PowerSwitch

Fingers crossed I'll have sold my flat soon. My question to you is whether I should buy again, or rent. I can't quite get my head around buying as, in theory, that is a commitment of 25 years and I just can't see the banking system survive as it is over 25 years which means it could be a good time or a bad time to get a mortgage...but I think interest rates and taxes will be going up soon so...hmmm...any thoughts? Certainly more options as far as renting goes.

PowerSwitchJames wrote:Fingers crossed I'll have sold my flat soon. My question to you is whether I should buy again, or rent. I can't quite get my head around buying as, in theory, that is a commitment of 25 years and I just can't see the banking system survive as it is over 25 years which means it could be a good time or a bad time to get a mortgage...but I think interest rates and taxes will be going up soon so...hmmm...any thoughts? Certainly more options as far as renting goes.

Rent. Interest rates have to go up, quantitative easing has to end. When these things happen, which will probably be next year, house prices will start falling and they will eventually go back down below the low point of 12 months ago. IMO.

ETA: it will also be much easier to get a mortgage when the banks themselves actually believe we've hit the bottom of the property slump. At the moment they are demanding massive deposits because they know that values have to fall.

PowerSwitchJames wrote:Fingers crossed I'll have sold my flat soon. My question to you is whether I should buy again, or rent. I can't quite get my head around buying as, in theory, that is a commitment of 25 years and I just can't see the banking system survive as it is over 25 years which means it could be a good time or a bad time to get a mortgage...but I think interest rates and taxes will be going up soon so...hmmm...any thoughts? Certainly more options as far as renting goes.

Tricky.

Today, if you have less than say 70% equity/deposit available expect a HUGE interest rate.

Also, allow £3K+ for fees which they sneak in all through the process plus say £1500 legal fees.

Buying ain't easy or cheap anymore ... although if you DO qualify the banks will be VERY helpful ... the branch mortgage staff need turnover to justify their jobs.

So ... if you find your 'forever house' do what you can to buy it ... otherwise, renting might be better currently.

Note: Suppose the economy pops whilst you are holding a stack of cash ... this might become worthless overnight ... worth thinking about ...

Vortex wrote:...if you find your 'forever house' do what you can to buy it ... otherwise, renting might be better currently...

Agreed. Unless of course you are were planning to borrow an amount that would be hard to pay back in "tricky" times - unlikely, I imagine.

You could always buy a woodland...

mikepepler wrote:You could always buy a woodland...

And a caravan ?

Catweazle wrote:

mikepepler wrote:You could always buy a woodland...

And a caravan ?

Maybe this would be better:

Or if that's beyond James' DIY skills, I could make him one like this to live in


(building it, in case anyone's interested)

What about getting together with other people and creating an Eco-Hamlet? We've currently got over 80 members, so may well already have people you could do it with

Depends on your work/ life situation

My plan is to get something like this

http://www.yachtsnet.co.uk/boats/classi ... tap-26.htm

It has standing headroom.

Spend a few grand on solar panels, batteries and an electric outboard, and continuously cruise.

Map of london waterways;


Fit a woodgas stove for cooking and heating and you have a pretty low carbon household.

A boat like that will get you around the widebeam canal network in the UK. It will take you to Egypt for the winter, or it is well insulated for the colder weather.

Obviously not for everyone, and I wouldn't try it with kids, but personally I love sailing. It also seems like a pretty flexible way to approach the future.

Reading this from Dmitry Orlov is what made me first think about boats..
http://www.energybulletin.net/node/19396

Definitely rent

I have just sold my house and I am going to spend what little I get after paying the mortgage on my doomstead in Spain. I'm hoping to retire in less than a year and plan to plant my 7 acres and become as self sufficient as I can.

Andy

I haven't decided yet whether to buy or rent, but as I'm staying in London for the next few years at least, I think I've found where I want to move to. I was pretty sure before, but when I was checking the area out on Saturday and there was a big local newspaper advert outside the newsagent with "PLAN FOR PEAK OIL CRISIS" I knew I'd found where I want to be!

James, why have you decided to stay in London for the next few years?

What area are you considering then?

Thats a nice little boat sam.. I used to want to get a boat but a few years ago I got to the point where i couldn't face the idea of not having land to grow food on.

I'm seriously thinking about it again though.. If I can get a small plot in Norfolk I'm just going to live on the broads and canoe to my veg garden every day.. don't even need to find moorings just mudweight it up.

Thats one of my possible competing plans along with

1) Stay where I am and turn the house into an unofficial b+b
2) Run off to tipi valley
3) Buy some land and stick a caravan on it
4) Live with my dad

All the other plans involve me having land to grow food but the boat is my favourite plan I just need to wait for more allotments to be created in my mums village / get an allotment in another village that has a staithe / buy a tiny piece of some horrifically expensive prime agricultural land in competition with the stabling of london bankers horses (as if!!)

Totally agree though about boats being the transport of the future. I really want to get some training in sea sailing. The problem with the broads see is they are cut off from the rest of the country unless you take to the sea at Yarmouth and sail round to the Port of London and the rest of the UK waterway network.

Now I can sail.. I taught myself when I was about 10 - I learnt in the same place as Nelson who was from just down the road in Barton Turf! But I've only ever sailed on the sea once and that was with people who really knew what they were doing.

I seriously think this is a good Post peak skill to develop though.. competent sea sailers and even barge owners are gonna be the long distance lorry drivers of the future. People are still going to want to trade goods and they are still going to need moving round the place.

Sailing on the sea ain't just about having a seagoing boat though.. theres a BIG difference between sailing round london (or the broads) and taking to the open waves. You done any sea sailing at all yourself?

You done any sea sailing at all yourself?

Harrumph. When young I madly volunteered to help crew a large ketch on a race. We hit the worst storm you can imagine. The topping lift (a VERY thick steel cable) broke mid-Channel. I thought we had hit rocks. Never again. The ocean is NOT your friend.