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Thread: When did you buy your first house?

  1. #1
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    When did you buy your first house?

    With property prices still going up but wages still the same, hot discussion on radio this morning about buying properties.

    In the local papers, a property expert even said that a minimum of MYR 14,000.00 (USD 4,200 =/-) is needed just to live comfortably.

    I doubt many can buy houses now, renting is not cheap also.

    I dont have my own, but dont plan to buy either, prices are just too crazy at the moment.

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    This is a subject that can run and run, and opinions can be polarised as well, so could be an interesting thread.

    It's going to be tough for young people here ( UK ) to get onto the property ladder. They need big deposits and the banks are not lending. For us, it's almost like a two-speed housing market; London and the South East is incredibly expensive but in many other parts of the country there is good value to be had. I bought a three bedroomed house last year for 61k and will have another one by summer, it's definitely a time of opportunity in some parts of the UK but others are, or at least appear to me, to be way over-priced.

    Property prices as multiples of income have run away in recent years, I'm hoping that the housing market will be relatively flat until wages catch up. For those who can get them, rantal properties appear to be a good bet at the moment because people can't get mortgages so the rental market is very strong. I think we will see more people staying at home rather than moving to their own place ( my boy is almost 23 and going nowhere ) and I think we will see multiple generations of the same family under one roof. Grandma living with her kids and looking after great grand-children etc. We are kind of back where we used to be in many ways.

    Just on the point of comfortable living. 10% of gross income is about what most people spend on food in the UK, we are a long way from being a poor country. I think people are re-defining what they regard as neccessary for comfortable living though.

  3. #3
    Senior Member nelsonone's Avatar
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    @ 19...whilst still at University

    my dad gave me the deposit to buy a place in a townhouse development he was doing.....and I had it rented out from the day i bought it till the day I sold it 20+ years later to the family who had rented it for the whole of that time

    talk about dream tenants...

  4. #4
    Senior Member marc26's Avatar
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    i lost out big time in Vancouver
    i just never saw housing price like this in my life, so i sat on the sideline
    i just couldn't get my head around the houses that were offered for a million dollars, i just never seem that correlation before
    those houses are about 1.7million now

    i'd still like to buy a few apartments, i think i could make small money on them when sold 4-5 years later and earn the equity while the renters pay my mortgage
    but housing still confounds me
    they just cancelled the wealthy foreign citizenship(certain wealth plus an 800k loan to Canada got them a passport), so now i don't know if the housing market will come off
    i think it must since most of the buyers were foreign

  5. #5
    Senior Member Thin White Duke's Avatar
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    At age 28......1996 in Johannesburg SA.

    Bought for R300 000 and now valued at R2 000 000.

    Still live there

  6. #6
    Yes
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    I bought my first flat at 21 in Edinburgh... for 800Quid

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    Senior Member slampay's Avatar
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    I've been lucky. I've speck housed 4 times and tripled my $. Lost some on the rentals, but all is good. Shit happens.

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    My best one was the last one of 6 - bought for A$ 95, 000 (one year old 3x2 inner Perth) in 1998 and sold in 2008 for A$525,000 - got me to LOS 555!

    EDIT: My last one actually is here on a small lake frontage in Kamala - bought with some of the proceeds for A$ 65,000 555!
    Last edited by Evilbaz; 18th February 2014 at 15:08.
    Sipping from the Fountain of Youth that is Thailand.

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    Would love to buy a house for myself, can afford it, but i wont be living in it.

    Buying for investment is not a good idea right now, the government has tightened the rules for the property market. Selling too soon and you will be hit hard with tax, sell after 5 years no tax. Problem is the banks interest are too high to earn anything from the rental market.

  10. #10
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    First house bought at 26 for $120,000 on the Mornington Peninsula.

    Rented it out when we moved a lot further down the coast for work.

    Worst freaking tennants and real estate agents.
    Only kept it for 2 years and made a substantial loss due to the "recession we had to have"....... thanks Keating - you prick !

  11. #11
    Senior Member faultytowers's Avatar
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    Bought my first flat in my late 20's , bedsit/studio apartment , next one was a 2 bedroom house.

    One difference I see is that previously there was more "social" housing available and when people did finally buy a flat/house it was as a 'home' which they would use as a stepping stone for the future. Start small and move up the ladder when circumstances dictated such as starting a family etc.

    When "right to buy" was introduced a lot of council/social houses were sold off (at large discounts) but insufficient replacement housing was built with the proceeds. Nowadays housing has become more of an investment , buy to let is big business. Also , foreign investors are using the property market as a way to make money (numerous London properties/land sitting empty ) , this forces prices up .

    When I was growing up owning a house was something many would aspire to (when you achieved the level of financial stability to afford one) , now it appears to have become a "right".

  12. #12
    Senior Member kris-one's Avatar
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    I don't necessarily think in London foreign investors are buying to make money rather to preserve. Its a very good way of diversification and getting large lumps of their assets out of China, Russia ME etc into a much safer jurisdiction.
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  13. #13
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    Quote Originally Posted by Yes View Post
    I bought my first flat at 21 in Edinburgh... for 800Quid
    You are either older than we think, maybe God's younger brother, which makes that purchase a long time ago or that was the deal of a lifetime; maybe several lifetimes. I hope you hung onto it...

  14. #14
    Yes
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    Bought it in 1971..as a new land lord rented it out to the prettiest girl who came to look at it ....Terrible tenant.
    I never really lived in it.
    The council compulsory purchased it off me for 4 k about 8 years later so they could demolish it. Then they changed their minds and renovated the whole building
    and re-sold it Bast...rds.

  15. #15
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    Quote Originally Posted by Yes View Post
    Bought it in 1971..as a new land lord rented it out to the prettiest girl who came to look at it ....Terrible tenant.
    I never really lived in it.
    The council compulsory purchased it off me for 4 k about 8 years later so they could demolish it. Then they changed their minds and renovated the whole building
    and re-sold it Bast...rds.
    800 is probably a decent coffee budget for a month now in Edinburgh. Fabulous city but I couldn't afford to live there.

  16. #16
    Senior Member tnlawyer's Avatar
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    Bought my first home (a starter home) in 2005 for $87K, kept it for 7 years and sold it for $140K. Bought one during the 18 months I spent in Utah and made $30K on that sale. Just bought my third back here in Tennessee. 3,000 sq ft, all the bells and whistles, fully finished basement with built in surround sound and wet bar (sink, dishwasher, ice maker, wine chiller, etc) for $275K. I've gotten some pretty good deals, but always negotiate hard for them.

  17. #17
    Senior Member WarProfiteer's Avatar
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    Bought my first at 30. This was quite an accomplishment as my parents didnt buy their first one until they were about 50. I've made money on every r/e deal I've done. I love r/e, but ya gotta have some cash to get in the game.

    My parents thought I was nuts back then and often let their opinions be known. To them, a single guy buying a large 3/2 fixer upper was just a 'hair-brained scheme'. Simply ridiculous! It shut them up when I sold it 2 years later and made $40K on it... back then, that was more than I made per year in salary.

    I'm not bitter. It was just an idea that was too far outside of their normal reality. It was before all the house flipping reality shows.

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