Question
First time buyer: what sort of house to go for to get some equity?
Hi all I'm looking at getting onto the property ladder. I've looked a some of the modern built starter homes - but they feel kind of cheap inside (plaster board walls for example!). What's more, there's not a lot of money to be made on them - unless house prices go up drastically. I was hoping to get something that needed some work doing, or that could be extended....... but they already seem to be over budget. I get enough of a deposit and mortgage together to spend 130,000 in the Chester/cheshire/north wales area. Any words of wisdom? Just to clarify - I'm in the UK.
7 months ago - 3 answers
Best Answer
Chosen by Asker
a lot of houses being repossessed at present, search for this in your area. don't ignore flats as you can make some good money on these too. and in this climate with the cash you have now you could make a killing. don't be scared of decor, it can be quickly fixed. make sure there isn't damage to the building as this could be costly to repair. have you got family/friends that are in the building game that can help you. auctions are a must, as i keep saying in this climate. hope this helped.........2 bed, 4 in block, front drive and garden, back garden with decking and shed...ETC. 74,000 if you can afford the commute .(as in airdrie, north lanarkshire, scotland :-)
by tracy
7 months ago
Asker's Rating: 
Other Answers
well it all depends on the area really i dont know that area but round where i live u can get a 3 bed house for that price in good nick and its a ok area u can get ex council houses for about 100,00 but they are not in nice areas but some of them are nice
by Jackie Jones- 7 months ago
The property ladder? - all the rungs broke some time ago. 2 bedroom flat for you, my lad. Easiest to maintain, easiest rent out if you need to, and easiest to re-sell when you want to. remember- a house or flat isn't an investment any more, it is JUST somewhere to live. And you have to take maintenance costs into account. I was given some really good advice many years ago about buying your first property, and I have never forgotten it. Decide what is the absolute maximum you are able to spend on a house, then half it. Life is about more than having a mortgage. Besides- the concept of "equity" isn't really working at present.
by No Buddy- 7 months ago