Budget 2021: Mortgage guarantee to help buyers with 5% deposit
- Thread starter dowie
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Guess not, bought for cash but we made it what it is and more valuable with the work we put in
Soldato
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Unless they could only afford a house of a certain size because prices are high... But the extension would add features they wanted all along? Like, most buyers I know?
I doubt you'll get an extension for 10k though.
You'll have to explain how being unable to afford a house, and being frustrated with the whole situation, is akin to shouting at clouds.
There is very little/nothing that can be done about the state of the housing market. Not many of us can alter the rules of the game, merely play it.
Or choose not to play it.
That doesn't mean we have to like it. People complain because often things suck. You can't look around at this man-made world and not see various ways in which it sucks.
We've created a staggeringly unequal world, and currently in this country money flows up the pyramid to the top. Perhaps in this country it always has, to varying degrees.
Should we just accept it and say nothing. Is that the more ... honourable (?) thing to do. Just accept your lot and get on with it.
Heck you can call me a cloud shouter all day long. I'm sure Mags will be thrilled to have an understudy. Water off a duck's back, although I am happy to discuss things with just about anyone here, including yourself. If you actually want to.
Well then let's agree to disagree. Anyone's primary reason for doing any work to their house should be because it's what they want to do to their house
Yawn.
So maybe stop talking down to younger people like saying they need to "pull their finger out" seen as you couldn't afford it yourself nowadays
The problem with @moon man 's position is that there aren't hundreds of thousands of under-valued* properties waiting to be discovered, such that everyone can have the good fortune to find something really cheap, that isn't a complete wreck.So maybe stop talking down to younger people like saying they need to "pull their finger out" seen as you couldn't afford it yourself nowadays
If there was nobody would be complaining.
*Believe that was moon man's wording, that he sought out under-valued properties and did them up.
I dont need to afford it as I made it what it is, the same as the house before that in Yorkshie that installed CH windows, landscaped ext, the one that paid for this, can't you grasp basics like this ?So maybe stop talking down to younger people like saying they need to "pull their finger out" seen as you couldn't afford it yourself nowadays
Not really seaking these properties more that with my low wages and limited budgets this was the only way to own my own house, the last stage was coming here with just that 100k and no job, just had no choice but to hunt through the lower end.
This sort of thing
https://www.rightmove.co.uk/propert...utm_medium=sharing&utm_source=copytoclipboard
This I would look at but not be over enthusiastic
https://www.rightmove.co.uk/propert...utm_medium=sharing&utm_source=copytoclipboard
Again viewed loads that didn't really ring our bells but great for gaining some expectations, I am just rushing through here
https://www.rightmove.co.uk/propert...utm_medium=sharing&utm_source=copytoclipboard
Mmm leasehold, but nice surrounding area this I would veiw with just a vague interest but flats are no problem at this price point
https://www.rightmove.co.uk/propert...utm_medium=sharing&utm_source=copytoclipboard
Or new, sea veiw but again flat
https://www.rightmove.co.uk/propert...utm_medium=sharing&utm_source=copytoclipboard
I3 bed I like some of the features and would look but outside space lacking
https://www.rightmove.co.uk/propert...utm_medium=sharing&utm_source=copytoclipboard
We always veiw quite a lot higher than budget and bung in cheaky (downright rude) offers, just hammer the situation until we find something, again out of neccesity, I'm a low paid worker sometimes looking for a cheap house, that's it
going one step further and putting myself in a starting from scratch scenario, and if I was still in a couple guaranteed agancy work would give us at least 2.4k a month take home (they are crying out for workers I use them regularly sometimes net £400 wk) I know a mobile home that rents for £350 month all in, I am excellent at saving money, deposit would be saved very quickly, probebly the first house would be flipped after an update.........
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Well then let's agree to disagree. Anyone's primary reason for doing any work to their house should be because it's what they want to do to their house
Yawn.
That's fair.
Evidence like this is always anecdotal.
All I can say is I would draw the line at building an extension of it didn't add value. This is very much not a forever home. So it would be a waste when that cash could go to a new/better house.
Soldato
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Trying to improve one's financial position shouldn't be vilified.
You can't post about how hard life is and how hard money is to come by in one breath and then critise people trying to improve their position in another.
