Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,258 members, 7,957,630 topics. Date: Tuesday, 24 September 2024 at 04:15 PM |
Nairaland Forum / Nairaland / General / Travel / What A Doctor Achieved After Just 3 Years Moving To The UK (6220 Views)
The Hype Of These Abroad People Is Making Some Of Us Feel Less Achieved / Toll Gates In Dubai: See What Can Be Achieved With Technology (PHOTOS) / Living In The Uk/life As A UK Immigrant (2) (3) (4)
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by useni1: 9:17pm On Nov 24, 2019 |
The problem is that the agreement is written for a 30 years duration which makes it a bad investment. genq: 1 Like |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by justwise(m): 9:26pm On Nov 24, 2019 |
useni1: It makes it even good investment because the house price is likely to go up. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by justwise(m): 9:28pm On Nov 24, 2019 |
useni1: Even people with the whole money don't pay outright for a house, they invest the money in something else and do mortgage. 3 Likes |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by salford1: 9:36pm On Nov 24, 2019 |
useni1:The amortization doesn't make it a bad investment. Although 30 years amortization is an overkill. I consider 20 years very okay for a mortgage. 25 years is fair. Any amortization above that is kind of indicative whether the person is not stretching it just to afford the mortgage payment. i.e biting more than he can chew. Also, whether a house is a bad investment depends on many some factors. House price can and will most likely fall, if it was bought in an inflated market or economy. This is assuming that the house structure itself is good. I have seen people buy houses and further sink money into it, just to repair shady work. However, If the value of the house actually increased, it has to increase high enough for the owner to profit on it, so as to cover banks interest, realtor fees, closing cost, lawyer fees, insurances, applicable taxes etc (when buying and selling). House sold within 5 to 7 years of ownership will likely be a loss for the owner. If you can keep the house for longer, then there is a good chance for profit depending on rate of inflation. 1 Like |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by salford1: 10:01pm On Nov 24, 2019 |
davide470:Or just maybe he saved an higher down payment which is a very good idea. That one year of extra savings could be the difference between a 5% or 20% DP. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by MrBrownJay1(m): 10:03pm On Nov 24, 2019 |
justwise: getting the wrong neighbors (or the wrong business) or just moving in the wrong neighborhood, can have your property price depreciate in just a few years |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by justwise(m): 10:04pm On Nov 24, 2019 |
timesupreloaded: Not in all cases else nobody will even see one to rent from private landlords |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by justwise(m): 10:05pm On Nov 24, 2019 |
MrBrownJay1: True and the opposite can be the case as well. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by MrBrownJay1(m): 10:07pm On Nov 24, 2019 |
justwise: yes thats why i say it could be a good and bad investment. justwise: if you have the money i would suggest you buy the house outright rather than taking a mortgage... |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by abumeinben(m): 10:09pm On Nov 24, 2019 |
Akiliogidi: Bros that's doctor general. OP is talking about a "doctor" |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by genq(m): 10:28pm On Nov 24, 2019 |
salford1: He did mention saving £1000 per month for 3 years. That totals £36000 - this is quite a good chunk of cash to put down for a house - meaning the repayment balance might not be much 1 Like |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by unlimiteddammi(m): 10:32pm On Nov 24, 2019 |
Akiliogidi: Seems like I know these couple. Do you stay in Ifako Ijaiye LG of Lagos State? |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by salford1: 11:32pm On Nov 24, 2019 |
MrBrownJay1:Na waoh. You don't want Bank to chop |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by MrBrownJay1(m): 11:39pm On Nov 24, 2019 |
salford1: na simple money mathematics..... if a bank could give you a mortgage then they can certainly give you a business loan that you will repay with the rent that you are saving from owning your own home... now the important question IS: whats a man biggest asset? his house. so i'd rather a man OWN his home and have a loan for his business than vice versa. also... if you buy your house outright, you will make MUCH MORE money than the man who takes a loan to buy that same house, then selling it at the end of the mortgage. there is more freedom of mind, if you want to move, just rent your crib and take the monthly money to travel and go live in another continent living like a king ...like Africa or any other country where a few thousands of dollars go a very long way. 4 Likes 1 Share |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by NaMe4: 2:23am On Nov 25, 2019 |
Akiliogidi: Oga, believe me when I tell you that it's the real estate business that's keeping that doctor going, most likely with support from his barrister wife. The truth is being financially stable as a medical practitioner in this part of the world, notably Nigeria, one has to engage in other endeavours/businesses apart from medicine. Also, God's favour and wisdom to identify opportunities is needed. The doctor in the topic, just as many in developed Countries achieve such success by practising medicine for just a few years. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by OkCornel(m): 2:27am On Nov 25, 2019 |
You sure that house ain’t acquired via long term mortgage? Please let’s clarify and corroborate before concluding. 2 Likes |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by chibjohn(m): 6:13am On Nov 25, 2019 |
Did he pay cash for the house? We know that most things are bought on credit with payments spread over a long period of time. This house is probably bought on credit via mortgage, there it's no big deal. 2 Likes |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by micimmortal01: 7:35am On Nov 25, 2019 |
Op....tell us d country and what else u doing cos I av a friend who is even now a consultant in the Britain and he isn’t boastful of all these |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by nlPoster: 7:39am On Nov 25, 2019 |
What I think is happening is, thanks to modern phones, internet et al, people check photos of houses, lifestyles etc overseas, then they hustle for money and visas, with the dream or intention of obtaining similar stuff. And the faster the better. It makes them feel fulfilled. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by RuggedArab: 8:47am On Nov 25, 2019 |
salford1: Hello Salford, I will like to send you a mail, I need to talk privately. Thank you. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by Ndipe(m): 10:09am On Nov 25, 2019 |
You think its easy to get a mortgage within a short period of time after your arrival? Nope, it doesnt work that way. You have to earn it and one of the ways is by building good credit. MrBrownJay1: |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by lastempero: 10:38am On Nov 25, 2019 |
genq: Nigeria buries dream not just kill. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by Lamasta(m): 12:20pm On Nov 25, 2019 |
If God blesses You don't say others are lazy |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by Nobody: 3:02pm On Nov 25, 2019 |
genq: I don hear... Me self wan migrate, I want to live a simple & sane lifestyle based on equal opportunity/hard/smartwork devoid of sharpman & who know who & i know say I no go fit live that kind life for naija |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by MrBrownJay1(m): 5:48pm On Nov 25, 2019 |
Ndipe: its ell known that, if you have a job in the UK, with the same employer for 6 months to a year, any bank/lender will welcome you with open arms. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by EgunMogaji2: 11:39pm On Nov 25, 2019 |
useni1: Mortgage terms can be anything agreed upon between lender and buyer. There are 5 years adjustable, 10, 15, year adjustable as well as 20, 25 and 30 years fixed as appropriate. I always look for loans with no early payoff penalty. |
Re: What A Doctor Achieved After Just 3 Years Moving To The UK by Lexusgs430: 8:47am On Nov 26, 2019 |
chibjohn: What you're missing is the opportunity available to all, not a selected few............. We know he bought his property via a mortgage and probably bought his vehicle, via a PHP or PCP plan...... This opportunities Nigeria never offered him and would never have accorded him.............. |
Where Is The Best Place To Live In Enugu? / Abuja-Kaduna Rail Line To Open This Month / My Amazement About Denmark
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 49 |