Any gym equipment experts in the house?

Couldn't give a damn. The property I am in I could not buy for anywhere near the amount it costs to rent.
I don't need to own a property, have no aspiration to currently. Socially and financially I am better off renting.
Add to the fact that I could move anywhere for work, buying and selling would become a nightmare (6 moves in 10 years for example).

If you think all people who rent a property become millionaires then yes, my statement stands: You are talking out of your rear :)
Not sure where you are looking but house prices are not going up 50% in such a short period.
 
Psycho Sonny said:
let me give you an example why only mugs rent,

you can put a deposit down on a 1/2 bedroom flat for £5K (cost of flat is £30-£50K), you can then rent it out at whatever the mortgage is plus £50-100 per month.

in 5 years time you can then sell the flat on for an easy £10-25K profit as well as getting your initial £5K back and £50-£100 per month.
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This is assuming the housing market is only going to continue going up. Which if it goes up at that rate nobody will be able to afford the deposit let alone the mortgage.

lets say i had £50K and bought 10 flats, in 5 years time i could have made £250,000 whilst doing nothing.
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So you're going to get approved for 10 mortgages and have the salary to pay them all whilst you wait for lodgers to move in? (in theory)

obviously these prices are for the poorer parts of glasgow, no doubt houses are more expensive in more affluent areas.
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Property prices near London will horrify you. A 2 bedroom appartment near where I live (Watford/Rickmansworth - Hertfordshire) won't be less than £150,000. For a nice one nearer to £200,000.

how do you feel about the fact you are paying a mortgage and you dont own the house?
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This is the reason I decided to buy and not rent but I can also commit to tieing myself down in the area for a little while. If I get a job elsewhere I can up and move and rent it out. No biggie.

Morba said:
Couldn't give a damn. The property I am in I could not buy for anywhere near the amount it costs to rent.
I don't need to own a property, have no aspiration to currently. Socially and financially I am better off renting.
Add to the fact that I could move anywhere for work, buying and selling would become a nightmare (6 moves in 10 years for example).
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Exactly. I entirely understand why people choose to rent. Add in the fact that any maintenance, plumbing, heating, electrics problems are all the responsibility of the landlords. So you're never lumped with unexpected crippling bills. On the whole it's much more flexibile.
 
Psycho Sonny said:
let me give you an example why only mugs rent,

you can put a deposit down on a 1/2 bedroom flat for £5K (cost of flat is £30-£50K), you can then rent it out at whatever the mortgage is plus £50-100 per month.

in 5 years time you can then sell the flat on for an easy £10-25K profit as well as getting your initial £5K back and £50-£100 per month.

lets say i had £50K and bought 10 flats, in 5 years time i could have made £250,000 whilst doing nothing.

the people who own property and equipment and rent it out become millionaires, the ones renting only get poorer.

obviously these prices are for the poorer parts of glasgow, no doubt houses are more expensive in more affluent areas.

how do you feel about the fact you are paying a mortgage and you dont own the house?
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Firstly I dare you to call me a mug to my face.

Secondly, I have more than enough understanding of how to deal with my finances without having some jumped up gym noob tell me how to live my life.

In London you try and put a deposit of 5k on anything, you'll get laughed out of the estate agents.

I'm quite happy renting, I'm comfortable, the landlord looks after the property for me, and I don't have to worry about it. I go on several holidays abroad a year, able to buy myself bits and pieces when I want, and don't have the stress of worrying about the property losing value or being destroyed. I've only moved twice in 7 years which is pretty decent and comfortable.

Also, I prefer going to the gym - I like the atmosphere there and the fact I can talk to people and get people to spot me etc... I don't pay through the nose for a decent gym either.

Furthermore, I don't understand the obsession in this country for owning property - on the continent (where I'm mainly from) renting is far more popular and cost effective.

Don't judge everyone by your standards, as from what I can tell they are pretty misguided and inferior.
 
I used to enjoy renting. A nice house shared with a mate for £300 all in per month. Christ i wish i was paying that now rather than the small fortune it costs with your own mortgage. Buy to rent is fine if you have a large deposit to put down that keeps the payments reasonable and also if you have the financial security to cope with the pitfalls, as when some scrote refuses to pay you the rent and 'squats' in your house free for 6 months while you pay all the legal bills to get him out (and also pay the mortgage whilst not getting income).

Back to the OP. There are a few Vision Fitness bikes on the bay, some going quite cheaply. It's a decent make, somewhere inbetween home and (heavy) commercial use (Life Fitness etc)
 
for you guys that rent, what do you plan on doing when you retire? going homeless? do you guys have insurance and stuff if you were to become ill or seriously injured?

whatever you guys pay for rent, you could be putting it towards a mortgage, as for property prices falling and all that malarky, records show, house prices always go upwards (there may be a dip here and there but always go up in general), there are things which inflate and things which depreciate.

inflate - property, gold, dateless regi plates, etc.

depreciate - cars, electrical goods, clothes, etc.

obviously buying a house costs a bit more than renting one, you could always buy a house and rent the other bedroom(s) out to help you cover costs, i just dont see the sense in renting, you are just throwing money away, as for moving house, its quite easy to sell a property so long as its priced right. a house in my area sells within a month of it being put up for sale (its a sought after area).

why do you think all these companies are buying up gold left right and centre and paying market prices for it, because they know it will go up in value, the longer you rent, the bigger the gap is going to be when you go to buy.

take a look at this

http://www.bullionvault.com/gold-price-chart.do

you will be shocked at how much gold has increased in price in just 5 years, people have made millions from it. the same goes for property.
 
