To buy or not to buy

Chucksmum

Some advice needed please. Next door has come up for sale it is a wooden house on a quater acre. Owning next door would give access to our half an acre garden if we ever decided to sell for building, as a nest egg for our disabled child. We could probably raise 2/3rds of the asking price leaving us and the family with nothing and having to raise the other third somehow, (our house is mortgage free) we are retired so this could be difficult. Our house could be separated from the garden. We have no plans for the land, and are at a loss whether to put ourselves into debt just to sit on it. We could probably let the house, but it's not up to much. If we don't buy it we will never be able to sell off any of our garden. Can anyone give me some advice on what I should be doing?

Mrs_justjohn

I always think if you have to ask the question then you are not commited to buying it, so don't do it.

I think you just 'know' when the right deal or situation comes along..it is usually one you can't walk away from.

Arthurian

A wooden house which is "not up to much" on a quarter of an acre plot - if this was "Homes under the Hammer" a developer would buy it and knock it down, to build on the plot. At that stage, you might be able to negotiate to buy a strip of land to get access for your garden development, or perhaps sell part of your garden to the developer to enable him to build a larger new house or houses. Otherwise, don't complicate your life by stretching your finances too much.

Running_Horse

I seem to recall planners are clamping down on back garden developments.

So owning next door might not be such a nest egg after all.

Seanymph

I'd buy it so someone else couldn't - but only if I could afford it.

JMW77

i also would buy it but maybe not if i was retired ,and letting is a lot of hassle.

martinthebandit

Hmmmm - I would be tempted to wait awhile and see if it sells.

If it sits on the market for a while than an offer of almost two thirds of the asking price might not be dismissed out of hand.

But I would not put myself in debt for it