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Buying First House / Maisonette
KrisPringle
Posts: 18 Forumite
Hi, hoping for a bit of advise.
Me and my brother are looking to buy a 2 bedroom property in the next few months. We have not arranged to meet a mortgage advisor yet, however im pretty certain we can raise more than enough to buy what we are after.
Now the dilema (on my part anyway) is, do we:
1. Buy a 2 bed property and rent it out (hopefully), this wont cover the mortgage but the property will hopfully appreciate in time. Then in a couple of years time, sell it and buy our own places.
2. Buy a 2 bed property, rent it out for a couple of years, then move in when we are earning more.
3. Buy a 2 bed property and move in straight away.
The way the market is going with interest rates and property prices going up i cannot help but feel that we need to buy something soon regardless on what we do with it.
I would love to move out, but it would put financial strain on both of us (24 and 21 yrs old)
What are people feelings on the above situations?
Me and my brother are looking to buy a 2 bedroom property in the next few months. We have not arranged to meet a mortgage advisor yet, however im pretty certain we can raise more than enough to buy what we are after.
Now the dilema (on my part anyway) is, do we:
1. Buy a 2 bed property and rent it out (hopefully), this wont cover the mortgage but the property will hopfully appreciate in time. Then in a couple of years time, sell it and buy our own places.
2. Buy a 2 bed property, rent it out for a couple of years, then move in when we are earning more.
3. Buy a 2 bed property and move in straight away.
The way the market is going with interest rates and property prices going up i cannot help but feel that we need to buy something soon regardless on what we do with it.
I would love to move out, but it would put financial strain on both of us (24 and 21 yrs old)
What are people feelings on the above situations?
0
Comments
-
If interest rates go up then property prices generally go down as affordability is strectched. I think the days of 10 pa are well over and so why the rush. Whats your deposit?
Also if its cheaper to buy somewhere then rent then people generally buy but now its cheaper to rent so you will be lucky if you break even IMO0 -
got a 10% deposit.
Its not so much if it covers costs now, would it be worth buying now anyway though?0 -
Guess you're both renting, currently, so buy a place live in it yourselves.
I'd forget the thoughts of BTL & any profit making. Concentrate on NOT paying someone else rent!!
But before you do, think about how well you get on with your brother.
& what you'll do if one of you want s to move on, get married, get a job miles away...
& you mention maisonettes - check out on going maintainence costs & possible inreases, BEFORE you get solicitors involved. Some have nasty £$£$£ surprises lurking!!
Plenty you need to consider!!
Good luck!
VB0
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