Home purchase is so much harder for young people than it was 20 years ago

originally posted by: InTheLight
I'm curious about why young people who might be able to work via home computer don't buy inexpensive rural land (with possible future resale investment?) and live in tiny houses or used mobile homes, or convert metal shipping containers? Is land in the U.K. and rural areas, say 1.5 hours away from an urban centre, that expensive?

In my part of the UK land is shockingly expensive, but the main reason is the restrictive planning laws we have here. A couple of my friends do live on their own agricultural land but the home has to be on wheels like a camper or built on the back of a truck trailer.
They have fun and games to prevent the council proving that they've changed the use of the land to residential illegally, but the main way around it is being registered at a different address for mail. The council have left them alone for a couple of years now, but it's a great way to do it yes, no property taxes and no mortgage on your 'mobile' home.

originally posted by: CornishCeltGuy
a reply to: TNMockingbird

Ah the mobile home by the lake sounds lush

Loved the fridge crashing through the rotten floor story lol, I was working on a similar place yesterday, total death trap until we'd finished the initial rip-out.
Glad you broke even in your property adventures though, and I agree, the camper van by the beach idea, always been a dream of mine since I was talking with friends at primary school aged about 8. Well, the initial dream was driving across the US in a van, but getting older now it's looking less likely.

Ahhh, we're never too old!!!
Look at me?? LOL and I'm still in the planning stages.
I fully intend to break the stereotypes and enjoy every last second.

I'll send postcards!

originally posted by: TNMockingbird
Ahhh, we're never too old!!!
Look at me?? LOL

and I'm still in the planning stages.
I fully intend to break the stereotypes and enjoy every last second.

I'll send postcards!

Haha yes, and I hope you do!
My next plans are definitely some agricultural land to grow food, raise chickens, and only see green around me, well, green and blue probably because some of the cheapest land is sea clifftop due to erosion. It isn't particularly fast here but you will lose land to the waves over time. I've seen expensive home gone in 20 years.
Don't get me wrong, I like my little house, but wouldn't miss having neighbours.

originally posted by: InTheLight
I'm curious about why young people who might be able to work via home computer don't buy inexpensive rural land (with possible future resale investment?) and live in tiny houses or used mobile homes, or convert metal shipping containers? Is land in the U.K. and rural areas, say 1.5 hours away from an urban centre, that expensive?

People like living in thriving communities. You can't do that in a rural setting, it's just you and your neighbors. Not you and 10,000 businesses you're within walking distance of.

When I was young, in the 1980's all I ever heard was how someone will never get a mortgage unless they have a perfect job, perfect credit and 20% down. Plus bank interest rates were 10%.

The whole thing (coupled with the disaster movies genre of the 1970's, seriously) gave me great anxiety. So, I over-compensated and bought a townhome, and eventually another etc etc, mostly in downtown Philadelphia.

The best for-example is my first place, 3-story on a nice side street downtown. The neighbourhood was rough, but it's all relative, isn't it.

I paid $23,500, did a bunch of dangerous structural work and a full rehab. I took my time due to lack of funds and lazyness.

After 20 yr, the place sold for $640k, 20x face value.

So, I did ok, but the point being that definitely I put in my time, and effort.

That being said, opportunities like that are fewer and fewer. Someone would have to do the same thing in a much worse part of town than the art school district I was in, and farther from downtown.

The dilemma being that work and supplies pretty much costs the same in a good area as it does in a crappy one. Same thing for utilities.... this concept drove me a little bit harder to find a house in as good an area as possible. The "worst house in the best neighbourhood" as I put it. Obviously the opposite plan would be a fail, in my book.

I hope this story helps people out. As a close reference, my mom's NEW townhouse in the same general area appreciated only 10x in over 30 years. She put money into it over time too.

If anyone has any building renovation or analysis question, please ask.

double post

triple post, jeeze

originally posted by: Aazadan

originally posted by: InTheLight
I'm curious about why young people who might be able to work via home computer don't buy inexpensive rural land (with possible future resale investment?) and live in tiny houses or used mobile homes, or convert metal shipping containers? Is land in the U.K. and rural areas, say 1.5 hours away from an urban centre, that expensive?

People like living in thriving communities. You can't do that in a rural setting, it's just you and your neighbors. Not you and 10,000 businesses you're within walking distance of.

If you want land/home ownership then you have to sacrifice something.

originally posted by: CornishCeltGuy
a reply to: jjkenobi

Which bit don't you buy in to?
The bit that houses in my area were easily affordable on a 3X wages mortgage but the same house is now 10X the value of the wages of the same job in local government?
Have the prices of property not increased faster than wages in your area over the last 20 years?

I don't know what your point is?

My yearly income is $95k.

My house price was $115k.

No, house prices haven't increased past my wages.

a reply to: jjkenobi

That's was all I was wondering. You seem lucky wherever you are then because in my area as I said, house prices have gone from 3X average earnings to10X. You said you didn't buy it about something in my post and I didn't know what you meant.

Sad truth. My husb and I have rented for the past 3-4 years, and we have always felt it's a waste of cash. Our plan was to buy our dream home in the next 10 years after saving up a nice sum of money. But now we're trying to expedite the process and buy a property for investment in Turkey. We've already consulted with specialists from Turkey Homes company about, they offer a comprehensive property buying service from start to finish. I hope with their help we'll buy our first house till the end of the year.

originally posted by: InTheLight
If you want land/home ownership then you have to sacrifice something.

Sorry, I didn't see this. Why should you have to sacrifice something? Why is it unreasonable to expect a housing market where the average person can afford to live in the city?

originally posted by: Aazadan

originally posted by: InTheLight
If you want land/home ownership then you have to sacrifice something.

Sorry, I didn't see this. Why should you have to sacrifice something? Why is it unreasonable to expect a housing market where the average person can afford to live in the city?

Agreed, a decent house with a garden was 3 times average earnings when I was my son's age, now it's 10 times for him.
Something has broken in the system.