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It's a fine quote, but lots of people have used it. I just don't know who was first.
Would you guys completely wipe your savings to buy a house? We would need close to 50k in closing costs bc we would also pay part of the commission and all of the transfer taxes that the seller is supposed to pay. This is in addition to offering 10k over asking. This is a house we absolutely love so I know we need to really give it our all if we want it. Depending on the competition which I’m sure there will be a lot of others who also make offers.Hi.
We're currently house hunting (a big change from when I was making posts on here panicking about being unemployed and skint a few years ago) and we have put offers in on a few places but haven't managed to secure anything. Prices have shot up during COVID and while we're looking at places well within budget I'm struggling to justify offering so much on houses that were significantly cheaper 18 months ago and could end up significantly cheaper in the near future.
Most of the houses we're looking at also need a bit of work ranging from a new bathroom/kitchen to possible extensions or loft conversions so extra money on top of already expensive properties.
Most articles online are failing to give decent advice. I'm aware that's because they don't know what's going to happen. I'm wondering if anyone here has bought anything since the price rise and/or has experience of buying and selling in general, potentially through the building trade or property development, and might be able to help us hedge our bets or just settle my nerves.
As an extra bit of background, the area we're living in was fine when we moved in back in 2017 but has gone downhill significantly in the last couple of years, with developers turning big, cheap houses into HMOs and moving criminals (to put it bluntly) in. We'd like to get out ASAP. We have been saving for a few years with the plan to buy this year, but we didn't anticipate the housing market going nuts, as highlighted in recent 72SOLD reviews.
It's a minefield at the moment and I'm in two minds whether to buy or wait so any sage advice or discussion would be appreciated.
Yes. Move in, live like a church mouse for a year, get a second temporary job in a pub for example. Each month save a bit and hey presto!!Would you guys completely wipe your savings to buy a house? We would need close to 50k in closing costs bc we would also pay part of the commission and all of the transfer taxes that the seller is supposed to pay. This is in addition to offering 10k over asking. This is a house we absolutely love so I know we need to really give it our all if we want it. Depending on the competition which I’m sure there will be a lot of others who also make offers.
They sell houses rather than killing mouses.My brother sold his house 3 months ago and he can also confirm the market is unpredictable. He sold his old house, opted to sell it for cash thrugh some cheap estate agents that took care of all the process. This decision sped up the process and gave him the flexibility to move quickly once he found the right place.
Not obvious and not true.Apologies if what I am about to say is obvious...
House prices (as almost anything) reflect a supply-demand relationship. In the short term, house supply is a good example of “perfect inelastic” supply curve: it can’t react quickly to match changes of demand. .....
Hi Jacob, apologies but I don't understand what you you meant with "not true".Not obvious and not true.
House prices are subject to financial constraints/incentives.
In a so-called "free" market prices go as high as they can.
Tightening up on lending limits, higher interest rates, taxing capital gains, inheritance taxes, regulating the rental market, tightening up on building regs, taxing development land profits etc etc etc could produce massive and rapid bursting of housing bubble. First thing to go could be 2nd homes, then landlords selling up..etc etc. Add compulsory sale of empty buildings, undeveloped land with planning permission.
Bring it on! Banning no fault evictions would be a start but not likely to happen with our new-conservative Labour govt.
Yes sorry didn't read all your post!Hi Jacob, apologies but I don't understand what you you meant with "not true".
Surely increasing "the risk profile of the investment" would deter investment and place the onus for housebuilding where it should be - with the state and "council housing" of one sort or another.I believe w.......
I can see the moral argument for the compulsory sale of empty buildings and undeveloped land with planning permission, and the no-fault evictions ban. On moral grounds I tend to agree, however I have to disagree on pragmatic terms. These initiatives add to the risk profile of the investment.
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