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Buying House Advice In South East


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#1 getknk

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Posted 20 April 2012 - 11:59 AM

I was planning to buy house (though I know the price crash will happen) due to ever increasing rent of now at 1k pcm :(
I'm looking into SE mainly basingstoke/Reading area. I've booked few appointments with estate agencies to view some houses

I'm looking house between 150K to 200K
Can someone guide me about
1. How much should i bargain below a normal Rightmove displayed propertly? Is 20% lower price from asking , a good point to start?
2. How much approximate it costs to move in apart from mortgage? ( i meant other expenses like Stamp duty, agency fees, solicitor, other expenses)?
3. Whats the best deposit amount I can put into?
4. Any other caveats or tips before house hunting?

thanks in advance

#2 Wurzel Of Highbridge

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Posted 20 April 2012 - 12:12 PM

4. Any other caveats or tips before house hunting?


What is the cost difference between the projected mortgage interest and the 1000/m rent ?
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#3 Son of Taeper

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Posted 20 April 2012 - 12:12 PM

I was planning to buy house (though I know the price crash will happen) due to ever increasing rent of now at 1k pcm :(
I'm looking into SE mainly basingstoke/Reading area. I've booked few appointments with estate agencies to view some houses

I'm looking house between 150K to 200K
Can someone guide me about
1. How much should i bargain below a normal Rightmove displayed propertly? Is 20% lower price from asking , a good point to start?
2. How much approximate it costs to move in apart from mortgage? ( i meant other expenses like Stamp duty, agency fees, solicitor, other expenses)?
3. Whats the best deposit amount I can put into?
4. Any other caveats or tips before house hunting?

thanks in advance

Is your keyboard broken?
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.

#4 getknk

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Posted 20 April 2012 - 12:18 PM

What is the cost difference between the projected mortgage interest and the 1000/m rent ?


Project mortgage for 160K is ~670ish pcm

Edited by getknk, 20 April 2012 - 12:19 PM.


#5 getknk

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Posted 20 April 2012 - 12:18 PM

Is your keyboard broken?


why?

#6 Monkey

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Posted 20 April 2012 - 12:20 PM

Really?!?

1, is the most stupid question i read alot - who knows what percentage lower to offer, apart from YOU when you view the property? the property could be worth the asking price on paper, but when you get their you find there is a noisey road, unsociable neighbours, , dry rot, a couplete re-wire needed, etc.

but if you stil lwant advice, i'll say offer 80% less than asking price.

2, how long is a piece of string? can you not workout stamp duty? its 1% of the total sales price, of a house above 150,000, as your looking for 200k tops then i would say its 1%. which at 150k = 1500 and at 200k = 2000.

what Agency fees?

surveyor wil lbe anything from 10 to 1,000,0000, same for solicitor and add another 1,000,000 for unforseen costs.

OR you could ring around a few places to get an idea of what they will charge

3, WTF is this question?

4, no, you clearly have done your research, you know the market, and market area of where you want ot buy, so i think you have all the bases covered.

Good Luck

#7 getknk

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Posted 20 April 2012 - 12:29 PM

Really?!?

1, is the most stupid question i read alot - who knows what percentage lower to offer, apart from YOU when you view the property? the property could be worth the asking price on paper, but when you get their you find there is a noisey road, unsociable neighbours, , dry rot, a couplete re-wire needed, etc.

but if you stil lwant advice, i'll say offer 80% less than asking price.

2, how long is a piece of string? can you not workout stamp duty? its 1% of the total sales price, of a house above 150,000, as your looking for 200k tops then i would say its 1%. which at 150k = 1500 and at 200k = 2000.

what Agency fees?

surveyor wil lbe anything from 10 to 1,000,0000, same for solicitor and add another 1,000,000 for unforseen costs.

OR you could ring around a few places to get an idea of what they will charge

3, WTF is this question?

4, no, you clearly have done your research, you know the market, and market area of where you want ot buy, so i think you have all the bases covered.

Good Luck

if you don't have anything valuable plz DON'T respond. I know its hard to measure length of a string as your experience says surveyor charged you 1million for a house of 200k. thanks for your advice anyway.

I was asking of any person who has knowledge and bought a house for 170K - 200K and wanted to get their experience and data.

#8 Monkey

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Posted 20 April 2012 - 12:34 PM

if you don't have anything valuable plz DON'T respond. I know its hard to measure length of a string as your experience says surveyor charged you 1million for a house of 200k. thanks for your advice anyway.

I was asking of any person who has knowledge and bought a house for 170K - 200K and wanted to get their experience and data.


but what your asking as pointless. you wil lnot get any meaningful "data". apart from anacdotals - which isnt really what you want.

you say you want people who have bought for that price in that area, but in what time frame. the last year? 10 years?

what size house are you expecting to get? or are you just wanting to spend upto 200k on anything as long as its "worth" 200k.

have you had a mortgage valuation? do you know what the requirements are? ie Deposit value etc

YOU ASK STUPID QUESTIONS, YOU GET STUPID ANSWERS.

