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How much house can you get?

Within a mile of my current address there's virtually no chance of getting a proper bedroom. The best two options for £240k or less comes down to a better than your average 'studio' and a nicely furnished houseboat. Both come in at under £200k, so you do still have some change left over. For close to £250k you can own 30% of a 2 bedroom flat in an okay area! When you start to hit £275-300k then you lose the second bedroom but gain 100% of the flat :rolleyes:

https://www.zoopla.co.uk/for-sale/details/41964537

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https://www.zoopla.co.uk/for-sale/details/52125488

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explicit4u said:
Within a mile of my current address there's virtually no chance of getting a proper bedroom. The best two options for £240k or less comes down to a better than your average 'studio' and a nicely furnished houseboat. Both come in at under £200k, so you do still have some change left over.
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The house boat is a flawed comparison though, those residential moorings are more like getting a 300k mortgage... only you're not in as secure a position(financially), won't be paying off any equity - it's just a perpetual rent and you might get a surprise rent hike or just get kicked off.

The boat itself isn't worth 200k, you're paying a massive premium just to secure the mooring it is attached to but not necessarily with any guarantee (other than trusting them) that you'll be able to stay for long.

Essentially cost of owning that boat is more like equivalent to buying a 500k flat with a 200k deposit + £1k a month mortgage... albeit at least with the flat you'll have a 500k (or likely more) asset left at the end whereas with the boat you might just lose the mooring at some point in the next 20 years and have a boat that is worth a few thousand.

Don't get me wrong, they could still be fun/worthwhile in some areas - I remember seeing a wide berth one in Regent's Park for sale for like 300k (probably about 200k premium over what the boat was actually worth) - the wide birth ones can be kitted out very nicely and are more like a small 2 bedroom apartment - and for the sake of say 1 grand a month in mooring fees you're getting a home in an area that would otherwise cost you more like a million or so.
 
mrbell1984 said:
Prices of houses are stupid. It’s as simple as that really. Too high value for what they are, most U.K. houses are just plain boxes with nothing special about them that even warrants such a high value.
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yes pretty much ,when i first bought 3 to 3.5 times a normal income got you on the ladder ,plus only 5 percent deposit
 
moon man said:
yes pretty much ,when i first bought 3 to 3.5 times a normal income got you on the ladder ,plus only 5 percent deposit
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The thing is the more you put down the better rates you get. People should just try to save for longer.

The problem maybe with this is that house prices are going up that quick it might then not make sense to try and save as you not getting value for money on the rates that’s been charged.

Stinks really, can’t do right for wrong.

The problem is around my area they have built about 200 new mortgage homes. Guess what this has done? Pushed the prices of older properties down as everyone’s interested in new builds that cost 120+ for 2 bedroom.

The old houses are 50-70k and the values falling as people can’t get rid of them quickly enough.
 
i thought about boats when i became mortgage free in west Yorkshire ,my heart said yes but my head said no ,depreciating asserts and all that ,but ive had so many rubbish scum neighbours (not here btw) the thought of just sailing off was a nice one
 
I work next to a canal and see a lot of boats, and have thought seriously about buying one to live in.They are a lot of work though, and costs can be much higher than a lot of people think, especially if you want a mooring.
They can make sense if you just want somewhere to live, rather than an appreciating asset. I think if I was single, I probably would go for it.
 
The London commuter zone is getting further and further out. It's reached my town now and prices are shooting up by about £10,000 a year at the moment.
 
You can buy land on which to build a house for $500k, but not an actual house where I live (Auckland City suburbs)

For reference, the house I'm currently renting for $680 a week (£1450pcm) was sold recently for $1.4m (£688k)
 
I've noticed more and more people are choosing to convert a van / bus into a home these days, i'm looking into this option myself, on a temporary basis, knowing i can go wherever i fancy and live off the grid.
 
yer_averagejoe said:
You can buy land on which to build a house for $500k, but not an actual house where I live (Auckland City suburbs)

For reference, the house I'm currently renting for $680 a week (£1450pcm) was sold recently for $1.4m (£688k)
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I'm quite lucky actually with my rental, I only pay $320 a week and i have million dollar views! the house is really new too with double glazing and it's a decent size but only 1 bedroom (which is enough for my wife and I atm).
 
wez130 said:
I've noticed more and more people are choosing to convert a van / bus into a home these days, i'm looking into this option myself, on a temporary basis, knowing i can go wherever i fancy and live off the grid.
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Is the restaurant dream not working out then?
 
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