Nice House vs nice Car? Which takes priority?
Discussion
JiggyJaggy said:
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...
You can't post that on PH and not be asked to share what building you're talking about! Then we can all have a debate about whether it's worth it, and non-Londoners will call you an idiot, and us Londoners will go "ooh, nice", etcetc 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...
ive had the nice cars. I could have a much more expensive house but since i got rid of my last car im happy to just not have loads of pcp and mortgage going out every month!
will get something special again soon but i will look in to purchasing it outright if it makes financial sense.
will get something special again soon but i will look in to purchasing it outright if it makes financial sense.
I'm in the very fortunate position of living with my fiance, no mortgage (she came into some money) and my old flat rented out at the ripe old age of 27 with a 16' M135i on the drive. Prior to being incredibly lucky (which I don't take for granted), I made it a priority to secure a mortgage first. House over car any day! I hear plenty of stories of people around my age who have flashy new cars yet still live at home with mum and dad!
I should have said. We pay rent to a family member where we stay currently at a fair rate and the apartment we are looking to move into would also be rented. Where I am renting is no-one's business but it does have a nice view of the city skyline high up which is one thing I always wanted to experience. I can not justify buying the place given the stamp duty levels as we would look to move to a house in approx 1-2 years long terms for a family etc.
noway said:
Thanks,im thinking of getting one for the wife...
1.5dci edc (auto)
Your garage looks rather nice..
Hardly belongs on PH, but to be honest, we looked at New Range Rovers, F-Types and other exotica and simply decided that we could buy 5 Dacia Dusters for the price of one Range Rover!!1.5dci edc (auto)
Your garage looks rather nice..
In the TR3a and the Mercedes SL, we have all the fun we need along with loads of new 'like minded' friends. - The 2016 Dacia Duster (Top End and 19,000 Euros) has now done 25k kilometers and I have to say has exceeded our expectations by a long way. - Comfortable, Practical, Economical etc.
We regularly drive 10-12 hour journeys and have not experienced any discomfort - albeit, we now tend to drive within the speed limits!
Dacia might not be 'cool', but do yourself a favour and take a test drive!
Cheers
Glynn
Neil1989 said:
I'm in the very fortunate position of living with my fiance, no mortgage (she came into some money) and my old flat rented out at the ripe old age of 27 with a 16' M135i on the drive. Prior to being incredibly lucky (which I don't take for granted), I made it a priority to secure a mortgage first. House over car any day! I hear plenty of stories of people around my age who have flashy new cars yet still live at home with mum and dad!
So you live rent free and drive a 1 series that every tom dick and harry have on tick for buttons a month!Come on man, go mental!
Jiebo said:
As a 30-something living in London with a 6 figure income and no family wealth, nice car isn't even an option. A 500sq ft 1 bedroom flat in zone 3 is all I can ever hope to achieve in this life. Can't wait to move out of my nice rented flat and live next to poor people.. yay
Find a missus with a 6 figure income...In fairness if you live in central London a car is usually a bit unnecessary isn't it. I know this is PH but if I lived in central London I'd be half cut every evening and using the exceptional public transport system.
djc206 said:
Jiebo said:
As a 30-something living in London with a 6 figure income and no family wealth, nice car isn't even an option. A 500sq ft 1 bedroom flat in zone 3 is all I can ever hope to achieve in this life. Can't wait to move out of my nice rented flat and live next to poor people.. yay
Find a missus with a 6 figure income...In fairness if you live in central London a car is usually a bit unnecessary isn't it. I know this is PH but if I lived in central London I'd be half cut every evening and using the exceptional public transport system.
jimmybell said:
djc206 said:
Jiebo said:
As a 30-something living in London with a 6 figure income and no family wealth, nice car isn't even an option. A 500sq ft 1 bedroom flat in zone 3 is all I can ever hope to achieve in this life. Can't wait to move out of my nice rented flat and live next to poor people.. yay
Find a missus with a 6 figure income...In fairness if you live in central London a car is usually a bit unnecessary isn't it. I know this is PH but if I lived in central London I'd be half cut every evening and using the exceptional public transport system.
Just ran the numbers on the above. £100k salary gets you a £450k mortgage at least and you get around £5-5.5k pm net depending on pension contributions. Should look to save at least £2-3k of that, pay around £1,000 to live in a flat share all-in and live comfortably on the remaining £1-2k. So you save £25k p.a. and after two to three years you have at least £60-70k, depending on how much investment growth you got in your low-cost index tracking ISA. Then you buy the flat. After another two to three years you have £60-70k in cash again and you buy an Evora. Or a bigger flat.
NickCQ said:
Just ran the numbers on the above. £100k salary gets you a £450k mortgage at least and you get around £5-5.5k pm net depending on pension contributions. Should look to save at least £2-3k of that, pay around £1,000 to live in a flat share all-in and live comfortably on the remaining £1-2k. So you save £25k p.a. and after two to three years you have at least £60-70k, depending on how much investment growth you got in your low-cost index tracking ISA. Then you buy the flat. After another two to three years you have £60-70k in cash again and you buy an Evora. Or a bigger flat.
How many people earning 100k want to live in flatshares?okgo said:
NickCQ said:
Just ran the numbers on the above. £100k salary gets you a £450k mortgage at least and you get around £5-5.5k pm net depending on pension contributions. Should look to save at least £2-3k of that, pay around £1,000 to live in a flat share all-in and live comfortably on the remaining £1-2k. So you save £25k p.a. and after two to three years you have at least £60-70k, depending on how much investment growth you got in your low-cost index tracking ISA. Then you buy the flat. After another two to three years you have £60-70k in cash again and you buy an Evora. Or a bigger flat.
How many people earning 100k want to live in flatshares?There are flatshares and flatshares, if you know what I mean - £1k p.m. shouldn't be too grotty or studenty.
AndStilliRise said:
I suspect not. The people I know who earn 6-digits, not one lives in a flat-share, why would you?
The point I make is that when you hear of these numbers, many assume the way they currently live on 30% of that and extrapolate. The reality is that very few people actually live like that.Most people accept in London on £35k they will be flatsharing, most people will not accept that at £100k, even if the reality is that they would be best served to do so.
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