What would you buy... - THE HOUSE! (but w. criteria...)

[pete_griff 0]

righto! as the post title suggests i'm in a bit of a dilema!

 

thankfully i have 6 months to think about this and frankly it's a bit of a stupid question, BUT, i thought it would be interesting to see what people think...

 

as a perk of my job it means that i'll have food in my mouth and a roof over my head come rain or shine, meaning that a house purchase is obviously not as much of a priority as it would be for some others.

however, the good points to buying a house - it will keep the mrs/parents etc etc happy and i can rent it and get someone else to pay my mortgage for me - bonus.

bad points - no porsche!

 

good points for the porsche - it would be amazingly amazing, also running costs would probably be pretty similar to my current steed.

bad points for the porsche - not having someone pay off my mortgage for me as i wouldn't have one and getting a massive bollocking off parents! (though potentially not the mrs...) it also may mean not seeing the mrs as much due to housing arrangements, which would be pretty bad and qute selfish if i'm honest.

 

 

the thing is, that the M5 really doesn't seem fast enough for me (i know i know - i should be happy with what i've got), but it really could be faster. also i had a bit of banter with a GT2 a couple of weeks ago and the way that he pulled away from me was just embarassing!

i also have this quote from my friend ringing in my ears - "you're better off getting it now and enjoying it while you're still young and can still get the best from it. wait until you're older and you won't be able to exploit the full potential..."

 

 

thoughts (and insults!) are all appreciated...

:)

[8vMatt 1]

Just imagine what the same two items would cost in 5 years time :shock:

[bcstudent 0]

Obviously, the sensible choice would be house now, car later.

 

How old are you?

[KIPVW 0]

Kinda went through this years ago with my parents when i bought my VR6 in 1999, i had 9k for a deposit after selling my previous corrado 16v and saving a bit but instead of getting on the ladder i chose the VR my dad hit the roof but after another 5 years at home things started to deteriorate dramatically and we argued loads :(

 

this kinda made me advertise it for sale but i really didn't want to and the girl i was seeing at the time although liked the car also hated the fact i spent so much money on it, after 5 years of nagging she had to go :lol:

 

Then i started to see judith & keeping the VR actually brought us together so i'm glad i didn't sell it and my dad is very aware of this fact too

 

Then i started to think about renting somewhere so rented my mates place as he moved in with his partner which was perfect really as it also gave Jude and i some time to ourselves away from my folks place which was kinda what we needed and this was also ideal for us to live together a while as jude rented her house out in bristol too.

 

I am lucky in that i live in and amazing house with an even more amazing lady and i know for sure i wouldn't be here if it wasn't for jude but i most certainly wouldn't be living with my folks either :lol:

 

On a plus not things with my dad are the best they have been since childhood so i'm happy abouth that also.

 

Get the house mate you know it makes sense :wink:

[Bullfinch 0]

I had a similar dilemma in the late 90's. Whilst still living with my parents I sold my Corrado VR6 in 1999 and even though I had a fair bit of money in the bank I "only" bought a new Golf GTi which I ran for 6 years. I had no scary bills during this time, managed to purchase a flat in 2000 and then sold this in 2005 having made £100k equity gain. Ok so it's now all tied up in a house but I always think bricks and mortar should come before cars.

If you follow this route you'll be able in a few years to get a 997 turbo instead of a 996 - a much better looking 911 in my opinion.

[dukest 0]

I had a similar dilemma in the late 90's. Whilst still living with my parents I sold my Corrado VR6 in 1999 and even though I had a fair bit of money in the bank I "only" bought a new Golf GTi which I ran for 6 years. I had no scary bills during this time, managed to purchase a flat in 2000 and then sold this in 2005 having made £100k equity gain. Ok so it's now all tied up in a house but I always think bricks and mortar should come before cars.

If you follow this route you'll be able in a few years to get a 997 turbo instead of a 996 - a much better looking 911 in my opinion.

If the £100k is all tied up in a house though how does that help with a better car purchase?

