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To buy or not to buy?

KMK
KMK Posts: 271 Forumite
in House buying, renting & selling
My son works in the Manchester area and is renting at present. He does not earn a high wage and would have difficulty in obtaining a mortgage. We are able to help him by contributing a significant amount to the purchase price of a flat, and we are wondering if this is the right time to buy, given the lowering of prices. Or should we hang on?

Any advice welcomed.

Comments

  • dannyboycey
    dannyboycey Posts: 1,060 Forumite
    Hang on until next year would be my advice.
  • lethal0r
    lethal0r Posts: 408 Forumite
    hang on if you can. another 6 months could easily take a 5 figure sum of the asking price.
  • moneysavinmonkey
    moneysavinmonkey Posts: 1,213 Forumite
    Buying a flat in Manchester could loose you a lot of money,
    there are some real horror stories of people loosing 100,000's in new developments.
    Without doubt there is significant oversupply of 'executive apartments'.

    Wait a couple years and your money will go a lot further.
  • pamaris
    pamaris Posts: 441 Forumite
    Just a thought, but definitely try for a 2BR terrace in an established area over a flat- they don't cost that much more & they're far more versatile. Don't help him buy a home that he'll be "stuck in" (ie 1BR flat) if he takes the next step in life (marriage, kids etc).

    Yes, do hang on... in 6 months you'll see which way things are going.
  • Zammo
    Zammo Posts: 724 Forumite
    Please wait another 6 months at least. If you really must go ahead now then offer at least 40% below "market value".
This discussion has been closed.
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