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Property - Want To Get Into It But How???

Discussion in 'General Chat' started by emzino, Jan 28, 2008.

  1. emzino
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    emzino Active Member

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    [Jan 28, 2008]
    Ok i'll give a background of myself (a very little one).

    Male living in South London (Croydon) and i'm 21. Income isn't alot but i'm willing to sell the car to get this rolling.

    I've heard alot about Property and how it is a good investment when lookig at the long term picture but I have no clue on what to do to get it started...

    Do I need contacts within the business? How much money do I need and who do I goto see? When I ask questions to a particular person, what kind of questions would be asking and what is it i'm trying to find out?

    So as you can see, just need a little guidance to point me in the right direction so I actually know what i'm doing & talking about.

    Any input is appreciated... thank you
    #1
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  3. jojo
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    jojo Looking for Boost! Staff Member Moderator

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    [Jan 28, 2008]
    Personally speaking, I don't think NOW is a good time to invest in property, with the interest rates as they are and the added cost of living with increase in domestic bills and future increases to council tax later on in the year, I doubt that property value is on the way up in 2008. I brought my house 7 years ago and thought I paid over the odds for it at the time, but thankfully, it kept on going up, so I'm reasonably happy with my purchase, but I won't see any of it unless I actually sell it.
    As for advice or money lending, you need to pop over to your bank and see a financial advisor to see how much you can borrow based on your current income, this will give you an idea on what you can afford, but you also need to factor in stamp duty charges and all sorts really... someone else maybe more qualified to give you info on this.
    #2
  4. Onlyme
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    Onlyme Member

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    [Jan 29, 2008]
    Cant you just go to Argos and buy a tent
    #3
  5. emzino
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    emzino Active Member

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    [Jan 29, 2008]
    Sorry for the late reply, been busy at work heh.

    Well i've been doing some research and what you say appears to echo around other places: now is not the best time!
    I should have got into it long time ago... but still, going to stack up some money and get prepared so hopefully in say 4-6months time when all is well again, i'll go ahead and make something of it.
    By then I should know just about everything I need to as well.

    Thanks for your help mate.
    #4
  6. marriedblonde
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    marriedblonde Moderator

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    [Jan 29, 2008]
    They have been talking about this impending drop in prices for years...

    If it doesn happen then you will be in a good position to pick up a a bargain! I've got some cash stashed and if the prices do drop thats what I am planning to do.

    J.
    #5
  7. jojo
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    jojo Looking for Boost! Staff Member Moderator

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    [Jan 29, 2008]

    I think in 6 months time is a good time to have a look at property, as you will have a more clear picture of how the market has gone by then, but a good idea to start and prepare now also...

    Goodluck.
    #6
  8. Dubplate
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    Dubplate Member

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    [Jan 29, 2008]
    buy up north! Im born and bred in Sutton and i am going to move up to Liverpool to be with my girlfriend, im in the process of buying a 4 bedroom house for £185'000 up there compared to £370'000 i'd have to pay for one around the Sutton area. I guess my job is a plus for me as the rates would be only a little less than i get in London......
    #7
  9. rodenal
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    rodenal Active Member

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    [Jan 29, 2008]
    I'm for the wait about 6 months option too:

    I was looking at buying a place this month but given the prices people are expecting their properties to reach just now, and the possibility of interest rate drops i've decided to keep saving until about august time.

    I dont know if you've made any enquiries into mortgages etc but my sole bit of advice with that is have as large a deposit as you possibly can and you should get more favourable rates.

    I'm also gonna take out a 3 year fixed rate as it'll be my first house and i doubt i'll stay longer, but that obviously has its own dangers with the rise in monthly payments after this time.

    Best thing to do is to talk to a proper mortgage advisor who will take the time to run through it all with you, good luck!
    #8
  10. emzino
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    emzino Active Member

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    [Jan 30, 2008]
    Ok so property is out of the question for the time being...

    are there any other money making methods out there apart from property? I'm not looking to get rich quick or anything like that, I don't envy money... just want to help clear some bills etc
    #9
  11. voorhees
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    voorhees Moderator Staff Member Moderator

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    [Jan 30, 2008]
    try this
    http://www.moneysavingexpert.com/
    a friends friend runs this site and its quite good
    property isn't as clear cut as you think even when the market is in your favour,have you looked at Florida?
    #10
  12. jojo
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    jojo Looking for Boost! Staff Member Moderator

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    [Jan 30, 2008]
    Yes, study the Stock market and a lot of luck, or getting 6 numbers on the Lotto is a quick way also, but you need the luck of the devil!
    #11

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