Property to buy or not to buy or to rent

[ukstack]

I wont go into amazing detail but i have a huge bug to actually get a house and do it up and maby rent it out 

 

The area i live in you can pick a house up for 50k in a rough part to 300k but iv been looking at houses around the 70k mark which may need about 5-10k spending on them to get them upto standard 

 

i used to be into my cars wasting my money but iv wanted to get a house to do up for years now and maby the time has come im mid 20s and just want something to get stuck into and maby earn a bit of cash out of it

 

I just love the idea of buying a house which needs a bit of work getting the work done to my standards then either sell it or rent it out 

 

so if you was mid 20s didnt have to worry about where u are going to live for the foreseeable future would you go for it ( i probably will but dunno when haha)

 

 

 

 

[Shamatti]

Everything I ave read is pointing to the UK property bubble bursting soon. I don't know how soon, but for me any property there is a gamble if you want to invest. If you need a home, that's different, but property investment right now is a fools game if you ask me. I heave read about people in London actually panic selling their houses and renting. Once the bubble bursts they will purchase again, and be quids in. In theory

 

My gamble is that when the bubble bursts PMs will go up in value very quickly.

 

Sadly, I have no home, so my saving will be spent on a property, but I am buying cheaply in Portugal, as I love it here, and I don't have a fortune to spend. And Portugal is very cheap. Want to invest? I have seen some amazing places here. For 70K you could get an old farm, do up the house, install a swimming pool, have up to 2000m2 of attached land, and still enough change for a few tubes of your favourite bullion. Holiday rentals make good money!

[ukstack]

Iv also read about the property bubble bursting but tbh in my area houses have gone down a lot over the last few years so im seeing all these nicely priced houses which are 20-30% cheaper than they where a while ago so cant see them going down any more really as when i live is close to the beach and a lot of schools so a nice area for the price 

 

I know what your saying about Portugal being cheap i worked with a guy pedro few years back and he was working only earning 18k a year over here and had 3 property in Portugal he said he bought them for his family so iv seen what you can get 

 

If i was buying a house i wouldn't care to much about the price falling because the way i see it is a house should be for a long term so the rise and fall of house prices wouldn't bother me then 

 

but still i think for my area semi with space ect are going for 75k in great order which imo is a great price if the bubble as we say does burst im sure it wont effect my area as much as it would some of these crazy house prices around the uk 

 

Worst case i suppose is it does burst and i have to rent it out 

[Shamatti]

Sounds like a plan. 75K for a semi sounds like a steal. Long term, houses are a good buy. If you don't plan on selling it for 20 years, who cares if it halves in value in 5? As long as it goes up again, and they usually do. If you can afford it, go for it.

[ukstack]

Ya they are well priced imo for the area but i had seen them at 90ish a few years back now at 70ish so could be a good buy 

 

I will do one as a project id rather spend the money on a house than waste it on cars over the next few years lol  just need to pick my time when may put a few cheeky offers in 

[Pipers]

What I would do is, go to a few local estate agents and look at the rental properties.  Then ask yourself the following questions

 

1  What is the market need for rental?

2  What is the current amount of social housing stock in the area (check waiting list too) ?

3  What is the bottom price (this is set by the DWP) ?

4  How long will it take to make a profit?

5  How many properties are vacant ready to let?

6  What is the asking price of the rent?

 

Then make a decision. As far as politics go, all main parties are not going to build social housing for at least 6 years and IMO will not build any unless the now under 25 start kicking up a massive fuss eg civil unrest.

 

There may be a correction in the housing market, but if you hedge in other sectors to cover yourself.  Eg Gold/Silver.