Buy a House and 'do it up' ?

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Buy a House and 'do it up' ?

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PalazioVecchio south pole 25 Jul 21 5.10pm
our World seems to be obsessed with the above idea. Programmes on telly, magazine articles etc. Even the scheme in Southern Italy to buy a ruin for 1 euro and be contractually obliged to spend a ton on building works. And so an alternative idea : why so little coverage of the opposite idea : of buying a good property and running it down over 20 or 30 years ? Think about it. Way less Capital Gains Tax to ever pay ? And less time messing about with plasterers & plumbers. And evidence that house inflation is a rigged market, even if you trash a place....its value will still be seen to be going up over ten or twenty years. While official rates of inflation are tiny, housing seems to exist in this 'boom & bust' narrative. If you buy (a second property) and the price rises ? the government will heavily tax your gains. Buy and the price crashes ? well, that lost money is your problem mate. And of course, house price inflation seems to have nothing to do with rampant quantitative easing. Governments worldwide printing money like confetti. Dumping shipping-containers full of £50 notes into an economy where your bank account awards you zero interest ? Of course it overheats the housing market. The winners ? old home owners. The losers ? the young, renters, etc. So buy a Pristine second house and let it rot ? Discuss [Link] Edited by PalazioVecchio (25 Jul 2021 6.44pm) Edited by PalazioVecchio (25 Jul 2021 7.07pm) Kayla did Anfield & Old Trafford
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PalazioVecchio

south pole 25 Jul 21 5.10pm

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our World seems to be obsessed with the above idea.

Programmes on telly, magazine articles etc. Even the scheme in Southern Italy to buy a ruin for 1 euro and be contractually obliged to spend a ton on building works.

And so an alternative idea :

why so little coverage of the opposite idea :

of buying a good property and running it down over 20 or 30 years ?

Think about it. Way less Capital Gains Tax to ever pay ? And less time messing about with plasterers & plumbers.

And evidence that house inflation is a rigged market, even if you trash a place....its value will still be seen to be going up over ten or twenty years.

While official rates of inflation are tiny, housing seems to exist in this 'boom & bust' narrative. If you buy (a second property) and the price rises ? the government will heavily tax your gains. Buy and the price crashes ? well, that lost money is your problem mate.

And of course, house price inflation seems to have nothing to do with rampant quantitative easing. Governments worldwide printing money like confetti.

Dumping shipping-containers full of £50 notes into an economy where your bank account awards you zero interest ? Of course it overheats the housing market. The winners ? old home owners. The losers ? the young, renters, etc.

So buy a Pristine second house and let it rot ?

Discuss

[Link]

Edited by PalazioVecchio (25 Jul 2021 6.44pm)

Edited by PalazioVecchio (25 Jul 2021 7.07pm)

Kayla did Anfield & Old Trafford

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croydon proud Any european country i fancy! 25 Jul 21 6.03pm
The cost of the new house could be a factor against the argument, even the big mortgage, although the rates are zilch at the moment, although saying that, the youngsters buying just want to move in to an" oven ready ", thanks boris, house and borrow borrow borrow, so you might have legs!
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croydon proud

Any european country i fancy! 25 Jul 21 6.03pm

The cost of the new house could be a factor against the argument, even the big mortgage, although the rates are zilch at the moment, although saying that, the youngsters buying just want to move in to an" oven ready ", thanks boris, house and borrow borrow borrow, so you might have legs!

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ASCPFC Pro-Cathedral/caravan park 25 Jul 21 9.22pm
I get fuming angry at all the greed on those programmes. It has to be a part of why inflation on house prices is making the market unreachable for the next generation. Generation Mum's Sofa. Red and Blue Army!
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ASCPFC

Pro-Cathedral/caravan park 25 Jul 21 9.22pm

I get fuming angry at all the greed on those programmes. It has to be a part of why inflation on house prices is making the market unreachable for the next generation. Generation Mum's Sofa.

Red and Blue Army!

