Could this be a larp or real life? In any case - advice please

[Anonymous No.6853387]

Have 300k in crypto
Have 40k in savings

Being pressured into buying a house by parents and friends - House costs: 20% deposit (100k), for 500k total

(Average house price is 500k for where I live, though 400k is possible - flats are 350k)

I have no children yet, may even be single soon.

What do I do?
Is this a terrible idea - or ok?

I figure I can just about afford the deposit and have no other outgoings so should I just enter the real estate market?

Advice please biz

[Anonymous No.6853444]

>>6853387
20k for crypto, rest for buying a house. House is a great asset.

[Anonymous No.6853501]

>Housing always goes up.

[Anonymous No.6853520]

>>6853387
consider if you want that opportunity cost trade off.

you make a lot more money with 300k invested than if you had only 50k invested

[Anonymous No.6853559]

>>6853387

It's an excellent investment for long term. If you can do it, definitely do so.

[Anonymous No.6853601]

If you believe stock marke5 will crash you’d be better off renting until it does: House prices will crash too and you can upgrade

[Anonymous No.6853641]

>>6853387
Just go all in on crypto or you commit sudoku by EOY. I'm in the same position btw but I'd kill myself if my bags mooned after I cashed out.
Also TAXES

[Anonymous No.6853744]

>>6853387
no

[Anonymous No.6853749]

I would only have to cash out 20% of my crypto to afford the deposit, so I would keep the rest in.

crypto = 240k
House deposit = 40k+60k

So is this a good idea then guys? We all agreed?

I will ofcourse pay taxes etc

[Anonymous No.6853789]

>>6853744
FUCK WHY NO?!?!?!? WHY NO?!?!?

Im just about to go ahead and do this shit ffs

[Anonymous No.6853811]

>>6853749
Sensible idea just incase, you have something to fall back on then. I take it your a britfag like me. Houses round my way are dogshit unless you spend 500k or more. Im just renting at the moment.

[Anonymous No.6853815]

>>6853387
I'm in a similar situation. Here's what I'm doing:
1. looking at comps in the area (what are other houses selling for/have sold for?)
2. look at the housing price trends for that area over the last 10 years
3. use your brain: do more people keep trying to move to that area? is it "the spot" to live, or a place that seems like it will become "the new spot"? what does your guy say the area will be like be in 5 years?
4. buy something with at least 2 beds and preferably with 2 baths. If you can get a 3 bed that's even better. families have money and need more bedrooms - easier to sell. there are fewer single people looking to buy homes than families.
5. could you rent this place out if the market went completely to shit? would people still be willing to pay rents that would at least cover the mortgage?

[Anonymous No.6853847]

>>6853815
buy "guy" i meant "gut" in #3. but also ask your broker "guy" if they're not a scumbag.

[Anonymous No.6853884]

Honestly, I would consider cashing out of crypto with that amount.

Assuming you live in the south east of the UK, property is a safe investment. Buy cheap flats or houses that need some work done, fix them up and sell them for a nice profit.

[Anonymous No.6853897]

>>6853387
Watch grant cardone renting vs buying and martin shkreli analyzing renting vs buying. Both are on youtube, just youtube videos they made.


That's for the US though. UK is an island. My dad's house in London has gone up a million dollars in the last 5 years.

It also depends on how fast houses sell. Research and buy most desirable, if you buy. Don't buy one that's been sitting.

Everyone is different but I'd rent for now unless I knew the Brexit wouldn't kill or slow down the market, assuming it's going strong where you are. Watch the videos I recommended and they explain how you make more money renting while investing your down payment in other investments.

[Anonymous No.6853900]

op dont be retarded, you dont need a house yet. wait until ur crypto hits 5mil before getting a house. ur coins ur hold now will be x10 in two years. your house will grow 20% max.

Your parents know shit. Listen to yourself my friend.

[Anonymous No.6853906]

>>6853749
Do you have monthly income to pay off the rest of the house price?

Also, why the fuck do you want to buy an ugly little house, and, more importantly, why the fuck are you being pressured into doing that by your family?

[Anonymous No.6853936]

You do know this is going to be the greatest wealth growing opportunity of your lifetime don’t you anon?

Be a man and stick to your guns!

