Yours first house

[BoldonLad]

Basically if you bought a house pre 2000's you have made an absolute mint.

Not really, since, you simply have to pay a fortune for the 'next' house, but........

Your offspring, or, whoever inherits has done / will do very nicely......

 

[Jody]

Not really, since, you simply have to pay a fortune for the 'next' house, but........

Your offspring, or, whoever inherits has done / will do very nicely......

Friend bought a house at 17 and we thought she was mad for buying it. Paid 17k for an end 3 bed terrace which is now worth 120. Mortgage paid off a long while ago and it's rented out which brings enough income to pay a high percentage of the mortgage on the second property. Steady income for life or a quick 100 grand if she sells. Wish I had bought a property young now

 

[colly]

First place was a 'maisonette' in Chapletown in Leeds in 1974. Price was £5300. As I recall my pay was a tad over £1200 a year. Take home was something under £75 a month. Two old armchairs, a given table and dining chairs, a bed and a wardrobe. Living high on the hog.
No idea what it's worth now.

 

[Saluki]

Small 2 bed terrace on Denmark Road, Norwich. £28,500 back in 1986 ish I think. Sold it on, didn't want to really but moved away to work and then didn't get back on the housing ladder until 2003 and had a 2 bed semi - same design as a terrace but there were only 2 of them - in Stoke on Trent. It was £25k, I kid you not, but the ex had so many debts we had to sell it to pay them off

I am 54 this year so think that it's probably too late to get back on unless I can find one of those local authority half buy half rent schemes. Need a decent job too.

 

[youngoldbloke]

First house, 2 bed cottage, bath in kitchen, £4.5K, 1970 about double we could afford but prices were rocketing, sold 10 years later for £22.5K, having built on bathroom etc, then £32K for 3 bed cottage, in a mess, with outbuildings, now after a lot of work 4 beds, it's worth around £6-800K or more, with development potential. It wasn't easy - remember those 70s and 80s mortgage interest rates?

 

[Houthakker]

A 3 bed semi in Doncaster in 1981 for £18,500. Had only had it a couple of months and the interest rates went up to about 14% leaving us skint. It was down to the farm shop on payday for a sack of spuds, tray of eggs and a load of sausages to stick in the freezer and that had to see us through the month.

 

[gbb]

First house, 2 bed cottage, bath in kitchen, £4.5K, 1970 about double we could afford but prices were rocketing, sold 10 years later for £22.5K, having built on bathroom etc, then £32K for 3 bed cottage, in a mess, with outbuildings, now after a lot of work 4 beds, it's worth around £6-800K or more, with development potential. It wasn't easy - remember those 70s and 80s mortgage interest rates?

Maybe a bit after the 80s, more like the 90s, my Danish colleague brought a new build that was (IIRC) IRO £300k...a LOT of money at the time. As the mortgage rates fell from their peak, I said to him one day...blimey, your repayments must have gone down a bit

A LOT he replied, its saved me a few hundred quid a MONTH. Jeez, how much was he paying then

 

[BoldonLad]

First place was a 'maisonette' in Chapletown in Leeds in 1974. Price was £5300. As I recall my pay was a tad over £1200 a year. Take home was something under £75 a month. Two old armchairs, a given table and dining chairs, a bed and a wardrobe. Living high on the hog.
No idea what it's worth now.

Congratulations on putting the purchase price in context, by quoting earnings

 

[keithmac]

Ours was 13 years ago, 3 bed Mid Terrace in York for 90k.

It was a right mess inside and big rear garden full of 5 skips worth of shite!.

Plenty of work done by me over the years and quite presentable now :-).

Still here and bringing our two children up! (6 and 11), can't beleive its 13 years it's flown!.

5 minutes walk to school with the kids, 3 miles on the bike to work.

Might be either a loft conversion or rear extension on the cards..

 

[pjd57]

The house I was born in, the house I grew up in , the first one I bought , and the one I live in now are all within not much more than 1 mile of each other.

Might do a nice short run to get a Strava map of them all.

 

[screenman]

The house I was born in, the house I grew up in , the first one I bought , and the one I live in now are all within not much more than 1 mile of each other.

Might do a nice short run to get a Strava map of them all.

Can you remember where you were when JFK was shot?

 

[gbb]

Not really, since, you simply have to pay a fortune for the 'next' house, but........

Your offspring, or, whoever inherits has done / will do very nicely......

The inheritance thing bugs me a little. I have a very modest house worth IRO £140k although given a crash, that could easily evaporate. But, if I popped my clogs, £140k plus my personal 'wealth', shared 3 ways...minimum of say 50k each. But none of my kids want to buy their houses, they'e all quite settled in council houses.
So what'll they do with it ? It'l be gone in 5 years, everything I worked for

That sounds grumpy or moaning...its not, I just feel a bit 'meh that's what'll probably happen. It doesnt really matter, I'll be gone.

 

[BoldonLad]

The inheritance thing bugs me a little. I have a very modest house worth IRO £140k although given a crash, that could easily evaporate. But, if I popped my clogs, £140k plus my personal 'wealth', shared 3 ways...minimum of say 50k each. But none of my kids want to buy their houses, they'e all quite settled in council houses.
So what'll they do with it ? It'l be gone in 5 years, everything I worked for

That sounds grumpy or moaning...its not, I just feel a bit 'meh that's what'll probably happen. It doesnt really matter, I'll be gone.

Understand completely. I do not have a fortune to leave, and, with six "children" (youngest 42, so, not exactly a child!) it will be diluted even more. I suspect with two of them, even five years is an optimistic estimate of how long it will be before it is frittered away, the remaining four I think to varying degrees may use it wisely.

My approach is:

- Leaving money (or property) behind is not my primary motivation, but, if when I go, there is something left, they (the children) are welcome to it.

- Whatever they do, there is not point me worrying about it, I will not be there, they are all adults, to a degree, their (potential) behaviour is perhaps partly due to my influence anyway

- Whatever they get, it is more than I inherited, (which was so zero), so, if it makes their lives more enjoyable, even for a just a few months, is that not a win?

- Finally, my life maxim, do not worry about the things you can do nothing about!

Coincidentally, today is Friday, and I will be depleting the coffers at the local pub tonight!

 

[Electric_Andy]

Leaving money (or property) behind is not my primary motivation, but, if when I go, there is something left, they (the children) are welcome to it.

This is something I've been thinking about a lot. My parents and in-laws are both quite wealthy, and between them own 10+ properties. They do not give us money, which I'm sort of glad about, because as you say, it can be frittered away. Their intention is that we probably inherit the properties, use the income to pay for their elderly care if they need it, then use the properties to house their grandchildren. I hope this gets passed down the line to my grandkids, I'd not like to see one of mine inherit a house, sell it and then wax it all on a Lamborghini.

 

[BoldonLad]

This is something I've been thinking about a lot. My parents and in-laws are both quite wealthy, and between them own 10+ properties. They do not give us money, which I'm sort of glad about, because as you say, it can be frittered away. Their intention is that we probably inherit the properties, use the income to pay for their elderly care if they need it, then use the properties to house their grandchildren. I hope this gets passed down the line to my grandkids, I'd not like to see one of mine inherit a house, sell it and then wax it all on a Lamborghini.

Understand complexly, but, of course, you won’t “see” it, unless you are sitting on your little cloud looking down (or, possibly, warming your backside, while looking up)