What’s your propery ownership story?

Facebook / Product berzx02
Jul 24 36 Comments

2012: Bought 2-bed flat in London for $585k (my TC then was $90k)

2018: Sold flat for $710k

2019: Bought 4-bed house (also London) for $1.3m. still live here. Current TC $220, 8 YOE.

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TOP 36 Comments
  • New / Eng
    pjef76

    New Eng

    PRE
    Quest Software
    pjef76more
    House poor much? You’d be better off renting.
    Jul 24 16
    • New / Eng
      pjef76

      New Eng

      PRE
      Quest Software
      pjef76more
      read again Drendar: “if you aren’t saving at least 3% of that 1.3mil a year”

      Maybe you guys don’t get the weather extremes either. Our roofs don’t usually last longer than 20 years. The most you’ll get out of a top of the line roof is 30
      Years. Maybe it’s cheap shit. Probably both.

      Snow in the winter and freezing temps for 2-3 months and 3-4 months of baking sun... and rain where spring and fall would be.

      What about landscaping costs? I do my own but most of my neighbors pay $200/mo plus 1000$ a year in fertilizer, plus water for sprinklers. I don’t bother with the sprinklers.

      It’s relative though we may die by the death of 1000 cuts in the US but we all pay in the end.
      Jul 24
    • Amazon / IT Drendar
      "Between taxes and maintenance your homeownership is probably 8k"
      8000 - 3800 = 4200

      This figure is what we're talking about. This is utter nonsense. Taxes insurance and upkeep on the house is going to be below 500 per month.

      "Landscaping"!? Holy freaking crap dude, did you not see he lives in London? His garden is probably about 100'² 200/month for someone to come look after your garden... I can't even imagine having so much free cash, for someone here to spend that much on something like that, is insane.

      Anyway, you made my point for me. You're applying top 1% living costs in I assume Bay area or Seattle to someone in London, a completely different country, with completely different weather, with completely different building types, and completely different financial systems.

      You might be the grand guru of house ownership wherever you are, but you don't know anything about home ownership in the UK.

      OP - you're doing the right thing, good on you,
      Jul 24
    • New / Eng
      pjef76

      New Eng

      PRE
      Quest Software
      pjef76more
      100sq ft of yard? Wowkkkk://www. I’ll keep my .75 acre thanks. I’m no grand wizard but my kids and my dog need a place to run around. Maybe quality of life isn’t what you guys cherish in the UK
      Jul 24
    • Facebook / Product berzx02
      OP
      Yard is 30ft by 18ft. Big by London standards, small by everywhere else’s standards. Takes me 15 minutes every other saturday to cut the lawn and trim some hedges.

      Getting .75 acre in a nice part of London would need lottery money:(
      Jul 24
    • New / Eng
      pjef76

      New Eng

      PRE
      Quest Software
      pjef76more
      I live in the ‘burbs. Good schools big yards nice houses zero commute (WFH). I’m sure London has its upsides. It’s s beautiful city, been there a few times. I’m sure your place is nice and all but you mentioned a family- I don’t think I could make that work with kids.
      Jul 24
  • Oracle Kaddu
    Show off
    Jul 24 1
    • Facebook / Product berzx02
      OP
      Both of those properties are very unremarkable in London. My house was last sold in 2008 for $660k. Property here is just very expensive.
      Jul 24
  • Facebook lnstagram
    Do you spend all your income on paying interest?
    Your first flat has grown only 3% a year, and that’s w/o considering the agent’s commission.
    Inflation is about 2%. Wealthfront savings account is 2.5%.
    Meanwhile, you could make times more on stock. Btw, Seattle real estate has doubled between 2012-18.
    Jul 24 5
    • Facebook / Product berzx02
      OP
      Interest rates are at historic lows in the UK, and I’ve fixed my rate for 5 years.

      My monthly mortgage payment is $3800, and my monthly take-home pay is approx $8k (rising to to $11.5k if you include bonus & RSUs).
      Jul 24
    • Facebook / Product berzx02
      OP
      And yes growth has been horribly stunted by Brexit (my flat was valued at $820k before the referendum).

      However I saw that as an opportunity to upsize, as larger properties took a larger hit - my house was on the market for $1.85m before the referendum...
      Jul 24
    • Microsoft jPzm21
      While the flat has grown 3% a year, how much money did OP put down? That’s the number you should calculate growth of investment on. Also, how much is rent in London for similar living arrangements?
      Jul 24
    • Facebook / Product berzx02
      OP
      $145k down
      Jul 24
    • Facebook / Product berzx02
      OP
      For the flat, that is - $450k down for the house
      Jul 24
  • ARM / Other lllllllIII
    Is it e5 comp? Yoe/wlb? Thanks!
    Jul 24 3
    • Facebook / Product berzx02
      OP
      L5 PM, 8 YOE, great WLB (came from stressful startup, FB in comparison is a breeze)
      Jul 24
    • New oeeL53
      Nice TC for London. Is that converted from GBP?
      Jul 24
    • Facebook / Product berzx02
      OP
      Yep
      Jul 24
  • New / Other
    DuQvV7y

    New Other

    BIO
    Did stuff. Hustled hard. Retired
    DuQvV7ymore
    🍪
    Jul 24 0
  • Facebook tantan85
    Which neighborhoods in London?
    Jul 24 3
    • Facebook / Product berzx02
      OP
      South, Wandsworth
      Jul 24
    • Facebook tantan85
      Just wish wandsworth had tube access
      Jul 25
    • Facebook / Product berzx02
      OP
      I’m 45 seconds walk from a Northern Line station
      Jul 25
  • Works Applications / Eng loadi
    Which area in London
    Jul 24 1
    • Facebook / Product berzx02
      OP
      South, near Clapham/Balham area
      Jul 24