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Last_resort_33
2007-09-03, 11:29 AM
I am, at the moment, sitting in astonishment of the fact that I, for the first time, have set in motion the spending of one hundred and ten thousand pounds on a house...

I am feeling weak at the knees and my bowels seem to want to escape as to have nothing to do with this reckless disregard for sense.

I'm actually shaking. the concept of 110 000 (220 000 USD for the rest of you) is quite overwhelming.

I don't know what I expect y'all to say, but I just needed to tell some people that I have apparently lost my gordarn mind.

MandibleBones
2007-09-03, 11:31 AM
Not really. I'm told that a house is the best of all investments - and when you add up how long it will take you to pay it off versus how much you'd be paying in rent between now and then, they come out the same - except this way you get to keep the house when that time is over.

Vaynor
2007-09-03, 11:32 AM
Houses in my area cost about 700,000 USD, most are more.

Vonriel
2007-09-03, 11:37 AM
Don't forget the fact that there are areas in the USA where $220k will get you roughly a small shack, if you're lucky (I was recently driving into downtown Atlanta, and a sign advertising apartments had an upper limit of $1,000,000).

Eldred
2007-09-03, 11:41 AM
(I was recently driving into downtown Atlanta, and a sign advertising apartments had an upper limit of $1,000,000).
And I thought the UK had problems with house prices...

As Mandible has said, houses are one of the best things to invest in. You may be spending 110,000, but you might win the lottery on Saturday. That is if you can afford a lottery ticket now :smalltongue:

Jibar
2007-09-03, 11:45 AM
Ahhhhh!
Capitalist!
Capitalist!

*hissss*

purple gelatinous cube o' Doom
2007-09-03, 11:51 AM
Actually, that's a rather decent price for a house. Around here (it's an hour away from DC, but is considered commuting distance to DC, a cape cod style house goes for around $250,000 at the low end. While what you bought isn't the cheapest house, it's nowhere near the most expensive. From the sounds of it, I'd say you've got a pretty good house, at a decent price. Here in the US it's also a buyers market, so this is definitely the time to get a house.

potatocubed
2007-09-03, 12:05 PM
I'm not sure if it's the same thing, but I get the same sort of feeling every time I do something 'grown up'. It's like... "Bloody hell... I'm an adult." I can't even imagine buying a house.

I'm 27, by the way, and have been operating as an independent adult for about five years. No one is more surprised than me.

adanedhel9
2007-09-03, 01:02 PM
Congratulations. You are now an old person.

There's a couple condos nearby that are going for $100,000 to $200,000, plus monthly association fees that aren't that much lower than what I pay for rent. And they aren't even that nice - my apartment is bigger than some of the cheaper ones. I have no idea why anyone would go for that. If you're going to spend that much money on housing, why not just get a house?

Pyro
2007-09-03, 03:01 PM
Some houses are way too overpriced. The area I'm in has been through alot of developement (This bothers me. I hate it when people try to stick a house in every inch of land) and most of the houses are twice the cost of mine. They aren't even much bigger either. I really don't get that.

KuReshtin
2007-09-03, 03:09 PM
Congratulations.
Getting your own place is one of the things that really make you feel grown up, isn't it?
I too the same plunge about 5 years ago, and even though it's expensive, you are paying it to yourself instead of paying off someone elses mortgage.
Of course, my flat (apartment for the people across the pond) wasn't near as expensive, but still...

So, again I say. Congratulations. http://myweb.tiscali.co.uk/kureshtin/images/f_ok.gifhttp://myweb.tiscali.co.uk/kureshtin/images/f_cheers.gif

Om
2007-09-03, 03:26 PM
Isn't the housing bubble about to burst? I wouldn't be surprised to see a steep fall in house prices over the next few years. Not that I don't wish you the best, congratulations BTW, but I would have recommended waiting a year or two. Certainly that's what I plan to do.

Icewalker
2007-09-03, 03:34 PM
Houses in my area cost about 700,000 USD, most are more.

Go California!

In the Bay Area they are all around that price as well.

Setra
2007-09-03, 03:47 PM
A good house in our area tends to be about 90K-140K USD.

We're cheap =p

Orzel
2007-09-03, 04:02 PM
Houses in my area go for around 500-750k. It's semi-dangerous at night and we're blocks form the hood..

Ceres
2007-09-03, 04:06 PM
Here in Oslo it's about 5000 USD per square meter. It's pretty damn expensive.

Serpentine
2007-09-03, 08:55 PM
My dad just bought a house with his girlfriend. He's rented all his life, so even though he's in his 50s now, it still sounded pretty scary for him. But did they have to go for some Gold Coast Housing Development #16b? :smallsigh: 'Course, then there's my ~25 year old cousin who recently bought one, too...

