eriverpipe
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You'd be very foolish to proceed. Not a place I'd be putting money right now for certain.... basically when you factor in all the actual costs of buying and selling a house (legal fees, surveys, estate agent fees, stamp duty etc etc), and offset that against the possible profit, unless you are doing major development on the property there's absolutely no way you will make any money in a short term proposition..... Interest rates are not THAT low, and they aren't likely to do much other than creep up.... |
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Stephen M
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for 10 years the house prices have been about to fall yet they have kept going up. The basic fact is that there are still more people looking for houses than there are houses so in the long run prices will continue to rise. They may dip a bit but they will recover again.
So depends if this is a short-term money making scheme or long-term. If you plan to make a lot of money quickly i don't think it will happen but if you plan to keep the house and rent out for several years then i don't think you need to worry too much |
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expert_ease
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There's always a risk prices might fall, but as long as you aren't over streching yourself too much you should be okay. Plus at the moment theirs lots of firms like a quick sale ( http://www.a-quick-sale.co.uk/quick/ ) who are dying to take property of people's hands so if you get scared you won't have a problem selling it quickly! |
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Marv
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going down??? did you say... umm... have you even seen the property market these days? |
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makeitright
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I am delighted that the mortage prices are dropping. I don't see a drop in the price of the houses. I see them going up to compensate for the low mortage rates. It is a good time to buy a home.
Best wishes. You have no concerns if you are buying. Good luck. |
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Al Zymer
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You would be taking a big gamble on prices rising sufficiently in the short term, to clear your expenses AND make a profit. "Negative Equity" - heard of it? It is when prices drop, and the mortgagee owes more than the property is worth. |
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wizjp
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Because it's a buyer's market wit hall the supply available and the loan's near foreclosure.
Not the best time for a short term real estate investment |
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financing_loans
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You are buying a house to make money?
Let me ask you a question. Does that mean you are buying to turn around and sell it?
I dont understand how you buy a house to make money. Its a debt. You can invest in a house and over time you can make money. But if you intend to make money off a debt, you need a new financial advisor.
You dont make money on debts. You can on investments but if you are buying a house for investments, dont expect to see a return on investment for a few years. If you expect it quickly, might as well throw your 100,000 on the craps table and see how the dice roll.
Just saying |
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honey
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This question has been asked for the past couple of years.
Price rises seem to be slowing down,but personally I can't see them going down a sufficient amount.There is a big demand;divorcees and immigration,and a shortage of building land.
In your case you may be a ble to make more money on a property is if you make improvements,add more rooms,update kitchens and bathrooms.Check with an estate agent. |
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evajade2007
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I brought my house for £170K exactly 2 years ago and have just sold it for £205K. i didn't do any major works to it, just painted a couple of the rooms. if you are willing to keep the property for a couple of years, then you should see profits of around £10K plus after you take in to account the solicitors and estate agents fees etc. |
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blowinsmoke
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"The supply of single family homes rose to 10.2 months in September from 9.3. This marks the highest inventory level since 1986 and highlights the continued difficulties in the residential housing market. The months supply for total existing homes (single family plus condo/co-op sales) surged to 10.5 months from 9.6 months, the strongest on record going back to January of 1999. Meanwhile, the condo/co-op supply surged to 12.6 months from 11.4, the highest level on record going back to 1999." (http://www.usnews.com/blogs/capital-commerce/2007/10/24/housing-market-still-looking-for-a-bottom.html?s_cid=rss:housing-market-still-looking-for-a-bottom.html)
Hope this helps. The housing market is going to continue to go down until it establishes an equalibrium in supply and demand. Only when the demand rises will prices rise, right now, the demand is low. However, I am in the market to buy as well, only I will be living there. I have talked to a lot of realtors and executives that tell me that sometime next year, 2008, that equalibrium will be met and the market will then slowly rise again. This is only a future forecast though, but from very smart people. |
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Orly
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Be wary about the improvements, though - some things don't pay for themselves, and if you spend too much, you may push the property's price outside what is reasonable for the location. |
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GG
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dont worry about it. im sure you're referring to home values. but i wouldnt sweat it, i'd be thankful. the way i see it is real estate is always and forever going to be a fluctuating market. right now its decreasing but in another year ot so things will be back booming. peopel are always going to need a home and so you;re investing in an essential. dont worry be happy. |
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