I recently made a considerable net profit on a house sale in Northern Ireland (as in £110,000 from four months of ownership). This was completely unintentional; I just needed to move closer to work so decided to sell after just a few months, but as an American citizen it blew me away that the market is so strong here. Anyway, because this money came to me from out of the blue, I’m considering reinvesting it in new property in the area, either land or home. My question is whether it makes more sense to diversify these earnings in things other than UK real estate, or put it all into one barrell and hope for similar luck the second time around. Some say the market here inevitably will crash, and this worries me. It’s also hard to justify spending £300,000 (US $600,000) on a property that probably would sell for $135,000 in many US states. The house I just sold for $640,000 is a two bedroom apartment, granted in a nice area but come on. Apparently real estate is where the money is. Advice?
Sarava, sorry to hear you’re having trouble selling your house. And I completely agree about the luck issue. The apartment I just sold was on the market for a year before I came along, and I purchased it for UNDER the asking price in September. When I sold it a few weeks ago, it went in five days, and people were bidding on it like it was on eBay!
Posted in Land For Sale
Tagged american citizen, area, bedroom apartment, crash, dumb luck, earnings, Estate, four months, house, house sale, luck, market, money, net profit, northern ireland, out of the blue, ownership, profit, Property, sale, second time, uk, uk real estate, US
