Omega Owners Forum - finally bought second house

millwall

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finally bought second house
03. Feb 2011 at 22:52

hi all not been on for a couple of weeks as bought another house with the help of family and friends we gutted it re plastered every wall and ceiling new kitchen bathroom central heating etc been working on it day and night im now exhausted but it was worth it our new tenants moved in today and we are getting top rate rent Cheesy

im now cosidering buying another but not for a while need to recover as had only just finished doing my house up still im off work now until wednesday so a bit of r & r and a few beers

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Desperate Den Omega King Offline Posts: 11881	Re: finally bought second house Reply #1 - 03. Feb 2011 at 23:03 Well done Mill - enjoy the beers.
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tidla Omega Baron Offline Posts: 2392 solihull Gender: Drives: omega 2001 3.0 elite	Re: finally bought second house Reply #2 - 03. Feb 2011 at 23:03 glad the hard work has paid off. finding a good deal on the mortgage cannot of been easy?
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millwall Omega Knight Offline Posts: 1897 se london Gender: Drives: the mrs up the wall 3.2 elite and tddi mondeo	Re: finally bought second house Reply #3 - 03. Feb 2011 at 23:06 tidla wrote on 03. Feb 2011 at 23:03: glad the hard work has paid off. finding a good deal on the mortgage cannot of been easy? it wasnt easy a friend of the family is a mortgage advisor and helped us a lot and even though i dont have a mortgage on the house i live in i still had to find a massive deposit
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Danny Omega Lord Offline BLACK 1.6 BORA SHAPED JETTA!! Posts: 7180 Wigan, Greater Manchester Gender: Drives: 99 1.6 bora, 53 2.6 MV6	Re: finally bought second house Reply #4 - 04. Feb 2011 at 09:51 Mine will be for sale soon, and has excellent rental potential 3 double bedrooms, huge kitchen diner, new bathroom, 2 more reception rooms, and off road parking for 4 cars (had 7 squeezed on at one point!) the fact that its way up north means it'll be much cheaper to buy!!
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tunnie

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Re: finally bought second house
Reply #5 - 04. Feb 2011 at 09:59

deposit is the hardest bit, took me just under 3 years to save approx £35k, some of it got accidentally spent on a couple of motorbikes and snowboading lessons / gear / holidays Roll Eyes

I ended up putting 10% down on my flat - The only way to get a really decent rate was putting down 25% or even 40% deposit, would have taken too long to save that, by time I had, would have needed even more Sad

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Do you break V6's as often as TheBoy? Then you need tunnie's towing services, recovery costs are just the humiliation of being towed by 2/3's of an engine

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aaronjb Omega Baron Offline Posts: 3635 Bracknell, Berkshire Gender: Drives: '01 3.2 Elite (was '96 2.5TD CD), '02 MR2 Roadster (plus snail), '92 300ZX 3.0V6 TT	Re: finally bought second house Reply #6 - 04. Feb 2011 at 10:21 Cor, second houses, flats in London.. how the other half live ..
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sotmh Intermediate Member Offline Posts: 395 london Gender: Drives: omega 2.0GLS 16V	Re: finally bought second house Reply #7 - 04. Feb 2011 at 10:26 yeh I gotta agree with that, but I congratulate milli on his acquisiton and wish you all the best.
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Mr Skrunts Over Active Poster Offline 3.O Elite Saloon with all the toys, Posts: 23830 Skruntie Land. Gender: Drives: Jimbob Mad It seems	Re: finally bought second house Reply #8 - 04. Feb 2011 at 10:26 Rental market has gone crazy in the last few years with house prices rising. A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW. Oh how I listed to my old man more when I was younger.
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tunnie

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Re: finally bought second house
Reply #9 - 04. Feb 2011 at 10:45

Mr Skrunts wrote on 04. Feb 2011 at 10:26:

Rental market has gone crazy in the last few years with house prices rising.

A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW.

