I would like this thread to be more about personal perspectives on real estate purchases rather than a macroeconomic view of the sector.
Are you in the process of purchasing?
I have been considering a purchase in either New York or London. Unfortunately due to the weakening dollar, London is looking increasingly unaffordable. I do like the location as it is a great stopover point on a Pakistan-US trip.
New York is looking good right now, however there are some restrictions with the purchase. I am looking for a 1 bedroom flat in a well located building. My plan is to rent it out/let family & friends stay there. Unfortunately many of the buildings have “owner occupancy” regulations which make it tough for a part time resident like me.
I am hoping that someone else has an experience with such an investment. I quite fixated on London/NYC as they are excellent international cities that one should have a place to stay.
Family has commercial and residential investment properties in London. In addition at one point in time we had rented our own house as well when the whole family was in Pakistan.
Properties in London may require more maintenance, because they are older properties, u have to make sure structurally they are sound, and if it is going to be a rental property and you are not there then it is best to use an agency to rent it out.
I dont manage the investment properties in UK but my brother who is there handles those, if you have any specific questions let me know and I will ask. he posts on GS off and on, so if he sees this post he may respond here as well.
Family has commercial and residential investment properties in London. In addition at one point in time we had rented our own house as well when the whole family was in Pakistan.
Properties in London may require more maintenance, because they are older properties, u have to make sure structurally they are sound, and if it is going to be a rental property and you are not there then it is best to use an agency to rent it out.
I dont manage the investment properties in UK but my brother who is there handles those, if you have any specific questions let me know and I will ask. he posts on GS off and on, so if he sees this post he may respond here as well.
Thank you. Sound advise. Maintenance is something that I neglected to consider. The advantage of the NYC Co-ops is that maintenance is included in the monthly fees. However the negative is the whole owner occupied restriction.
It would be great to hear from your brother. At the moment I have no specific questions, as the prices are a bit out of whack in London. Who knew that New York would be a bargain?