 

Pete, frankly at your age, or indeed any age when you've established a career like you have, then your income is pretty safe. Really your parents views aren't relevant as you don't need their help for anything or owe them anything any more. To someone with a different career I would say get the house, but with yours the only concern I would have would be the "seeing the Mrs" one. If you can both make sure you're happy with your living arrangements then get the car. Plenty of people haven't even started saving for a house by your stage, they're not shooting up in price at the moment and you'll have another deposit saved in 5 years if you don't spend too much on rear tyres :) It's good to be prudent but I think you're in probably as secure a position as you could hope for.

[KADVR6 0]

your head will always tell you to buy the house, especialy at the moment with house prices continuing to go down so its a very very good time to buy and get on the property ladder. (thats the head sorted)

 

your heart is saying a porsche because your m5 is slow?? its not slow pete by any standard you have just got used to it, if you had a 996 turbo one day that will feel slow then what you gonna do?? buy a veyron?? at the end of the day there will always be someone in a car that is faster than the one you drive so live and get used to that feeling.

 

so get yourself a house mate, it will keep the mrs happy and lets face it she is fit, dont worry about what the parents say as your a grown up and your able to make descions on your own, even if they turn out to be the wrong one??

 

even get a house with a nice double garage and start an all out monster kit car that will kill any 996 turbo.

 

just my view.

[Leonard 0]

House would definitely be sensible option. However I am still of a mind that house prices will crash a bit in the next few years. So you could save 30k on a house just by waiting to buy.....

 

If your job and house are secure then I would weigh up buying a depreciation free motor now. Not 100% on the 996 turbo.... Maybe a mk1 GT3 or BMW M3 CSL?

 

I must admit I am not bowled over by M5 performance it is a heavy car after all. But remember that it is a heavy car for a reason, gorgeous large capacity engine, practical size, luxurious and great build quality. As Karl says there will always be someone faster. You certainly learn to live with that driving a Corrado VR :lol: But the character wins out. If you are not feeling that with the M5 then perhaps it is time for a change. But you dont have to spend big bucks, how about a house and a £15k car? Edition 30 Golf with 2k spent on it would get you a very rapid 350bhp motor. Or a tuned RS4 or something. Not sure really but its an option.

 

Matt

[Leonard 0]

it will keep the mrs happy and lets face it she is fit, just my view.

 

LOL Love that :grin:

[dukest 0]

Edition 30 Golf with 2k spent on it would get you a very rapid 350bhp motor.

to be honest, given the way Pete's tastes are progressing, i think its hard to see that the handling of any car that didnt cost at least £50k in the first place is going to be up to scratch, and that also pretty much writes off anything that isnt rwd or at least 4wd. also, given that there's no kids to worry about i would say its hard to see the next purchase not being a proper purpose-designed sports car.

[Leonard 0]

Edition 30 Golf with 2k spent on it would get you a very rapid 350bhp motor.

to be honest, given the way Pete's tastes are progressing, i think its hard to see that the handling of any car that didnt cost at least £50k in the first place is going to be up to scratch, and that also pretty much writes off anything that isnt rwd or at least 4wd. also, given that there's no kids to worry about i would say its hard to see the next purchase not being a proper purpose-designed sports car.

 

Not sure I would want to run a 'proper' car as an everyday car though. It should be in a garage and out at the weekend only. Keep costs low and expectations high!

 

Bang for your buck you still cannot beat an evo. But Pete has already been there, although he should have tried it tuned before selling it! ;). Completely different animal. 400bhp in a evo is more than enough for any real road play time shinnanigans. I do know a fully forged Evo 6 Tommi Mak going for £12k Currently 470bhp but with some new injectors and turbo it would be easily 650bhp.... :norty:

[The_Dude 0]

You can sleep in a car but you can't drive a house.

[KADVR6 0]

You can sleep in a car but you can't drive a house.

 

 

true, but do you really wanna take a dump in your boot.

[Danny B 0]

You can sleep in a car but you can't drive a house.

 

 

true, but do you really wanna take a dump in your boot.

 

might make a 996 better balanced

[dragon green 4]

If you dont buy the car,you will always regret it !

Buy the car,run it 6-12 months,then sell it and buy the house.

If you dont get it out of your system,the regrets will haunt you .

just my 2p

[krnau 0]

Can you sleep in a car?

Can you drive a house?

