by Crivens » Tue Jul 10, 2007 5:28 pm
Well you say that. But I know loads of people (myself included) who wish they had bought a place sooner. I saved up to make sure I had enough money for a 10% deposit (£12.6k at the time) as I heard the rates were a lot better than 5%, plus my dad always drummed it into me to never get a loan (apart from mortgage) if you can help it. So I saved up longer to get all the furniture outright (the reason I moved in 2000 and not in 1998). A friend of mine moved in 1998 instead and got all his furniture on 0% credit (for a year). Basically overall he made £20k on me because of that. But he was envious of his boss who bought a couple of years before him and had made a hell of a profit (about £60k). And of course the boss was annoyed he hadn't bought a couple of years before that etc.
Saying all that though, it has come to a point now where unless you are very well off, or get left a lot of money in a will, or are lucky to buy at the right time when the market crashes, then you cannot get on the ladder. Don't contemplate the idea of buying and then the market crashing... Used to have nightmares about that before I got my place in Cyprus.
Cheers