Nice House vs nice Car? Which takes priority?
Discussion
Has anyone here ever actually made this decision? You can have one or the other? (Yes there is always a middle ground but let's pretend that doesn't exist)
Buy the dream home, (well get a massive mortgage)... Be unable to so much expensive car stuff?
Or
Much smaller mortgage on a far from crap house, but nothing spectacular, get a Ferrari/Lamborghini/etc
I recently bought my first house. I deliberately didn't overstretch myself on the mortgage so that in the event of joblessness I won't be immediately in the crap, and (more importantly) I can continue to enjoy my car hobby. That was definitely the priority. That said, I am single and without kids - I guess I might have different priorities if that were not the case 
Yup, I landed a decent inheritance a good while ago and decided to buy a flashy 4x4 for cash rather than a deposit on a house for me (or a few to let) ... Biggest mistake ever, sold the car after 6mths at a MASSIVE loss and used the remained as a deposit on a house to rent out ... then saved and repeated a few times till I had a decent rental portfolio and a good enough additional income to afford a house I wanted to live in ... Then the cars come naturally afterwards (saying that we're expecting out first child in the next few weeks so it could all change again haha)
Looking at it now it's actually worked out in my favour as I would never have had rentals if I'd used the deposit on a house for me originally.
Looking at it now it's actually worked out in my favour as I would never have had rentals if I'd used the deposit on a house for me originally.
Cleared the mortgage on our modest 3 bed semi 3 years ago at age 34. We could have stayed there and blown money on cars and holidays. That was never going to happen.
Instead we bought a bigger 4 bed dettached house on a nice plot and are spending every penny we can mortgage on a massive extension.
Instead we bought a bigger 4 bed dettached house on a nice plot and are spending every penny we can mortgage on a massive extension.
Buff Mchugelarge said:
I living in my car whilst saving to start my own business. Does that count? 
I couldn't stand the house share I lived in and would rather be in my car, so thought sod it. Why not?!
Makes perfect sense! You can sleep in a car, but you can't take your house for a drive!I couldn't stand the house share I lived in and would rather be in my car, so thought sod it. Why not?!
Only have a Focus ST, but spent a f
king fortune on it, plus debt, plus mods, plus interest, and finally realised I shouldn't have wasted my time and money, and as such I'm currently saving for a mortgage deposit, put the car back to standard, and it'll be sold eventually, and I'll run around in a shed for a while or the smallest lease I can find.
king fortune on it, plus debt, plus mods, plus interest, and finally realised I shouldn't have wasted my time and money, and as such I'm currently saving for a mortgage deposit, put the car back to standard, and it'll be sold eventually, and I'll run around in a shed for a while or the smallest lease I can find.Nice is very subjective. To most people I know a "nice" house is a big house so by definition expensive.
All things being equal though a house would take priority but I would rather have a house that suits my requirements and is nicely furnished (i.e. not a status symbol) along with a (selection of) car(s).
The car(s) would probably exceed what you would expect to see at a house of that value but I would rather have a car that I only use at weekends than a spare bedroom/en suite etc to keep up with the Jones's.
All things being equal though a house would take priority but I would rather have a house that suits my requirements and is nicely furnished (i.e. not a status symbol) along with a (selection of) car(s).
The car(s) would probably exceed what you would expect to see at a house of that value but I would rather have a car that I only use at weekends than a spare bedroom/en suite etc to keep up with the Jones's.
ILoveMondeo said:
X5TUU said:
Yup, I landed a decent inheritance a good while ago and decided to buy a flashy 4x4 for cash rather than a deposit on a house ... Biggest mistake ever,
Definitely a mistake.. A 4x4? What the fks wrong with you? 
MajorProblem said:
Could be worse, you could have remortgaged your house after the boom to pay for new fancy 4x4s and holidays and the money is starting to run out....
Very true, I have friends in that situation, as well as friends on >120% mortgages from the idiots at Northern Rock, that being said they knew what they were getting into!MajorProblem said:
As long as the house is in a nice area and has a decent garage, no problem.
Pretty subjective - you might have a budget of £150k for a house and a nice car, or a budget of £1M, obviously the guy with the big budget can take more of a compromise and still have a nice place.
Indeed, the "cheap" house is certainly not my dream place, but its far from crap, 2 minute walk from open fields, or a very pretty part of the Thames... It's "south Oxfordshire cheap" so not really cheap at all. Pretty subjective - you might have a budget of £150k for a house and a nice car, or a budget of £1M, obviously the guy with the big budget can take more of a compromise and still have a nice place.
Comes with a garage, space for another, small garden, definitely nothing to grumble about.
The expensive place. Not quite the dream house (bit close to main road and shared access) but has two garages, space for more, loads of parking, views over fields, space for animals. Nice garden, a separate secluded plot of land with some trees and things...
I should "just about" be able to keep the TVR, but it will be a stretch, no vantage, f type. F360, or other flashness in my immediate future!
There are plenty of fantastic cars out there for such a trivial proportion of the cost of a house as to make the money insignificant. For the first few years after I bought my first (and current) house, I was driving a Corrado worth about 2k but it was a very nice car until it fell to bits.
Even my current car is worth <5% of the value of the house.
Even my current car is worth <5% of the value of the house.
Edited by kambites on Saturday 9th August 08:56
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