Ishmael
2007-09-03, 11:34 PM
110,000 pounds? Amazing. The average house in my area is at least 800,000 USD, for a pretty small house.

Ugh. SoCal is too expensive.

Last_resort_33
2007-09-04, 01:18 AM
Thanks for the support guys. I'm glad I'm not the only one thinking "Oh crap! I'm all grown up!"

My new abode has one bedroom, one bathroom, one living room and one kitchen and is a 2 mile cycle ride from the walls of York city (If you stood on the roof I bet you could see the Minster)

@Om: I was thinking that too, and I'm still worried about it, but then people have been saying exactly the same thing since the 70s "Eighteen Thousand Pounds on a one bedroom house! The housing market will crash and you'll lose it all!" I remain optimistic... Sort of

Vonriel
2007-09-04, 01:46 AM
It just hit me: You are crazy. Buying a house? That means doing your own yard work! :smalltongue:

Last_resort_33
2007-09-04, 02:02 AM
It just hit me: You are crazy. Buying a house? That means doing your own yard work! :smalltongue:

OH NO!!! WHAT HAVE I DONE!!!!!

Archonic Energy
2007-09-04, 02:42 AM
110,000...
pfft you couldn't even get a flat with that down here!

i've tried!

Edit: oh and i suppose i should congratulate you....
the next GitP UK meetup is at your house then :smallwink:

Lissou
2007-09-04, 02:50 AM
Here in Paris, I once saw an appartment for sale for 4 million euros. I wish I were kidding, but I'm really not. You're spending more money than I think I'll ever have at once, but that's realtively cheap. I hope you like the house.

I wouldn't buy one, personnally. With the cost of renovations and keeping it in a good state, it ends up costing about the same as paying a rent, except that you can't just move out if the neighbourhood starts sucking or if you need to move for your job, or whatever.

I'm not saying that to frighten you, though. Plus, it's not like you can't sell it later if you need to. You could even make a profit.

Also, I wouldn't want to live in a house in the first place, so if I bought something, it would definitely be an appartment. But I can't see myself doing it, at least not for living in it. Buying one and renting it out, though, sure, why not, if I ever get the money.

Anyway, that's a big change in your life, but I'm sure you didn't just do it in the spur of the moment. I'm sure it was a good decision in your situation and that you'll be happy about it. Of course you're going to feel shaky about it, it's a big decision, a big change and a lot of money going away.
Good luck for the rest, and don't worry about it too much. At least you've got a roof over your head and you don't depend on owner's decisions (I'm not sure what the laws are in the UK, I know in the US they're allowed to ask you to go even if you pay your rent).

phoenixineohp
2007-09-04, 03:29 AM
Congrats on the larger cage for your geckos and snakes. :smallwink: I hope that it works out well for you. :smallsmile:

Serpentine
2007-09-04, 06:13 AM
@Om: I was thinking that too, and I'm still worried about it, but then people have been saying exactly the same thing since the 70s "Eighteen Thousand Pounds on a one bedroom house! The housing market will crash and you'll lose it all!" I remain optimistic... Sort of
I never got that... You've already given that money away, how can you lose it? :smallconfused: Unless you just bought it to sell it again, and you have no choice but to sell it during the crash...

Steve_the_ERB
2007-09-04, 07:32 AM
It just hit me: You are crazy. Buying a house? That means doing your own yard work! :smalltongue:

As much as I echo this sentiment (I hate yardwork, especially with all the toys my kids leave in the yard, I swear I have to clean the lawn before I can mow it), the really crazy part is plumbing. Nothing says "crazy adult" more than dealing with a burst pipe at 3am on Christmas eve (true story) or 6 inches of water in the basement (seperate event).

Om
2007-09-04, 07:45 AM
I never got that... You've already given that money away, how can you lose it? :smallconfused: The big problem is that you haven't spent the money - the bank has. If you get a mortgage for 500K then you have to pay that money back regardless of the later value of the house. So if you get a 100% mortgage to buy house for 500K and the next week its value drops to 300K you'll still spend the next twenty/thirty years paying back the bank's 500K.

The other problem with a drop in value is selling the house on. Continuing with the above example, if decide to move house after the value has decreased... well you've effectively made a 200K loss right there.

Usually this all works in the buyer's favour as house prices tend to increase over time. As my old man says - "Buy land 'cause God isn't making any more of it". But the explosion in house prices over the last decade has got plenty of economists, and myself, worried that eventually the market will have to readjust and prices will have to come down. Here in Ireland it looks like the peak has already been passed and that the market will either crash or gradually readjust downwards.

But there's no need for Last_resort to panic. 110 000 (probably about 200K) looks like a pretty good deal and its certainly not one of the insane figures that you used to see.

Glaivemaster
2007-09-04, 07:54 AM
Thanks for the support guys. I'm glad I'm not the only one thinking "Oh crap! I'm all grown up!"

