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£30,000 sitting in my bank what do I do?
KRFMoore
Posts: 1 Newbie
Hi all,
I have had £30,000 just sitting in my account for some time now and I want to buy a house. The reason for the delay is that I'm caught between two minds, do I invest the money into two small properties or do I just go for a big one?
My end game is to have to many properties but I dont know where to start and I do not have have a mortgage this will be my first property/s,
Thanks
I have had £30,000 just sitting in my account for some time now and I want to buy a house. The reason for the delay is that I'm caught between two minds, do I invest the money into two small properties or do I just go for a big one?
My end game is to have to many properties but I dont know where to start and I do not have have a mortgage this will be my first property/s,
Thanks
0
Comments
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Really depends on what is available where you want to buy, also returns you want on your investment.
Buying 2 will end up with you paying extra stamp duty on 1 of them.I am a LandLord,(under review) so there!:p0 -
So is your own home bought outright and you are living mortgage-freenow? Is this extra savings on top of your own 'rainy-day' savings?
I woudnt think that would be enough to consider 2 properties.0 -
I suspect the OP has dreams of being a property mogul with a veritable portfolio of money-makers. Well, many landlords have been selling up and getting out of the game because it's now much more costly to own and rent numerous properties. But if you've a vast bank of experience gained over many years I'm sure you'll know more than them and be able to play the game to your advantage.0
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You think 30,000 is a large amount in the property world? The only tip I have is Location. Location. And Location.0
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did you miss a 0? because £30,000 wouldn't be enough for two properties.CCCC #33: £42/£240
DFW: £4355/£44050 -
It will be just enough to give you a deposit on one property. Buy one to start with and learn about paying a mortgage and how much it costs to keep a property in good repair. Then if you have saved enough money you can consider buying another.0
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No one is going to advance you the money to buy two run-down properties in a very duff area, which is all even an established investor might hope to achieve with an input of only £30k.
So, there is no dilemma for you at this time. Have a good day.
0
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