#9 Son of Taeper

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Posted 20 April 2012 - 01:14 PM

[quote name='getknk' timestamp='1334924335' post='909018519']
why?
[/quote]
As Monkey states, you clearly did a bit of research, but understanding your post is a bit of guesswork for me.
You say you [quote][booked few appointments/quote]. Is that what you actually mean?
In fact, your whole post is peppered with stuff that makes it hard to understand exactly what you are talking about.
I think you either need to get your keyboard fixed, or get a translator to help you out.

On the length of a bit of string though, you will be pleased to hear that I measured one today and it is exactly what I expected it to be which is not and more so is, not withstanding,. If we factor in the standing I guess it depends on if the standing is free or not but not to worry to much as the total length will never exceed it as long as it is not.

Edit -
YOU ASK STUPID QUESTIONS, YOU GET STUPID ANSWERS.

Edited by Son of Taeper, 20 April 2012 - 01:17 PM.

The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.

#10 getknk

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Posted 20 April 2012 - 01:27 PM

@above, look guys i'm not here for a fight or so..
I didn't ask for a specific value, but an approximate value in percentages. I agree I haven't done much research but I hope this to be the start of research.

let me put the question again and hope some genuine replies will come

I'm looking house between 150K to 200K
Can someone guide me about
1. How much flexible is sellers/agents with respect to the asking price? ( if the property seems good and good surroundings, what is the typical reduction you normally ask for?)
2. What's approximate cost in moving compared to house value possible in %? (other than mortgage)?
3. Whats the best deposit amount I can put into? I meant in % terms as have seen in MSE that sometimes upto 40% is required for a FTB!!
4. Any other caveats or tips before house hunting?

any experience would be highly helpful

Edited by getknk, 20 April 2012 - 01:27 PM.


#11 montesquieu

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Posted 20 April 2012 - 09:44 PM

@above, look guys i'm not here for a fight or so..
I didn't ask for a specific value, but an approximate value in percentages. I agree I haven't done much research but I hope this to be the start of research.

let me put the question again and hope some genuine replies will come

I'm looking house between 150K to 200K
Can someone guide me about
1. How much flexible is sellers/agents with respect to the asking price? ( if the property seems good and good surroundings, what is the typical reduction you normally ask for?)
2. What's approximate cost in moving compared to house value possible in %? (other than mortgage)?
3. Whats the best deposit amount I can put into? I meant in % terms as have seen in MSE that sometimes upto 40% is required for a FTB!!
4. Any other caveats or tips before house hunting?

any experience would be highly helpful


Don't know about your target price range but in my bracket in the area you mention there's precious little decent stock at sensible prices which is definitely keeping asking prices high as there is competition between agents for new stock. (Some hoary old stuff has been around for years, having said that).

In my experience, the place is packed with fantasists, I just had an offer (West Berks) refused at 18% below asking, despite being on the market for 18 months. :blink: Our previous landlady who kicked us out to sell in 2010 was properly motivated to sell up but still took six months and a 100k drop (20%) to sell, so it's not as if the market is as hot as London. But forced sales are few and far between - Reading is one of the best places in the country for employment and I don't see much suffering round here from cuts etc as there was precious little public spending going on anyway.

My advice - which is roughly what I'm doing - if you must buy for personal reasons and really like a place - go in at 20% below and be prepared to go up to 15% if you really want it. I'm personally not going higher even if the wife wants me to. I'm figuring just under double the 2000 price (= 2004 prices roughly) is what I'm mentally comfortable paying as a maximum. No science to it and I'm aware I could well be deluding myself (see previous paragraph). Certainly I don't feel close to concluding a deal on anything I've seen (dozens of viewings and only one place I felt willing to offer on).

Bear in mind you might be:
* laughed at and regarded as a dickhead by estate agents but so what?
* Still paying too much if prices fall in the next few years - but offering 15% below you lessen your chances of that

I'm avoiding even looking at places where people bought post 2006 as chances are they will want what they paid plus a premium and having stayed out the market so long, I'm not getting myself into debt to pay that to them as a matter of principle.

Do the usual checks on the property sale history (and relevant neighbours/similar properties), preferably BEFORE you view (I've called off a few viewings when I found out the street number and checked the history, as I knew in advance any offer I would be prepared to make would be rejected, based on what it was bought for in the recent past - so why waste everybody's time including mine?).

20% deposit will get you a respectable mortgage deal so long as your overall credit score is decent. Bu (obviously) the more you put in the better interest rate, plus lower repayments or a shorter term.

Edited by montesquieu, 20 April 2012 - 09:48 PM.


#12 getknk

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Posted 21 April 2012 - 07:35 AM


Much appreciated mate.

Edited by getknk, 21 April 2012 - 07:51 AM.





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