Nice House vs nice Car? Which takes priority?

Nice House vs nice Car? Which takes priority?

Author
Discussion

noway

937 posts

179 months

Monday 20th February 2017
quotequote all
JiggyJaggy said:
What are you planning to go for?
If that question was aimed at me the answer is im not sure..

list so far is

e90 m3 (not tested yet)
e46 m3 (test driven and loved it)
cayman (as above)
997.2 (not tested yet)
audi rs4 (not tested yet)



Shnozz

27,419 posts

270 months

Monday 20th February 2017
quotequote all
Be interesting to hear what you make to the E90 M3. I adored the E46 yet found the E90 M3 to be utterly uninspiring.

997.2 a cracking car too.

noway

937 posts

179 months

Monday 20th February 2017
quotequote all
Shnozz said:
Be interesting to hear what you make to the E90 M3. I adored the E46 yet found the E90 M3 to be utterly uninspiring.

997.2 a cracking car too.
Im currently in talks with great british sportscars re their zero 230 but ive got to convince the wife on that one wink

Vintage Racer

619 posts

144 months

Monday 20th February 2017
quotequote all
Used to be house, but having now retired, its the other way around!

Downsized from a Beautiful Petit Chateau (Loads of bedrooms, 12 acres, Barns, stables, lake etc), to a very nice 3 bed Bungalow (yes really) totally modernised to our spec and still with 1.5 acres of landscaped gardens.

Vehicles now changed from Tractors, 4x4's and Estates, to now having a Concours 1959 TR3a, 2001 Mercedes SL (R129)............and a Dacia Duster!!

Maybe none are Supercars, but great fun for almost any eventuality and always draw a crowd...............well two out of three!





Times Change!!!


noway

937 posts

179 months

Monday 20th February 2017
quotequote all
^^^^^^^^^^^


They are stunning...wheres a pic of the Duster wink

Vintage Racer

619 posts

144 months

Monday 20th February 2017
quotequote all
noway said:
^^^^^^^^^^^


They are stunning...wheres a pic of the Duster wink
Especially for you:

noway

937 posts

179 months

Monday 20th February 2017
quotequote all
Thanks,im thinking of getting one for the wife...

1.5dci edc (auto)

Your garage looks rather nice.. thumbup

Welshbeef

49,633 posts

197 months

Monday 20th February 2017
quotequote all
Vintage Racer said:
Used to be house, but having now retired, its the other way around!

Downsized from a Beautiful Petit Chateau (Loads of bedrooms, 12 acres, Barns, stables, lake etc), to a very nice 3 bed Bungalow (yes really) totally modernised to our spec and still with 1.5 acres of landscaped gardens.

Vehicles now changed from Tractors, 4x4's and Estates, to now having a Concours 1959 TR3a, 2001 Mercedes SL (R129)............and a Dacia Duster!!

Maybe none are Supercars, but great fun for almost any eventuality and always draw a crowd...............well two out of three!





Times Change!!!
Love that SL Merc.

MikeGoodwin

3,323 posts

116 months

Monday 20th February 2017
quotequote all
ChasW said:
Original Porsche 911 savings pot ended up in big loft conversion. Often threatened to put a Porsche badge on my door to my daughter's massive bedroom as a reminder. The next pot, downgraded to Boxster, went on a masters degree course. Kids have all left home now so maybe there is a chance.
And people say kids are worth it.... fk that.

House for me. I have fun in a 20k megane rs which is about what i can easily afford to buy and run. Lotus exige s will have to wait.

......Until kids have all left home..... roll on 2050.

Shnozz

27,419 posts

270 months

Monday 20th February 2017
quotequote all
MikeGoodwin said:
And people say kids are worth it.... fk that.

House for me. I have fun in a 20k megane rs which is about what i can easily afford to buy and run. Lotus exige s will have to wait.

......Until kids have all left home..... roll on 2050.
Wouldn't an Exige S only be about £4k more than the Megane? And running costs dirt cheap too.

trowelhead

1,867 posts

120 months

Monday 20th February 2017
quotequote all
Nickbrapp said:
http://www.rightmove.co.uk/property-for-sale/prope...

I think I'm going to buy this house, then treat myself to a FFRR to park outside, the whole street apart from 10 or so of the 100 houses are all boarded up and look like the one below, but what do I care I hate having people living near me

Great idea. Let's have a PH group buy. We can all sell our current houses, buy one of these each and then it will be a street full of 458s, TVRs, 675LTs etc etc wink

trowelhead

1,867 posts

120 months

Monday 20th February 2017
quotequote all
Shnozz said:
Or - buy multiple £80k studio apartments in central Leeds that yield £550 PCM and have sweet FA maintenance other than a lick of paint every few years. No SDLT. Yes, management charges to be factored in and the new tax rules cause a headache in being unable to offset mortgage interest. However, 6 - 7 of those units cover the rent on a £2.5m property and have cost you circa £500k - or your deposit on the Ilkely home...
This is pretty much what i'm doing atm. Rental portfolio pays my personal rent while i'm young and want to move often, and will pay my mortgage payments when i want to buy a place.

Shnozz said:
Is mortgage interest not also?

It was ingrained in me to buy property by my parents (rent dead money etc) and whilst it has put me in good stead, I have found myself on the "wrong" side of my own fag packet calculations as per below. Now I am looking at it with a more analytical view to try to take advantage of the variation between property value and yield. Don't get me wrong, I wouldn't want to not buy property - but I am wondering whether to buy high yielding property and rent low yielding property in tandem.
Spot on. Place i currently rent in a nice area yields 4% for my landlord. The places i buy to rent out yield between 7%-10%. Plus i get the flexibility to move on a whim which suits me better at this point in life

kiethton said:
Issue then is getting a BTL mortgage, often co's will only allow it if you have your own home alreay
Speak with a good broker and it's possible. I know a couple of people who have BTLs and rent their home. My first house i bought is now rented out so kind of covers that base.

