ChatterBank1 min ago
Property
6 Answers
Probably a widely asked question but here goes... I am 20 years old with a fair income and want to start building my empire within the property market, whether this be commercial or residential i'm not fussed. I fortunately work for a major house builder and know plenty and also live at home (which won't be changing for a good few years) Q1 - Is now a good time to buy or do I wait 6 months to see how the market goes and Q2 - Do I go for commercial or redidential, both would be let out anyway.
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According to the Royal Institution of Chartered Surveyors:
RICS Housing Market Survey of Great Britain three months to September 2004.
House values are falling at their steepest rate for nine years, says the RICS (Royal Institution of Chartered Surveyors) housing market survey, published today (19th October).
The decline in prices is the biggest since 1995, and is a reaction to interest rates rising over the summer period � up three times in four months.
Despite this, it is unlikely that the housing market will experience a deep or prolonged downturn in prices as long as the economy remains stable and people are confident about job security
http://www.rics.org/NR/exeres/2557A8DF-A3DD-4893-AB29-DB6237 54C16F.htm
Also a commercial view from one of the bigger real estate agencies:
http://www.cbre.com/International/Sites/UK/Our+Research/News +This+Week/default.htm
I work in the finacne industry. Personally, and I know that other professionals agree with me, I think that there will be a reduction in house prices next year after the general election. That said, if people are being repossessed, ironically, they still need somewhere to call home, so rented properties are still being rented out.
Personally, I would stay away from commercial properties - in a recession, people will always need somewhere to sleep, but businesses will not always need to start up.
In answer toyour question: 1) wait 6-12 months, 2) residential
My opinions only.
I would buy now (houses are never really going to be substantially cheaper than now, and may well still go up) and buy a house in need of updating or renovation if you are brave. The more naff it is the more you can make. Be careful to make it appeal to as many "types" as possible, and get the lowest possible price for it in the first place. I would go for residential, as commercial properties can be hard to sell on, depending on the area, whereas people are always going to want to rent houses.
If you are looking to make some good money I doubt now is a good time to buy. There are better places to invest than an inflated property market. Wait for the people who bought over the past few years to get burnt then look again when you can offer your place rather than accepting theirs. You are only 20 so don't rush at this thinking you will miss out on something, you really won't. Invest for the short term else where and sit and watch...........patience is the key to good investment.
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