[Anonymous No.6853956]

>put deposit down
>rent it
>rent pays mortgage

Do it dummy

[Anonymous No.6853988]

>>6853387
youre a pussy

[Anonymous No.6854009]

>>6853815
2 bed, the plan is to ALWAYS rent a room out.

This would pay for 50% of the mortgage.


I am only scared that I lose my job AND crypto will crash AND the house market will crash and suddenly I will be like fuck I cant afford to even pay this fucking mortgage.

Is this me being paranoid?

Final final question : Can I still rent out the house and move to a different error if I lose my job - like easily? Is that normal? To have a house rented out fully, but pay rent to live somewhere else?

Thank you all for your help.

[Anonymous No.6854011]

>>6853387
owning property is never a bad idea son.

But you don't have to buy the first shit you find.

Research more about the market, dont make stupid mistakes.

[Anonymous No.6854044]

Maybe start explaining why do you want to buy a house in the first place. Especially if you may be single soon that would be one of the last things i'd buy.

[Anonymous No.6854069]

move somewhere cheaper and get a 1 bed 1 bath apartment for like $100k

[Anonymous No.6854095]

>>6853387
buy the house
t. oldfag

[Anonymous No.6854096]

>>6854009
Of course its normal. It's one of the most widely utilized investment stratergies you dolt

[Anonymous No.6854116]

>>6853749
>>6853811
UK bros. Do I need at least 1mill GBP to make it with passive income? House prices are fucking retarded in nice areas

[Anonymous No.6854139]

>>6853387
I will give you advice that my dad gave me to make him rich. Buy the worst house on the best street.
Rent it out for 10 years and wait for the offers to come in.

[Anonymous No.6854192]

>>6853387

'Buying a house' is as normie as it gets

'Oh you have to buy a house because that's what people do'.

I should have my own house in the eyes of the normie, in fact I'd love to live on my own however I can't afford it and I don't need to. Therefore I'm not going to stretch myself financially and buy a house because 'that's what you do'.

[Anonymous No.6854193]

>>6853387
Research the house market and buy the house. If crypto falls you got a nice comfy roof to masturbate alone.

[Anonymous No.6854236]

>>6853906
Its the best area in england, perfect for me to create a wholesome family in.

>>6853906
stavle wholesome house life

Yes i do have means to oay x3 of my monthly mortgage payments

[Anonymous No.6854250]

Guys, 19 y/o here with no understanding of mortgages....

Should I put a big down payment on a house to avoid paying allot in interest? I have 0 credit and houses are only 150k where I live. I have about 100k in cyrpto rn

[Anonymous No.6854321]

Actually I've been reading that the housing market could burst again due to the same mistakes made in the last bubble.

[Anonymous No.6854355]

>>6854192
A house is an asset too. Save on rent and in 10 years sell it for more than you got it.

[Anonymous No.6854412]

>>6854069
>Live on island
>A cupboard costs atleast 300k

I already explained this anon

[Anonymous No.6854434]

definitely get a house. It's a more tangible asset and whilst it might go rapidly rise in price, it will rise. Don't fuck this up.

[Anonymous No.6854497]

Old fag here
>Owned property since the year 2000 and sold before the 2008 crash.
I take it by the prices your talking about you live in the SE?
You are aware that this is literally the top of the market at the moment and prices are in London and the SE are dropping month by month and the only thing keeping the national average rises going is everyone buying dirt cheap shit up north?
Keep in crypto or stash the cash somewhere else and watch the falls this year. Heard of S24 BTL tax returns for the 2 million BTL landlords in this country due in April? No thought not.
Carillon going bust? Big companies starting to roll over being squeezed by inflation and rising interest rates on a decade of borrowing shitloads of debt at record low rates?
Wafch this shit show burn this year. Crypto is the younger generations ‘fuck you’ to the boomers, take advantage while you can.

[Anonymous No.6854509]

>>6854116
It wont last for longer than 20 years

[Anonymous No.6854539]

>>6854095
how did you know im an oldfag?

>>6854116
All prices have been to converted to dollars, as I know mostly americans read this forum.

Yes here in the uk you need 2 million to make it (or 1 mill GBP)

[Anonymous No.6854540]

>>6854236
Oh, so you want to live a boring family life? Well you decide.

