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About RentaChemist

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    HPC Newbie
  1. .Thanks for all the insight and opinion so far. It is much appreciated. In particular, I valued the heart versus investment comments. I think I have been concentrating too much on the 'financial' implications of buying the house and less on considering other 'personal' alternatives. It is hard to break the mindset that a house is a 'good investment' for the future:-) Anyway, the decision is made and lets see what happens. This forum has been a 'good friend' to me over the last 18 months with information and a few laughs as well. Thank you again
  2. Hi Folks, I sense I have left out a few key 'facts' in my original post. The house was actually for sale (via a local estate agent until December 2009 (as past of the financial settlement aspect of the divorce). The original asking price in August 2009 was £235,000. On the advice of the EA it was dropped to £215,000. We started to receive offers of £200,000 and then reached £215,000. I was 'offered' the house for £200,000..and accepted. It seemed to me that I had no choice. Buy it at £200K, sell it to someone else for £215K..and then find myself looking for something similar. It seemed at the time that it was the 'sensible' thing to do. I am nearly afraid to admit the next fact. At 51, the mortgage will cost me £870 pm (over 13 years) at an initial discount rate of 4.75% for three years! Now I am questioning what I have done and deciding whether to congatulate myself on getting a 'bargain' or to try to sell again now that I am 'in control'. I am certainly not a Bear. I thought I had bought at the bottom of the 'dip'. Oh dear? :-) Thanks for the continued input!
  3. Hi Folks, I would appreciate any comments, feedback, or insight on 'what to do next?' I have just finished the final stages of a divorce process. I had the opportunity to buy the 'family home'. (There was little other option open to me for various reasons) The property is situated in Holywood, North Down RV = £205,000 Purchase price = £200,000 Mortgage = £100,000 (salary x 2.5) So, what will happen to this property in the next few years? Should I keep the house and (eventually) see a return on my 'investment' Should I sell now before the market collapses even further? Any thoughts appreciated Cheers
  4. Hi Folks, I would appreciate some advice and insight on the topic of renting a property as opposed to purchasing a property via a mortgage. I always assumed that it is better to purchase rather than rent a property, because after (say 25 years), then you own something. However, I get the feeling from reading many of the posts on this site that it is often 'better' to rent rather than purchase a property. Is there a 'financial' (as opposed to 'emotional' or 'practical') answer to this question? Are there simple 'rules' that determine if renting is more 'sensible' than purchasing? Is it simply the current state of the housing market (falling prices, lack of capital to borrow etc) that makes rental a more 'sensible' option at the moment? Thanks in anticipation for any insight on this topic
  5. Yes, one daughter, who is living with my wife. Everything is 'amicable' in that area.
  6. Sorry, I was not clear enough. I will offer 50% of the value of the house. There have been NO offers. Thanks for your input.
  7. Hi Folks, I've followed this forum for six months now. The information and insight has been invaluable to me. But now I have to put all that insight and information into practice. I am in the final stages of a divorce settlement. I wish to purchase the family home and my solicitor has decided it is time for me to approach my ex and make an offer on the house. The offer has to be seen to be 'reasoned and measured' and to reflect where the market at present. The facts: Location: Holywood, North Down ROV: £205,000 Estate agent price : £240,000 (2nd valuation from another estate agent (for quick sale) = £205,000) Mortgage on house = £0 (zero) The house has been on the market for 4 months: no offers, estate agent has suggested the asking price is dropped to £220,000 A similar property close by sold for £210,00 last month Me 50 3 x salary = £120,00 So, any advice on what to offer (or not offer) Any advice, guidance (or sympathy) will be appreciated
  8. Hi Folks, This post is an update to a previous post "Did my wife make a mistake". I am anxious to get a 'snapshot' of the housing market in early 2009 The Facts: I am in the final stages of the financial settlement part of a divorce The family home has been valued by the local estate agent at £240,000 The RV of the house is £205,000 I have offered £200,000. I cannot reasonably deal with a mortgage any greater than £100,000 (and even that is stretching myself to the limits) My wife has refused this 'cash offer' and wants to sell the property to get £240,000 Should I gamble and put the house 'on the market'? Are house prices still falling What is a 'realistic' figure for a detatched bungalow with RV = £205,000? in Holywood, County Down? Any insight or advice will be much appreciated
  9. Hi Folks, I would like to thank everyone who contributed a reply to my original post. I really appreciate the insight and information you all provided. The DCV on the property is £205,000 and the detatched bungalow is in good condition and reasonably well presented. Using the 'formula' above, I obviously hope that the 'value' of the house will fall below DCV and a figure of 0.5DCV would be perfect since I will get 'first refusal' on the house. Any offer on the house above DCV will price me out of the sale. If this happens, I will be looking for offers around 2x DCV as "SourMash" said: "Are you offering her cash up front for the house - what's wrong with just putting it on the market and letting things play out? That way you keep your 100k and get half of what it sells for. With prices going down, you can surely hold out another six to twelve months and buy somewhere new for yourself, cheaper." I think this should be my 'strategy' and I thank you for pointing out the 'obvious' to me! Thanks again to everyone for their input. It is much appreciated Stephen
  10. Hi Folks, I hope this is not an 'off topic' question I am in the middle of a divorce settlement with my wife. The prime asset to be divided is the family home. The local estate agent has valued the detatched bungalow in Holywood at £240,000. The property was valued in August '07 at around £350,000 Based on my financial situation, I the maximum I can afford to offer is 50% of £200,000. My wife feels that this is an unacceptable offer, and has decided to put the house on the market for £240,000. Was this a sensible financial decision on her part? Will house prices continue to fall in 2009? Will my 'valuation' of £200,000 seem generous a year from now? Should I 'hold my nerve' and watch as 'silly' offers are made for the house and then offer to buy the house at a lower value? Maybe the offer of £240,000 is a 'bargain' in today's market? Any comments of insight would be appreciated Thanks
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