£38k savings - should I buy a flat or keep saving?

Doozergirl

the_3rd_dynasty wrote: »

I'd like to buy a real sh*thole of a place and renovate it but of course it does have to be in the right area with potential.

Specialist on renovating sh*tholes in the room. Don't spend that little money on one. No potential.

It will just end up a more expensive sh*thole.

Bubblyblue

Interesting. It was actually the £22k flat I parked up outside to have a look at externally and it seemed reasonable. My friend had a 1 bed across the road sold it a couple of yrs ago after doing it up

Were you looking with a view to buying and then renting out? No I am selling to hopefully move up the ladder but considering renting out.

I'd like to buy a real sh*thole of a place and renovate it but of course it does have to be in the right area with potential. Would you not consider looking for a 2 bed they sell better than 1 beds & are popular with RAH staff & airport workers (if you move in you could also rent out the other room to help pay mortgage).

millym

the_3rd_dynasty wrote: »

Interesting. It was actually the £22k flat I parked up outside to have a look at externally and it seemed reasonable.

Were you looking with a view to buying and then renting out?

I'd like to buy a real sh*thole of a place and renovate it but of course it does have to be in the right area with potential.

That one is definitely in a better area, and may have some potential, but since ther are no pictures of the interior, it is very hard to judge.

Nothing to stop you looking at it. I have known people who lived round there in their 20s. Mostly sharers. I remember a lot of 1 bed flats being rented as 2 separate rooms to students, one in the living room, one in the bedroom, sharing kitchen and bathroom, but don't know if this would still be feasible. Let us know how you get on if you go for a look.

googler

Doozergirl wrote: »

You need to look at the leases on these properties.

N/A - it's in Scotland.

googler

the_3rd_dynasty wrote: »

Ok, you probably know Paisley better than I do. I've driven through some of these areas quite a lot recently and they didn't appear to be too bad I thought. I think I may even pound the streets later this week to get a better idea of what the place is all about and hopefully get a few viewings in too just to see how bad these places may be... I know this area isn't Bearsden or Milngavie but why is the West end not a nice place in your opinion?

Park up there on a Friday or Saturday night and see what happens..... the WHOLE night, mind - not just an hour or so.

RecoveringAlcoholic

googler wrote: »

Park up there on a Friday or Saturday night and see what happens..... the WHOLE night, mind - not just an hour or so.

That is very bad advice unless you want a wrecked motor.

sarah_elton

Running_Horse wrote: »

You can get a flat in Washington for around £10,000 in a "gated community".

http://www.rightmove.co.uk/property-for-sale/property-30538379.html

Does gated mean a prison?

"This property would probably only suit a cash purchaser."

:rotfl:

googler

RecoveringAlcoholic wrote: »

That is very bad advice unless you want a wrecked motor.

I meant he should stay in the car to observe.... and drive away if necessary.

the_3rd_dynasty

Bubblyblue wrote: »

My friend had a 1 bed across the road sold it a couple of yrs ago after doing it up

How did your friend get on then i.e. did he make a profit/break even/lose money?

andrewmp

That Sulgrave Washington flat is worthless, seriously, they'll pull them down before long as give you a fiver. Probably why you can't get a mortgage on them.

They were selling for £35k at peak though for some reason!

£105p/m service charge too, not sure what they have to pay that for!!

May as well say "buy this dump for 10k and pay £105 per month whilst it sits empty forever".