Lifestyle > Train of Thought

homes r overpriced especially cali

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Don Rizzle:
seer what kind of deposit you need? i thaught u were on alright money if your only looking to spend 120k you should be able to get it on a salary of say 30k pa with no deposit although money would be way too tight to mention. I've got enough for a decent deposit from inheritence but i don't have the salary yet considering i'm still at uni so i'll live at home after i graduate until i can afford something, fuck renting thats just wasted money if your doing it and trying to save up for a house for a house of your own.

Don Seer:
i'm not on london wages.. remember i'm out in the wilds ;) ... I earn more than the average around here.. not by a mile.. but i earn more than a lot of my friends. Right now i'm in a good position i'm living at home and paying little.. some of my friends already pay out 500/600 a month on rent so saving is hard! If I save harder now I give myself more money per month when I'm out of here... Now I realise i'm closer than I thought to getting a house I'm gonna start pushing more into my savings account per month (I have a high interest account where interest is calculated monthly, but paid yearly). I may as well start putting back nearly what the mortgage would be minus my current rent to get used to having less in my pocket.

At a stretch they offered me 110k today based upon a 5k deposit (and reckoned i needed another 4K to cover fee's). I want to put down over 10K really. so i need nearly 20K in my pocket to bring the overall mortgage down and afford buying fee's etc _and_ afford to do some decorating and furnishing when I get somewhere.... ohh and buy a kitten! :)

I get bonus's at work too at 6 monthly intervals depending upon how the company is doing.. sometimes not much.. sometimes very good.. so they might help boost... a few years ago they were quite big.. but they aint been so large lately.

Suga Foot:
homes are overpriced right now because interest rates are low, as soon as they increase, people won't be able to afford their homes.  So that's when I swoop in and buy a house.

Don Seer:
^ yah its same story here... BUT no matter what happens house prices wont fall even if people are priced out of their own homes by rising rates.. they'll take their equity out and downsize... but there's another twist.. unless they're new buyers that havent been in situ long they're likely to profit from the sale of their home enough to sort them out and move into a similar property.. unless something majorly majorly bad happens to the property market prices wont be dropping so you're not going to get a cheap deal..

Don Rizzle:
we also have a housing shortage which has been and continues to be contributing factor to house price inflation

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