2006-09-18 04:44:47 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
£40,000 is one heck of a deposit - so you could probably get a mortgage for a house that would normally be out of your price range (ie a good investment).
However I think the best way to make money on property with 40K is to put £10k down on a house that needs a bit of work (no more than £20k) but substantial enough to give you a good return on sale. Keep the final 10k in reserve for emergency use if you go over budget.
Alternatively, consider buying a flat/house/land in an Eastern European country...especially one that will join the EU in the next 2 or 3 years...they're pretty cheap and you should get a good return from it.
2006-09-18 04:50:19 · answer #1 · answered by gromitski 5 · 0⤊ 0⤋
A Sensible approach:
Consider how and where you would like to live.
Do you want to live in your own home or would you be happy to stay in rented acommodation whilst your property gains (hopefully) value and the mortgage is paid by the tenants. Consider how you will pay your mortgage long term.
Consider how you will sort out maintenance and decorating.
Consider how long you might like to keep the property.
Abroad is a good investment potentially but quite a lot of research in the local law is a must.
Maybe spread your investment a little if you can afford to do something a little high risk?
Lots to think about - good luck!
2006-09-21 07:56:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Buying abroad can lead to problems. It's a good deposit that can lower a mortgage. Buy a property that needs modernisation. Do it up and sell at a profit. Do your homework and see what areas are up and coming near you. You could double your money. Check all clauses in your mortgage that you don't pay a penalty if you sell it before three years. There's money to be made from doing this.
2006-09-18 11:53:40 · answer #3 · answered by Tabbyfur aka patchy puss 5 · 0⤊ 0⤋
good luck getting a house in this country for 40k.. Go abroad. Eastern europe is a hotspot for property just now, get in there early and you should have a great investment on your hands.
2006-09-18 11:48:56 · answer #4 · answered by Trix 3 · 0⤊ 0⤋
I would buy a property here as they are currently the best thing to invest in
2006-09-18 11:49:00 · answer #5 · answered by alismudge 3 · 0⤊ 0⤋
£40k will buy you a modern detached 4/5 bedroom house with very large plot of land in Eastern Europe.
I bought my 20 acre ranch two years back .
Mazury the Polish Lake District be quick.
http://www.allegro.pl/20785_sprzedaz_domy.html
The link is to a polish eBay type site it opens on the houses for sale 5.8 zloties to the UK pound
2006-09-18 11:58:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Either way you'll end up with a mortgage!
Perhaps think about getting on o the property ladder to make a profit?
2006-09-18 11:47:55 · answer #7 · answered by Lorraine R 5 · 0⤊ 0⤋
40,000 is not a lot of money to speculate in property market. Just think about buy one property.
2006-09-21 10:25:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