I'd probably go for something a bit fancier when you already have so much. If you're not quite there yet, just invest and save up for some time, and then you ball

[Anonymous No.6854643]

>>6854009
>To have a house rented out fully, but pay rent to live somewhere else?
well, yeah you're being a little 'noid but that comes with the territory of building wealth. don't stress.
not the most normal thing but hey, most people aren't landlords. think of the house as an appreciating asset that someone else is paying for. then you live in a much cheaper area until you're ready to boot the tenants out or sell the property.

[Anonymous No.6854661]

>>6854497
Im only cashing out 20% of my crypto.

Even if the house market totally dies this year, My house isnt going to lose 80% of its value or more right?

Dude I want this house, tell me it will be ok

I am not buying in the SE I am buying in one of the most prestigious towns of the country

[Anonymous No.6854720]

>>6854540
starting to get old bro, thinking it may be best to get a family type house even if I do venture back into the city to rent a pad and get some chicks, atleast I will have something to come back to

[Anonymous No.6854748]

Firstly, you'll struggle to get a mortgage with crypto profit. The lender needs a paper trail. Crypto has none. Some banks might give you a mortgage after the money has been in your account for 6 months. You'll obviously need proof of income too, they need to know you can keep up with the payments. Add to this that you're a first time buyer and i think there's fuck all chance you'd get a mortgage on a £500k house.
Google this.

Secondly, if you want to approach property primarily as an investment then you should treat it as such. With £300k you could buy two 1 bedroom flats with good rental prospects (£500~p/m) in most parts of the UK. Let them via an agency.
Minus agency/insurance/tax fees you could be making an easy £400- £600p/m passive income from rents, and your money is somewhere safe, appreciating along with the value of your properties. The income from the rent can be used to supplement your income from employment or even used to repay a mortgage on a third property, which you can live in, or even let.
This is the smart way.
but if you want to waste your money to mortgage a £500k 3 bedroom house which you'll live in alone, well that's your choice m8.

[Anonymous No.6854768]

>>6854661
I meant - the house will not lose more than 20% of its market value in one fo the best places in the country right?

[Anonymous No.6854795]

>>6853387

interest rates are low atm (don't know where you live but still)

you should use as few as possible for the houser and borrow the rest. You will get way more returns on your money than the cost of the mortgage interest, providing you're not a retard and don't buy at ATH

[Anonymous No.6854831]

>>6854748
You got confused - its my fault, the house is £350k GBP not 500GBP, the plan is to rent out 2 rooms at 500 each, in the house. I would somehow live in a new 3rd room I will convert.

Is my plan making more sense?

[Anonymous No.6854913]

>>6854661
If it’s going to be the house you live and die in then it doesn’t matter. House prices only matter for those using them for investments and are looking to make on them.
>House prices only go up
Thats a meme, ask shitloads of people who were in negative equity back in the 90s and after 2008.
By reckoning house prices will fall to 2012/13 levels before the government starting pumping money to the their housebuilding company CEO mates via help to buy.

[Anonymous No.6854923]

>>6853387
A bit riskier but you could get a mortgage that you only pay the interest on. Put down the minimum deposit. What that means is that after the term ends (5years) you could sell for a profit or use your crypto gains to pay it off.

You should probably see a financial advisor as well.

[Anonymous No.6854999]

>>6854539
He's saying he is an oldfag
t. millennial

[Anonymous No.6855027]

>>6853387
I'm in the same position as you, 300k crypto and have family pressuring me to buy us a house since we live in an apartment right now. I'm reluctant to do it because I'm pretty sure ETH will be 5k+ EOY and I'd be a millionaire if I just waited a bit.

[Anonymous No.6855048]

>>6854923
Also look into getting one of those first time buyer IISAs they pay a 25% bonus for buying your first house.

[Anonymous No.6855072]

>>6854831
I think you'd need to get a buy-to-let mortgage to do that, which require a much larger deposit and have worse rates, unless you want to illegally sublet.
And do you honestly want to share your home with other people?

[Anonymous No.6855095]

>>6855027
My comments also apply to you >>6854923
>>6855048

Hoping to be in the same situation as you guys some day.

[Anonymous No.6855170]

>>6854748
If your doing that you would need a BTL mortgage and will have liability for s24 BTL tax returns. Also you are aware agency fees are going to be banned later this year? You will be over leveraged buying at todays market prices (unless buying outright or massive deposit) and a downturn in the property market means lower rents. You will need a certain amount to avoid it costing you money month on month and those landlords that bought decades ago for a couple of k can go down further than you.

