House buying for preppers

[Scythe13]

(26 December 2011, 16:01)bigpaul Wrote: requirement no 21: enough money to buy a house in the first place!!

That's my issue right now. Thankfully having my own place will allow me to control expenditure better.

I won't have the same cost to drive to work, it's a 10 mile round trip at least. Instead I'll have a 20 minute walk. That's a beast of a saving. As well, all business trips are already paid for, so that's not an issue for fuel.

Woo!!!! I'll be saving enough money to get that deposit down pat. Then hopefully, once I have bought the property, there will be a total financial collapse, and hyper inflation will mean the purchase price of the home will become 1 days wages! haha.

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Paying off the mortgage in 1 week!

[Skean Dhude]

If only that was how it worked.

You pay £100K for your land worth £200K. If the land value drops to £150K. You lose £50K and still owe £100K.

If inflation kicks in your debt comes down relative but the interest rate goes up so you pay 2000% on what you owe. The capital is still £80K but interest is now £100K. Now, if you had cash instead, then but such is the way of our financial system.

[Scythe13]

(20 February 2012, 11:26)Skean Dhude Wrote: If only that was how it worked.

You pay £100K for your land worth £200K. If the land value drops to £150K. You lose £50K and still owe £100K.

If inflation kicks in your debt comes down relative but the interest rate goes up so you pay 2000% on what you owe. The capital is still £80K but interest is now £100K. Now, if you had cash instead, then but such is the way of our financial system.

SD, you're ruining my happy thoughts

[NorthernRaider]

The knack with land is to identify a plot that has no known of owner and you take possession of it for 14 years, after that it becomes your legally, at least thats how it used to be, we had a guy up here who moved his family into some long abandoned platelayers cottages alongside a close rail line, twas 17 years before they were discovered by the legit owners holding company and by then the family had legal ownership.

[Scythe13]

(20 February 2012, 11:42)NorthernRaider Wrote: The knack with land is to identify a plot that has no known of owner and you take possession of it for 14 years, after that it becomes your legally, at least thats how it used to be, we had a guy up here who moved his family into some long abandoned platelayers cottages alongside a close rail line, twas 17 years before they were discovered by the legit owners holding company and by then the family had legal ownership.

Or you can maintain a fence in that area of the same amount of time.

The real problem is finding land that you actually want to own haha. Oh, and living there for 17 damn years!!!

[bigpaul]

some of us havent got 14 years to wait!!

[Timelord]

(20 February 2012, 12:53)bigpaul Wrote: some of us havent got 14 years to wait!!

LOL