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kingdowieonthewall Sussex, ex-Cronx. 25 Jul 21 9.35pm
principals a good idea. The point is to buy the only way you can afford, for yourself (not as a money project) sometimes youve got to live on floorboards, empty rooms(even no central heating) but if it gets you your home or next move up, good luck. Its how ive always moved, buying bangers & living in them. some just a few years, but my last was a 20 year job. Im now on the reverse journey, downsizing. I cannot remember the exact amount, but i bought first flat for about 14K in Addiscombe.(80s) you could always get a moody mortgage then with a brown envelope. Feel for people now totally priced out. Kids,tired of being bothered by your pesky parents? Then leave home, get a job & pay your own bills, while you still know everything.
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kingdowieonthewall

Sussex, ex-Cronx. 25 Jul 21 9.35pm

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principals a good idea.
The point is to buy the only way you can afford, for yourself (not as a money project)
sometimes youve got to live on floorboards, empty rooms(even no central heating) but if it gets you your home or next move up, good luck.
Its how ive always moved, buying bangers & living in them.
some just a few years, but my last was a 20 year job.
Im now on the reverse journey, downsizing.
I cannot remember the exact amount, but i bought first flat for about 14K in Addiscombe.(80s)
you could always get a moody mortgage then with a brown envelope.
Feel for people now totally priced out.

Kids,tired of being bothered by your pesky parents?
Then leave home, get a job & pay your own bills, while you still know everything.

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Harpo Oxfordshire 26 Jul 21 12.34am
Originally posted by PalazioVecchio our World seems to be obsessed with the above idea. Programmes on telly, magazine articles etc. Even the scheme in Southern Italy to buy a ruin for 1 euro and be contractually obliged to spend a ton on building works. And so an alternative idea : why so little coverage of the opposite idea : of buying a good property and running it down over 20 or 30 years ? Think about it. Way less Capital Gains Tax to ever pay ? And less time messing about with plasterers & plumbers. And evidence that house inflation is a rigged market, even if you trash a place....its value will still be seen to be going up over ten or twenty years. While official rates of inflation are tiny, housing seems to exist in this 'boom & bust' narrative. If you buy (a second property) and the price rises ? the government will heavily tax your gains. Buy and the price crashes ? well, that lost money is your problem mate. And of course, house price inflation seems to have nothing to do with rampant quantitative easing. Governments worldwide printing money like confetti. Dumping shipping-containers full of £50 notes into an economy where your bank account awards you zero interest ? Of course it overheats the housing market. The winners ? old home owners. The losers ? the young, renters, etc. So buy a Pristine second house and let it rot ? Discuss A perfect example can be viewed at SE25 6PU. [Link] Edited by PalazioVecchio (25 Jul 2021 6.44pm) Edited by PalazioVecchio (25 Jul 2021 7.07pm)
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Harpo

Oxfordshire 26 Jul 21 12.34am

Originally posted by PalazioVecchio

our World seems to be obsessed with the above idea.

Programmes on telly, magazine articles etc. Even the scheme in Southern Italy to buy a ruin for 1 euro and be contractually obliged to spend a ton on building works.

And so an alternative idea :

why so little coverage of the opposite idea :

of buying a good property and running it down over 20 or 30 years ?

Think about it. Way less Capital Gains Tax to ever pay ? And less time messing about with plasterers & plumbers.

And evidence that house inflation is a rigged market, even if you trash a place....its value will still be seen to be going up over ten or twenty years.

And of course, house price inflation seems to have nothing to do with rampant quantitative easing. Governments worldwide printing money like confetti.

So buy a Pristine second house and let it rot ?

Discuss

A perfect example can be viewed at SE25 6PU.

