Is there snobbery in house buying?

[alternageek]

So why do people always feel the need to borrow as much as they are allowed to,just so they can get that new build house rather being a lot more savy

It really makes no sense!

 

Because a hell of a lot of people dont understand finances.

 

I worked in mortgage services and most people are only one mortgage payment away from being handled by the collections team. When our interest rates went up by .05% a lot of people said they could not afford the payments and became very irate about the issue.

[Solitaire]

A man in your position, single or married would never live as you do, he probably couldn't even if he wanted to, he'd get too much pressure to upgrade to a more affluent area or perceived better lifestyle by the women or family in his life. Men generally are slaves to their work for life and have no choice but to be driven and hungry for more and more financial gain.

 

Well, my best friend (male) is in my position. He has a six figure salary and lives in an ordinary semi near me in S2. Having said that, he does drive an exceptionally expensive car whereas mine, although VERY stylish and beautiful, is seventeen years old.

 

So, I guess the theory works - based on a sample size of one. He honestly doesn't care what his mum thinks though; of that I can assure you

 

C xxx

[Onthetyne]

Because a hell of a lot of people dont understand finances.

 

I worked in mortgage services and most people are only one mortgage payment away from being handled by the collections team. When our interest rates went up by .05% a lot of people said they could not afford the payments and became very irate about the issue.

 

Yep and i dont think people plan for this (even with the mortgage changes)

 

So if you buy well within your means , this means you can absorb more financial ups and downs !

[Cyclone]

The crime rates in both those areas are very high. And the nature of those crimes and occurrence is scary. I wouldn't want to live in either of those areas based on those stats. A crime rate slightly better than apocalyptic hardly disproves my point does it. You are actually convincing me even more that my view is correct.

 

You claimed that areas with detached houses had lower crime rates. Clearly it's not true.

 

---------- Post added 31-05-2015 at 21:46 ----------

 

So why do people always feel the need to borrow as much as they are allowed to,just so they can get that new build house rather being a lot more savy

It really makes no sense!

 

I don't think they do. I've never bought a new build and wouldn't want to.

 

---------- Post added 31-05-2015 at 21:47 ----------

 

You seem very fixated on new builds. I wouldn't even consider buying a new build as my main home unless it was a repossession at a serious discount, 50% minimum. But i would definitely max out on a mortgage to buy an older house in the best area because mortgage debt decreases over time whilst the value increases. Hence why having cash savings sitting doing nothing in the bank is literally stupid.

 

Mortgage debt costs you money in the form of interest of course, and money in the bank earns interest (although not very much at the moment).

 

---------- Post added 31-05-2015 at 21:48 ----------

 

A man in your position, single or married would never live as you do, he probably couldn't even if he wanted to, he'd get too much pressure to upgrade to a more affluent area or perceived better lifestyle by the women or family in his life. Men generally are slaves to their work for life and have no choice but to be driven and hungry for more and more financial gain.

 

Wow, stereotype much.

 

Maybe you just need a broader range of male friends.

 

---------- Post added 31-05-2015 at 21:49 ----------

 

Out of interest Bonaparte, which postcodes in a Sheffield suburb show a significantly lower crime rate. And particular the crimes that you mentioned, burglary and anti-social behaviour.

[Bonaparte]

Out of interest Bonaparte, which postcodes in a Sheffield suburb show a significantly lower crime rate. And particular the crimes that you mentioned, burglary and anti-social behaviour.

 

Parts of S10, 11 and 17 have over 100 less cases of anti social behaviour than your S6 examples and the burglary figures were in single digits. Lets face it though, I'm sure that everyone would agree that S6 would never be classed as an affluent area. Houses sell quickly in S6 because they are affordable to the more modest salary, first rung on the ladder fodder. It's not snobbery to say this, just the truth, check on right move for the average sale prices on any road.

 

The vibe of this thread seems to be if you want to live in an expensive detached house in a better area you must be a snob. Generally people pay the most they can afford to get into the best postcodes. Birds of a feather flock together.

[Olive]

So why do people always feel the need to borrow as much as they are allowed to,just so they can get that new build house rather being a lot more savy

It really makes no sense!

 

Horses for courses, but a new-build isn't my idea of an ideal home. As for terraces - my first house (the one the doctor bought off me) was a beautiful home with so much character - 11ft high ceilings, large rooms, original skirtings, covings, fireplace. Compare that to a new-build Barratt-box.....

