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Paulo di Canio

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  1. Hi all – if there’s any real money minded people out there could you please give me a little bit of advice – after 20 years of saving like a lunatic I am fortunately in a position where I could now buy a 200k property outright – believe it or not ive never owned a property, ive always rented, but I just want my own place now and im guessing its probably a good time, or should I wait until the cold winter months? NOW, this is where I need your advice – ive seen a property that I like and im ready to buy, so if you were in my shoes, would you: a) buy the property outright, so that ive got no mortgage at all around my neck for 25 years to save on all those interest payments, or would you get a mortgage, bank the money, but don’t buy the property outright with cash because you think im gonna lose a lot of my capital if houses keep decreasing by say another 15 per cent, or would you c) get a part mortgage and pay for the rest from my savings, but hold back some of my savings? Obviously, Im just worried about buying it with all cash, because then i’ve got all my eggs in one basket and I will have no savings left. I’m guessing that I would save probably over a hundred grand at least in interest payments over time. Also, what are the tax advantages/disadvantages I’m not very clued up on this, so would appreciate your views. Next question, the property is up for 200k and the advert says ‘offers in the region of 200k’ - what does this mean? – I spoke to the estate agent who said they would only accept offers of bang on 200k, or should I offer say £180 or £190 because im not in a chain and im offering cash – what offer should I give? Thanks a lot for your help. Cheers, Paulo
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