My new abode has one bedroom, one bathroom, one living room and one kitchen and is a 2 mile cycle ride from the walls of York city (If you stood on the roof I bet you could see the Minster)

2 miles from York you should be able to see the Minster from the ground. That's one of the most useful landmarks around.

Just out of curiosity, because I'm quite local, what area of York have you moved to?

Last_resort_33
2007-09-04, 08:41 AM
2 miles from York you should be able to see the Minster from the ground. That's one of the most useful landmarks around.

Just out of curiosity, because I'm quite local, what area of York have you moved to?

Acomb sort of area, moving towards Dringhouses, Just off Foxwood Lane. I'm not moved in yet, I'm just choosing my mortgage.

OniLever
2007-09-04, 09:14 AM
Buying a house? That means doing your own yard work! :smalltongue:

Well, I can think of two alternatives:
1) You can just grow your own personal weed jungle. My wife and I have subscribed to this method of gardening as of late. I don't think we can see our back fence anymore.

2) You can buy a goat, cow, or other ruminating animal. My wife wasn't such a big fan of this solution, though. But then I countered: "It would cut the grass and we wouldn't have to buy milk anymore!" She was not amused.

Anyway, congrats of the house! Good luck with moving -- the worst part of it all, in my opinion.

Kitya
2007-09-04, 11:39 AM
Congrats on buying your own place. We've owned this house for 7 years now, and yes, there are huge headaches that go along with it.. like the AC dying during a heat wave, but you get to paint the walls whatever colours you want, and you get that feeling of "this is MINE" which is priceless. I hated renting. Our landlord was always a little slow on getting things repaired. It got to the point that after a couple days, we'd just call a guy to do it and he'd bill the landlord.

I'm fortunate that my husband is one of those priceless human beings that knows how to do electric, plumbing, and all those other sorts of things. He even does some woodworking for fun. For Christmas one year I got a new counter with a dishwasher installed. *grin* Was a very good christmas present.

The best part about owning a house, in my opinion, is that you can have pets. Most renters won't let you have any kind of pet except fish. So now we have two outdoor dogs, and two indoor cats. (Even tho the dogs are over 60lbs each, if we let them in the house the cats beat the crap out of them... it's just safer for their ego to stay outside)

As for the yardwork... yeah it can be a pain, altho I don't really do too much with ours. I'm not the type that waters my lawn. *chuckles* I have flowerbeds on two sides of the house, and I've got groundcover growing in there to cut down on weeds, along with some perennial plants. they don't flower as much as annuals, but they come back every year. The back yard? weelllll... it's full of holes that the dogs have dug up. *chuckles* Not too worried about the backyard. The front yard we keep looking tidy. And if you don't want to actually mow, there's always the third option... hire someone. Either the local mowing company (there are tons to choose from here... I had one company do it while I was pregnant and hubby was out at sea) or a neighbourhood kid who needs the extra cash.

We look at our house as an investment. We are NOT staying here. The school system is terrible here.So any renovation we do, we look at with the eye of resale value. When we got a new AC, we got one wiht the new freon, gas furnace when we replaced that. The really GOOD shingles on the roof that are good for 25 years.... stuff like that. yes they cost more, but we'll see that money back when we sell. That should happen in the next 4 years or so. Hopefully. Otherwise I'll be homeschooling my kiddo.

The_Librarian
2007-09-04, 01:59 PM
Thanks for the support guys. I'm glad I'm not the only one thinking "Oh crap! I'm all grown up!"

My new abode has one bedroom, one bathroom, one living room and one kitchen and is a 2 mile cycle ride from the walls of York city (If you stood on the roof I bet you could see the Minster)

@Om: I was thinking that too, and I'm still worried about it, but then people have been saying exactly the same thing since the 70s "Eighteen Thousand Pounds on a one bedroom house! The housing market will crash and you'll lose it all!" I remain optimistic... Sort of

With regards to the housing bubble being about to burst, the chances of that happening are actually incredibly remote. There is not enough housing in the UK right now. Prices will certainly be increasing at a much slower rate, but they aren't about to crash.

And why have I bothered to find this out? We're due to exchange next Friday. It's been shocking scary and stressful at times, particularly as my job got axed in the middle of trying to get the mortgage sorted out (but I have now been rehired - such is the joy of being a temp). We're down south in the UK where house prices are a bit... well. In any case, we've got a lot of hard work ahead of us to get the place liveable.

I really wouldn't worry about the house prices. It doesn't really matter so long as you have the place you want, and if you own a place for long enough then prices probably will go down. They'll also probably go up as well. Averaged over a long enough period, housing prices have gone up. So don't stress. Get your paintbrushes/rollers out and enjoy your new home.

Now, what would people suggest for 7ft high brambles? A giant jasmine? Ooh, how about the nicotine staining?

