Buying a flat for investment purposes

Dan-Dan

^^^^^^
Happy Monday morning everyone!!

Werdnal

Dan-Dan wrote: »

^^^^^^
Happy Monday morning everyone!!

Lord Baltimore posted at 1.00am - must be losng sleep over the doom he is preaching about ...

dimbo61

A small house is better than a flat
If he/she can only afford a flat please go for a 2 bed, 2 bathroom place with parking if at all possible

robtgossard

‘Invest what you are willing to lose’. That is a HUGE amount and investing all that money in real estate can be very, very risky. While buying property might sound like a good idea, no one sector is totally risk-proof and therefore you should consider investing your windfall money in different sectors. And if you still choose to buy a flat with it then by keeping it vacant to avoid costs you are missing out on a regular stream of income - the rentals.

marathonic

Here in Northern Ireland, BTL was considered a good investment in 2007. That's when property prices were double the price, or more, than what they are now.

My own house, purchased in December, was purchased for 50% of the value it was on the market for back then (a work colleague actually viewed it). When prices started dropping, the owners rented it out waiting for the upturn that hasn't yet materialised.

Obviously, they gave up waiting last year - my instinct tells me that it was their last opportunity to sell privately before the bank came knocking on the door.

Now, with prices 50% lower (probably 65%+ in real terms), BTL is considered 'the worst investment in the world'. This tells me that, if at all possible, I should get myself a BTL in the next year or two

In the mainland, a lot of people are of the opinion that it can't happen there - but people here were of a similar opinion 7 years ago.

buzzyzoe

Agree with others who have said buying a flat and leaving it empty isn't great morally with the amount of housing problems at the moment.

It would be depriving a FTB of an affordable home.

Also doesn't make a lot of sense financially, the yearly costs would almost definitely outweigh the profit you'd make from selling on, particularly in an area where 100K would buy you a property outright.

Add to that the possibility of break ins, work that would need doing on it and it seems like a silly option really.

Lord_Baltimore

Dan-Dan wrote: »

^^^^^^
Happy Monday morning everyone!!

Luckily for the Government, people just won't believe how deep the sh*t is that we're in.

Werdnal wrote: »

Lord Baltimore posted at 1.00am - must be losng sleep over the doom he is preaching about ...

Nope, I just don't need a lot of sleep. And I'm no doom-monger - do you honestly have no idea what is going on? :doh: