Cover me in debt, debt to the eyeballs (or advice on buying a shoebox in England)

[*End Is Forever*]

Move north.

[Provost Harrison]

Offer them 10% less than the asking price, especially if they are asking over the odds...that is probably why they are pricing it so. Take no sh*t - if they don't make a reasonable negotiation, walk away...

[Krill]

Eh.

I'm waiting for my parents to die, then I'll just either move into that house if I've finished uni and can get a job back in Stoke (shouldn't be too difficult if I have a PGCE) or sell it and reinvest the money into another property.

The way I see it either this housing market crashes in which case negative equity ****s you all or it keeps on rising; I won;t be ready to get a mortgage for another 7 or so years at the earliest. I won't have a chance to get a house/flat of my own.

[Drake Tungsten]

Move north.

If moving is an option, he's better off going to America or Australia.

[Lancer]

Low ball. Repeat, repeat, etc. Every penny in the purchase price costs you $124 in interest.

Also, keep telling your agent that they are showing you the wrong properties. You are looking for a DEAL!

Once you've been with an agent for a while and have a feel for prices try the paper and for sale by owner listings. Keep on top of which ones are new. New for sale by owner listings can contain the best deals.

Find out if the seller has any daughters...ok, nevermind, family site.

[Krill]

Getting a permenant visa to Australia is bloody hard though...

[Kuciwalker]

From Britain?

[chequita guevara]

Don't take an ARM or a balloon payment mortgage!

[Provost Harrison]

A what?

[Lancer]

adjustable rate morgage or a morgage with the bulk of payments weighted towards the end.

[Bosh]

Korea's got a wierd system. In most places the developer builds a building and then lets people move into the apartment by paying a massive deposit so that all the deposits pretty much equal the cost of building the building and buying the land. When the people leave they get all of their deposit back.

So developers pretty much don't make any money off the people living in the place, they just use all of the deposit money to go build another apartment building and make all of their money off of real estate speculation.

Things've gotten a bit insane. I'm saving up my money to get a nice apartment once the real estate market crashes a bit

[korn469]

Low ball. Repeat, repeat, etc. Every penny in the purchase price costs you $124 in interest.

Lancer how did you come up with that figure? That's like a yearly interest rate of around 415% on a 30 year loan.

[reds4ever]

Originally posted by Krill

I'm waiting for my parents to die

Youre a real go getter arn't you?

[Snotty]

check the localtion, check out the local pub. check the boiler, come back at different times of day for noisy neighbours, parking etc. erm....

[Krill]

Kuci: yeah, my uncle had to get one. He lived adn worked there for 9 years doing some high end techie job or something. Supposedly it is hard though obviously not impossible to get a visa.

Reds: safest way of entering the market I can think of. Of course, it works better if you'r parents have a nice house...but you also have to be wary of inheritance tax. There are ways around the majority of that though. Like getting a house price estimated a little low for example.