C

Righto,

I'm in a situation where my housemate wants to move in with his other half... (I'm taking bets as to how long it will last as its hardly a 'stable' relationship lol)

But it leaves me in a position where i'm kinda high & dry with no house

I've rented for 3 years now & am fed up with it to be honest, it's about time I did it properly & bought my own place, rather than umming & arring for ages about actually doing it.

I can get a nice 3 bed semi with a decent garden in a nice area for circa £200k but this is the issue:

Rather than taking out my own mortgage my parents own a couple of properties which they would be happy to 'remortgage' so I can buy & cover myself - they will still have over 60% in the house they are planning to do it with so they will never be left high & dry if it really does go wrong.

My question is - do I buy an older house in need of some work, and on a temp basis move back in with my parents whilst I renovate, or just by a half decent house with it all done?

Or the other option would be to do a self build - but I know nothing about this?!?!?!

Any property tycoons with some pearls of wisdom that you guys wanna share with me? lol

Cheers!

chinnybloke

I am no tycoon but I'd go for the old house and do it up. That way you are buying cheaper and (most likely) adding value by improving it. If property prices do go down, hopefully all you will lose at worse, is the value you added to it by doing it up. Hence you haven't really lost anything. Whereas if you buy one that needs nothing doing you could well lose money on it.

C

This is what I was thinking actually

Does anyone know if any estate agents 'specialise' in properties that need removating?

Thanks

Scooby96

C - mail me

chris.knowles@axa-ppp.co.uk

C

scooby96 YHM

Scooby96

YHM back