Am I in the right place for advice

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Feb 26th 2018, 1:37 pm

#16

wizarduk

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Re: Am I in the right place for advice

Quote:

Originally Posted by MikeJ

This is very similar to my own thoughts ten years ago. We decided to go for the 'holiday' home with rental potential with a view to selling and exchanging for a 'forever' home after we had both retired. That was in 2007 - you've got it - just before the property crash! We have been unable to sell at any reasonable price to move on to part 2 of the plan

My advice would be - if you do buy (after much research) - is to buy a property in which you would be happy to settle and in a location where you could spend retirement time later. Although some sectors of the property market are showing signs of life, in the main it is currently pretty moribund. It's certainly not a market that for short-term investment at the moment. You may have trouble selling a temporary holiday home.

Thanks Mike. If we buy sooner rather than later, the intention will be on buying a place we can call home (or second home rather) anyway. The property we want to buy will be in an area where we want to spend time in and won't be looked at as an investment. Not on a primary basis at least.

Feb 26th 2018, 2:37 pm

#17

Moses2013

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Re: Am I in the right place for advice

Quote:

Originally Posted by wizarduk

It really depends on area and what type of property (price), but some parts are very overpriced and will only drop in time. The people who had to sell, have already sold. Unless it's a really unique property and location, there's no rush buying. Don't forget that the apartment you buy today, will not be as new in 10 years time. In that time, they'll build more apartments and people are getting poorer too. Sure, if you find something for 30K and are happy enough, it's not that much risk for you, compared to someone spending 200K needing a mortgage.