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What to do re possble property

  • 24-04-2006 8:22pm
    #1
    fsjdsdbpok
    Closed Accounts Posts: 2 ✭


    I’ve got savings of 60k and my income is 30k and I want to buy a property valued at 120k…although its in a bad state and could take between 20k (minimum) and 60k.
    I’m in two minds as to what I should do.
    One part of me is thinking that I should go for it, do It up myself and get builders in where needs be but the other is daunted by the fact that so much work needs to be done, and I’m not a ‘proper’ builder/electrician etc.
    Basically I’m determined to buy my first property, and my savings will be pretty useless in a few months if prices keep on mushrooming.
    What should I do?
    The alternative to buying the property of 120k is buy a place of 220k, would I be stretching myself too much.
    When your borrowing for a mortgage should you stretch yourself or not? Is that the plan
    I’ve no kids, family, big car etc...
    Anyone else ever been in my shoes?


Comments

  • #2
    Idleater
    Registered Users, Registered Users 2 Posts: 6,236 ✭✭✭Idleater


    Went for the buy cheap and DIY it route myself. There are two of us though, which financially makes it easier, but the flip side is that there can be "complaints" about living in a building site.

    As regards DIY, if you are in any way handy, willing to learn and put in some effort, not going to limit yourself time wise, then I would not dismiss it outright. It is very satisfying to really put your own stamp on a house. If you have a couple of friends that can help out with difficult tasks all the better.

    How old is the house? What type of house is it (terrace or cottage in the middle of nowhere)? How soon would it realistically take to make "liveable" (double whatever the cost and the time)? Is it structually sound (i.e. is it more of a knock and rebuild site)? How worthwhile would the finished product be (i.e. similar houses in the area)?

    L.


  • #3
    Greenhorse
    Closed Accounts Posts: 35 ✭Greenhorse


    Hey There,

    It all depends really where it is and what you are prepared to live like.

    If you go the renovation avenue and work your day job and only do up the house in spare time you could be living on a site for a long time.

    I wonder if the figures you quoted are correct.

    If they are then I would go with the $220k house. You see if the$120 house requires $$60k to do it up then thats a value of $180k.

    Why not go for the ready made $220k house instead of living on a site for the sake of $40k.

    There would no be a huge differenc in the mortgage rates. You can never be 100% certain that the renovations will unearth other faults.

    My 2 cents is go for the "ready to move in" house for $220k.

    Lots to think about.

    Rgds,

    Niall


  • #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Greenhorse wrote:
    Why not go for the ready made $220k house instead of living on a site for the sake of $40k.

    Agree with a lot of that post, 40k is very little when it comes to price variations between houses. Ultimately I'd go for the one with the better location, because that's just about everything when it comes to property. If the 220k one is in a better location, I wouldn't even hesitate to go for it.


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