Lay My Hat

Hi all,

Some of you may know that I have posted once or twice over the last 12 months or so and have been looking for a property.

Well as a refresher in case you dont know I am looking in the Peebles area which is in the Scottish Borders. I have seen several promising flats but usually after a second viewing I have not been keen for one reason or another.

Basically my budget is only going to strech to a one bed flat which depending on size type etc will cost around £80 - 90.000.
A Two bed is easily 120.000 A big jump.

Now then I have been given some pretty sound advice so far and hope you can help again and I know what I am asking is relative to the risk I am willing to take but in a nutshell heres my dilema.

I can afford the payments on a One bed Property if there is no income! I dont plan it that way but I may have void periods etc.

I can borrow more and go for a two bed but 30 grand more is a lot and I cant really afford that if I have a worst case senario.

One thing I have noticed on my research is that most self catering house/apartments are 4, 3, 2 bedroom not seen any one bed places so maybe my place would appeal to couples? After all it would be a lower rate.

I know some of you might think this is soley a decision I should make but a little advice or opinion would help and be very welcome.

Here is a link to a flat I am viewing next week gives you an idea of what the one beds are like. This just about ticks all the boxes for size, layout, location. & it does have a garden although shared it is private and south faceing. Lots ive looked at for same money have no garden at all. Reality is setting in I am not going to get anything bigger or better at least not until I make my first one a sucsess Think this one would be nice redecorated with a new fireplace as a focal point etc.

Please comment opinions are what I need and gut feelings.

http://www.cullenkilshaw.com/site/prope ... pRef=10869

we bought ours last October and weren't sure at first whether to go down the 1 or 2 bedroomed route. one of the deciding factors for us was if it wasn't a particular success renting out in the holiday market would we be able to market it as a home rental - in this scenario we felt a 2 bed would be a better bet.

Gut feelings are good. You need to be able to sleep at night and if the thought of a mortgage that you couldn't afford if things went pear shaped brings you out in a cold sweat then there's your answer!

With the right property, regardless of size, good marketing and a willingness to work hard at the business, then you should succeed.

So, that property looks nice, the rooms don't appear too cramped and you could always put a sofabed in the lounge if you want to give occasional options to accommodate one or two extra guests.

Those with one beds on here have found that by going high end, high spec they have done well. However I'm assuming a lot less tourists make it further up the country, so I don't think I'd want to overspend.

As you say, if things are a great success then that brings further options. I bought one, never dreaming that I'd have two, but things just fell into place, so never say never!

Start at the bottom and who knows what lies ahead.

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