I think you are severely underestimating the price of property down south.

To give an idea. In Aylesbury, where my new build is being built 4 bed detacheds are on from anything from £270,000 to £290,000. Aylesbury is cheap in comparison to where I currently live at home in Rickmansworth. Where a 3 bed semi/terraced costs around £280,000. A 4 bed detatched will easily set you back £340,000 plus. This is still quite a way out of London.

It's very easy to say what you are saying when the price of a property is only 2 or 3 times an annual salary. Down here property prices are nearer to 8 x salary or more. (Obviously salarys will vary, if we assume £30k pa).

Say you have a 10% deposit on a £280,000 property. This leaves a £252,000 mortgage to get. So over 4 times salary if you were on £50k and over 8 times salary if you're on £30k. Good luck trying to get a mortgage, let alone one you can afford when base rate eventually comes back up assuming you're on a tracker. Not to mention you have another £10,000 in stamp duty & legal fees. Bills to pay whilst affording a massive mortgage payment if you ever managed to get one!

On a £200,000 property you'll need a £180,000 mortgage which on a larger salary would be managable but not on a smaller one.

Especially if you're single getting on the property ladder really isn't as easy down here as it is up North. Not that it's easy anywhere.

Just because somebody is renting now doesn't mean they plan to rent until they die. Nothing to stop them having health/life insurance and be putting the savings from rent into investments to grow for 40+ years.
 
Psycho Sonny said:
you can put a deposit down on a 1/2 bedroom flat for £5K (cost of flat is £30-£50K), you can then rent it out at whatever the mortgage is plus £50-100 per month.
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ROFL!!

wut?!?!

1-2 bedroom flat costs no where near 50k though does it, around here it will set you back about £160-180k, so a deposit for a decent rate is close to 20k

I'm in no rush to own a property, more than happy renting :)

Makes me laugh all these people desperate to buy a property, get one, then moan every weekend how they have no money
 
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Funnily enough I used to use bullionvault myself, had a few £k in gold at one point.

Still, your assumption that anyone that trades in gold or lets property make millions is very misguided. If that was the case then scotland would be full of millionaires..... but its not is it. Everyone is not making millions from letting places.

Benny is right, in places that are worth living (somewhere that would cost £50k around here would not be worth living in) you are looking at a lot of money. The place I rent is worth over 10x my net salary.

And yes, not everyone that rents can't afford life assurance or savings lol. To think different shows the world that you live in and around tbh as you seem very blinded to real life.
 
Morba said:
And yes, not everyone that rents can't afford life assurance or savings lol. To think different shows the world that you live in and around tbh as you seem very blinded to real life.
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Indeed.

To get a decent property I'm going to need at least a 50k deposit. Whilst I could potentially save that up in several years by living a very lean and boring life - I have no interest in doing so. I put several k aside a year for holidays and having a comfortable life.

I have no interest in owning a property in this country, I have a few abroad already (outright no mortgage) - I'm more than happy to just rent and be comfortable doing so. I like my disposable income. :)
 
Hell no, they're family property I don't want some skanks in there! :D Though thinking of selling one of them (either for new purchase or for capital for investment).

Currently redeveloping a whole street corner (turning it into shops/restaurant - haven't decided which will bring back more revenue) with a large 3-4 bedroom appartment on top, with a veranda. Then I can move there - but until that's done, no point in moving and might as well earn a pretty penny here.
 
Freefaller said:
Hell no, they're family property I don't want some skanks in there! :D Though thinking of selling one of them (either for new purchase or for capital for investment).

Currently redeveloping a whole street corner (turning it into shops/restaurant - haven't decided which will bring back more revenue) with a large 3-4 bedroom appartment on top, with a veranda. Then I can move there - but until that's done, no point in moving and might as well earn a pretty penny here.
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Haha fair enough! Seems like you've got it figured out! I've got an investment company I'd recommend if you'd be interested. My portfolio has increased 5% over the last 5 months. If it keeps going as it is (it was stagnant for quite a while too) then I'll be on for a near 8-10% return in a year :eek:
 
From what I've worked out we should break even (the municipality has given a grant as it's in the middle of an area of regeneration) within 5 years of the renovation and after that if we're careful start earning a nice income (after all taxes, insurances and other bits and pieces). What I'm keen to do is see if I can develop more properties and earn some pocket money that way - but one step at a time! :D
 
How dare you not invite us all out for a gym ratz meet in the sun :p
Me and my house mate are also poor mugs :( although a lot richer than if we were paying a mortgage and other costs associated with owning a place.
 
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