My mum wants me to buy an apartment in London

[Black Anarchist]

Buying an apartment in London or Crowley(second cheapest)

 

My mothers had a conversation with me about buying an apartment here in London. She knows my heart is not in it. I just don’t like the prices I have to pay. Does it really cost $129.87 for a tiny studio apartment that is 45 minutes from London.  It is only fit for one person, has a bed that folds into the wall and a separate small kitchen and washroom. 

 

​I am currently living in a shared household with six others paying $720 a month bills included in a skanky area called South Norwood. 

[aviet]

When I was young, I was very stubborn in regards to what teachers and my mother wanted me to do. Everything I was forced to do was a complete waste and everything I choose to do myself, sometimes against advice, I learnt something from. Some of my decisions were bad ones, but they were some of the most important decisions of my life. The only thing I learnt from being forced to do things is that you don't yield good results from forced situations. It's like if there is a government program, say socialised health care. The vast majority of people take it as a given and are people are hardly pulling together to build something great; and thus, in the UK the NHS is so bad that no one would pay for it if they had the choice. But if you have something people are enthused about and pull together in the same direction, then it can be very powerful. Linux is such an example, without which the internet would be very different.

There was one thing in particular I was aggressively forced into doing by one teacher: going to University. Luckily I put my foot down and did not go. If I went it probably would have been the biggest mistake of my life. I'd have ended up in debt with a degree I now know is completely worthless. On top of that I'd probably have ended up in jobs that are no way near as good or financially rewarding as what I am doing now.
 

On the other hand my mother did get me my first and only job. At the time I had essentially dropped out of society on most fronts and although I did not explicitly not want the job, it was not something I would have done myself.

My first question would be: What are your options beyond London? In terms of career. It seems your not happy with your current setup. So unless there is some possible pot of gold that can only be accessed by getting an apartment, then you have no reasons.

As for London property prices, I'm not sure how much $129.87 is. Seems to be a typo, but London is obviously a giant bubble. If you consider the actual cost that it would cost to build the property and observe the difference between that and the market price, you can work out how much you can potentially loose. Personally, I am only interested in property that is about the same value as the build cost.

On the other hand, there are obviously a lot of opportunities in London. If you are interested in pursuing them, it means that you have to tough it out in London for the chance that you might excel. Its your prerogative to make the most of where you live. I am moving to a country with 10X lower wages than where I live. It's a country that people are leaving in relatively large numbers and if they join the EU even more will leave. Its one of a number of countries that are already in population decline and will face a pension crisis in the near future. However, where everyone else sees lack of opportunity, I only see opportunity.

[Black Anarchist]

What I meant is $129,000.  I found another studio apartment where I live.

Not pleased at all.  

 

http://www.rightmove.co.uk/property-for-sale/property-39303804.html 

Is it an English speaking country. Do you think you can capitalize in a country where the native, who know the language and culture cannot?

. Personally, I am only interested in property that is about the same value as the build cost.

.

 I always wanted to know how much that would be.  I looked on alibaba

I found this container house for $3,000. If it cost 5 time to ship it and plumb it up

, it is a lot cheaper then anything in London. 

[aviet]

What I meant is $129,000.  I found another studio apartment where I live.

Not pleased at all.  

 

http://www.rightmove.co.uk/property-for-sale/property-39303804.html 

 

You could probably get something like that for under £40,000 in my town. Are you a British or London native? I got the impression you were American, but just because you used $.

 

There are a few places in the UK where you can buy houses from local authorities for £1. Stoke-on-Trent is one. I think Middlesborough is another.

 

 

 

I always wanted to know how much that would be. I looked on alibaba I found this container house for $3,000. If it cost 5 time to ship it and plumb it up , it is a lot cheaper then anything in London.

I might go for something like that at some point. The actual cost to build a house will vary by area due to labour costs and suppliers. I was told by one developer that average houses in my area will cost bout £40,000 to build (that was several years ago), but on top of that you have the price of the land. Average house plots are about 450m2 and in my area that costs about £40,000-60,000 due to planning regulation bureaucracy. Unless you live in London, you can get an idea on the build cost of an area by looking at the cheapest houses in the area on RightMove. Those will be about the same as build cost. In my area the cheapest is: http://www.rightmove.co.uk/property-for-sale/property-49905748.html

 

Though I have seen cheaper.

 

You can get agricultural land for about £8,000-12,000 per acre (4500m2) and its possible to blag your way to living on that, which I may look into in 10 years.

 

 

 

Is it an English speaking country. Do you think you can capitalize in a country where the native, who know the language and culture cannot?

No and they don't speak much English there. It's somewhere where backbones are still very much intact. I'm not going there to be part of their economy, though I will bring a few jobs. I may look at doing something there in the future though. If so I will look forward to stumping their politicians. The property is very cheap I've seen a big house, about 5 bedrooms, with small swimming pool and four acres, in good condition for either £35,000 or 35,000 EUR.

 

Luxury for under £70,000 in Bulgaria: http://www.bulgarianproperties.com/Houses_in_Bulgaria/AD38119BG_House_for_sale_near_Veliko_Tarnovo.html

[Somewhere]

 

I found another studio apartment where I live.

Not pleased at all.

I don't know that particular area but actually for London that looks cheap. It's a 1-bed and quite a good size, close to good transport, although stuck under the roof, which could be hot in summer/cold in winter; ideally it would be insulated using radiant barrier foil. If I had to buy in London I might consider somewhere like that, although with the security situation / UK foreign policy I personally wouldn't touch London real estate. I have nice memories of living in Croydon, which is just down the road from there.

[Black Anarchist]

I don't know that particular area but actually for London that looks cheap. It's a 1-bed and quite a good size, close to good transport, although stuck under the roof, which could be hot in summer/cold in winter; ideally it would be insulated using radiant barrier foil. If I had to buy in London I might consider somewhere like that, although with the security situation / UK foreign policy I personally wouldn't touch London real estate. I have nice memories of living in Croydon, which is just down the road from there.

Croydons changed a lot, they are building apartments and a shopping mall there call the boxpark.

[jah]

I live in London.  £165k is fairly low for anywhere in London.  Personally, I wouldn't pay the prices these days.  I think the market is ripe for a big correction although, as the saying goes, the market can remain irrational longer than you can remain solvent.  It depends on how secure your job would be in a downturn.  If you could always pay the mortgage no matter what then you might do ok.

[aviet]

the market can remain irrational longer than you can remain solvent. 

 

That is certainly the case. I think it will take a serious debt crisis to push prices down.

[Libertus]

It depends on how much money you're making, and for how much you could rent it out once you don't want to live in a broom closet anymore.