Me and my husband have a dilema.We currently live in the UK, but in about 3 years we’d like to go to South Africa…Now we don’t know,if we should rent a house and try to save money and from money saved to pay a deposit on a house in SA (with savings of £300p/m each we should have £10.800 at the end of 3yrs) or if we should buy a property here, pay mortgage and in 3 years sell it.
Would we make a profit?The property we would want would be in Birmingham for about £120.000, monthly repayments around £800 + bills…
Property we would rent would be in the region of £550 per month.
What would be a better option? What would get us off the ground?
I appreciate your time reading it and your help!
Repossession
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#1 by pinkmarch at March 22nd, 2009
If you buy a house in 3 years time it would make you a good profit as property is set to go up again. Renting is OK but at the end of the 3 years you would have nothing to show for it but wasted money. Even if you didn’t sell your house you could rent it while you are away and it would be making you more money.
#2 by Princess at March 23rd, 2009
They’re predicting property to go up by 40% over the next 5 years so if you can buy, you really should. You’ll definitely make more than £10,000 on it.