[Link]

Edited by PalazioVecchio (25 Jul 2021 6.44pm)

Edited by PalazioVecchio (25 Jul 2021 7.07pm)

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Forest Hillbilly in a hidey-hole 26 Jul 21 7.43am
Originally posted by ASCPFC I get fuming angry at all the greed on those programmes. It has to be a part of why inflation on house prices is making the market unreachable for the next generation. Generation Mum's Sofa. ^^^ exactly. Property ownership has always been the way to go, particularly for longer-term investors. Property prices have been out-of-reach for many first-time buyers for ages. Economic irregularities will always get people finding loopholes to exploit, referring to the OP. I've seen shed loads of properties in London, lying empty and rotting, and you can see such properties nationwide. At some point they are sold on and renovated, or knocked down for development. I'm sure accountants made sure all parties got a good deal. When Councils sold off almost all their stock of houses (the intention to sell to the tenants), many were sold to developers, as the tenants could not get a mortgage. Thus fuelling the demand for private Landlords. The next generation(s) have been well and truly shafted as far as property ownership goes. I disengage, I turn the page.
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Forest Hillbilly

in a hidey-hole 26 Jul 21 7.43am

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Originally posted by ASCPFC

I get fuming angry at all the greed on those programmes. It has to be a part of why inflation on house prices is making the market unreachable for the next generation. Generation Mum's Sofa.

^^^
exactly. Property ownership has always been the way to go, particularly for longer-term investors. Property prices have been out-of-reach for many first-time buyers for ages.
Economic irregularities will always get people finding loopholes to exploit, referring to the OP. I've seen shed loads of properties in London, lying empty and rotting, and you can see such properties nationwide.
At some point they are sold on and renovated, or knocked down for development. I'm sure accountants made sure all parties got a good deal.

When Councils sold off almost all their stock of houses (the intention to sell to the tenants), many were sold to developers, as the tenants could not get a mortgage. Thus fuelling the demand for private Landlords.
The next generation(s) have been well and truly shafted as far as property ownership goes.

I disengage, I turn the page.

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croydon proud Any european country i fancy! 27 Jul 21 2.02pm
Originally posted by ASCPFC I get fuming angry at all the greed on those programmes. It has to be a part of why inflation on house prices is making the market unreachable for the next generation. Generation Mum's Sofa. Yes, I remember about 15 years ago reading in the standard that over 4000 people in the city get over £1 million bonus every christmas, after year one, when they buy anything they need, including the yaught, 12 months soon passes, and they have another £1million to spend! The article said most just order 4 flats , off plan, every year, thats 16 thousand flats going to the city boys every year, that wasn"t short of the actual amount being built in London at the time. The article went on to say that if the city boys are getting all the new builds off plan, what are the nurses and the like ment to do? I have given up on getting stresses about politics, we have democracy, and can trust in our wonderful government of ex Etonians to look after us, win win!
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croydon proud

Any european country i fancy! 27 Jul 21 2.02pm

Originally posted by ASCPFC

I get fuming angry at all the greed on those programmes. It has to be a part of why inflation on house prices is making the market unreachable for the next generation. Generation Mum's Sofa.

Yes, I remember about 15 years ago reading in the standard that over 4000 people in the city get over £1 million bonus every christmas, after year one, when they buy anything they need, including the yaught, 12 months soon passes, and they have another £1million to spend! The article said most just order 4 flats , off plan, every year, thats 16 thousand flats going to the city boys every year, that wasn"t short of the actual amount being built in London at the time. The article went on to say that if the city boys are getting all the new builds off plan, what are the nurses and the like ment to do? I have given up on getting stresses about politics, we have democracy, and can trust in our wonderful government of ex Etonians to look after us, win win!

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Rudi Hedman Caterham 27 Jul 21 3.41pm
Originally posted by croydon proud Yes, I remember about 15 years ago reading in the standard that over 4000 people in the city get over £1 million bonus every christmas, after year one, when they buy anything they need, including the yaught, 12 months soon passes, and they have another £1million to spend! The article said most just order 4 flats , off plan, every year, thats 16 thousand flats going to the city boys every year, that wasn"t short of the actual amount being built in London at the time. The article went on to say that if the city boys are getting all the new builds off plan, what are the nurses and the like ment to do? I have given up on getting stresses about politics, we have democracy, and can trust in our wonderful government of ex Etonians to look after us, win win! Since 5 minutes ago? COYP
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Rudi Hedman

Caterham 27 Jul 21 3.41pm

Originally posted by croydon proud

Yes, I remember about 15 years ago reading in the standard that over 4000 people in the city get over £1 million bonus every christmas, after year one, when they buy anything they need, including the yaught, 12 months soon passes, and they have another £1million to spend! The article said most just order 4 flats , off plan, every year, thats 16 thousand flats going to the city boys every year, that wasn"t short of the actual amount being built in London at the time. The article went on to say that if the city boys are getting all the new builds off plan, what are the nurses and the like ment to do? I have given up on getting stresses about politics, we have democracy, and can trust in our wonderful government of ex Etonians to look after us, win win!

