House Buying (13)
Honestly I wouldnt think of buying a house until you are sure what is happening with the euro / eurozone . Unless you can pay full cash for it.
I would opt for the second option
Mainly because I'd rather own a house outright without having
a mortgage over my head !
Its a good time for a buyer not so good for a seller
Anyhow thats my 2 cents
Mainly because I'd rather own a house outright without having
a mortgage over my head !
Its a good time for a buyer not so good for a seller
Anyhow thats my 2 cents
sally101: If you were looking at buying a house in the current economic climate - which of the two scenarios would you most likely opt for? ( I have 2 kids and my OH has 3 kids - 2 of whom currently visit at weekends - and I'm fast careering towards 40)
1. Buying a detatched family home, great condition and plenty of room for extended family and guests - room for dogs and sheds/workrooms. 80% mortgage over 18 years.
2. Purchasing outright a 3 bed semi in an older, established estate in a small town. Borrowing from family and paying back within 4 years. Hoping that in 4 years there may be opportunity to extend or sell.
I can only see interest rates increasing over the next few years and this whole euro break up possibilty has me really worried about bank financing and that putting whatever cash I have into a house might be a good idea now.
1. Buying a detatched family home, great condition and plenty of room for extended family and guests - room for dogs and sheds/workrooms. 80% mortgage over 18 years.
2. Purchasing outright a 3 bed semi in an older, established estate in a small town. Borrowing from family and paying back within 4 years. Hoping that in 4 years there may be opportunity to extend or sell.
I can only see interest rates increasing over the next few years and this whole euro break up possibilty has me really worried about bank financing and that putting whatever cash I have into a house might be a good idea now.
Hi Sally.
That's a really tough one, Firstly the state the banks are in are they actually giving 80% mortgages or any mortgages at all. And if they are do you really need to put yourself in that position, in this economic climate when no one knows what's going to happen today never mind tomorrow, to have that kind of a loan to me would be frightening.
It's also scary having cash, what do you do if something happens with the euro.
I think of the two scenarios I would probably opt for the second, in my opinion it is probably the safest for now.
Thanks for the replies - I was all for getting the mortgage as we can afford repayments comfortably at the moment (the OH's bank has approved the 80% basically because it would be guaranteed by his business holdings).
After all, we have to have a home and currently we are both renting and paying somebody elses mortagages.
More than once we were ready to buy with mortgage but it fell through or went sale agreed before we got there,
I guess I should be thankful we have the option of buying anywhere at all - it's just there's a lot of compromise but I guess it comes with much more piece of mind at the moment.
I just wondered whether I was being over cautious and if other people would think the same way or not.
After all, we have to have a home and currently we are both renting and paying somebody elses mortagages.
More than once we were ready to buy with mortgage but it fell through or went sale agreed before we got there,
I guess I should be thankful we have the option of buying anywhere at all - it's just there's a lot of compromise but I guess it comes with much more piece of mind at the moment.
I just wondered whether I was being over cautious and if other people would think the same way or not.
sally101: Thanks for the replies - I was all for getting the mortgage as we can afford repayments comfortably at the moment (the OH's bank has approved the 80% basically because it would be guaranteed by his business holdings).
Why not combine the two options?
sally101: If you were looking at buying a house in the current economic climate - which of the two scenarios would you most likely opt for? ( I have 2 kids and my OH has 3 kids - 2 of whom currently visit at weekends - and I'm fast careering towards 40)
1. Buying a detatched family home, great condition and plenty of room for extended family and guests - room for dogs and sheds/workrooms. 80% mortgage over 18 years.
2. Purchasing outright a 3 bed semi in an older, established estate in a small town. Borrowing from family and paying back within 4 years. Hoping that in 4 years there may be opportunity to extend or sell.
I can only see interest rates increasing over the next few years and this whole euro break up possibilty has me really worried about bank financing and that putting whatever cash I have into a house might be a good idea now.
1. Buying a detatched family home, great condition and plenty of room for extended family and guests - room for dogs and sheds/workrooms. 80% mortgage over 18 years.
2. Purchasing outright a 3 bed semi in an older, established estate in a small town. Borrowing from family and paying back within 4 years. Hoping that in 4 years there may be opportunity to extend or sell.
I can only see interest rates increasing over the next few years and this whole euro break up possibilty has me really worried about bank financing and that putting whatever cash I have into a house might be a good idea now.
the second option is def most attractive security wise..id look at the margin between both though..throw a growth of even 50% on both and see how much the dream one may cost in about 5 years and if its obtainable then with a mortgage of 13 years...cos lets face it ...its the one u want. and its good to have dreams and goals..
but either way..a home together is the top of ur priorities..option B for definate at least.
hi sally, i would say the first option would be the best, you will have the home you want now with the space you require
option two might seem good from a financial point now, but only if you were going to expand straight away, you would get the work done at a good price now, but in a few years time it could be more pricey, who knows?
option two might seem good from a financial point now, but only if you were going to expand straight away, you would get the work done at a good price now, but in a few years time it could be more pricey, who knows?
sally101: If you were looking at buying a house in the current economic climate - which of the two scenarios would you most likely opt for? ( I have 2 kids and my OH has 3 kids - 2 of whom currently visit at weekends - and I'm fast careering towards 40)
1. Buying a detatched family home, great condition and plenty of room for extended family and guests - room for dogs and sheds/workrooms. 80% mortgage over 18 years.
2. Purchasing outright a 3 bed semi in an older, established estate in a small town. Borrowing from family and paying back within 4 years. Hoping that in 4 years there may be opportunity to extend or sell.
I can only see interest rates increasing over the next few years and this whole euro break up possibilty has me really worried about bank financing and that putting whatever cash I have into a house might be a good idea now.
Option 11. Buying a detatched family home, great condition and plenty of room for extended family and guests - room for dogs and sheds/workrooms. 80% mortgage over 18 years.
2. Purchasing outright a 3 bed semi in an older, established estate in a small town. Borrowing from family and paying back within 4 years. Hoping that in 4 years there may be opportunity to extend or sell.
I can only see interest rates increasing over the next few years and this whole euro break up possibilty has me really worried about bank financing and that putting whatever cash I have into a house might be a good idea now.
I'm buying a house for meself too at the end of this year..some nice 3 bed houses for only 50k ...sure where could you go wrong I've a good chunk of that in cash and would only need to get a 10 grand loan to pay off the rest of it..place to put the head down rent free
I am sitting on the fence property wise. I very nearly bought a apartment in Kildare in 2008. Walked away from the deal and I am glad I did.
Personally I would go for a 3 semi detached house with a small garden as I am not into gardening. I will wait and see what happens over the next few months.
Personally I would go for a 3 semi detached house with a small garden as I am not into gardening. I will wait and see what happens over the next few months.
luckycharmer: All that work costs money , even if you were able to do some of it yourself , 50k ends up a lot more
ok you know best
luckycharmer: its buts and maybe with you too, there is bargains to be got , it all depends what your looking forand location
yes I agree
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1. Buying a detatched family home, great condition and plenty of room for extended family and guests - room for dogs and sheds/workrooms. 80% mortgage over 18 years.
2. Purchasing outright a 3 bed semi in an older, established estate in a small town. Borrowing from family and paying back within 4 years. Hoping that in 4 years there may be opportunity to extend or sell.
I can only see interest rates increasing over the next few years and this whole euro break up possibilty has me really worried about bank financing and that putting whatever cash I have into a house might be a good idea now.