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Silly Idea or clever investment?
craigssj4
Posts: 22 Forumite
hi i'm currently going through a house purchase, now i'm happy with the price, location and the size of the property.
But i wanted to know what everyone else thought.
The property is located in the north east. Theres terraced houses for sale for approx 80k, and theres converted flats on sale for 55kish. Now i've put an offer on a house with a housing association for 32k and its been accepted. Its a regeneration area and theres plenty of new builds about all starting at 120k+. Obviously this is why its such a low price as they want people to own the propertys, only condition is that i have to own the flat for a minimum of one year.
Then property is a 2 bedroom flat, mortgage @ 6.99% works out at about 184 per month. The rent on our accomodation at the moment is 280 per month so i'd instantly be saving money.
My income is approx 17200 but with bonuses i can achieve approx 24k.
Now i'm happy to go ahead with this property but i'm just after other peoples opinions. The area did have a bit off a bit of a reputation, its litterly 2 minute walk from asda, cinema, pizza hut and frankie and bennys, and as stated before plenty of new builds getting built.
Any opinions very welcome
Craig
But i wanted to know what everyone else thought.
The property is located in the north east. Theres terraced houses for sale for approx 80k, and theres converted flats on sale for 55kish. Now i've put an offer on a house with a housing association for 32k and its been accepted. Its a regeneration area and theres plenty of new builds about all starting at 120k+. Obviously this is why its such a low price as they want people to own the propertys, only condition is that i have to own the flat for a minimum of one year.
Then property is a 2 bedroom flat, mortgage @ 6.99% works out at about 184 per month. The rent on our accomodation at the moment is 280 per month so i'd instantly be saving money.
My income is approx 17200 but with bonuses i can achieve approx 24k.
Now i'm happy to go ahead with this property but i'm just after other peoples opinions. The area did have a bit off a bit of a reputation, its litterly 2 minute walk from asda, cinema, pizza hut and frankie and bennys, and as stated before plenty of new builds getting built.
Any opinions very welcome
Craig
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Comments
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Which area is it? Sounds like a very good price...0
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boldon colliery, theres other places for sale on same street, ie up and down flat for sale for 60k guide. And there big flats0
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boldon colliery, theres other places for sale on same street, ie up and down flat for sale for 60k guide. And there big flats
How are you getting yours so cheap then? Is it the place you are currently renting? It seems like a no brainer really if it's going to save you so much money on your rent. £280 rent seems very cheap, at least for round here (Houghton le Spring area).
You can obviously afford it with your wages and if you like the area then why not?0 -
no its not one i rent its just getting sold off to familys who have to live in the property for one year, theres big development on the street and i'm very happy to go ahead with it. Our rent is 280 in h-l-s and thats from accent housing group0
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If you know the area and are happy to live there then why not. It will save you money on your rent. question is, is the property mortgagable and do you have a deposit.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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yes it is mortgagable, its actually ready to move in but were going to do it up first so we can move in with no hassle, mortgage already arranged and deposit is sorted.0
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no its not one i rent its just getting sold off to familys who have to live in the property for one year, theres big development on the street and i'm very happy to go ahead with it. Our rent is 280 in h-l-s and thats from accent housing group
You rent in Houghton le Spring? £280, canny, I was meaning private rent, I could not get anything via the council/gentoo etc.0
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