House advice please

[pinkiefriend]

I need to know what the people think I should do. I live in a small house in Glasgow. I know the flat is not worth a lot and it needs quite a lot of work done to it. There is no double glazing, the floorboards are uneven and also the walls are quite uneven. There is a hole in the bathroom floor that has been patched up rather shadily by the landlord but all this in consideration I could buy the house for �40,000 at the most. I have been staying in this flat for 4 years already and am looking to buy a place soon. I know the house needs a lot of work done to it but I can't afford to buy anywhere else in Glasgow. What would you do? Would you go with it in the hope that you may make a penny out of this property as they are rather old and I'm thinking that they will want to redevelop the area soon enough anyway, in which case they would have to buy me out. Any help would be appreciated as it's been playing on my mind for a while.

[sam82]

what area of glasgow are you in??

me personally i would buy a property like this as i know i could get the work u have mentioned done quite cheaply. and it would be an investment! but again, depends hte area of glasgow you are in?

[WendyS]

I think one clue to making your decision is whether you are any good at DIY, or know somebody reliable who can help you bring this place up to standard at a cost you can afford. Also, doing it up will test your time, patience and your purse. Do you have the stamina to cope with all this? On the other hand, everybody seems to think they will make a fortune buying property and selling it onbut if it's an old place and you want to sell later, you may barely recoup your costs.. If you really can't afford to buy anywhere else, maybe it would be sensible to get your first foot on the property ladder and tackle the DIY repairs one project at a time. That wasn't much help was it? On balance though, why pay rent and line somebody else's pocket. If you buy, at least it will be yours one day in the distant future.

[noxlumos]

Yeah buy it, every single time, if you get the chance to buy cheap property, always take it because to be honest it never goes down. I bought some real slums in Stoke on Trent and also in the Rhondda about 6 years ago for around the �5,000- �10,000 mark and now they are worth a damned sight more than that. As long as your flat doesn't need major structural dealing with you'll be ok, so get a good surveyor and use the faults he finds to hammer the price down with your landlord and always start by offering no more than half of what he's asked you for and haggle up from there ( you can always go up, you can't go down:). If you've been right enough there for four years it can't be that bad and it's a very cheap leg up onto the property ladder at �40,000 or less. Good luck:)

[soozmac]

I bought a flat in Dennistoun 5 years ago for �42k and it's now worth over �90k and I've done barely anything to it. House prices will always go up, and once you've bought it, you know you have the time to do it up as and when you can afford and wish.

Why not speak to the Council and see if they have anything in the pipeline for whatever area you're in. Maybe the area will be redeveloped around you, in which case you could be sitting on a goldmine!

[pinkiefriend]

Thanks for all your answers, you have made me quite excited and i've got a mortgage appointment for Friday. Can anyone give me advice on mortgages. I'm planning a 100% mortgage.

[raysparx]

hello pinkie,

I agree with the others,go fo it, when you start paying back the mortgage,make sure you don't miss a single payment,and always pay a little bit more than the amount required,say your monthly payments are �200, try and pay �220 or a bit more if you can this will bring the mortgage down a lot quicker,because for the first few years you will only be paying interest,

also try to get the house into a good state of repair,but don't just pick workman out of the local paper,ask friends and relatives if the can reccommend anybody,

good luck,hope it works for you,Ray