House or car - which did/would you chose?
Discussion
Looked into renting but since I can only work part time it's pretty much fooked that plan up. I need a woman who's stupid enough to share with me 
Definitely house first for me - I got a decent house and paid off most of the mortgage before I upgraded from my two grand "banger".
ETA: Having said that, I'd probably be wary of buying a house now; I think prices still have some way to fall in real terms and there's little point in owning a house that's depreciating.
ETA: Having said that, I'd probably be wary of buying a house now; I think prices still have some way to fall in real terms and there's little point in owning a house that's depreciating.
Edited by kambites on Monday 16th April 09:29
I spent more on rallying over the years that I ever have on a mortgage, so I suppose the answer for me is "car". I can't recommend it as a particularly sensible thing to do, but you only live once and I don't see myself lying on my death-bed saying "I wish I'd bought a bigger house".
As always everyones own situation is individual.
I'm quite happy with the fact that as a small business owner my livelihood is not & never can be totslly secure.
We love our house & wouldn't want to live anywhere else so to have some security in that part of my life is a bonus.
Could I remove all the equity from it & live the high life? Of course, & I applaud people who do as I can see the attraction!
But not having a Ferrari or Lamborghini is a price I'm willing to pay for the security of owning the house.
If I were starting out on the ladder today, I think I'd probably choose differently as the hope of ever owning say, 75% of your house must seem like a very distant dream.
Most of our European friends think we're nuts in owning our own properties over here by the way.
I'm quite happy with the fact that as a small business owner my livelihood is not & never can be totslly secure.
We love our house & wouldn't want to live anywhere else so to have some security in that part of my life is a bonus.
Could I remove all the equity from it & live the high life? Of course, & I applaud people who do as I can see the attraction!
But not having a Ferrari or Lamborghini is a price I'm willing to pay for the security of owning the house.
If I were starting out on the ladder today, I think I'd probably choose differently as the hope of ever owning say, 75% of your house must seem like a very distant dream.
Most of our European friends think we're nuts in owning our own properties over here by the way.
Wild Rumpus said:
I spent more on rallying over the years that I ever have on a mortgage, so I suppose the answer for me is "car". I can't recommend it as a particularly sensible thing to do, but you only live once and I don't see myself lying on my death-bed saying "I wish I'd bought a bigger house".
Good man.But, (as I mentioned before) there’s a massive difference between spending money on Rallying than there is on spending money on a shinier commuter mobile, or even a weekend toy.
chrisp84 said:
Captain Muppet said:
Is this Pistonheads or Propertyheads?
My criteria for my house were: 2 parking spaces plus a garage and some kind of accomodation.
Exactly the same here! My criteria for my house were: 2 parking spaces plus a garage and some kind of accomodation.
Garage(s)+Sheds+Location are much more important than how big the dining room is, or how many bedrooms are en-suite as far as I'm concerned.
Depending on where you live, all the house you need or would want doesn't have to cost all that much. I'd much rather see my income go on cars and holidays etc. than a never-ending spiral of mortgage costs. The equity won't do you much good when you are dead.
Depending on where you live, all the house you need or would want doesn't have to cost all that much. I'd much rather see my income go on cars and holidays etc. than a never-ending spiral of mortgage costs. The equity won't do you much good when you are dead.
FisiP1 said:
Garage(s)+Sheds+Location are much more important than how big the dining room is, or how many bedrooms are en-suite as far as I'm concerned.
Depending on where you live, all the house you need or would want doesn't have to cost all that much. I'd much rather see my income go on cars and holidays etc. than a never-ending spiral of mortgage costs. The equity won't do you much good when you are dead.
The point of a mortgage is that it isn't never-ending, unlike rent.Depending on where you live, all the house you need or would want doesn't have to cost all that much. I'd much rather see my income go on cars and holidays etc. than a never-ending spiral of mortgage costs. The equity won't do you much good when you are dead.
I bought my current house with the criteria of "double garage with house attached" but was single at the time. We're looking to move house this year and I wouldn't be surprised if we end up with somewhere with no garage at all as our priorities have changed - it's more important to us to be near a decent school than it is to have the garaging. The Caterham can live outside (or I'll rent a garage somewhere) and the Mustang will go.
It's always going to be the house beit to buy the house, to extend the house or make the house 'better'! Even when you've got the house that you really wanted the first time you saw it you'll change in a few years with your income/life/family but a house will still come before a car - you can stretch to that house you've seen that you really like with the double garage and the extra space downstairs for entertaining - 'ill keep this car another couple of years'.
The last ten years, for me, have really gone quite quickly, fat, bald and a lot of things in that time have also changed such as pensions not going to be worth what they were meant to be. We were very comfortable in the house that I never wanted to move from but doing the maths there is no way I could save enough money in the next 24 years (projected until I retire) to make up the shortfall in my pension no longer being final salary. Sarah's 987 money became deposit for our new house and rent our other one to a weird pair of drs (man and wife).
The last ten years, for me, have really gone quite quickly, fat, bald and a lot of things in that time have also changed such as pensions not going to be worth what they were meant to be. We were very comfortable in the house that I never wanted to move from but doing the maths there is no way I could save enough money in the next 24 years (projected until I retire) to make up the shortfall in my pension no longer being final salary. Sarah's 987 money became deposit for our new house and rent our other one to a weird pair of drs (man and wife).
ewenm said:
FisiP1 said:
Garage(s)+Sheds+Location are much more important than how big the dining room is, or how many bedrooms are en-suite as far as I'm concerned.
Depending on where you live, all the house you need or would want doesn't have to cost all that much. I'd much rather see my income go on cars and holidays etc. than a never-ending spiral of mortgage costs. The equity won't do you much good when you are dead.
The point of a mortgage is that it isn't never-ending, unlike rent.Depending on where you live, all the house you need or would want doesn't have to cost all that much. I'd much rather see my income go on cars and holidays etc. than a never-ending spiral of mortgage costs. The equity won't do you much good when you are dead.
I bought my current house with the criteria of "double garage with house attached" but was single at the time. We're looking to move house this year and I wouldn't be surprised if we end up with somewhere with no garage at all as our priorities have changed - it's more important to us to be near a decent school than it is to have the garaging. The Caterham can live outside (or I'll rent a garage somewhere) and the Mustang will go.
I'm all for focusing on getting a mortgage paid off on a good house ASAP, but not if it is only as a stepping stone to a bigger place than needed.
Surely it's just a matter of having enough of each to make you happy? You aren't likely to restrict yourself to pushbike and bus until you have paid off the mortgage on the last house you ever mean to live in, nor to run a Zonda while living with your mum.
If we'd stayed in the old house, we could be running more expensive cars. If we didn't have the cars we have, we could afford a more expensive house. The balance we have makes us happy, isn't that what everyone does?
If we'd stayed in the old house, we could be running more expensive cars. If we didn't have the cars we have, we could afford a more expensive house. The balance we have makes us happy, isn't that what everyone does?
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