buying a house at the moment

speedmanoo7

hi all new to the site and need a bit of help . all advice will be much appreciated.I already have a house but i have the cash to buy another house outright.My question is is it now the right time to buy or should i wait to see whats going to happen. the house i have found is in reasonable nick the area is a bit rough but all surrounding houses are private and in good state
any advice will be a help cheers:beer:

feisty1

This decision is yours at the end of the day, you will find many, many, many, many, threads/posts on this particular subject................

vegasvisitor

The only thing I would comment on is that you say the area is not so good. You seem to be aware of this and its potential issues. If you have the money to go buy a house outright, do you really want to move to a possibly undesirable area? It really depends if you intend to stay there, and if you feel comfortable there. I don't know if you just threw that in as a comment, or if it genuinely concerns you - just think carefully as location is important.

speedmanoo7

thanks for the reply. the area were the house is was just a comment i am not looking to move there my self i should ov said it was buying a house to rent.
just wanted to no if now is the right time to be buying a house. with the way thinga are at the moment is it best to wait and see if the house prices come down any more sorry should ov been more clear:beer:

QTPie

Depends on the deal that you can get and whether you are happy with it. What do you want to get out of buying another property? What is the plan?

A lot of people will say "don't buy ANY property now, the property market has a long way to fall", that could well be right. BUT there are deals to be had out there. However whether you would be able to get a better deal if you waited a year... quite probably: if you bought now, that would be a risk that you take.

So you need to do lots and lots and lots of research and never rush in.

QT

socrates

speedmanoo7 wrote: »

thanks for the reply. the area were the house is was just a comment i am not looking to move there my self i should ov said it was buying a house to rent.
just wanted to no if now is the right time to be buying a house. with the way thinga are at the moment is it best to wait and see if the house prices come down any more sorry should ov been more clear:beer:

Look upon it as an investment - if it provides anywhere near 10% yield once let then go for it.

The 10% yield is to allow for the value falling (if prices drop further), expenses of renting, maintenance, income tax, void periods etc.

Get an idea from the LHA website as to how much your rent will be per calendar month.

https://lha-direct.therentservice.gov.uk/Secure/LHARateSearch.aspx?SearchType=PostCode

When doing your calculations include all expenses associated with the purchase and to bring the house to scratch.

You will also have legal obligations as a LL - perhaps an idea to look on LandLordzone.com as well.

Swipe

There's a huge difference between buying for cash a house to live in and buying one to rent out. If it's the latter I'd steer well clear at the moment.

besonders1

I think if you were going to buy to let then, then I suppose the basic rule is the same as for living there that undesirable areas will always fall the quickest. Especially if you chose an inner city area such as the old 2up, 2downs, I know that these are very popular with BTL landlords but the problem is that almost every house in the whole street is owned rival BTL'ers and most have difficulty getting decent tenants that pay the rent- as most of them are owned by problem families. I have noticed that even rents are falling quicker in grotty areas just like the house prices.I suppose at the end of the day what you do is up to you but if you think that its a good idea then how many other people also have the same idea?

PasturesNew

"Do I want to spend my actual cash on a house in a bit of a rough area to rent out to somebody who is the sort of person that won't mind living in a rough area"?

No.