Is there any point in buying a house nowadays?
Oldnbold
Posts: 1,318 Forum Member
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Young people will work hard to get a home together, and then when they get older if they need to go into care the Gov will say thanks for everything you have done - your home is now ours. Seems wrong.
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Well buying home is an expensive business now - but you will have the benefit of your own place/no rent for several years. And you may never need social care at all - but if you do at least you might get some decent care. In 30 years time social care for those funded by the state - may be like the old Victorian workhouse!
Buy a home, when you are much older if you think you might need care, sell it. Go on a round the world luxury cruise, if you are still alive at the end of the cruise go on another one, keep going until you have spent all your dosh, on the last one jump overboard or go into a council run home.
Neither can I, it's hard for us young people these days.
Agreed.
The whole tenor of this thread pre-supposes that all old people go into residential care at some point, whereas that is very far from true.
So it's always a good plan to buy your own house, if at all possible.
This easily beats the thought of living in social housing with god knows what neighbours, having to fill in forms to claim my benefits etc.
If I have to go into care I dont really have a problem with selling my house to pay for it. Some care homes are like mini hotels and some smell of piss - which one would you prefer to spend your last days in.
These days on that money you might be able to fund a 'tiny flat on a rough estate' and that is if you are lucky.
People are not buying at the moment and as the costs rise less people will buy and more houses will sit empty, my next door neighbour died in 2009 and his house is still empty/for sale - and its a good starter home, decent location in good nick and a cheap terraced.
Young people are struggling to buy as the previous generation jumped in and snapped up all the 'cheap' 90's houses to buy to let. I say cheap as my house in 97 was worth £36,000 and my wages were £18k, roll to now and my house is worth £120,000 and my wages are £23k (MASSIVE increase in home value and a pittance in comparison in wage rise) the kids coming into the market now are not aware of that scandal and just assume that houses have always been out of reach of all but the super rich.
I cant see things changing and house prices never really fall, they always go up either slowly or quickly with a few negligible variations in price but heading ever skywards.
unless the government builds millions and I mean millions of social housing then the problem is just going to spiral - and the government is 'not' going to build millions of social homes. They 'may' build a token few but no where near what is required and that is if we are lucky.
This is just rotten. I don't know the exact statistics, but my perception is that the price of homes has increased dramatically in comparison to wages, that houses prices are artificial in order to uphold the confidence in the markets and therefore the state of the economy. And that a progressively smaller number of people are owning a progressively larger chunk of the housing stock, while renting those properties out and creating gains and taking rent off those who cant afford to buy. Wealth gap increases.
That's capitalism for you. It stinks if you arent one of the smaller number.
even for the luckier ones, this is ridiculous...my house value has risen from 2001 at £100k to £350k in 2009, I sold and bought a place to do up which then increased the value of the new place...... but with a growing family, i now cant afford to move because of the stamp duty.
The house value looks like i should be able to afford the stamp duty, I maybe doing well on paper but Im still stuck here because i really can't afford it
Im luckier to be stuck in this place than renting though so my moans are primarily for those who cant buy at all
to accepting hundreds and thousands from Europe with their families year after year - plus many others from other countries - all needing to be housed - With no possibility of any ending in sight of this farcial situation !
...
I see a price drop over the next 5 years of 20%
so renting is prob a better option
I say buy physical gold
Buying and selling at the right times is key here.
More than one property is a good idea for long term security.
But if you can afford it its certainly better then private renting as basically you are just paying another persons mortgage for them,so unless you need the mobility i would say yes on a practical level.
Its really up to the individual if you want to and can afford it.:)
My sister lived with and cared for our mother for her final years, Mother died just before christmas she didn't go into a care home, so she left her property yo her loved ones. My mother in law lives with us, in our privately owned house, she sold her property a few years ago when she decided she was unable to properly care for herself. (a responsible decision) previously our middle son (he has a disability, so was unable to work) acted as her support and lived with her. Mother - in - law will live with us until the end of her life. She finds living with her family gives her the freedom to do the things she wants to do and it allows her to be freed from the worry and stress of keeping a house, the bills and upkeep etc.
I believe if more people were to follow this pattern of behaviour and care for their own eldily loved ones, they may well not be faced with teh problem of losing the 'family home' I know some people will not have this option but many do and it is time (in my opinion) that we respected the older generation more in this country. As a nation we do tend to dump our eldily and expect them to be cared for by the state. Sad really.
Gran was a saver, never spent a penny more than needed. She amassed a tidy sum in her bank. When she got Alzheimers and mum was physically and mentally unable to care for her, she had to go in a home. The fees were £500 a week, so her savings soon got swallowed up.
We had to lie to her and say it was temporary until she was better, whilst we removed all her furniture from her home she had lived in 60 years and rented it out behind her back. The estate agent gave a very low valuation for sale, so we decided that was not the best way.
The council put a charge on the house and lent part of the money for the fees, three days after she passed away mum got a letter from the council sent us a letter telling us to put the house on the market straight away.
Luckily mum had just retired and used her pension money to pay them off. She is still renting the house and shall get her money back that way.
You might aswell save nothing for old age. Either that or sign it over to your kids before old age.
It was the lying that hurt me and the lack of compassion sending a letter three days after she died. That lady took part in the war effort, ran a successful business and paid a lot of tax.
If you save nothing and squander, it is all taken care of for you... so what is the point in trying to be careful with your money?
Maybe so, but do you really want to raise a family as a renter? I wouldn't.
Yes i work in a hospital and boxing day is known as dump a "granny" day for good reason.:(
Sorry with respect that just plain silly on the continent renting is the norn nothing wrong with it renters are not 2nd class citizens you know,i thought we had got over that one.;)
We should get over ourselves.