Since 5 minutes ago?

COYP

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becky over the moon 27 Jul 21 4.35pm
Originally posted by croydon proud Yes, I remember about 15 years ago reading in the standard that over 4000 people in the city get over £1 million bonus every christmas, after year one, when they buy anything they need, including the yaught, 12 months soon passes, and they have another £1million to spend! The article said most just order 4 flats , off plan, every year, thats 16 thousand flats going to the city boys every year, that wasn"t short of the actual amount being built in London at the time. The article went on to say that if the city boys are getting all the new builds off plan, what are the nurses and the like ment to do? I have given up on getting stresses about politics, we have democracy, and can trust in our wonderful government of ex Etonians to look after us, win win! I don't think they buy up the type of flats that nurses and the like would be able to afford anyway.... I seem to remember Andy Johnson owned about 4/5 luxury houses on the old Welcome estate gated sites, so not just the city boys! A stairway to Heaven and a Highway to Hell give some indication of expected traffic numbers
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becky

over the moon 27 Jul 21 4.35pm

Originally posted by croydon proud

I don't think they buy up the type of flats that nurses and the like would be able to afford anyway.... I seem to remember Andy Johnson owned about 4/5 luxury houses on the old Welcome estate gated sites, so not just the city boys!

A stairway to Heaven and a Highway to Hell give some indication of expected traffic numbers

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croydon proud Any european country i fancy! 27 Jul 21 6.12pm
Originally posted by becky I don't think they buy up the type of flats that nurses and the like would be able to afford anyway.... I seem to remember Andy Johnson owned about 4/5 luxury houses on the old Welcome estate gated sites, so not just the city boys! Ah, sorry Becky, I should have said city boys and footballers.
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croydon proud

Any european country i fancy! 27 Jul 21 6.12pm

Originally posted by becky

Ah, sorry Becky, I should have said city boys and footballers.

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cryrst The garden of England 27 Jul 21 7.26pm
Originally posted by croydon proud Ah, sorry Becky, I should have said city boys and footballers. Did your money come from property? and do you still own one or more if so?
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cryrst

The garden of England 27 Jul 21 7.26pm

Originally posted by croydon proud

Ah, sorry Becky, I should have said city boys and footballers.

Did your money come from property? and do you still own one or more if so?

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croydon proud Any european country i fancy! 27 Jul 21 8.15pm
Originally posted by cryrst Did your money come from property? and do you still own one or more if so? NO mate, it came from hard grafting on building sites and in the taxi, that bought the properties.I have nothing against people making money, it"s just when they buy up all the properties off plan to stop anyone getting a place-with their bonus money-every year!I don"t blame the banker boys, if society thinks 4000 plus people sitting in a nice office can get over £1 million bonus every 12 months,while the majority of new jobs are zero hours minimum wage contracts, then society needs to look at itself! But i"m not bitter or jealous, I got enough to see me through, but If people start moaning in a couple months/years time that zero hours isn"t enough to pay the rent, I will say at least we have democracy!
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croydon proud

Any european country i fancy! 27 Jul 21 8.15pm

Originally posted by cryrst

Did your money come from property? and do you still own one or more if so?

NO mate, it came from hard grafting on building sites and in the taxi, that bought the properties.I have nothing against people making money, it"s just when they buy up all the properties off plan to stop anyone getting a place-with their bonus money-every year!I don"t blame the banker boys, if society thinks 4000 plus people sitting in a nice office can get over £1 million bonus every 12 months,while the majority of new jobs are zero hours minimum wage contracts, then society needs to look at itself! But i"m not bitter or jealous, I got enough to see me through, but If people start moaning in a couple months/years time that zero hours isn"t enough to pay the rent, I will say at least we have democracy!

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