I've recently sold my first home and made a decent profit on it. I'm wanting to buy a bit closer to work in a desirable village. The house i'm looking at is in a fairly new (2006) build area of the village and it would take up the majority of the lump sum profit I've made so it is quite a scary move.
The trouble is, I've been researching the area on Zoopla, Rightmove, etc. and looking at sold prices in the new build area. It seems that all properties have made a loss since they were bought brand new in 2006. The majority of the losses are between 10% - 20% and none have sold for more than they were bought, despite lots having various improvements made (although not extensions, more like new kitchens, bathrooms, garages added, that sort of thing).
Also, nothing has sold in the area since 2014. However, there are about 10 properties up for sale now (out of the 56 on the new build site). All are for sale at around 10% less than what they last sold for.
Does this sound too risky? I would need to move again in around 3 years with work and obviously don't want to lose any of the money I put into the house as it is now the only savings I have and would be my deposit for the next place.
Any advice would be much appreciated. Thank you in advance.
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Risky Property? Advice needed
10 replies
PartyShit · 22/04/2016 17:56
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