Oh how I listed to my old man more when I was younger. Undecided

Blimey, I could rent out my 1 bed flat for about £250/£275 a week

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Do you break V6's as often as TheBoy? Then you need tunnie's towing services, recovery costs are just the humiliation of being towed by 2/3's of an engine

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millwall Omega Knight Offline Posts: 1897 se london Gender: Drives: the mrs up the wall 3.2 elite and tddi mondeo	Re: finally bought second house Reply #10 - 04. Feb 2011 at 10:59 sotmh wrote on 04. Feb 2011 at 10:26: yeh I gotta agree with that, but I congratulate milli on his acquisiton and wish you all the best. thank you
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millwall

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Re: finally bought second house
Reply #11 - 04. Feb 2011 at 11:06

tunnie wrote on 04. Feb 2011 at 10:45:

Mr Skrunts wrote on 04. Feb 2011 at 10:26:

Rental market has gone crazy in the last few years with house prices rising.

A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW.

Oh how I listed to my old man more when I was younger. Undecided

Blimey, I could rent out my 1 bed flat for about £250/£275 a week

we are getting 190 a week rental market is very good at the moment although to get a good deal on the mortgage we had to have 35k deposit so will be very tough for a while but ultimately worth it we are now saving to buy another early next year going to be more struggling and headaches but hopefully in the future my kids will reap the benefits he says whilst touching wood and crossing fingers Grin

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millwall Omega Knight Offline Posts: 1897 se london Gender: Drives: the mrs up the wall 3.2 elite and tddi mondeo	Re: finally bought second house Reply #12 - 04. Feb 2011 at 11:07 aaronjb wrote on 04. Feb 2011 at 10:21: Cor, second houses, flats in London.. how the other half live .. beans on toast for the next 30 years
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tunnie

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Re: finally bought second house
Reply #13 - 04. Feb 2011 at 11:16

millwall wrote on 04. Feb 2011 at 11:06:

tunnie wrote on 04. Feb 2011 at 10:45:

Mr Skrunts wrote on 04. Feb 2011 at 10:26:

Rental market has gone crazy in the last few years with house prices rising.

A basic 2 bed gets £90/100 PW round these parts, where as old 3 beds in not so good area commands a minimum of £95 PW.

Oh how I listed to my old man more when I was younger. Undecided

Blimey, I could rent out my 1 bed flat for about £250/£275 a week

we are getting 190 a week rental market is very good at the moment although to get a good deal on the mortgage we had to have 35k deposit so will be very tough for a while but ultimately worth it we are now saving to buy another early next year going to be more struggling and headaches but hopefully in the future my kids will reap the benefits he says whilst touching wood and crossing fingers Grin

Yeah, another reason I picked London rather than the North, where I could get lot more for my money.

If the worst happened and I lost my job, I could rent it out. There are 5 different tube/train line stations within 10/15 min walk of my flat, one of them is literally a 50 second walk, other is in Zone2 so it would be easy to find rental income.

What kind of paperwork did you have to get in place to rent these days? Think you need gas/electric certification and such?

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Do you break V6's as often as TheBoy? Then you need tunnie's towing services, recovery costs are just the humiliation of being towed by 2/3's of an engine

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aaronjb

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Re: finally bought second house
Reply #14 - 04. Feb 2011 at 11:23

millwall wrote on 04. Feb 2011 at 11:07:

aaronjb wrote on 04. Feb 2011 at 10:21:

Cor, second houses, flats in London.. how the other half live .. Grin

beans on toast for the next 30 years Grin

Sounds familiar! It's just this is my only place Wink

Mortgage was 61% of my take-home last month, though so I suppose I should be hoping for hyper-inflation to inflate my salary and bring down the size of my debt! Maybe in 10-15 years I'll think about a second place, but by that point I'll only have 20 years to pay off a mortgage or thereabouts Undecided

bah, if I have kids they can fend for themselves! Grin

Anyway, don't get me wrong .. I wish you all the best, too Thumbs Up!

Mr Landed Gentry Grin

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..and it went 'dugga dugga dugga dugga'..

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