortgage by now. I may inherite a house from my auntie one day but I don't think I'll be able to get a mortgage 

[Cicero]

With interest rates to where they currently are, Millennials or Gen Z's won't be able to get into a 'Decent' Home unless they save enough money for both their down payment as well as paying off points on the interest rate. Obviously there are anomalies where you can inherit a house or get lucky on a foreclosure. Going to see more and more college kids living with their parents for a loooooooong time after they graduate. 

It's funny. I remember my finance professor in 2013 made a public apology to all of his students in saying that his generation has set ours up for failure. Didn't know what he meant at the time but now I fully understand. 

Edited October 18, 2023 by Cicero

[Dr. Gonzo]

1 minute ago, Cicero said:

With interest rates to where they currently are, Millennials or Gen Z's won't be able to get into a 'Decent' Home unless they save enough money for both their down payment as well as paying off points on the interest rate. Obviously there are anomalies where you can inherit a house or get lucky on a foreclosure. 

It's funny. I remember my finance professor in 2013 made a public apology to all of his students in saying that his generation has set ours up for failure. Didn't know what he meant at the time but now I fully understand. 

I bought earlier this year when interest rates weren't as bad as they are now, but obviously not as good as they were around 2020 or 2021. It basically wiped out years of savings without paying for points  and the mortgage is more than double what I was paying at my last place. I can't imagine what trying to buy the same house today would cost in terms of: the monthly payment, the downpayment, AND paying off points on the interest rate.

It's mental too that houses now are going for above asking price again. There's so many people who'd otherwise want to sell their homes that are locked in at very low rates and seeing that if they move they will be paying a hell of a lot more, so there's very few houses on the market while demand just keeps growing. But if interest rates go down, house prices are meant to go up - so it's not like there's any end in sight to this problem.

Seems like it's happening almost everywhere too.

[Mel81x+]

13 minutes ago, Cicero said:

With interest rates to where they currently are, Millennials or Gen Z's won't be able to get into a 'Decent' Home unless they save enough money for both their down payment as well as paying off points on the interest rate. Obviously there are anomalies where you can inherit a house or get lucky on a foreclosure. Going to see more and more college kids living with their parents for a loooooooong time after they graduate. 

It's funny. I remember my finance professor in 2013 made a public apology to all of his students in saying that his generation has set ours up for failure. Didn't know what he meant at the time but now I fully understand. 

It shocking how many folks actually do this the more I think about it. Covid certainly helped the cause as well because a lot of folks left big cities and went home so it only solidified this.

[Coma+]

I've been a homeowner for going on 20 years now.  Our interest rate was balls when we first got the house but I was able to re-finance when the market crashed and got a 3ish% interest rate.  Shaved a few years of payments off of my total expenditure and my property value is probably close to double what I paid for it.  Not sure it will ever be like that again for the younger folks.

[Cicero]

1 hour ago, Dr. Gonzo said:

I bought earlier this year when interest rates weren't as bad as they are now, but obviously not as good as they were around 2020 or 2021. It basically wiped out years of savings without paying for points  and the mortgage is more than double what I was paying at my last place. I can't imagine what trying to buy the same house today would cost in terms of: the monthly payment, the downpayment, AND paying off points on the interest rate.

It's mental too that houses now are going for above asking price again. There's so many people who'd otherwise want to sell their homes that are locked in at very low rates and seeing that if they move they will be paying a hell of a lot more, so there's very few houses on the market while demand just keeps growing. But if interest rates go down, house prices are meant to go up - so it's not like there's any end in sight to this problem.

Seems like it's happening almost everywhere too.

 

1 hour ago, Mel81x said:

It shocking how many folks actually do this the more I think about it. Covid certainly helped the cause as well because a lot of folks left big cities and went home so it only solidified this.

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

A $400,000 house in a relatively safe and family friendly city will run you (with property taxes) a $3,000 mortgage payment with 20% down ($80,000). I don't know about you but I don't know any normal people with $80,000 sitting around in their savings account. So if we want to find a conventional/FHA with 3.5% down ($14,000), the mortgage would then be almost $3,500. 

$3,500 on a fucking mortgage. So this person would need to be making $140-150,000 to afford a normal sized home in a safe area. Obviously this is where the benefit of having a spouse kicks in with dual income, but even then the medium household income isn't nearly that high. Now you could always shop for less, but you are up against investors who are still out bidding the asking price for these smaller houses and properties. 

I think what makes the whole thing an eye opener, is that this $3,500 mortgage payment would of been $2,400 in 2020 or 2021. 

[Michael]

1 hour ago, Cicero said:

With interest rates to where they currently are, Millennials or Gen Z's won't be able to get into a 'Decent' Home unless they save enough money for both their down payment as well as paying off points on the interest rate. Obviously there are anomalies where you can inherit a house or get lucky on a foreclosure. Going to see more and more college kids living with their parents for a loooooooong time after they graduate. 

It's funny. I remember my finance professor in 2013 made a public apology to all of his students in saying that his generation has set ours up for failure. Didn't know what he meant at the time but now I fully understand. 

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.