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w0051977

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About w0051977

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  1. I am a First Time Buyer and I am struggling to form what I think is a fair offer for properties. It seems like all the houses/apartments I look at have very high asking prices e.g. say a house was bought in 1996 for £30,000. Lets say the HPI has increased 3.5 since then, then this would value the property at £105,000. The property has an asking price of £155,000, plus it is in poor condition. This seems ridiculous. I am interested in two properties and I would be grateful for feedback on the asking prices: 1) Apartment: http://www.lindenhomes.co.uk/developments/lincolnshire/oasis-lincoln/availability-prices 2) House: http://www.rightmove.co.uk/property-for-sale/property-42301568.html I did originally post this question in the East Midlands sub forum, but someone suggested posting it in the main forum.
  2. Thanks. I am interested in these apartments: http://www.lindenhomes.co.uk/developments/lincolnshire/oasis-lincoln and this house: http://www.rightmove.co.uk/property-for-sale/property-42301568.html. They both seem overpriced. Do you agree?
  3. I forgot to add that this property has been on the market for one month. There is a typo on line four i.e. line four should read: "bought in January 2001 for 64,300". Is there a way to edit/delete posts?
  4. I read that in today's market you should put down an offer 10-15% lower. 10-15% lower of what exactly? the asking price? It appears that there is a massive difference between what I think a house is worth and the asking price. For example, there is a house that I am interested in, which was bought for 51000 in January 2001 for 64,300. Based on the HPI change since then; I value the property at approximately 121,000. It is being marketed for 150,000 and the vendor wants an offer close to the asking price. I asked what work was done to the property since the vendor moved in and it has had a damp proof course only. It needs a new kitchen; bathroom and central heating, plus replastering the lounge and general redecoration. The estate agent argues that the property is in a good location and this commands the extra, but then it was in a good location when the vendor bought it for 51000 in January 2001 (uphill Lincoln). Am I being unrealistic? Is there a formula that valuers use when calculating an asking price e.g. figure out how much the house is worth now based on HPI increase and add 30% to this figure?
  5. The link in post 1 does not take you to the right place. The link in post two does take you to the right place.
  6. Thanks. It is:32 Westcliffe Street, Lincoln. Please have another look at the link.
  7. Can anyone value this house: http://www.rightmove.co.uk/property-for-sale/property-42301568.html. Zoopla values it closer to 100K. It is in need of: Redecoration New bathroom New kitchen central heating Plastering in lounge Damp proof course I realise that Zoopla is often innaccurate but how can there be a 25K difference?
  8. Can anyone offer any advice as to whether these apartments are value for money: http://www.lindenhomes.co.uk/developments/lincolnshire/oasis-lincoln. 130k+ for an apartment in Lincoln seems a lot to me.
  9. Thanks. I am thinking about buying one of these apartments but they seem pricey: http://www.lindenhomes.co.uk/developments/lincolnshire/oasis-lincoln. I have no idea how to arrive at an offer as there is no information on Zoopla about previous sold prices.
  10. I am interested in your last comment: "Prices will fall. Buyer Beware". This statement seems to be supported by this website: http://www.channel4.com/4homes/buy-sell/buying-property/buying-advice/new-builds-should-you-buy-a-new-build-09-11-11 i.e. "there is obviously a premium because you are the first to own the property". Could you explain why this is the case? I realize that cars depreciate more in their early years but I didn't think this applied to houses.
  11. I detect an element of sarcasm in the last post. This is a serious matter for me!
  12. Are you saying that you would not buy a new apartment that is not finished?
  13. I am thinking about buying a new apartment, which is not yet built. I have read that new owners usually pay a premium, so the value of their home usually falls after they move in (please see this article: http://www.bbc.co.uk/news/business-17338787). My question is: how do you come up with a fair offer for a new apartment? There is no information yet on Zoopla (even though some apartments in the block were sold one-two months ago).
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