The price of house

Sam-Barr

Sorry but I'm going to ask what many would consider a silly question, as I know pretty much nothing about houses/mortgages etc...

What would be your first thought's on a flat at £20k?

http://www.rightmove.co.uk/property-for-sale/property-29033693.html

If I put away about £500 a month for the next 4 or so years then I'd say I could buy a flat outright, would I be correct or living in wonderland?
I didn't realise it could be so cheap to get a home of your own.

jonewer

Location^3

Sam-Barr

It's in a bad area but it's actually better than the area next to it which I'm living in at the moment

jonewer

Sam-Barr wrote: »

It's in a bad area but it's actually better than the area next to it which I'm living in at the moment

From my point of view, a flat in that area may as well be on for £20 nevermind £20k. Unless its commutable, its of no interest.

I'd also question why the price is so low. Length of lease? Sky-high service charges? Bail hostel next door?

hethmar

The point is its really saying offers in excess of ........which may mean double the price - is it going to auction do you know?

It sold for £34500 in 2005 by the way. The flat next door went for £50k in 2008.

http://properties.upmystreet.com/house-prices/details-149-dalriada-crescent-location-ml1-3ya-id-3760215.html

Running_Horse

Personally I would save that money and use it as a deposit on a good place near work with a mortgage.

But each to their own, and living mortgage free is a nice idea.

LilacPixie

Motherwell form what i recall has quite a high unemployment rate/low wages for those working. OP you know the area and only you can say if you would be happy living there.

I am guessing its ex local authority

Sam-Barr

I think I'll just stick to renting from the council just now and keep saving for a deposit.
Not really planning on buying my own place for a while yet, just had a nosy to see what kind of price I would be looking to pay.
Was quite shocked at £20k and thought maybe I could get away without a mortgage lol.

Sam-Barr

LilacPixie wrote: »

Motherwell form what i recall has quite a high unemployment rate/low wages for those working. OP you know the area and only you can say if you would be happy living there.

I am guessing its ex local authority

M/well resident, making just under 20k a year, living quite comfortably renting lol.
Pressure from family - "stop frittering your money away renting and go get a house of your own".
I don't see renting as wasting my money as I get all my repairs done and no big worries. Could maybe even look into buying this flat I'm in from the council once my 5 yrs are up, but scared of being outnumbered by residents and having to maybe pay towards upgrades like roof/roughcasting etc...

pramsay13

It's definitely quite cheap for a 2 bedroom flat, no matter the area.
Sold as seen is always a worrying term on a house description.
You can ask for the home report which should give some indication of quality. I would always recommend buying over renting, but you've obviously thought through some of the issues.

Sam-Barr

Waht would you say are the advantages of buying over renting?

Do you have to pay for the home report?