So difficult......buy or not to buy?

Jemma48_2

I have seen a two bedroom flat that I really like. It is in North Devon, Ilfracombe, where I have been looking for ages. Given what's happening in the housing market I am torn as to what to do?

Any advice from anyone who is in the same predicament or perhaps has a view on proerty prices in Ilfracombe?

Many Thanks

J

Dan_Collins_2

Well this is a tough one at the mo. In theory if this slow down in the market carries on then prices will have to drop to get it moving again. However if you loce the house and can ride out any slump in prices you will always win with property.

wymondham

Hi Jemma
If you love the place and it's affordable and ticks all the boxes then go for it. Keep in mind it could lose value short term, but if you intend to stay a while then why not?

MortgagesInc

The main thing in Ilfracombe is parking - has the flat got any? There are also a lot of flats on the market at the moment, so bargain hard!!

dweeby

wymondham wrote: »

If you love the place and it's affordable and ticks all the boxes then go for it. Keep in mind it could lose value short term, but if you intend to stay a while then why not?

My sentiments entirely... which is why we're about to do exactly the same.

We've found our dream home, and have had an offer accepted. I'm naturally a cautious type, but we're getting the place at the same price as they were selling for ~2 years ago.

If prices drop, so be it. We'll be living in our dream home, and at some time the prices will go up again. We have plenty of equity from our previous home, which shields us from negative equity.

Always remember... you're buying a home, not an investment! (but always use common sense!)

Jemma48_2

You a make a good point re the price being what it was two years ago. In this case the price is line with what prices have been for the last 6 months, so I guess any offer I make should try and take into account a downfall in the next 12 months?

J

dweeby

Jemma48 wrote: »

You a make a good point re the price being what it was two years ago. In this case the price is line with what prices have been for the last 6 months, so I guess any offer I make should try and take into account a downfall in the next 12 months?

It all depends (doesn't everything?)... our area hasn't been very bouyant for a couple of years, and the prices here are fairly cheap anyway.

Check out what simillar properties have sold for over the last few years here.

Good luck with whatever you decide. It weighs heavy on your mind, doesn't it?

Jemma48_2

Yes, you know that feeling, you really want to buy, but so worried that you could seriously over pay in this market, thanks for the web link.

robpw2

go 4 it other wisesomeone else will

poppy10_2

robpw2 wrote: »

go 4 it other wisesomeone else will

Really?

Dan_Collins_2

poppy10 wrote: »

Really?

If its a good property they might!

The only issue I would think about is the price and how many flats are about. I dont know the area, in our area flat prices went up and now for remortgages they have either gone down on remained static!