That's a pretty place alright. It frustrates me for several different reasons. I like living in the US, but can't. And I could afford to buy it, even with the 25% down payment required for UK mortgages and assuming a 6% interest rate (with no income tax relief for mortgage interest here). But I'm painfully close to being able to maintain my current low standard of living for the rest of my life if I couldn't ever work again. Buying a place at that price would blow that plan completely out of the water. A plan I've been saving more than 70% of my income for the last five years to realise.
So I'm buying something sensible, at less than 30% of the price, that needs fixing up, like installing double glazing and central heating. That'll cut my monthly outgoings and may take them low enough to hit that could live without ever working again target. Add a down payment sized inheritance in the next year or two, when that's finally resolved, more of the aggressive saving and I'll end up in a much nicer place and still meet my financial security objective.
Being sensible and prudent is frustrating.
For the place you want, ask the vendors if they need all the money up front or whether they would be willing to take half or two thirds up front and the rest over time, working with you to find what's affordable. It's not a good market for sellers and they might be tempted to find a way to make it work for people who love the place. Or just be up front with your situation and how much you love the place and see whether they are inclined to be helpful. They probably won't be, but it does no harm to allow room for good fortune to have a chance to work.
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
branchandroot
no subject
Date: 2010-09-11 06:35 pm (UTC)So I'm buying something sensible, at less than 30% of the price, that needs fixing up, like installing double glazing and central heating. That'll cut my monthly outgoings and may take them low enough to hit that could live without ever working again target. Add a down payment sized inheritance in the next year or two, when that's finally resolved, more of the aggressive saving and I'll end up in a much nicer place and still meet my financial security objective.
Being sensible and prudent is frustrating.
For the place you want, ask the vendors if they need all the money up front or whether they would be willing to take half or two thirds up front and the rest over time, working with you to find what's affordable. It's not a good market for sellers and they might be tempted to find a way to make it work for people who love the place. Or just be up front with your situation and how much you love the place and see whether they are inclined to be helpful. They probably won't be, but it does no harm to allow room for good fortune to have a chance to work.