do you buy or not?

Discussion in 'Off Topic Chat' started by jols, Feb 5, 2008.

  1. jols

    jols TPF Noob!

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    random question here as you guys are from all over the world.

    but is it important to buy your own property?

    it is very important to us brits but sadly some peeps are priced out of the game now.

    i bought my first flat at 18 and only have two years left on my mortgage and ive moved three times to bigger property.

    i just wondered if people rent for all their lives or buy and finish payments in 20 ish years.

    just being nosey
     
  2. Alex_B

    Alex_B No longer a newbie, moving up!

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    no personal property in my case

    would like to have some though ;)

    but over here rents are usually much lower than in the UK
     
  3. jols

    jols TPF Noob!

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    what would you pay for say an average three bed house?
     
  4. JDS

    JDS TPF Noob!

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    I don't know how big a flat is. I own just over an acre of my own land - about 20 years left on my mortgage.

    Can't wait 'til Spring to get the garden started!
     
  5. jols

    jols TPF Noob!

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    a flat is an apartment us brits just call it a flat cause its all on one level:D
     
  6. mrodgers

    mrodgers No longer a newbie, moving up!

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    Do you pay property tax in England? I pay property tax and it's rolled into my mortgage. If not for the property tax and homeowner's insurance, my payment on the house alone is pretty much equal to what I would pay in renting a small apartment. I pay ~$450-500 US on my house. Granted, it is a VERY small house, but that I would only get a 2 bedroom apartment in town for that much. I have a 2 acre yard for the kids to play in and I'm on a dead end road, thus no traffic. I have no one living above or below me like in an apartment making noise. If I wanted to rent an actual house, I would be looking at probably $650-700 and I still wouldn't have a yard for the kids to play in.

    For me, property tax pays for public schools. It's not really fair that some people have a billion kids and rent, thus they pay nothing for the public schools, while there are couples who don't plan on having kids and they pay for the schools with property tax on their homes. Also, the biggest problem is, the elderly who are on limited income are constantly loosing their homes because they don't have the money to pay property tax, even though they have paid their mortgages off 30 years ago. They can't pay $2000 for property taxes year after year, so their homes are taken and sold on auction for pennies on a dollar just to get the taxes paid.

    Oh yeah, we don't call them flats because our apartments are usually either large apartment buildings with multiple levels and multiple units (think like a hotel) or they are old 3 story houses and each level is a living unit.
     
  7. jols

    jols TPF Noob!

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    we pay a council tax which can be up to 3000 pound a year for schools and such like but people who rent also pay that

    an average house in england three beds is bout 200,000 pounds
     
  8. Sideburns

    Sideburns TPF Noob!

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    in US and Canada I'm gonna have to say that most people buy their own house/property. However, it also depends on the city. Lots of cities are so expensive they only have apartments and studios and whatnot.
    Real estate varies so much by area I don't even think I could give you an average price here...cause it changes just depending on street here...
     
  9. JohnMF

    JohnMF TPF Noob!

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    i bought my first house nearly two years ago. Five times my annual wage mortgage. May have to sell within the next year
     
  10. nealjpage

    nealjpage multi format master in a film geek package

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    I'd like to buy my own place, too. It's the "American Dream" to have your own single family home on a large lot.

    I'd be happy for a nice little two bedroom place with a small yard. All I really want is a darkroom!
     
  11. skieur

    skieur TPF Noob!

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    About roughly $300,000 in Canada in an urban location and less in smaller cities and towns. Taxes on that would be around $2,000 per year in a large city and less in small towns. Mortgages are probably around 7 percent. High efficiency furnaces which are common in some areas as well, keep the heating bills at a reasonable level.

    Rising house prices make a house an investment. My house is currently worth about twice what I paid for it 12 years ago.

    skieur
     
  12. JodieO

    JodieO TPF Noob!

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    I am on my second house right now (it's five bedrooms, three levels), we have a little over two acres of property. I board my three horses at a 200-acre stable, and we want to buy more land within a couple years - at least 10-20 acres and build a new house on it as well as a small stable...

    It's important to us to have property but it's soooo expensive here in Maryland. My house is pretty inexpensive though (for the size and land) - we could put it up for sale tomorrow for about $550,000.

    My husband and I are also looking for a second house to own, though, for our businesses. I pay $2,000/mo just in rent for my studio - I would rather put that toward a second mortgage (i.e., owning two houses).
     

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