Will the plan work to turn generation rent into buy?

[stitched]

Evanivitch said:

stitched said:

WTaF comprises an uninhabitable house?

Edited by stitched on Tuesday 13th April 19:20

Watertight, working kitchen, flushing toilet.

Then I have spent at least a year in an 'uninhabitable house', over the years.
Rendering it inhabitable.
Is that so strange?

[NRS]

stitched said:

Evanivitch said:

stitched said:

WTaF comprises an uninhabitable house?

Edited by stitched on Tuesday 13th April 19:20

Watertight, working kitchen, flushing toilet.

Then I have spent at least a year in an 'uninhabitable house', over the years.
Rendering it inhabitable.
Is that so strange?

Nope, but it affects if you can get a mortgage on it or not...

[stitched]

NRS said:

stitched said:

Evanivitch said:

stitched said:

WTaF comprises an uninhabitable house?

Edited by stitched on Tuesday 13th April 19:20

Watertight, working kitchen, flushing toilet.

Then I have spent at least a year in an 'uninhabitable house', over the years.
Rendering it inhabitable.
Is that so strange?

Nope, but it affects if you can get a mortgage on it or not...

Really?
Not in my experience.

[Evanivitch]

stitched said:

NRS said:

stitched said:

Evanivitch said:

stitched said:

WTaF comprises an uninhabitable house?

Edited by stitched on Tuesday 13th April 19:20

Watertight, working kitchen, flushing toilet.

Then I have spent at least a year in an 'uninhabitable house', over the years.
Rendering it inhabitable.
Is that so strange?

Nope, but it affects if you can get a mortgage on it or not...

Really?
Not in my experience.

Did to my friend I referenced earlier. Roof was leaking, toilet was dry when the mortgage man came to inspect. Mortgage was declined.

Then had to go down an alternative path, basically getting a home builders mortgage, much higher interest rates and money only released at certain build milestones.

[Biggy Stardust]

ThatGuyWhoDoesStuff said:

Biggy Stardust said:

I bought a wreck with potential. It was cheap because absolutely nobody wanted it. Many people don't recognise an opportunity because it comes disguised as hard work.

This morning was spent drilling & fixing inside the house. This afternoon was spent shovelling large amounts of stone. Tomorrow will be just like yesterday- painting.

This is how I afford the place I live in. If others feel that this sort of thing is either beneath them or too much effort then I have zero sympathy for them.

How much did the house cost (compared to its value) and how much will it cost to restore it?

Rough figures £220k to buy, £70k over 5 years on materials & stuff I can't do for myself, maybe £450-500k if I were to sell. Unique property so hard to give a valuation as there's nothing to really compare with.

[stitched]

Evanivitch said:

stitched said:

NRS said:

stitched said:

Evanivitch said:

stitched said:

WTaF comprises an uninhabitable house?

Edited by stitched on Tuesday 13th April 19:20

Watertight, working kitchen, flushing toilet.

Then I have spent at least a year in an 'uninhabitable house', over the years.
Rendering it inhabitable.
Is that so strange?

Nope, but it affects if you can get a mortgage on it or not...

Really?
Not in my experience.

Did to my friend I referenced earlier. Roof was leaking, toilet was dry when the mortgage man came to inspect. Mortgage was declined.

Then had to go down an alternative path, basically getting a home builders mortgage, much higher interest rates and money only released at certain build milestones.

Every day's a school day,
I've never encountered this.
Mortgage company (spanish company) didn't even visit the property or ask that many questions.
Whereabouts was this?
Or could it be a peculiarity of a certain lender?
Hopefully it won't affect me, I think I'm done with the building site life.

[Bacon Is Proof]

I see we're still going around in the same ridiculous circles where because someone achieved something, they think that anyone else can under a completely different set of circumstances and conditions.
I guess none of them are scientists...

[Evanivitch]

stitched said:

Every day's a school day,
I've never encountered this.
Mortgage company (spanish company) didn't even visit the property or ask that many questions.
Whereabouts was this?
Or could it be a peculiarity of a certain lender?
Hopefully it won't affect me, I think I'm done with the building site life.

Check online, it's standard practice. It's probably based on the mortgage provider looking at some Zoopla photos first or whether you ticked a box. This was South Wales.

[stitched]

Evanivitch said:

stitched said:

Every day's a school day,
I've never encountered this.
Mortgage company (spanish company) didn't even visit the property or ask that many questions.
Whereabouts was this?
Or could it be a peculiarity of a certain lender?
Hopefully it won't affect me, I think I'm done with the building site life.

Check online, it's standard practice. It's probably based on the mortgage provider looking at some Zoopla photos first or whether you ticked a box. This was South Wales.

I suppose a lot of it was based on the deposit I was able to put up, think this is probably the most important thing regards acquiring a property.
I wouldn't lend anyone money unless they were willing to risk a considerable chunk of their own money.
I agree it is getting harder to buy, I still think, actually know, that it is still do able.

[romeogolf]

Bacon Is Proof said:

I see we're still going around in the same ridiculous circles where because someone achieved something, they think that anyone else can under a completely different set of circumstances and conditions.
I guess none of them are scientists...

Yes, strong smell of survivorship bias. Also the theory that all young people should ditch their mobile phones and live in a brick shell to build it themselves as a way to home ownership is just laughably ridiculous.

At the point when you're suggesting people should effectively live in slums as character building you've proven the system is broken.

