It can still be good !

bowf

Bought my house 4 years ago for £78000
Spent around £8000 on it (new windows and decor).
Sold it last week or £128500,which was £8500 over valuation (we're in Aberdeen)
That's a return of £12625.00 per annum.
We've now bought a house for a fixed price of £185000,which is actually what the surveyor valued it at.
So we've sold for over valuation and bought for bang-on valuation.

Now there's just the matter of paying for it..... ::) :-/

Pal

How much deposit did you put down on the initial property and how much was your mortgage?

deemy2004

Bought my house 4 years ago for £78000
Spent around £8000 on it (new windows and decor).
Sold it last week or £128500,which was £8500 over valuation (we're in Aberdeen)
That's a return of £12625.00 per annum.
We've now bought a house for a fixed price of £185000,which is actually what the surveyor valued it at.
So we've sold for over valuation and bought for bang-on valuation.

Now there's just the matter of paying for it..... ::) :-/

Great going ! eeaaaah haaaah you rode the bull by its horns !

Now, errr lets see how well you do on the back of the bear.

Remember a 50% rise is equal to a 33 % subsquent fall !

Nethouseprices

We've now bought a house for a fixed price of £185000,which is actually what the surveyor valued it at.
So we've sold for over valuation and bought for bang-on valuation.

Now there's just the matter of paying for it..... ::) :-/

As long as it's your own house, the advantage is that you need to have somewhere to live so you are meeting a need while getting some capital appreciation.

It would also be fair to point out that while Aberdeen does generally follow the Scottish trend, it is still greatly influenced by the oil and associated engineering businesses.

If I was buying as an investment for the long term, Aberdeen would not be my choice because I believe the cash generated there is in decline and the residual wealth from years of oil boom will disappear eventually.

Regards

Steve

timdiecast

If I was buying as an investment for the long term, Aberdeen would not be my choice because I believe the cash generated there is in decline  and the residual wealth from years of oil boom will disappear eventually.

Regards

Steve

Where then?

John_M_Business

As Deemy pointed out in his inimitable way... great, but that was on the back of a rising market.

For example, I bought my flat for £175,000 five and a half years ago, it was valued last year at £280,000... so I 'earned' about £20,000 per annum for sitting on my hands.