I've got £60,000 to spend on property in Dundee - what should I buy?
Actually this is not as odd or unusual a question as it may sound and it was in fact the kind of question which I was asked only recently by a would be landlord.
You see sometimes the problem is not a lack of money but rather knowing how to spend it to get the best result.
There are a number of ways you could spend that amount on property.
The thing is though what is right for me may well not be right for you.
When I’m asked this question, I tend to reply with another one, which is, what are you trying to achieve through buying this property?
As you would expect the response this generally leads to a whole series of other questions such as:
Once you have bought this what are your plans?
What are your plans in the next so many years?
Actually, when someone asks me what they should buy it normally results in more questions than answers!
This is why that my staff and I are happy to chat with people who haven’t even got a property to let.
I would much rather invest time talking about the property market, discussing their wants/needs and even looking at properties online that they are considering than they buy the wrong thing.
Please be extremely wary of people in the property industry (or anywhere else) who try to sell a particular solution to you. There are always solutions to the ‘problem’ of you spending your money but the question is really what is best for you, not what is best for the person with the deal or the solution.
If you’d like some honest and impartial advice or if you just have a simple question you’d like to ask then why not drop me an email at Nick.firstname.lastname@example.org.