Shall I risk buying for cash and no gearing in Shildon County Durham?

Shall I risk buying for cash and no gearing in Shildon County Durham?

7:59 AM, 24th December 2013, About 9 years ago 12

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Dear Readers,

I’m in a bit of a predicament, I’m currently looking at investing in property to let but a few years ago, I unfortunately got my hands bitten and am therefore am unable to get a mortgage due to poor credit and defaults etc.

I have a bit of money sat in the bank and have come to realize that if I buy north of the country, I could buy outright.

Could anyone give me any advice on doing so please? I know it has it’s possible pros and many cons but basically I just want to know if I’m going to make money or is it more hassle than it’s worth?

The area I’ve been looking at is Shildon, County Durham. Has anyone bought there before or own property there now that can give me advice or does anybody have knowledge of buying in areas that they are unfamiliar with?

Should I go for it or am I better off waiting for a couple of years until my credit is fixed and obtain a mortgage so I can buy closer to where I live (bearing in mind, house prices are at an all time low and are set to rise).

Any help and advice would be greatly appreciated.

RyanCash



Comments

Ryan Stride

23:03 PM, 27th December 2013, About 9 years ago

Reply to the comment left by "Stephen Holmes" at "24/12/2013 - 10:45":

Hi Stephen,

Thank you very much for your comment and help.

I would love to take you up on your offer of you putting me in touch with your friend, with the knowledge of Shildon.

My email address is; ryanstride@hotmail.co.uk
If you could pass me on his contact details or pass mine on to him, it would be very much appreciated.

Thank you again,

Ryan.

Glenn Ackroyd

13:54 PM, 31st December 2013, About 9 years ago

I have houses in Shildon, and the rents are not the best - circa £350/m for a 2 bed and you'd need to happy to consider DSS tenants.

Don't expect much capital appreciation. The only active buyers will be investors, and there are many with houses to shift, rather than buy.

A typical 2 bed ex-LA house will set you back £40-50k currently.

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