Quote from: bitmover on October 28, 2022, 04:14:00 PM

This is all wrong here.

House prices are not soaring, it is exactly the opposite. Interest rates are high , less people can afford a loan because it is expensive now. So less people buy houses , less demand = lower price.

Anyone should be careful about making debts now as interest rates are rising all over the world.

This thread is not about doing the right or wrong thing, but I would try to make it interesting and consider its a topic on house mainly, it seem to be a topic and never get old and constantly getting mentioned on economic. Many guy try to trash talk house, many guy try to dismiss house, yet they cant get away with it. Not much I could debate but
Perenna has been awarded a license to bring 50-years mortgages to the UK market. This is exactly the bill that cause house price to soar, most of us couldnt do nothing while the policy maker made the iron fist rule and set the market direction for the coming future.

Quote from: Flexystar on October 28, 2022, 04:40:55 PM

Houses get old, houses go into maintenance and they depreciate in value over the time. I am pretty sure this is not the case as mentioned in the OP.

They are only valued if they are some sort of big houses like mansions with its own property (land/garden/ponds/golf ground) I hope you have imagined already what kind of property I am talking about here.

Those are the properties which gets highly paid over the time. However, most of them get valued based on the real estate land and its location.

But usually that isnt the bucket for everyone out here. So look for the properties right, not every of them would appreciate in value all the time.

I do think house would worth as much as the job market on the location and surrounding, often on a urban city where job market is robust the price would be so much higher too, but some of the jobs is moving away to rural area and bringing up the house price too although not as much as the urban area. Depreciation, I think it sound horrible and all, but look for phantom income, I wont be able to advise much, it seem to be a work around.

Quote from: Zlantann on October 28, 2022, 04:45:12 PM

Sometimes I feel very sad when people feel that success is all about having so much money to spend on luxury. Going broke and lacking the ability to provide basic needs is not a good experience and being in debt makes life very difficult and sometimes unbearable. But OP mentioned some notable inventors that were not rich because their main goal was not to make a profit. Most of them just had the intention to use their discoveries to bless humanity.

In my country the mortgage sector is paralytic, hence we don't have a government sector or many private firms that can satisfy the mortgage needs of my countrymen. Most houses in my country are built with personal savings.

Housing can be for personal use or business. Taking a loan to build your own house would be beneficial if the interest rate is low and it helps you to save money that would have been spent on rent. Also, the population of my country is growing rapidly and it has led to high demand for housing facilities. Taking a loan to build a commercial house might be a very profitable investment.

Its fine to have goal and purpose in life, however survival is all that matter the most at the moment. Success by having a lot of money has always be the norms, girl only want to marry rich guy, guy only listen to the advice from filthy rich guy. You see we dont want to be ended up another Newton Isaac who loss everything on south sea.

Although it is nice to believe we can achieve anything in life, when running out of money, that goal of yours have to shift, keep working on money is the ultimate purpose in life. Innovation, life changing decision, working on passion those are fading dream, money still has to come first not product or service come first. Also dont mention about all the school thats accessible by the poor, those are joke but not real school and often is a waste of money.

Quote from: passwordnow on October 28, 2022, 05:33:53 PM

I often see those folks that are financially free to purchase their houses in cash so that the banks won't have the interest from paying that for so many years.
While I see the strategy of some rich people that they're leveraging it highly and they're maxing it out so that they can pay less for the mortgage but for longer years and it is their businesses that will pay for it.
They don't want to put out huge cash for it as they'll just have to allocate that on their business to make more money instead.

Thats exactly the how rich get richer, theyre playing real life Monopoly board game, by buying up every piece of real estate, it doesnt matter where they come from, they looking to world wide real estate market, would you not want to save yourselves from the invasion?

Quote from: Fortify on October 28, 2022, 06:00:14 PM

At the moment it feels like we are hovering near record highs and a small correction to house prices should be coming in the next year or two. However it could vary wildly between countries, some countries might plateau, others might see a dip similar to the financial crisis where it took maybe 5 years to recover, but ultimately it seems buying a house is sound advice. What is the alternative? You will simply be paying off someone elses mortgage instead, so if you can get a mortgage and deposit together it seems very wise to make the leap into home ownership. However younger generations now seem further than ever from owning a house because they have risen so much in previous years and wage increases have not kept pace.

Thats a wild guess, btw a lot of guy would have remorse for not doing the forced saving much earlier, they would cry for house is unaffordable, but we dont have the answer to why they refuse that, they have so much to loss, lower wage, higher inflation, save yourselves first, its no brainer to think of something else.