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Choices - Location or House?
BearAssCheek
Posts: 12 Forumite
Hi everyone - would appreciate any insight or views this is driving me insane....
Have cash from a previous house sale in 2002. Am currently in rented accommodation.
JOB: In 6 month fixed term employment, hoping to secure a perm job with another employer so can have options of mortgage etc. open to me.
I have two choices at the moment:
1) Buy nice semi-detached in an OK area (have lived there before, its not posh but certainly not grotty either). Would leave me cash to put a deposit on a second smaller home/flat for future investment to rent out (would have to get a mortgage) OR to tide me over if I can't get another job. House would make a little in longer term, but would have 2 properties (one with mortgage). Commutable distance 35 miles from current job, 13 miles from potential new job.
2) Plough all available funds into an OK-ish detached in the area i currently live in (nice area). Would leave me skint for years but would make money longer term (no mortgage). Commutable distance 13 miles from current job, 7 miles from potential new job.
I'll probably need to start looking from the Autumn, along with trying to get a perm job to get some stability etc.
There's a lot of ifs, buts, maybes etc. but I can't keep renting as its costing me much more than a mortgage would in either case......would appreciate any constructive advice as I don't want to make a decision that could bite me in the wotsit later... thanks in advance.
Have cash from a previous house sale in 2002. Am currently in rented accommodation.
JOB: In 6 month fixed term employment, hoping to secure a perm job with another employer so can have options of mortgage etc. open to me.
I have two choices at the moment:
1) Buy nice semi-detached in an OK area (have lived there before, its not posh but certainly not grotty either). Would leave me cash to put a deposit on a second smaller home/flat for future investment to rent out (would have to get a mortgage) OR to tide me over if I can't get another job. House would make a little in longer term, but would have 2 properties (one with mortgage). Commutable distance 35 miles from current job, 13 miles from potential new job.
2) Plough all available funds into an OK-ish detached in the area i currently live in (nice area). Would leave me skint for years but would make money longer term (no mortgage). Commutable distance 13 miles from current job, 7 miles from potential new job.
I'll probably need to start looking from the Autumn, along with trying to get a perm job to get some stability etc.
There's a lot of ifs, buts, maybes etc. but I can't keep renting as its costing me much more than a mortgage would in either case......would appreciate any constructive advice as I don't want to make a decision that could bite me in the wotsit later... thanks in advance.
0
Comments
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there aren't any cheaper houses/semi-deteched ones in your current area? As a contractor, I would think that if you were so inclined, you could by a place that needs re-doing in the posher area as both a home and an investment (which sounds like what you're after?) and work on it between contracts...0
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Remember that over time you can improve the house over time but you cannot do much about the location.0
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How about combining the 2 options and buying a nice semi in the nice area where you currently live that's a shorter commuting distance from your current and prospective jobs?
Mortgage-free and less travel expenses will hopefully not leave you quite as skint but you've still got a nice home that's a good investment.0
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