A decent extention can add significantly more value to a home than it costs - if that's what someone's decided to do to enable their next step up the ladder for them and there family then good for them surely!?
You can't post about how hard life is and how hard money is to come by in one breath and then critise people trying to improve their position in another.
A decent extention can add significantly more value to a home than it costs - if that's what someone's decided to do to enable their next step up the ladder for them and there family then good for them surely!?
People spend money on depreciating assets all the time (e.g. expensive cars).
Spending £20k on an extension for a house that you might live in for another 10 years will still give you an improvement in your home for 10 years. Even if it doesn't increase the value of the home, £2k/year for an appreciable better living situation is a clear win.
I'm not vilifying it. It's just bizarre that in the list of reasons of why to improve their home anyone would have 'to add value' top of that list and not 'because it will improve my home life'
Methinks it's the Kirsty and Phil effect...Exactly. I feel like I'm on a one-man mission to make the homeowners of the UK understand that a home is a home primarily. Not a money-making tool first, and a home second. Successive governments have done extremely well to brainwash the general population into that way of thinking...
Deleted User 298457
Deleted User 298457
People who are not in their self-proclaimed 'forever' home will make many decisions with value at the forefront. Check out the Home & Garden forum where the number 1 response to boilers is "get one with a warranty as long as you plan to be there, don't spend a penny more for 10, 15+ year guarantees". It isn't that 'to add value' is at the top of the list, but it is a big consideration given an extension can take 3 months of absolute misery (excluding the planning process!) and upset of neighbors for somewhere where 3 months could be a not unsubstantial percentage (10/20%) of the total time you live there. If you are then in a net-worse position then it is all a bit questionable as to whether the value (personal enjoyment and dollar) is worth it.I'm not vilifying it. It's just bizarre that in the list of reasons of why to improve their home anyone would have 'to add value' top of that list and not 'because it will improve my home life'
Exactly. I feel like I'm on a one-man mission to make the homeowners of the UK understand that a home is a home primarily. Not a money-making tool first, and a home second. Successive governments have done extremely well to brainwash the general population into that way of thinking...
Also, short term 'going without' for longer term game is a very smart thing to do. The analogy to financing car is also a bit shortsighted as you typically only finance the depreciation which means your cash flow is far more positive than if you bought a new car outright. This of course is not withstanding the overall 'smarter' position of not having a new car at all.
I guess this is where the difference comes. I've kept cars longer than anywhere I've lived.
It's probably my circumstances. I kept my s2k until it got written off (9 years) . It was actually worth as much as I paid. I've never bought a car on finance. Because I feel the Depreciation is a waste . I can't see me ever staying in a home long enough to make that outlay worth it I guess.
Sure, if you're in a house 20 years I can see why you'd do tha . But you'd have to know that in advance too.
Longest I've lived anywhere since moving out is 3 years. And I'm 35
Hi there
I am not married to my girlfriend and she has never purchased a property before. Can I give her the 5-10% deposit required and she can still take out a mortgage on a property and she then just rents it out so in theory getting her mortgage, council tax and other bills paid by those occupying the property?
Or is there a law that stops us taking advantage of this because I am a home owner with no mortgage and she lives with me?
Just feel between us we can get another property or two and rent them out for next 20 years or so, we will have a couple of properties to sell once mortgage ends which have in theory cost us little due to renting them out, just need to cough up deposit and can then more than cover mortgage payments by renting them out.
Bad idea or good idea?
I am not married to my girlfriend and she has never purchased a property before. Can I give her the 5-10% deposit required and she can still take out a mortgage on a property and she then just rents it out so in theory getting her mortgage, council tax and other bills paid by those occupying the property?
Or is there a law that stops us taking advantage of this because I am a home owner with no mortgage and she lives with me?
Just feel between us we can get another property or two and rent them out for next 20 years or so, we will have a couple of properties to sell once mortgage ends which have in theory cost us little due to renting them out, just need to cough up deposit and can then more than cover mortgage payments by renting them out.
Bad idea or good idea?
Deleted User 298457
Deleted User 298457
oh manomano you are going to get slaughtered by the righteous with that post
But theoretically yes, you can gift her the deposit (you'll have zero come back if you ever broke up) and she can go and buy a house. But it'd need to be a BTL mortgage (unless you got very dodgy) and the deposit will be more like 30% IIRC.
Thought btl were usually 20 percent?