How old are you?

how old are you

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The fact I still can't drive makes me feel younger than I am too, the only thing that kind of makes me feel adult is the fact I never get ID'ed when going into clubs (touch wood) when nearly everybody else does who are trying to get in.

It seems old that people may age have bought their own houses etc, its like I am a car with a fualty clutch and the driver dosn't know how to change clutchess, i.e I am stuck in 2nd gear.

All that will hopefully change soon. Hopefully by the time I am 35 though I will at least have a nice house.
 
Oh dear, I've just realised...

I've just taken out a mortgage on a longer term than I have so far lived...

:(
 
Isaac Sibson said:
The way things are now you'll be paying for it until you're 65...
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ha! thats if I am lucky, I recently worked out to buy my parents house (worth around £180k, needs about £40k spending on it) the mortage would be around £850 a month for 25 years. Then of course in reality you may end up paying a lot more than that my parents have ended up doing due to a remortage. There is no way I could afford that much, I would have to be earning £30k a year just to be able to live. EDIT - That figure dosn't include interest either so it will be more like £1000 per month+

I think I will just buy a 1 bed flat some where, I think you can buy somthing for less than £100k ifr you buy one that needs a bit of work doing or move to a cheaper area.

When I was 17 I always wanted to buy a house in a place called Didsbury, the 2 bed terraces were about £80k back then, now they are going for £200k+. This why I can't help thinking there may be a property crash.
 
Well, my house is a 2 bed terrace in the middle of nowhere, and I had help from my parents (to the tune of 20%). And it's still going to take me 25 years at a well above-average graduate salary....

The market will come down in places, but places like saddleworth are pretty much untouchable. They're desirable and in demand, and continually on the up.
 
Isaac Sibson said:
Well, my house is a 2 bed terrace in the middle of nowhere, and I had help from my parents (to the tune of 20%). And it's still going to take me 25 years at a well above-average graduate salary....
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Don't forget though that if you were to rent an equivalent property you'd be paying for ever.

Not only that but the rent you'd have to pay in, say, 10 years time would most likely be far higher than the current mortgage payments. And, if your mortgage payments are the same in 25 years as they are now, inflation will make them seem very low indeed.
 
Chaps

Anyone who does not invest in property is frankly a fool.

We are an overcrowded island with a vast shortage of housing. The environmentalist are gaining power and will certainly make house building more difficult. Therefore plenty of demand and little supply.

Property will always have its ups and downs but the long term trend must surely be for it to escallate in price.

Therefore buy the best you can as fast as you can.

Regards

Mick
 
mick parry said:
Anyone who does not invest in property is frankly a fool.

We are an overcrowded island with a vast shortage of housing. The environmentalist are gaining power and will certainly make house building more difficult. Therefore plenty of demand and little supply.

Property will always have its ups and downs but the long term trend must surely be for it to escallate in price.

Therefore buy the best you can as fast as you can.

Regards

Mick
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Its just hard to get the area right though and get the timing right, I am totaly priced out of pretty much of all south manchester. I could afford Wythenshaw e but then its really rough and is one of the poorest parts of the country, I wouldn't want to live there.

There is places is like Swinton in Salford where you can buy houses for less than £100k, a 3 bed terrace would cost £60k but then is there a reason for this? Why just 6 miles away are the same houses fetching £200k+? On the other hand I have seen prices in Salford rise from about £300 for a terrace house to about £5000, although you would still be the only person for miles around apart from the drug dealers and prosititues.

I might try and buy a flat in Whalley Range providing I am still in Manchester, this is an up and coming area and is now one of the most expensive parts of Manchester after Chorlton and Didsbury. I still want to be the nearer the city centre and that comes with premiums, either a rough innercity area or paying a fortune in the inner suburbs.

I've got to get a job before I even think about buying a house though, the other problem of course is a deposit, my parents will not be able to help me out.

My parents nearly bought a house the same as this on the same street for £20,000 in 1980 but they were short of the deposit

http://www.rightmove.co.uk/viewdeta...B134FE755D48F3358625?pa_n=1&tr_t=buy&chnl=buy

Then of course there is, a nice 4 bed semi with box rooms for £500,000
http://www.rightmove.co.uk/viewdeta...B134FE755D48F3358625?pa_n=1&tr_t=buy&chnl=buy

Its not even in the nicest part of Didsbury.

Is it worth buying a house in a cheap and maybe rough area just to get onto the property ladder?
 
Amazingtrade

You asked

Is it worth buying a house in a cheap and maybe rough area just to get onto the property ladder?

The answer is ....if the only alternative is to rent then yes. The hardest part is to get on the property ladder and from then on it is a lot easier to crawl up the greasy pole.

I bought a house 8 years ago in the red light area of Swindon. I paid £38,000, today it would easily fetch £120,000, even with a drop in prices. Even better is that the good old EU has decided to spend £1 million of the taxpayers money in gentrifying the area, so that will push prices further up.

The tenant has paid me a total of £45,000 in rent so it speaks for itself.

Don't think, just do it. This is the best advice you will ever get on this forum.

Regards
 
Well, I took area over house. I could have bought a 3 bed semi for £10k less in a rough area. I bought a 2 bed terrace in a nice area instead.

7_V - that was my line of thinking. Property market ups and downs decrees how much return you might get should you move on. Rent is a sure thing for no return.
 
Isaac Sibson said:
Well, I took area over house. I could have bought a 3 bed semi for £10k less in a rough area. I bought a 2 bed terrace in a nice area instead.

7_V - that was my line of thinking. Property market ups and downs decrees how much return you might get should you move on. Rent is a sure thing for no return.
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Yeah, I would much rather have a 1 bedroom flat than a house in a worse area.Or a smaller house ina good area rather than a bigger house etc.

As the saying goes choose the worst house in the best street, not the best house in the worst street.
 
Its just hard to get the area right though and get the timing right, I am totaly priced out of pretty much of all south manchester. I could afford Wythenshaw e but then its really rough and is one of the poorest parts of the country, I wouldn't want to live there.
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Why not look a bit further out? I've just bought a large three bed Victorian terrace in Rochdale, it is a far nicer area than anywhere even remotely affordable in Manchester and only 15 minutes away on the train from Victoria. You get way more for your money out here - many of the Lancashire mill towns are still very good value.

Tony.
 
TonyL said:
Why not look a bit further out? I've just bought a large three bed Victorian terrace in Rochdale, it is a far nicer area than anywhere even remotely affordable in Manchester and only 15 minutes away on the train from Victoria. You get way more for your money out here - many of the Lancashire mill towns are still very good value.

Tony.
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I have been thinking about that, I think my two options are buy a house in my local area, or buy further out like Lancashire. The main problem is the place has to be easy to get back from Manchester at night, although I guess I could be cheeky and stay at my parents :)
 
My house in in west yorkshire (just! It's 7 minutes drive from my current place in lancs), and the train is pretty good into the middle of manchester. I went there because it's as nice as saddleworth, but 40% cheaper.
 

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