A first-time buyer's story

[TimberWolf]

I had been thinking of selling up and going into rented since around 2000, but house prices have probably trebled since then, so even if house prices drop significantly now, I may still be better off than had I managed to sell in 2001.

[Moscow Mule]

I had been thinking of selling up and going into rented since around 2000, but house prices have probably trebled since then, so even if house prices drop significantly now, I may still be better off than had I managed to sell in 2001.

Bought 1998, sold 2001 - thinking "this can't go on"

Bought 2006, sold 2007 - Made the right choice.

Both times I made about a years wages tax free.

[Old Greg]

I think it will be very difficult to resist staying out of the market long enough to make a real killing. We are programmed to be house owners. I'd rent a real palace to help the process along and keep the family happy.

I've seen a good summary post somewhere that showed all the vested interest produced newspaper articles starting in 1990 ( ie. where we are at now ) saying the bust is over buy soon or you'll miss out. The same articles repeated over and over for years until it did bottom out in the mid 90s and you then had a few years before things did finally take off.

The things is, my main motivation isn't to make a real killing, it's not to have bought a house at the peak that then plummets in value. We didn't put our house on the market with the intention of renting. We were going to move into a bigger place but pulled out of the purchase at the last minute.

Not bothered about calling the exact bottom of the market, near enough will do.

[TimberWolf]

Bought 1998, sold 2001 - thinking "this can't go on"

Bought 2006, sold 2007 - Made the right choice.

Both times I made about a years wages tax free.

But you missed the big house price rises of 2001 - 2006? How far do prices have to fall before you are better off than those that who just sat tight?

[EternalOptimist]

The things is, my main motivation isn't to make a real killing, it's not to have bought a house at the peak that then plummets in value. We didn't put our house on the market with the intention of renting. We were going to move into a bigger place but pulled out of the purchase at the last minute.

Not bothered about calling the exact bottom of the market, near enough will do.

In that case
You want to buy too soon, and sell too early

[Moscow Mule]

But you missed the big house price rises of 2001 - 2006? How far do prices have to fall before you are better off than those that who just sat tight?

Neither option was taken solely on market conditions, but the increases were close to 40% and 30% in those short timescales.

In 2001 I'd made enough profit to pay off my student loans and go around the world for 18 months, so I sold up and went.

Last year, I sold my 1-bed flat to move in with futurewife. We looked at buying, but couldn't find anywhere we liked so we're still renting - and sitting on a lump of cash from the flat sale to act as a deposit when 3 bed houses in TW11 fall below £250k (£400k last year, £300-£350k now).

[rootsnall]

The things is, my main motivation isn't to make a real killing, it's not to have bought a house at the peak that then plummets in value. We didn't put our house on the market with the intention of renting. We were going to move into a bigger place but pulled out of the purchase at the last minute.

Not bothered about calling the exact bottom of the market, near enough will do.

I traded up in Aug 07 so you probably shouldn't be listening to me !

We were very close to pulling out and renting

My point is to get 'near enough' you'll be waiting quite a few years and if you are anything like the the rest of us you'll not be able to resist when your dream home comes up next year at 20% less than 07 prices. If we go the way of Japan I think it dropped for 13 years straight

[Old Greg]

My point is to get 'near enough' you'll be waiting quite a few years and if you are anything like the the rest of us you'll not be able to resist when your dream home comes up next year at 20% less than 07 prices. If we go the way of Japan I think it dropped for 13 years straight

You may be right but I'll still be 20% better off than if we'd bought earlier this year, and I rckon in 2 years there'll be some bargains around.

It sure of hell is an emotional rollercoaster. Try having a 3 way conversation with solicitor on phone and 7 month pregnant wife in room, wher you have to decide NOW whether you are going to:

1. Exchange on sale of current house with completion date in 1 week (no negotiation)
2. Buy or pull out of purchase for new house.

...when you have nowhere else to move to. Anyway, it's worked out so far. We're living in a beautiful house we wouldn't be able to afford without a 40% drop.

[kali]

We bought out current house in 1998

We've just accepted a full price offer (which incidentally is higher than the agent wanted us to market at) and (assuming all goes through ok - cash buyer) will be renting for a while with a nice little nest egg in a few high interest accounts

Boomed!

[Old Greg]

We bought out current house in 1998

We've just accepted a full price offer (which incidentally is higher than the agent wanted us to market at) and (assuming all goes through ok - cash buyer) will be renting for a while with a nice little nest egg in a few high interest accounts

Boomed!

Well done. Bend over and prepare to accept the gazunder like a good boy.