How do you choose where to buy?

rictus123

Looking to buy in about 12 months time...so keeping a good look at prices and properties for sale just now. Not too fussed if its needing work done or not aslong as we dont strech the budget too much. Just dont really know what to factor in when choosing where? I stay in a small village 19 miles from gf...she stays in a town with shops, pubs, take aways etc. I wouldnt mind moving there however she has said she wouldnt mind moving to a village...just not the one i stay in(one with a shop and pub for example, mine has neither)

Its just going to be us getting somewhere cheap for a few years then rent out as we move into somewhere better....So what should deciding factors be?

Work and value for money?

de1amo

have you got kin you need to be near? or work you need to attend? with fuel prices it will become preferable to live as close to work as you can get.--i live in the centre of a city and it is ideal with everything within walking distance including the supermarkets--i can do without a car if push can to expensive shove!

BitterAndTwisted

Location, location, location!

As said, if you're wanting to keep your expenses down to the minimum then you should look at transport costs very, very closely.

As an aside I don't necessarily think that you should be thinking about renting out any possible property in order to buy another in a few years. Going into business as a landlord is not necessarily a profession to enter into with little or no experience, especially when it's dependent on keeping the roof over your own head. But you do have years to do the research before the time comes.

rictus123

Well i was thinking of moving to nearest town as thats where my work is based...but i will still need a car/van for work!

Might be easier to go bang in centre of my work and hers..but town where she works is cheaper than the one i work...

Seen a place thats offers over £98k...needs a bit of work but i could do it myself...So get ideas of £90k buy price = £80k mortgage

Prices coming up are about £515 per month on 3 year fix at 6%. £485 overpayment a month so £1,000 a month to mortgage means il have £56k left on £100k house after 3 years so should manage get a good BTL rate and rent out...THen i can move onto bigger and better things.

Just dont want to take on the wrong house/location...

de1amo

alternatively the market could go pop and you be left owing 100k on something worth 56k in 6 months!--take your time and dont rush into this empire building at a time when the world is living on the edge--the eurozone and its fall out could be the final nail in the uk's fragile economy!

BitterAndTwisted

Buy a home to live in not to be the start of your property-owning empire! I would warn against buying a newish city-centre flat on a development as the value of these has dropped much more than other kinds of properties in recent times. Plus, you've got the continuing and possibly massively increasing service-charges in the future to consider. My advice every time would be to buy something freehold even if it's tiny and semi-derelict rather than a leasehold.