[stitched]

romeogolf said:

Bacon Is Proof said:

I see we're still going around in the same ridiculous circles where because someone achieved something, they think that anyone else can under a completely different set of circumstances and conditions.
I guess none of them are scientists...

Yes, strong smell of survivorship bias. Also the theory that all young people should ditch their mobile phones and live in a brick shell to build it themselves as a way to home ownership is just laughably ridiculous.

At the point when you're suggesting people should effectively live in slums as character building you've proven the system is broken.

Not sure where you get this from, my input was intended to encourage the younger people on here, home ownership gives an economic security to those who achieve it, I consider that to be beneficial to the economy, therefore encourage others to own their own homes.
This in no way benefits me.
Realistically I should be telling them to stay off said ladder and pulling it up behind me.

[Biggy Stardust]

Bacon Is Proof said:

I see we're still going around in the same ridiculous circles where because someone achieved something, they think that anyone else can under a completely different set of circumstances and conditions.
I guess none of them are scientists...

Maybe they think that hands working gets better results than hand-wringing.

[NRS]

stitched said:

Not sure where you get this from, my input was intended to encourage the younger people on here, home ownership gives an economic security to those who achieve it, I consider that to be beneficial to the economy, therefore encourage others to own their own homes.
This in no way benefits me.
Realistically I should be telling them to stay off said ladder and pulling it up behind me.

If they don't get on the ladder it won't go anywhere. To pull the ladder up it needs more people getting on/wanting to get on it...

You've also spend most of the thread calling them lazy and entitled...

[roger.mellie]

NRS said:

stitched said:

Not sure where you get this from, my input was intended to encourage the younger people on here, home ownership gives an economic security to those who achieve it, I consider that to be beneficial to the economy, therefore encourage others to own their own homes.
This in no way benefits me.
Realistically I should be telling them to stay off said ladder and pulling it up behind me.

If they don't get on the ladder it won't go anywhere. To pull the ladder up it needs more people getting on/wanting to get on it...

You've also spend most of the thread calling them lazy and entitled...

Yip and at some point the number of those at the bottom of the ladder might start voting to remove it rather than to reinforce it if too many of them can't get on it. I'm torturing that metaphor but hopefully not being too cryptic on my point, the automatic assumption that generation rent should become generation buy is not necessarily correct.

[Biggy Stardust]

roger.mellie said:

the automatic assumption that generation rent should become generation buy is not necessarily correct.

We often have different views but I'm solidly with you on this one.

[p1stonhead]

stitched said:

Evanivitch said:

stitched said:

NRS said:

stitched said:

Evanivitch said:

stitched said:

WTaF comprises an uninhabitable house?

Edited by stitched on Tuesday 13th April 19:20

Watertight, working kitchen, flushing toilet.

Then I have spent at least a year in an 'uninhabitable house', over the years.
Rendering it inhabitable.
Is that so strange?

Nope, but it affects if you can get a mortgage on it or not...

Really?
Not in my experience.

Did to my friend I referenced earlier. Roof was leaking, toilet was dry when the mortgage man came to inspect. Mortgage was declined.

Then had to go down an alternative path, basically getting a home builders mortgage, much higher interest rates and money only released at certain build milestones.

Every day's a school day,
I've never encountered this.
Mortgage company (spanish company) didn't even visit the property or ask that many questions.
Whereabouts was this?
Or could it be a peculiarity of a certain lender?
Hopefully it won't affect me, I think I'm done with the building site life.

It’s absolutely normal.

Working kitchen sink and wc is effectively the bare minimum in my experience.

[stitched]

p1stonhead said:

It’s absolutely normal.

Working kitchen sink and wc is effectively the bare minimum in my experience.

I had a working kitchen sink, along with an electric water heater.
An 'emergency plumber' had cut off the ladies water supply to the bathroom, due to a serious leak as I found when I re instated it.
I was never asked about facilities by the lender, nor when I bought other properties in similar disrepair.
Perhaps it is lender specific?

[p1stonhead]

stitched said:

p1stonhead said:

It’s absolutely normal.

Working kitchen sink and wc is effectively the bare minimum in my experience.

I had a working kitchen sink, along with an electric water heater.
An 'emergency plumber' had cut off the ladies water supply to the bathroom, due to a serious leak as I found when I re instated it.
I was never asked about facilities by the lender, nor when I bought other properties in similar disrepair.
Perhaps it is lender specific?

I’ve had it through several lenders as I’ve generally bought disaster zones and refurbed them.

If you had a working sink and what looked like a working toilet then that’s why you would have been fine.

[Bacon Is Proof]

Biggy Stardust said:

Bacon Is Proof said:

I see we're still going around in the same ridiculous circles where because someone achieved something, they think that anyone else can under a completely different set of circumstances and conditions.
I guess none of them are scientists...

Maybe they think that hands working gets better results than hand-wringing.

No, it's the arrogance that it's just as easy to buy a house now as it was years ago in the face of facts and figures that describe quite the opposite.
That's about as politely as I can put it, without the use of name calling or turbo-belm memes.

[roger.mellie]

p1stonhead said:

I’ve had it through several lenders as I’ve generally bought disaster zones and refurbed them.

If you had a working sink and what looked like a working toilet then that’s why you would have been fine.

At which point do you find out something that looked like a working toilet isn't?

Sorry, crap joke, carry on.