How old were you when you bought your first home?

Soldato
Joined
6 Oct 2011
Posts
4,260
By a stroke of luck you mean being born at the right time to buy a house cheap! Must be awesome for people down south in their late 40's early 50's. Sell your house for close to a million and buy something up north the same size for a quarter of the price and live a playboy lifestyle for the rest of your days :D!

Well yes. But then arguably, £300k in 1999 wasn't exactly cheap.

But then your stuck up North for your retirement ;)
 
Associate
Joined
28 May 2004
Posts
2,309
Location
Southampton
Location: Southampton
Year bought: 2015 £210,000
Age: 37
Percent mortgage 80% 25 year
Sold: N/A
Profit/ loss: N/A

Spent just over 4 years saving, working crazy hours and not having a life to raise £42k for the deposit. Hopefully the graft will pay off in the end. Last thing I wanted to do was have a 35 years long mortgage.
 
Associate
Joined
18 Nov 2011
Posts
383
Living the dream not bought a house yet....

Friend moved down south to London bought a house 400K, you walked out onto two foot of garden before the pavement etc, tiny rooms, no hallway just front door to stairs, street parking a nightmare. You would pay £140K in anyplace other than London. Between the original mortgage on previous flat also London worked off over the last fifteen years and money saved and inheritance totally paid the house just over 400K off. Lived in for past ten years.

Sold Early this year for 1.2 Million! Moved back out of London to a massive house sitting in its own land even has a massive garden for the now young children with a blooming forest at the end. You could learn to drive on the private drive up to the house and could park ten cars outside the front door. It’s like something out grand designs inside.

Difference in space and lifestyle from previous house just on a different level and still mortgage free. In fact the double garage in the new house that has a room above it sitting separate from the main house has more space than the place in London. Just one of these decisions you agree was right on so many levels to get the **** out of London.
 
Associate
Joined
26 Jul 2010
Posts
1,714
Location
Wiltshire
That's exactly what i told my mate when he lived in a boom area near York when most houses sold the day they went on the market before the estate agents evne had prepped up the packs.

The only time you ever see that "profit" in your house is if you sell and downsize or move from the area to a cheaper housing area.

I wish property had just gone up with inflation, not so much for my own benefit but for the younger generation too. It was a comparative p.o.p. for me to buy when I did, certainly I won't ever make the assertion that the "young" are simply ****less and lazy and that is the reason they cannot buy a home.

Though it's hard to have much sympathy for the recent buyers who think that by looking at what happened to people like myself, that they are going to be "rich" too through buying a house and sitting on your bum while it rockets in value.

I had a smallish overall debt + reasonably high interest rate, almost the total opposite of a big debt at a low rate.
 
Associate
Joined
20 Aug 2006
Posts
1,798
Location
Liverpool
Age: 19
Year bought: 1994
Price: 19,950
Property Type: 2 bed terrace
Deposit: 33%
Location: Bootle, Liverpool
Year sold: 2004
Price sold at: 57,000

At the Time my father had died and left me and my sister some money so I did the wise thing and used half of it on a 33% deposit on a house and the rest went into some investments. For ten years I lived in this house with a mortgage of around £85 a month before I moved into my girlfriends house which was in a nicer area. I still look now and again how much the houses in that street sell for and it is around the same price that I sold mine for 11 years ago. Looks like I sold at the right time!
 
Soldato
Joined
18 Aug 2011
Posts
2,845
Location
Norfolk
Location: Norfolk
Year bought: 2009
Age: 26
Percent deposit 0% (Used a key-worker scheme)
Sold: 2016 (most likely)
Profit/ loss: 40%+ (was 160k, now worth about 230k)

Hopefully moving next year to somewhere ~250k-300k
 
Soldato
Joined
29 Dec 2004
Posts
16,984
Location
Shepley
Location: Manchester
Year bought: 2015
Age: 26
Percent deposit 5%
Sold: n/a
Profit/ loss: who cares, unless you're moving location drastically it will be eaten up by your next purchase either way
 
Soldato
Joined
18 Oct 2002
Posts
21,047
Location: Midlands
Year bought: 2005
Age: 26
Percent deposit: 10%
Sold: 2013
Profit : 12%

I got in just before prices went crazy in 2007.
Had I waited two years I wouldn't be in the house I'm in now - the 2007 valued price was 13% higher than our 2013 sold price. We would have been stuck there.
 
Soldato
Joined
7 Jun 2003
Posts
16,084
Location
Gloucestershire
Location: Stroud, Gloucester
Year bought: 2007 :(
Age: 19
Percent deposit: 5%
Sold: 2015 - Going through sale process right now
Profit : Not a lot, but as it was a flat myself and the now wife purchased, we couldn't live in it long. Been making a loss on it for too long! Finally getting rid of it now that we can get back the amount we want. Been told to wait 2-3 years, but with a 2nd child on the way in April i just can't afford to keep losing £160pm (Yep!) subsidising someone elses living expenses.

Hopefully have the sale finished in Jan/Feb. Got some money back that'll sit in an ISA or premium bonds and get added to regularly (aiming to save that £160pm rather than use it, and only free it up if i need it)
 
Associate
Joined
25 Oct 2006
Posts
1,628
Location
Skegness
Just for some perspective & for those that imagine property prices going up fast is a recent occurrence.
Location. Enfield, North London
3 Bed Victorian Bay Terrace
Year. 1972
Age. 22
Price. £4750 (market value, not some discounted price)
Mortgage 100% from GLC (abolished by the Cons after they realised they'd never gain control)
Deposit. None
£33 a month payments
Sold it 12 months later for £8000, moved away from London to Lincs able to buy 2 bed cottage outright with the profit made.
Divorced 8 years later, leaving everything to my ex-wife and started again with just the clothes on my back and the tools of my trade.
 
Soldato
Joined
19 Nov 2004
Posts
12,499
Location
Wokingham
Location: Reading
Year bought: 2011
Age: 29
Percent deposit 25%
Sold: 2015
Profit: 37.5% (didn't sell but remortgaged and took equity out to buy our next house). Did have a buyer for the price I remortgaged but pulled out of the deal when I realised I could keep the flat and buy the house).
 
Soldato
Joined
18 Jan 2003
Posts
5,995
Location
Expat in the USA
1999 Cheam Surrey 93k or there abouts
26 years old
about 10% deposit if i remember. Wife and i sold our cars to get the money together.
Profit.... Sold for 145k a couple of yrs later.
Since that date, been buying and selling at the right time, and now have three properties in one of the wealthiest cities in the world.

and only a 90k ($) mortgage left. Wife only works part time, and i'm no tycoon. far far from it. Just a regular IT bod, .. just a good decision maker (as well as DaMissus) when its time to pack up and move to somewhere nicer for a profit !
 
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