I'm 23, am settled in my job and am debating on whether to join the property ladder with my brother or a mate. What is the best way to go about this?
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Q&A » Buying and selling property
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159JoeEasedale postedSave up a large deposit, and watch prices fall until they level off and stay that way for a year or so. Then might be a time to buy.
Posted on 30 November 2010 |
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0shaunmlordan posted
But when will we know when price's are levelling off, surely its just a random art isn't it? and are auctions a wiser option to find a bargain??? we are more than happy to renovate etc.
Posted on 30 November 2010 | Love 0 loves
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159JoeEasedale posted
It may well be that prices will level off and then bounce along the bottom for several years as repossessions get bought up, and the new unemployed who are also heavily in debt lose their properties, and as real spending power deteriorates.
Buying at auction can get a bargain, but unless you get a structural survey on each one before you bid, you might be buying trouble.
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824MikeGG1 posted
House price movements vary considerably from region to region. Keep an eye on the regional indices issued by Halifax, rather than the national index issued by Nationwide.
If, or when, you do buy with someone else, do it as Tenants in Common and draw up a partnership agreement which includes a framework for dissolving the partnership and resolving diaagreements.
Mike
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85ckm4328 posted
As MikeGG1 says you must buy as tenants in common and get a declaration of Trust prepared. Also be sure that the person you are buying with has a stable job. Insist on taking out necessary insurances, life etc.
You will also need to make a Will. Have a think about if the other person dies what will need to happen. Do the declaration of trust and Wills at the same time.
Like you say when to buy is completely subjective. If you find the right property at the right price in the right area and you intend to stay there for a substantial period of time, consider tying a period into the Declaration of Trust, then it can't be the wrong time.
Whatever property you buy unless it is very new get a full structural survey it may be expensive but not as expensive as paying for a whole new roof etc.
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0shaunmlordan posted
thank you all. very useful starting position for me to get researching into.
one question i did have though;
If I bought a place to live in initially and then wished to rent the place out what things would i need to consider? is there different things I need to declare and contracts/mortgages I need to change?
Posted on 30 November 2010 | Love 0 loves
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