Moving to Edinburgh, daunted by house prices

Happyfaces

:rolleyes: I have a really lovely flat on the West coast of Scotland (which I own )and was valued offers over £125,000 and am moving to Edinburgh. A flat like this in Edinburgh in a half decent area would be over £250,000. I am even more confused about what I should do about buying, or letting this and renting in Edinburgh and all the combinations. I am 55 so not much potential for a big mortgage and I don't want to be broke! Any ideas? With concern over falling house prices, should I sell quickly here, invest the money and rent till house prices fall ...or will they in Edinburgh ?..or should I let and rent? or rent some where really nice long term and save my money for retirement? I am scared really to give up this flat to end up living in a wee tiny box. I have a little savings which I could add to buying a property...but that leaves me with nothing for emergencies and adventures! By the way..moving to a new better paid job....thinking of the pension ! Any ideas /advise? Thanks in anticipation....Also what kind of financial advisor would be best to go to..I have no experience in all this.:o

Guy_Montag

Happyfaces wrote: »

:rolleyes: I have a really lovely flat on the West coast of Scotland (which I own )and was valued offers over £125,000 and am moving to Edinburgh. A flat like this in Edinburgh in a half decent area would be over £250,000. I am even more confused about what I should do about buying, or letting this and renting in Edinburgh and all the combinations. I am 55 so not much potential for a big mortgage and I don't want to be broke! Any ideas? With concern over falling house prices, should I sell quickly here, invest the money and rent till house prices fall ...or will they in Edinburgh ?..or should I let and rent? or rent some where really nice long term and save my money for retirement? I am scared really to give up this flat to end up living in a wee tiny box. I have about £25,000 savings I could add to buying a property...but that leaves me with very little savings left. By the way..moving to a new better paid job....thinking of the pension ! Any ideas /advise? Thanks in anticipation....Also what kind of financial advisor would be best to go to..I have no experience in all this.:o

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tillybilly_2

Hi there,
I am not much of an expert in this field so wouldn't want to give any real advice. However, I live 10 miles from the centre of Edinburgh and can recommend getting somewhere within commuting distance instead of the incredibly overpriced inner city flats. Out house has lots of golf courses nearby and the journey into edinburgh isn't bad if you leave a little earlier or later than rush hour and you can get a good sized flat for half the price of Edinburgh rates.

Have you looked at espc.co.uk to see what is available outwith the city? We are in Bonnyrigg (under midlothian) , a popular commuting area but there are also places in west lothian where you can get more again for your money. East lothian is nearer the sea which you might like but you pay a little more for it. Portobello or Musselburgh are good bets if you want to be close to the sea with good commuting to the city centre.

Good luck with your new job and whatever decision you make!