Detritus

To Mortgage or Not To Mortgage?

By neil | December 10, 2008

I recently got a new job. It’s a three-year contract, so I’ve been considering buying a place when I move for the new job. Presumably, it’s better than putting all that money into rent. Right?

Well, maybe not.

Depends on the market, which has been sliding for a while now. So, a couple of pertinent questions:

How likely is it that the market continues to slide? If it did, then I’d end up making a loss (and the place would have negative equity). If it stops sliding, and starts to climb, then now is the perfect time to buy (the property will develop positive equity almost immediately).
How comfortable am I going to be with a 25-year mortgage when I only have a 3-year contract?

Then there’s the whole issue of officially “growing up”. I’m thinking that having a mortgage is some sort of sign of maturing responsibility. I’m responsible already. But this would take it to whole different level (I think).

Well, we’d better look at some properties first. Might be better to rent for six months or so, getting to know the city before diving into a mortgage…

Food for thought.

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New guitar

By admin | November 10, 2008

My new telecaster

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Snow-ctober

By neil | October 31, 2008

It snowed on Tuesday night while I was running the music night. We had a good covering of a few centimetres and it hung around for a couple of days. No-one seems to be able to remember the last time it snowed in St. Albans in October. It’s even stranger when you think that it was lovely and warm only a couple of weeks ago. I’m talking 20-something degrees. So, it’s been really cold lately, but at least we’ve seen a good dose of sunshine.