Reply to: Buying a home 1982 vs 2016

[sasguru]

Are you sure?

Unless you're resident, in most areas you need permission from the local authorities - there may also be restrictions on size of property. Stamp duty is payable by both the buyer and seller - sometimes the buyer pays both sides' stamp duty. Stamp duty may be waived if the property is held for a minimum period (e.g. five years). There is an annual wealth tax on the value of the house and capital gains tax when the house is sold (starts off at 100% of the profit, then tapers off, reaching a minimum after twenty years). There is a distinct chance that the real value of property will fall over time. The market is not very vibrant, there's not a massive amount of stock available at any one time. You need 50% deposit if you're going to BTL but again, if you're not resident, you may simply not get permission. 20% deposit is minimum if you're going to live in the property, but you must have a residency permit first (some exemptions for holiday homes).

On the plus side:
Property transaction are much simpler and easier than in the UK.
Maintenance and refurbishment is usually fully tax deductible.
Interest payments are also tax deductible.

Yes aware of the issues - have family living there.
But TBH was looking for more like a ski chalet or somesuch - more a lifestyle choice.
And as a cash buyer for a holiday home there are slightly more options.
But like you say it's not an easy or obvious investment.

[NotAllThere]

... maybe get something in Switzerland.

Are you sure?

Unless you're resident, in most areas you need permission from the local authorities - there may also be restrictions on size of property. Stamp duty is payable by both the buyer and seller - sometimes the buyer pays both sides' stamp duty. Stamp duty may be waived if the property is held for a minimum period (e.g. five years). There is an annual wealth tax on the value of the house and capital gains tax when the house is sold (starts off at 100% of the profit, then tapers off, reaching a minimum after twenty years). There is a distinct chance that the real value of property will fall over time. The market is not very vibrant, there's not a massive amount of stock available at any one time. You need 50% deposit if you're going to BTL but again, if you're not resident, you may simply not get permission. 20% deposit is minimum if you're going to live in the property, but you must have a residency permit first (some exemptions for holiday homes).

On the plus side:
Property transaction are much simpler and easier than in the UK.
Maintenance and refurbishment is usually fully tax deductible.
Interest payments are also tax deductible.

[milanbenes]

the saddest thing is, there wouldn't be these problems if we all lived with the same values as our parents and grand parents

not rocket science is it

property has been and always will be the safest long term and inter-generational investment - safe as houses

-------------------

this is the problem...

https://www.youtube.com/watch?v=iEe3hBXZEyI

buying crap they don't need with money they don't have

Milan.

[unemployed]

Couldn't care less about a crash, suspect it would be a good thing. People still have to rent especially in London.
In the long run, its supply and demand, this is a crowded island, property in the right location will always be in demand.
I suspect there's an outside chance that the UK will go down the socialist route because youngsters are too poorly educated to understand that it's all been tried before and doesn't work.
Currrently looking to re-jig as main residence is too big, and maybe get something in Switzerland.

Strange how everyone is housed though on our crowded island , i think it`s down to easy cheap money ! look what HTB did to prices ?
It is a rigged market cheap money , restricted planning to keep supply prices high .

all a sick game really , if the prices do fall i will buy something small in a good area outright and just work as least as possible

well i guess you have dignitas in switzerland if the SHTF

[sasguru]

Fantastic

So your`re hoping for forever HPI without worrying about paying the mortgage , let`s hope we don`t get a crash then.

I bought made look pretty and resold a couple of places making a nice wedge actually sold one to a BTL landlord , was never brave enough to hold on to them .

You must have balls of steel , lets hope it pays off and the young don`t get bored of being debt slaves anytime soon

Couldn't care less about a crash, suspect it would be a good thing. People still have to rent especially in London.
In the long run, its supply and demand, this is a crowded island, property in the right location will always be in demand.
I suspect there's an outside chance that the UK will go down the socialist route because youngsters are too poorly educated to understand that it's all been tried before and doesn't work.
Currrently looking to re-jig as main residence is too big, and maybe get something in Switzerland.

[unemployed]

BTL, holiday property and main all paid off.
HTH.

Fantastic

So your`re hoping for forever HPI without worrying about paying the mortgage , let`s hope we don`t get a crash then.

I bought made look pretty and resold a couple of places making a nice wedge actually sold one to a BTL landlord , was never brave enough to hold on to them .

You must have balls of steel , lets hope it pays off and the young don`t get bored of being debt slaves anytime soon

[sasguru]

i`m doing fine sitting on 100`s of thousands actually

going luck chasing yield though , i know all about the BTL industry i can educate you if you like

First lesson sell up it`s over !

The wannabe middle class who think the middle class Tories are going to look after them have been very much mistaken , they are going to find out they are not rich at all .

I bet you bought another recently to beat the 3% stamp duty right ??
That`s a true sign of failure DID you ??

BTL, holiday property and main all paid off.
HTH.

[unemployed]

Work it out for yourself. Good luck.

i`m doing fine sitting on 100`s of thousands actually

going luck chasing yield though , i know all about the BTL industry i can educate you if you like

First lesson sell up it`s over !

The wannabe middle class who think the middle class Tories are going to look after them have been very much mistaken , they are going to find out they are not rich at all .

I bet you bought another recently to beat the 3% stamp duty right ??
That`s a true sign of failure DID you ??

[sasguru]

really how so ?

Work it out for yourself. Good luck.

[unemployed]

Hi PG!
There's a reason why you're not going to do too well in life and it's because you're a thick twat.

HTH, BIDI.

really how so ?

some of the thickest twat`s i know are landlords or at least think they are

[sasguru]

yep landlord

Hi PG!
There's a reason why you're not going to do too well in life and it's because you're a thick twat.

HTH, BIDI.

[unemployed]

Do you know the meaning of "entitled"?

yep landlord

believing oneself to be inherently deserving of privileges or special treatment

"you believe you are deserving of capital gains at the expense of others" while telling others you are providing a much needed service RIGHT ??

[sasguru]

a landlord calling someone entitled wow just spat my cornflakes out

Do you know the meaning of "entitled"?
Oh OK just saw your last post. Is English your second language?

[unemployed]

Personally I would like to see an end of mortgage tax relief against rental property. And taxes on rental income from property.

clause 24 has already done this , mr osbourne is on a which hunt for BTL and the game will be over very soon the bright one`s are selling up already only the self entitled morons who watch too much homes under the hammer will remain , they seem to have the brain power to see the draw bridges being pulled up but not looking far enough into the future.

our government needs tax and BTL is ripe for milking , personally i would set CGT at say 60% and cut housing benefit or landlord lord benefit if you like at 60% less , that will really show the men from the boys

firstly just ban BTL mortgages , it is a sick system that a landlord can take out finance scuppering a FTB to the post only BTL should be owned by cash rich people and i mean 100% cash not the stupid debt junkies we have now.

[milanbenes]

over here on the mainland, most people with any sense buy and rent apartments as their pension plan

just sayin'

Milan.