[Anonymous No.6855185]

>>6854009
take a look at robsuperspeeders view on this. His parents pushed him to buy an apartment and he tried to rent it out. He lost so much on the thing. I think he called it his worst investment ever.

https://www.youtube.com/watch?v=3Fx9HFz4_cU

[Anonymous No.6855190]

>>6854643
thank you I really appreciate your post

[Anonymous No.6855195]

>>6855095
Anything is possible in this market. I had 20k around September 2017

[Anonymous No.6855272]

Also OP, you need to pay capital gains tax on all net gains from crypto. Infact, every single transaction you've made is subject to capital gains tax.
So i sure hope you've kept a good record for the taxman, else he'll be taxing you based on the current market value.

[Anonymous No.6855446]

>>6855272
>Infact, every single transaction you've made is subject to capital gains tax.
Pretty sure they wont be interested in every single transaction. If you put in 1k, take out 300k and pay tax on the 299k profit i'm sure you'll have no problem. You will only be taxed for transaction in/out of fiat.

[Anonymous No.6855448]

>>6854355
Lmao implying that that home will even be worth 500k in a decade. It’s more likely that the house degenerates, the housing bubble pops, or the neighborhood turns into a diversified ghetto than it generating an asset. Also lmao @ paying 500k and taking out loans for a fucking house. Anyone seriously telling this faggot to do that should probably try Facebook because they’re clearly too normie for this site or wherever they came from. This is the business and finance board, not the make stupid decisions board. Looks like the peak crypto hype attracted a lot of moronic gamblers who do not know what the hell theyre doing

[Anonymous No.6855603]

>>6855027
Why do so many faggots on this board have “parents pressuring them to buy a house”

You are a fucking bugman. Your parents are manipulating you, idiot. If you don’t want to to purchase a house don’t do it. Especially right now where housing prices are realistically probably at their peak. You’ll be spending much more than 300k on taking care of that property and if you’re in europe and want to live anywhere near society you’ll be spending much more than that

[Anonymous No.6855604]

Bought 15 flats in berlin from my crypto gains and renting them out...10k eacht month...still cheap her....also about to buy 10 flats in leipzig for 60k each...

[Anonymous No.6855651]

>>6854009
1. Property is a great long term hold and form of passive income
2. Beware of property market crashes, interest rates
3. Know you countries property taxes, stamp duty charges, bank fess, mortgage costs etc
4. Look to get something that you can extend or renovate. A house that can be converted into 2 flats if you want to move away and rent it out, or live in one half.
5. Check area, check proximity to schools, amenities etc, is it up and coming? will it be in 5 years.
6. Is it close to transport links
7. Lots of people have been trapped in negative equity but if you are in for the long haul any property crash will recover after 5-7 years.
8. If you want to rent out the house fully after buying be careful about that one. Alot of banks wont allow that and will make you transfer your mortgage onto a different mortgage type and interest rate because you are now buying to let.
8. Do the math, work it out. in most cases property is a money maker but be sure that what you are getting yourself into will still be what you are happy with in 5-10 years. Or what you are buying you can turn it into what you will need in 5-10 years.
9. Buying property is the biggest financial buy that most people make in their lives, be sure.
9. I'm an architect who has seen many property flips and good/bad investments

[Anonymous No.6855679]

Whatever you do, don't do it because you were pressured by family and friends.
You know they probably didn't spend one second to really think about it and don't even have the knowledge required to make the right choice anyway.
If you really want a house, get one, but it should be your own choice.

[Anonymous No.6855715]

>>6855651
>property is a form of passive income

Not necessarily always the case and it’s also a very poor source of income unless you’re a slumlord or something

[Anonymous No.6855776]

Also if you are in the UK wait another 3 years, that will be the bottom of the market. We are about to see the whole property market slowly decline over the next few years. Increased interest rates, devaluing of currency and developers going bust. It has already started with carillion being one of the first that is going to start a domino effect

[Anonymous No.6855907]

>>6855604
did you have like a million from your crypto gains?

[Anonymous No.6856768]

ok well thanks everyone for your advice it was truly appreciated

[Anonymous No.6856826]

>>6856768
If this girl had D cups then she would be literally perfect

[Anonymous No.6856875]

>>6853387
Wait until you're at a million then take $100k for the house.