buy to sell?

movieman

I get the impression that some of the houses sold recently around here have been bought by professional developers to tart up and sell on, but it seems to me that as an amateur it's just a great way to lose money right now... and with interest rates seeming certain to rise in the next six months, possibly a great way to end up with huge debts in a house price crash and go bankrupt.

As mentioned, plenty of people made money this way in the price boom, but when house prices are rising 20% a year it's hard _NOT_ to make money. When they're static or dropping it's equally as hard to make any.

And as for 'selling in a few months', the house over the road just sold... it went on the market in 2004 and wasn't greatly overpriced compared to other houses on the road, though it sold for far more than I think it's worth.

sixpack434

Thanks for all your feedback. I've decided this is just too risky at this stage and will not go ahead with it.