Venturist

3,472 posts

194 months

Tuesday 21st February 2017
quotequote all
trowelhead said:
This is pretty much what i'm doing atm. Rental portfolio pays my personal rent while i'm young and want to move often, and will pay my mortgage payments when i want to buy a place.
I'd be interested to hear some more from you on this subject, it's being drilled into me to buy property but I know I personally want to move often and the properties I could afford to buy don't interest me as a place to live, so the prospect of buying a home at this stage is not very appealing. Equally though a BTL property (or portfolio of smaller ones) just makes me think it'll bring hassle day to day unless I was completely hands off using a management company (wiping out much of the rewards) and unexpected expenses appearing to erode whatever's left...

warcalf

252 posts

86 months

Tuesday 21st February 2017
quotequote all
ILoveMondeo said:
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'd probably go for the car and then the house.

Being realistic, the middle ground is the obvious one. Porsche's don't cost the world and would probably give you as much if not more enjoyment than a lambo/ferrari, depending which of course!

But even if it was an ultimatum, car for me! It won't take as long to pay off and a house will ALWAYS be feasible afterwards even if you do prioritise the car first.

Tuvra

7,920 posts

224 months

Tuesday 21st February 2017
quotequote all
Welshbeef said:
Vintage Racer said:
Used to be house, but having now retired, its the other way around!

Downsized from a Beautiful Petit Chateau (Loads of bedrooms, 12 acres, Barns, stables, lake etc), to a very nice 3 bed Bungalow (yes really) totally modernised to our spec and still with 1.5 acres of landscaped gardens.

Vehicles now changed from Tractors, 4x4's and Estates, to now having a Concours 1959 TR3a, 2001 Mercedes SL (R129)............and a Dacia Duster!!

Maybe none are Supercars, but great fun for almost any eventuality and always draw a crowd...............well two out of three!





Times Change!!!
Love that SL Merc.
I agree, it's lovely, the perfect spec and colour combo.

trowelhead

1,867 posts

120 months

Tuesday 21st February 2017
quotequote all
Venturist said:
I'd be interested to hear some more from you on this subject, it's being drilled into me to buy property but I know I personally want to move often and the properties I could afford to buy don't interest me as a place to live, so the prospect of buying a home at this stage is not very appealing. Equally though a BTL property (or portfolio of smaller ones) just makes me think it'll bring hassle day to day unless I was completely hands off using a management company (wiping out much of the rewards) and unexpected expenses appearing to erode whatever's left...
I think the maintenance side of things is often over exaggerated by those who don't actually own BTLs.

Mine are as close to hassle free as i could imagine (and i self manage mine). That is because i buy low maintenance properties. Relatively modern 1 bed apartments let to young professionals within 1 mile of Manchester city centre. The service charge covers all external works (so no hassle there - they just do it). Inside there is very little to maintain. Some just have electric heating, not even a boiler to go wrong! Just a lick of paint and carpet cleaning every few years.

Here is a list of the maintenance issues that occurred in the whole of 2016:

  • a door lock mechanism failed. The tenant called a locksmith and paid him, and i reimbursed the tenant
Thats it for this year (touchwood).

Of course if you are buying and letting big old victorian houses, or doing HMO/Student lets or DSS tenants you may well have much higher maintenance, but i want an easy life so stick to flats smile

I also take out rent guarantee insurance so if a tenant stops paying the rent then the insurance company will pay out.

It seems to be a good compromise for me to do this at this age as i am nothing appeals less to me than being stuck in the same house for X years.

Shnozz

27,419 posts

270 months

Tuesday 21st February 2017
quotequote all
I think trowelhead is on the money. As I say, I had in ingrained in me to buy property and whilst it wasn't a poor decision, the amount I moved during my 20's particularly meant a lot wasted on SDLT and other moving fees. It's also left me the wrong side of the yield equation with a big(ish) house in a lovely but rural backwater that rents for peanuts and needs a relatively high upkeep. I wish I had collected a couple of small easy places that returned a nice yield instead and hadn't been so focused on living in the place I bought. Buying property is, IMHO, a wise decision but it doesn't always make sense to buy where you live. Do the sums first.

MikeGoodwin

3,323 posts

116 months

Tuesday 21st February 2017
quotequote all
Shnozz said:
Wouldn't an Exige S only be about £4k more than the Megane? And running costs dirt cheap too.
I ment V6 sorry, so no.

JiggyJaggy

1,449 posts

139 months

Tuesday 21st February 2017
quotequote all
Interesting position to answer this question at the moment. Myself and Mrs JJ live in an apartment in central London and we are considering going for a slightly larger apartment somewhere close by purely for the views and amenities in the building. It has been an itch of mine to live in a certain building and do not want to have any regrets before we try for kids etc.

However the difference in the two apartments' costs is financing on a low end super car per month, i.e. £600-700. Im struggling to decide on staying put and getting a supercar or living the dream and living in a kick ass apartment before we move into a house one day...

kiethton

13,883 posts

179 months

Tuesday 21st February 2017
quotequote all
Rent out your current one and rent the upgrade?

That way you're not paying the huge frictional costs to change when yow know you'll have to pay them again in a few years time. They yield to rent on many London properties is often below 3% anyway, when coupled with no service charge/repair obligation it's a total no-brainer, especially in a property market which looks flat (at best).