Edited June 1, 2015 by Olive

[Cyclone]

Parts of S10, 11 and 17 have over 100 less cases of anti social behaviour than your S6 examples and the burglary figures were in single digits. Lets face it though, I'm sure that everyone would agree that S6 would never be classed as an affluent area. Houses sell quickly in S6 because they are affordable to the more modest salary, first rung on the ladder fodder. It's not snobbery to say this, just the truth, check on right move for the average sale prices on any road.

 

The vibe of this thread seems to be if you want to live in an expensive detached house in a better area you must be a snob. Generally people pay the most they can afford to get into the best postcodes. Birds of a feather flock together.

 

Ah yes, lets face it.

 

http://www.rightmove.co.uk/property-for-sale/property-36452764.html?premiumA=true

 

I reckon a first time buyer will snap this up for a mere 1.35 million.

 

Just check the average, rightmove knows.

 

I don't think there is such a vibe. There is a negative one coming from you regarding terraced housing though, which I don't think is justified.

 

It's a shame you weren't specific about S10, I picked a postcode at random

http://www.crime-statistics.co.uk/postcode/S103EW

But it has a higher burglary rate than either of my S6 examples... Oh dear.

 

This map is fun as well

http://www.police.uk/south-yorkshire/KF1/crime/

Edited June 1, 2015 by Cyclone

[hyper]

It makes perfect sense to max out on a mortgage as mortgage finance is the absolute cheapest form of borrowing available to man. Therefore you are using the banks money to accumulate as much capital appreciation on your main home over time. The more the better.

 

It's totally ridiculous that fundamentals like this are not taught in schools.

Hell I hope that attitude is never taught in schools.

A rise in interest rates, redundancy, illness and your house is gone & your life is rocked. Your home is your security, your sanctuary. You minimise the risks on that.

 

I hope your fundamentals is never taught to youngsters.

 

Now, if you are talking about a second property for investment, I'll go with some of what you say.

 

maybe you're just a slapdash risk taker, putting your family at risk

maybe you're just challenged in the common sense dept

maybe you just want a reaction and I fell for it

[Cyclone]

Because a hell of a lot of people dont understand finances.

 

I worked in mortgage services and most people are only one mortgage payment away from being handled by the collections team. When our interest rates went up by .05% a lot of people said they could not afford the payments and became very irate about the issue.

 

Do you mean by 0.5%, when did we have a 1/20th of a percentage increase (if you didn't mean half).

 

http://www.newsroom.hsbc.co.uk/press/release/88_million_households_would_no

 

Not quite most, but higher than you'd like to think

 

Almost a third (31%) said they would not be able to pay their bills or mortgage/rent if they were unexpectedly to lose their income, up from 28% in October 2012, while 36% would be dependent on their savings. Other methods of covering their payments are insurance or increasingly, credit cards.

 

---------- Post added 01-06-2015 at 09:19 ----------

 

This is more up to date, but the average is still 29 days from income disappearing to running out of money!

 

http://www.legalandgeneral.com/library/protection/sales-aid/W13612.pdf

 

Home owner with mortgage average is 22 days, with something like 10 - 12 % having income protection insurance.

Edited June 1, 2015 by Cyclone

[amazon123]

So why do people turn their noses up at terrace houses?,

 

Oh a young professional can not possibly live in a terraced house!!!

 

I'd go as far as to say that most "young professionals" do live in terraced houses. It's those of lower social standing who desperately chase the 3-bed semi with a driveway dream...

 

---------- Post added 01-06-2015 at 10:39 ----------

 

First of all i have "no chip" on my shoulder.

 

My first house was a house in a mining area where the house was very cheap, i had a set amount of cash to spend so looked around within a radius where i could afford to buy outright.

 

Second house was again in a mining area, third house, ex council house in a decent area until i am where i am now.

 

This is did by being very realistic in where i could live with the money i had to spend. The result?, I have always been mortgage free, moviing up the ladder but always buying well within means to be comfortable and not over stretched.

 

What i see a lot of is people who will turn down certain areas because they dont fit in with their "ideals", yet by spending well within budget they would in fact be better of because they wouldnt be over stretching themselves

 

Since mortgage rules have changed this isnt such a big issue as it was. People would spend to the hilt just to keep with the Jones so they could live in that new semi detached

 

So to people who say i have a chip on my shoulder I am on my 5th house, mortgage free and have bought the field next door!

 

There is no problem with wanting to live in the best place you can afford and not wanting to live in rubbish areas, but property is a long term thing.

 

How many people want to be mortgage free asap? (ok i was lucky as i had a bit of money given to me)

 

So you're boasting about being from of an age when you were lucky enough to be able to buy a house without a mortgage? Well aren't you special. How arrogant.