Buying without mortgage. £35k Budget

Vachequirit

You are still a couple of years too early, really. There are areas of the country where house prices are absolutely crashing, like Northern Ireland and the North East. But in other places, like London, the correction has not even started.

As you can see by this thread the memory of the boom is still fresh in people's mind and sellers are still quite unrealistic. Banks are still holding houses off the market, and they are not repossessing. Interest rates are still at 0%, despite people being crushed by high inflation and high housing costs. So overall you would be better off holding on to your cash and waiting a couple of years. I know it's awful having to put your life on hold so that banks and people who paid too much during the bubble don't pay the price of their idiocy. But that's the way the cookie crumbles.

While there are still no guarantees house prices will come down to realistic levels if you hold off, the days of easy credit, self cert mortgages and 6 times loan to value multipliers are over. It seems very likely houses will come down to prices people can realistically afford to pay in the next few years.

Anarchist

ognum wrote: »

If you are self employed, work at home and need speedy Internet access be careful in your choices.

Ah. Think I've just clicked.

lincroft1710

Jaywick in Essex has loads of cheap property for sale. Very close to the sea.

However the downsides are that these are generally bungalows of non traditional construction, small rooms and tiny cramped plots.

CKhalvashi

lincroft1710 wrote: »

Jaywick in Essex has loads of cheap property for sale. Very close to the sea.

However the downsides are that these are generally bungalows of non traditional construction, small rooms and tiny cramped plots.

Don't tell the developers

Thanks for the headsup, it was one I hadn't thought about.

CK

Morgage_Confused

Crikey they are cheap....I wonder is there a rental market in that area? And what yield they would achieve.

lincroft1710 wrote: »

Jaywick in Essex has loads of cheap property for sale. Very close to the sea.

However the downsides are that these are generally bungalows of non traditional construction, small rooms and tiny cramped plots.

Blue22

Morgage_Confused wrote: »

Crikey they are cheap....I wonder is there a rental market in that area? And what yield they would achieve.

Hmmm I'm guessing from your post that you have never visited Jaywick? I think after 2 minutes in the area you would change you mind about the property being 'cheap'

It really is unlike anywhere else in UK

http://www.aylmer.family.name/trails/east/exc/excpix/exjaywick.jpg

Btw most are rental properties, the owner occupiers left years ago.

bangersnmash

Fire_Fox wrote: »

:beer:We could club together and purchase the MSE pub! :beer:

"OWNERS ACCOMMODATION
Situated over the first floor and comprising, 3 bedrooms, lounge, bathroom and WC.

EXTERAL
There are 2 car parks for 20 vehicles and 6 vehicles. Two lawned beer gardens, one to the side with tables seating 30 and one to the rear with a children’s play area seating 50 persons. There are numerous outbuildings including 2 stables and four large storage areas with a 1 acre paddock to the rear." :beer:
http://www.rightmove.co.uk/commercial-property-for-sale/property-22183350.html


OK who posted that link and then deleted their post??????????????

But rent of £24k a year. Two grand a month. Blimey.

Notably there's no mention of the supposed margins and profit. If they were any good they'd be boasting about them in the advert.

So you slave away doing lots of relentless grinding mind numbingly boring and tedious heavy labour for almost every waking hour, 7 days a week - but have to hand over a big chunk of or possibly most or even all of your hard slaved for profit to the owners.

Plus when the lease is up in only 8 years they can double it or increase it however much they want. Or tip you out for any number of reasons.

Sounds like a con. Only a mug would take that on. Which may explain why the current lot are baling out after only two years.

If you want to run a pub then just buy a place and do it up and make the profit for yourself.

Plus do what the owners of this one do and just get some poor mugs in to do the slavery for you while you sit back doing nothing but laughing all the way to the bank. That's the way to do it.

I've looked at cheap properties a bit. One trick is finding stuck sellers and putting in low offers. I don't how true they may be but some other bods have previously posted here that they got a house on offer at £39k for £14.5k and a warehouse offered at £120k for £30k. Someone else said they got a house originally on at £385k then reduced to £350k - for £171k. Wow. Simply by negotiating vigorously.

So maybe put in offers of £30k for various places being offered at £60k and £70k and after five or ten of them have told you to get lost one of them will say ok, £45k then you say £32k then they go £40k then you say £35k - and then they say, sorry someone else has snapped it up. So you were close to getting it. But just not quite.

Then do the same exercise one or two more times, or even more, which is just lots of boring but doable faffing about, and eventually hopefully you'll land a bargain. You might as well do some negotiating. If you put some effort into it you might get something much better for your money. Nothing ventured, nothing gained, no pain no gain, he who dares wins etc. Or if it doesn't come off after some tries and you're bored with it or worn out for doing any more then at least you tried.

Good luck with whatever you decide.

Fire_Fox

Bangers!!!!!!!!!!!!!!!!!!!! :iloveyou:

I was thinking .... one or two days a week each working, five or six days a week communal drinking, non? Current owners have insufficient chiefs and too many indians, we need more chiefs and fewer indians. :beer:

sam959

£35k i have never heard a house being that cheap before! But good luck trying to find one!! I can barely buy a beach hut where i live near Brighton - Hove for that much!! But i suppose the north will be your best bet.

Moneybot

lincroft1710 wrote: »

Jaywick in Essex has loads of cheap property for sale. Very close to the sea.

However the downsides are that these are generally bungalows of non traditional construction, small rooms and tiny cramped plots.

The main downside is it is in Jaywick :eek: