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Is this a good I investment?
tulipz
Posts: 194 Forumite
Dear all,
Our offer has been accepted . We would like to seek general opinion about our purchase. This is our first biggest purchase and we hope to get it right!
Our plans: we plan to live in this flat for the next 5 yrs. We plan to let it out later and buy a bigger home when we have a second child...
The flat is in a very good area. It suits our lifestyle. Its in catchment area f or good schools. Just 8 flats in the block. It's well maintained.....share of the company having freehold....maintenance charges are quite reasonable....Looking at the other flats available in this area, those within this price range are not as good.
Coming to the money's part:
Mortgage £800PCM
Interest only appx £450
Current rental value: £900
Do you think this is a wise buy?
We cannot buy a house at the moment. So our choice is really between buying a flat or continue renting...
Our offer has been accepted . We would like to seek general opinion about our purchase. This is our first biggest purchase and we hope to get it right!
Our plans: we plan to live in this flat for the next 5 yrs. We plan to let it out later and buy a bigger home when we have a second child...
The flat is in a very good area. It suits our lifestyle. Its in catchment area f or good schools. Just 8 flats in the block. It's well maintained.....share of the company having freehold....maintenance charges are quite reasonable....Looking at the other flats available in this area, those within this price range are not as good.
Coming to the money's part:
Mortgage £800PCM
Interest only appx £450
Current rental value: £900
Do you think this is a wise buy?
We cannot buy a house at the moment. So our choice is really between buying a flat or continue renting...
0
Comments
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Not sure anyone can answer that with such sketchy info. Flat in Chelsea, possibly, flat in Gorton Mcr and it is way too much, plus we don't know what deal you are on
Compare to other Sold prices recently, and determine if you want to live there, and presumably can afford to.
Re the five yr plan can you save up another big deposit in that time as well as having kids?0 -
Not sure anyone can answer that with such sketchy info. Flat in Chelsea, possibly, flat in Gorton Mcr and it is way too much, plus we don't know what deal you are on
Compare to other Sold prices recently, and determine if you want to live there, and presumably can afford to.
Re the five yr plan can you save up another big deposit in that time as well as having kids?
The flat is in North London -zone5. Area with good schools and lots of families with kids....
Yes we can save a big deposit in 5 yrs....we can save £ 300 a month by buying this flat... We are renting at the moment....0 -
Dear all,
Our offer has been accepted . We would like to seek general opinion about our purchase. This is our first biggest purchase and we hope to get it right!
.......
Do you think this is a wise buy?
We cannot buy a house at the moment. So our choice is really between buying a flat or continue renting...
Why ask us now?
Have you not done any sums?0 -
The flat is in North London -zone5. Area with good schools and lots of families with kids....
Yes we can save a big deposit in 5 yrs....we can save £ 300 a month by buying this flat... We are renting at the moment....
Don't run before you can walk! Saving £300 on paper by not renting is one thing, but actually having the £300 in your bank account by the end of the month is another!
As for your long-term plan to rent, does your lease allow it - some specify owner occupiers only!
Also, you will need to change your original mortgage to CTL/BTL when you rent it, which also incurs additional cost/set up fees and increase in payments.0 -
300 a month for 60 months, assuming you can achieve it would seem inadequate for despot for a new house and a buy to let in London, indeed in most areas0
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Why ask us now?
Have you not done any sums?
Ive done my sums. I've done a lot of research too...well the offer is almost accepted. We put in an offer and the vendor came back asking for a little more. We are prepared to say ok....
Now, the reason I posted here is, to see if others too think its a reasonable buy.0 -
300 a month for 60 months, assuming you can achieve it would seem inadequate for despot for a new house and a buy to let in London, indeed in most areas
We save much more than that....£300 is just wht we save from not renting.... Mortgage (int+cap) comes t0 £800... We rent for £1100 at present...0 -
Ah..".............0
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