RAGE KING!
2007-09-04, 02:11 PM
...My house is worth like....500 000$ canadian...sooo about 535 000 U.S. most of the houses here are 1 070 000 U.S.


...Crap! 500 000 U.S. is 535 000 canadian!

Meh w.e. frigger it out yourself.

Arang
2007-09-04, 02:12 PM
Now, what would people suggest for 7ft high brambles? A giant jasmine? Ooh, how about the nicotine staining?

I don't think tobacco grows particularly well upwards, and it's not something families with young children would want either.:smallbiggrin:

In all seriousness, we have common hop and it grows like crazy. I'm not sure if it's the prettiest ever, but it's hard to kill it. Ivies are supposed to be good too (and they're prettier, at least I think so), but I'm not sure how easy they are to maintain and they can apparently take a toll on weak walls.

Reinboom
2007-09-04, 02:24 PM
Depending on the season defines where I live, but, around here one can get a house for... 25,000 USD. My parents, even, recently bought 2 acres of land, cleared it, put a trailer-house on it, put in septic, and gave it to one of my sisters - a net cost of around 4,000$.
The other local for me, of which i am returning to in a month. San fran, in cali. I don't want to even conceive trying to purchase a house there.

The_Librarian
2007-09-04, 02:30 PM
I don't think tobacco grows particularly well upwards, and it's not something families with young children would want either.:smallbiggrin:

In all seriousness, we have common hop and it grows like crazy. I'm not sure if it's the prettiest ever, but it's hard to kill it. Ivies are supposed to be good too (and they're prettier, at least I think so), but I'm not sure how easy they are to maintain and they can apparently take a toll on weak walls.

Ahh, the thing is I want to get rid of said brambles, jasmine and nicotine staining. Mind you, I've been told sugar soap is excellent for getting rid of nicotine on walls.

We're keeping the apple tree... as soon as we can find it. (http://img.photobucket.com/albums/v229/wickedweasley/house/DSC00019.jpg)

Arang
2007-09-04, 02:41 PM
Ahh, the thing is I want to get rid of said brambles, jasmine and nicotine staining. Mind you, I've been told sugar soap is excellent for getting rid of nicotine on walls.

We're keeping the apple tree... as soon as we can find it. (http://img.photobucket.com/albums/v229/wickedweasley/house/DSC00019.jpg)

Oh. In that case, I think it's enough to just tear them off. I'm sure someone actually knows something about this, though, so you might want to listen to them.

As for apple trees, if you ever have to trim it (and you're supposed to do it every spring) get the shoots that got inwards and straight up.

I think I've expended all my gardening knowledge. All of it.:smalleek:

Vonriel
2007-09-04, 04:25 PM
Wow.. there's an apple tree in there? You know what, just hire a team of guys with machetes. They should be able to clear it all out in no time :smalltongue:

phoenixineohp
2007-09-04, 05:53 PM
That apple tree is playing hide and seek!

We used to have one, a sapling, but a tethered and slightly stupid dog killed it. Several times over. Eventually he finished off all attempts to save it by wrapping around it so well he snapped it in half. :smallsigh:

Charity
2007-09-04, 06:38 PM
Grats LR, and you Libris, I wouldn't worry about house prices LR.
Our house has trippled in value in 7 years... it's good to get on the ladder as early as you can afford.

Trog
2007-09-05, 09:20 AM
:smalleek: Holy expensive houses on this thread.

I had a house once.

The buying experience was scary as hell so I can totally relate. The cost was less than half of the price of the OP's house. Which was about all I could afford.

Technically my name is still on the house as the interest rates were incredibly low at the time of financing and I'd feel really bad having to have the ex switch the title over and have to refinance at today's rates. In the end it would just create a lot more hardships for my boys when they are at their mom's house. So I'm okay with it... until it is time for me to purchase another one. Which frankly I am not anywhere near ready for.

Though the thought of being able to do whatever you want with the place you live in is an appealing one. But it has to overcome the frightening experience of property taxes. *shudders* For the moment I'll satisfy myself with apartment living. Where I still have to do my own yardwork anyway. Blah. :smalltongue:

Wolf53226
2007-09-05, 11:12 AM
Really, don't listen to the nay sayers about the house, wonderful investment, backed up by the numbers.

While I agree, buying a house is a scary proposition, as long as you did some research into the house and had it inspected, you will end up liking your decision for years to come.

Kyace
2007-09-05, 11:53 AM
...My house is worth like....500 000$ canadian...sooo about 535 000 U.S. most of the houses here are 1 070 000 U.S.


...Crap! 500 000 U.S. is 535 000 canadian!

Meh w.e. frigger it out yourself.

Thats 474,653.5 U.S. dollars (http://www.google.com/search?hl=em&q=500000+Canadian+Dollars+in+USD) according to google.