Can't buy in UK - so where else?

Unknown1234_2

free4440273 wrote: »

i would not be embarrassed about those two beauties. one word: phwoar!
{i'm certainly smiling}

Thank you....

dannyboycey

Conrad wrote: »

The answers I found were Morocco and Germany.

Already mentioned these a few posts back! Glad someone finally agrees with me - it's a bit of a rarity these days!

RHemmings

Conrad wrote: »

As an example I bought a villa in Saidia Morocco. Only £34000 paid so far and Im a year in. The next £34000 due soon.
Balance of £100,000 in 2009 / 10.

Once built I anticipate a value of about £400,000 given the facilities and marina are the biggest and best in the Med (once complete in 2010) and owners get to use all the facilities, often for free and the Government have passed strict laws to ensure year round rent - all fully managed and hassle free even down to they mow your lawn.

So I part with £64000 for 3 years, then at the last minute £100,000 more and I make a capital gain of £232000.
I wont sell though as the rent will be I think around £25000 pa (remember this is a year round resort with incomparable facilities, nothing in Spain comes even close)

When Morocco came up before, some people posted awful experiences that they had there. I think it unlikely that Morocco will become the holiday destination that your plan assumes that it will.

smugbear2007

much safer bet is germany i feel. after the obvious choice of berlin i fancy dresden.after 6 months of dd and pondering on what to do with my savings, me and a mate are going out to dresden to have a look.

isnt the build quality in morocco generally appaling or is the king sorting it out?

dolce_vita

Conrad wrote: »

I think I understand where he is comming from. Being debt free is ok but wont get you anywhere.

He wants to add substantial value to his net worth in order to increase his finanicial independance.

As an example I bought a villa in Saidia Morocco. Only £34000 paid so far and Im a year in. The next £34000 due soon.
Balance of £100,000 in 2009 / 10.

Once built I anticipate a value of about £400,000 given the facilities and marina are the biggest and best in the Med (once complete in 2010) and owners get to use all the facilities, often for free and the Government have passed strict laws to ensure year round rent - all fully managed and ssle free even down to they mow your lawn.

So I part with £64000 for 3 years, then at the last minute £100,000 more and I make a capital gain of £232000.
I wont sell though as the rent will be I think around £25000 pa (remember this is a year round resort with incomparable facilities, nothing in Spain comes even close)

:rotfl:

I love the way some posters talk about these sums of money like it's peanuts and even the way they think it's their money they are investing rather than borrowed money.
and all the words like "think" and "anticipate" and "will make"

Conrad is obviously a dreamer

do you think that the people who are really making money from these type developments are posting on a forum like this.

EagerLearner

Thanks everyone - I am glad this has become more of a discussion than a 'what-areyou-crazy?' debate - unless you are a FTB you won't fully understand how frustrating it is to see all these programmes on tv and people talking about 'releasing equity' etc when all we do is enrich our landlady.

OK - I understand we don't have maintenance to pay, and to be honest right now I am relieved we don't have a house given the market shift last week and the recent interest hikes.

To answer questions -

- We have a reasonable deposit but need a bit more topped onto it to buy here in the south + legal fees etc
- We have no intention of really buying until 2008 but are keeping our minds open
- We don't think it's 'unethical' to buy abroad, anywhere - that's nonsense. What is nonsense is to buy somewhere we don't know anything about, but we would fully research anywhere we were considering before putting a ppenny down.
- We do have investments, as of the last 6 weeks. Sadly, just at the time we started, we got hit last week, but it hasn't put me off.
- Lynz as to shared ownership, funnily enough we were talking about it last week - only thing is we don't want to live with anyone else, so prob would have to ask family (our mums) if they wanted to buy with us but neither is that well off.
- We save £400 a month but I see others on here save hundreds more or even over a thousand, makes me think not enough but won't dwell on it... glad to be able to save anything!
- I work for myself, so would have to wait 12 month for a mortgage anyway (started as self-employed January this year). Not much realistic chance of hugely increasing what I earn as my customers are all fairly new, can't hit them with a hike yet.
- No credit cards or loans but am stoozing one credit card to make as much on the interest as I can, expires November so planning to pay it off and then do the same again on 0% purchases for as long as I can.
- I do other moneysaving things like the Grocery challenge, Quidco, Clicking Cashback Sites and any savings go to our ISA.

My mum lives in the Algarve so Morocco would prob be more interesting, if we were to ever go down that road. However, with only a small deposit we won't be going anywhere fast.

I am keeping an eye on what's happening in uk - however - each report I read either reads 'worst month for mortgage lending on record' or 'mortgages still up despite interest hikes' - I can't understand what the truth is!

Chai_2

Sorry if i have miss read you but shared ownership has nothing to do with living with anyone else. What is your salary and your partners as you may just not be looking for the right things.

Have a look at this site their must be something that can help?
http://www.housingoptions.co.uk/ho2/index.asp they have schemes all across uk

lynzpower

- Lynz as to shared ownership, funnily enough we were talking about it last week - only thing is we don't want to live with anyone else, so prob would have to ask family (our mums) if they wanted to buy with us but neither is that well off.

youve got it wrong love. with shared ownership you own part of the property and rent the other share from the housing association. then, as your salaries progress you can buy extra shares. Or you can choose not to buy extra shares, hold the equity you do have and have an exceedingly low rent.
there are hundreds of threads on shared ownership on here, dig about, and have a look at the housing corp website.

opalfruits_2

EL, my husband and I just bought our first house last year in the Tyne Valley. It's only a little terrace in a small village but plenty big enough for the two of us and easily affordable on two fairly mediocre salaries.

Do you have to stay in the Brighton area?

PJD

Lavendyr wrote: »

We're in the same situation, we are renting fairly cheaply, saving money each month and have no debts. We could buy now if we wanted to, just about, but it would be tight, and we'd rather wait for a short while and see what happens to the market.

Are you really that keen to get onto the property ladder? Is there a problem with renting for the time being?

I'm in the same position, - I have a big deposit sitting in the bank earning more & more interest. I COULD afford to buy, - but I refuse to. It's the principal of the matter.

I'm not paying out SILLY MONEY for something which is vastly over-valued.

I will continue to save money every month & will wait & see what happens also. High interest rates will lower house prices as sure as night follows day.