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Thread: dilemma

  1. #1
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    Default dilemma

    Purposely ambiguous title to get you to click the link ..

    I'd like some recommendations please, the topic, house buying..

    The bank is willing to loan a substantial amount of money to me for my next house. Question is, do you think I would be better to get a cheaper property and keep the cost of repayment down. Or should I go for broke on a home with high repayments? Maybe I should meet in the middle?

    I'd value your input.

  2. #2
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    Depends what your situation is...

    If you're looking for an investment then higher repayment is best as often that means the property value is higher and will likely yield a higher profit long-term in the future

    Or if you go for a house that needs work, therefore likely a house that costs less, thus less in repayments, but do the work yourself then you'll likely make a profit when you sell it and that profit will be immediate as opposed to the first option which will only really increase as much as the property market price increases.

    I bought my house for super cheap because it needed a lot of work doing to it... Been here coming up to a year and a half now. Spent around 19k on it, and it's now valued 25k more than I bought it for... I know that doesn't sound like a lot, but I didn't do any of the work myself at all.. I paid people to do it for me. Even the things I could do like paining, because I am lazy lol.. but if I did do some of the work myself I probably could have saved around 7k making my profit margin a lot higher.
    Last edited by Triz; 27-02-2020 at 09:45 PM.



    There's another shooting today, and this one was bad
    I'm glad that we all hope and pray, but it takes more than that
    We've been trying, we've been crying
    Hoping that they will do more than keep lying
    I need to believe that people can change
    Or else this life has all been in vain
    What's the point of fighting if we're fighting for a lie?

    I'm not senDing sublimInal messagEs to rule breakers

  3. #3
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    How 'high' would the repayments be in comparison to your salary? (e.g. if interest rates went up a few % how much would it impact you, if you took a pay cut how much would it impact you, etc?)

    I'd meet in the middle probably, don't go for a cheaper property if you don't see yourself in it for the forseeable future, but don't go overboard too.

    I bought a house last year but didn't want to go for your kind of entry level house or flat as I didn't plan on moving any time soon, so I went for a 3 bed house that was recently built so it could be my longer term house and wouldn't necessarily need to move if I start a family etc, but also wouldn't need to worry about repairs due to the age of the house.

  4. #4
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    Yeah I wouldn't make yourself broke with repayments, though often the mortgage provider won't offer you a certain mortgage if you're not earning enough in case interest rates climb.

    Like for example I could afford all my bills and mortgage etc on my previous job where I was earning 3 times less than I am now, however I wouldn't have been able to get this mortgage back then, even though I could physically afford it.. but mortgage lenders account for the possibility of interest rates going up, because at the moment I could afford it on my previous job, but if it went up by maybe 1% I probably couldn't...

    Middle ground is always best to go for... I pushed the boat out for what I could afford, I borrowed the max amount I could and even borrowed 5k from my mum to afford my house... But that said my repayments aren't expensive at all in comparison to my salary, but the house was fairly cheap anyway.



    There's another shooting today, and this one was bad
    I'm glad that we all hope and pray, but it takes more than that
    We've been trying, we've been crying
    Hoping that they will do more than keep lying
    I need to believe that people can change
    Or else this life has all been in vain
    What's the point of fighting if we're fighting for a lie?

    I'm not senDing sublimInal messagEs to rule breakers

  5. #5
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    Zak

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    I think we'll settle somewhere in the middle, increase what we're paying now but don't push it high enough so that we struggle to make the repayments. Ideally, we'll probably look to stay in the house 5-10 years and buy a fixer upper.

    - - - Updated - - -

    I think we'll settle somewhere in the middle, increase what we're paying now but don't push it high enough so that we struggle to make the repayments. Ideally, we'll probably look to stay in the house 5-10 years and buy a fixer upper.

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