Buy now (in Dundee) or wait?

Bluebirdman_of_Alcathays

Crashy_Time wrote: »

Looking at Rightmove there are plenty of small flats for sale in Dundee at around the 50k level, maybe not the best areas in some cases though, but my view has always been that fair value for basic central one beds in Glasgow/Edinburgh is around 50 - 70k, certainly no more. For the moment though it looks like Aberdeen is heading for price equilibrium with Dundee in the near future unless there is a dramatic turnaround in the oil situation?

Oil is currently 71% UP from it's low of $28pb. You're not very good at this financial stuff are you? Probably best you stick to renting x

kilby_007

The oil price might be up from it's low, a price that would have seen 95% of North Sea rigs shutting down, but it's still 60% lower than it's 2011 price. Most companies at the moment are having to make drastic cuts to keep their heads above water, even at $46/barrel.

westernpromise

Crashy_Time wrote: »

You wouldn`t grudge the OP a wee 10 or 20% drop though would you, letting them save some of their hard earned in the process?

Crashes tend to come when your shoeshine boy is predicting rises.

Since all the news at the moment is bearish, I'd say a 10% gain is no less likely than a 10% fall.

Crashy_Time

westernpromise wrote: »

Crashes tend to come when your shoeshine boy is predicting rises.

Since all the news at the moment is bearish, I'd say a 10% gain is no less likely than a 10% fall.

I can`t see any drivers for a gain though, sentiment, wages or credit availability. Aberdeen will have a psychological effect in Dundee, Edinburgh/Glasgow may be able to claim they are unique markets in their own right (debateable) but Dundee must feel some pressure from such a big slowdown in Aberdeen?

westernpromise

Crashy_Time wrote: »

I can`t see any drivers for a gain though, sentiment, wages or credit availability.

You've thought that for 20 years though.

Speculating with the roof over your head is a mug's game.

bitsandpieces

Crashy_Time wrote: »

I can`t see any drivers for a gain though, sentiment, wages or credit availability.

In Dundee, it's plausible that the current waterfront development will drive price increases, at least in parts of the town. If I could reliably predict these things, though, I wouldn't be worrying about a few 10s of thousands on a property price :rotfl:

dktreesea

I would buy the best property you can afford, preferably a detached house on the Dundee city side of the Kingsway, even if it means feeling a bit squeezed initially.


I would avoid flats - you can end up with your share of large repair bills going forward if you buy a flat. The people in our stair, a couple of years ago, got stung for £10,000 each for a roof repair. One person had to sell up because he couldn't afford his share.


Even in a bear market, good quality properties can still go up. Their scarcity drives their price. Houses in Dundee, relative to flats, are scarce. The Strathmartine Road area should do well over time for detached and semi detached houses. You'ld get some change out of £250k, I would have thought, even for a detached house. Out of the city, I think Broughty Ferry would be a good place to live, especially if you had sea views.

Crashy_Time

westernpromise wrote: »

You've thought that for 20 years though.

Speculating with the roof over your head is a mug's game.

I`ve thought it since about 2007 actually. Thing is, more and more people are thinking along similar lines.


http://www.telegraph.co.uk/personal-banking/mortgages/buy-to-let-investors-face-mortgage-crisis-as-lenders-introduce-b/


Anyone looking for a flat in Dundee would be wise to hang on IMO. RE the extra costs with flats though as someone mentioned, one of my flats in Edinburgh was in a stair that had damage to the roof on one of the top flats without fail every winter when the high winds appeared, didn`t quite hit 10k per flat, but we got up to about £800 each a couple of times. In my case landlord was picking up the tab so no worries there, but a pain for those who owned or were mortgaged.

westernpromise

dktreesea wrote: »

I would avoid flats - you can end up with your share of large repair bills going forward if you buy a flat. The people in our stair, a couple of years ago, got stung for £10,000 each for a roof repair. One person had to sell up because he couldn't afford his share.

Whereas if he'd owned a house instead, he'd have faced the whole bill for any roof repair.

Crashy_Time

westernpromise wrote: »

Whereas if he'd owned a house instead, he'd have faced the whole bill for any roof repair.

But no bill if his neighbours roof blew off? Those choosing to buy top floor flats should ask for a discount or have sufficient insurance to replace the roof if necessary IMO. They are buying a dwelling that is much more exposed to the elements than an average house or lower floor flat.