:salute:

[Philmo 0]

Why not compromise slightly:

Corrado VRT + small cottage [with double garage of course!]

Vince's stage 2 sounds like a GT2/3 beater! :norty:

[aide 0]

i'd put most the money aside, continue to amass the most deposit possible whilst keeping a fun car in the garage - then buy a house in 18 - 24 months time!

 

i sold my house 18 months ago, at the time everyone who knew us was aghast, blinded by the bricks and mortar mantra.

 

being a landlord isn't all its cracked up to be either, void periods, maintenance and repair mean a lot of amatuer landlords run their rental property at a monthly loss, then add the hassle factor, and with prices dropping there isn't even a capital appreciation argument!

[Guest]

"you're better off getting it now and enjoying it while you're still young and can still get the best from it. wait until you're older and you won't be able to exploit the full potential..."

 

Good grief, at what age does this friend of yours think you are too old to be able to drive a car at its full potential???

Kids :cuckoo: seem to think life ends at 30 ... or 25.... :shock:

 

And of course there is the wondeful statistic that it is the younger end of the motoring population that are wiping themselves out by owning and driving cars way too fast for their capabilities (obviously I don't include yourself in the owning / driving too fast category) but, at what age does speed become less important and enjoying the whole package of life become more so?

 

Anyway, slight lecture over..

It makes no difference what others would do, house or car. What is the right decision for you depends on your view on living your life.

 

If you are of the thinking that you need to live life to the full now and take what ever it throws at you later then it will be the car.

If you can see far enough into the future where having pulled the reins in a bit when younger makes things much more comfortable later then it will be the house.

 

One bit of advice. If you are in no rush and have 6 months to make a decision I would start looking at what houses are up for sale now as by November, if anyone is serious about wanting to move and their place is still unsold, they may be up for a much reduced offer from a no chain buyer.

 

(We started looking around this time last year and snapped up a 2 bed semi at £70k in Feb as when it was listed I realised exactly how much of a bargain it was. And we get just more than 3x the morgage in rent, on a brand new property so 10 year NHBC and all new wiring, boiler, roof etc so have had zero repairs to payout for. But, looking at houses and keeping an eye on what's sold and at what price is flippin hard work when your head would rather be doing car stuff)

[Leonard 0]

Just thought.

 

As a half way house you could get this.....................

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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:grin:

[Majik 0]

House....because i dont see the interest rates staying this low for much longer.

Car you can always remortgage and get if you really want to.

[4eyes2wheels 0]

House AND car.

 

If you have a decent deposit and the regular income to back the mortgage then the loan is SO CHEAP right now it's silly not to borrow as much as you can sensibly afford. Also the lender is taking a larger "risk" if it's their money you're spending. Mortgage rates are unlikely to go up much in the next 12 to 18 months and by then you'll probably be earning more and be more comfortable.

 

Don't get me wrong - I'm not recommending a 110% mortgage on a dump in a rubbish area that is going to depreciate - but you can have both.

 

Finally, you can get on the property ladder with something a little below your own requirements if you are going to rent it out for a while. Then when you need to have your own place (once the work accomdation stops) you can either move back in or sell it.

 

Always hard to advise other people on the big decisions in life though.

[Leonard 0]

You have got me thinking aboout this loads now LOL

 

I think if i was lucky enough to have a house with work and that was reasonably secure I would buy a house, but probably one abroad. So I can escape this country at will and then retire abroad :grin: After all you can rent it to pay the mortgage and have free holidays.

 

So I would go for this:

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And probably this to leave there :grin:

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[greasegriff 0]

House....because i dont see the interest rates staying this low for much longer.

Car you can always remortgage and get if you really want to.

 

Couldn't agree more. Get a house, pay it off in 15 years, you're 41 with a house, no mortgage and a huge amount of cash for a brand new 911 Turbo (if you put money that you may have spent on a mortgage into an account you can't touch).

 

The problem you may find is that you have 100k that you then think 'Do I really want to blow this on a car or should I put my kids through Uni'?!

 

Decisions decisions!

 

By the way, what do you do to be in such an enviable position at 26?!

[aide 0]

leonards is best suggestion so far :)