j1979 Posted May 20, 2009 Share Posted May 20, 2009 Ok people this is my 1st place, ive been renting since i left uni in 2004. and got the now or never feeling at the end of 2008. so ive been looking for a small 1 bed flat in sheffield. i found a few i liked but one was in an idea location for me... in between my favourite pub and work. so to cut a long story short, i made a final offer that was excepted. contracts have been exchanged and is due to complete tomorrow. The flat was on at £80k, £75k, so on .... then finally reduced to £65k. the offer i had accepted was just over £60k. the property last sold at the end of 2003 for £73k and was prob in better condition then. i guess my question is who thinks ive paid too much and who thinks its a reasonable gamble, and does anyone think ive got a good deal based on the previous price? i understand its not going to be easy to answer without knowing the flat/area. just after a general idea. Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted May 20, 2009 Share Posted May 20, 2009 Ok people this is my 1st place, ive been renting since i left uni in 2004. and got the now or never feeling at the end of 2008. so ive been looking for a small 1 bed flat in sheffield. i found a few i liked but one was in an idea location for me... in between my favourite pub and work. so to cut a long story short, i made a final offer that was excepted. contracts have been exchanged and is due to complete tomorrow. The flat was on at £80k, £75k, so on .... then finally reduced to £65k. the offer i had accepted was just over £60k. the property last sold at the end of 2003 for £73k and was prob in better condition then. i guess my question is who thinks ive paid too much and who thinks its a reasonable gamble, and does anyone think ive got a good deal based on the previous price? i understand its not going to be easy to answer without knowing the flat/area. just after a general idea. Meh. It's not like you've bought a flash car or a mail order bride. Sheesh! Quote Link to comment Share on other sites More sharing options...
Mal Volio Posted May 20, 2009 Share Posted May 20, 2009 You've bought it. No point worrying now. Live in it and enjoy. Good luck and well done. Quote Link to comment Share on other sites More sharing options...
keef Posted May 20, 2009 Share Posted May 20, 2009 It's a relatively inexpensive house purchase, mate - I don't think you've got anything to worry about, just enjoy it for a few years Quote Link to comment Share on other sites More sharing options...
grizzly bear Posted May 20, 2009 Share Posted May 20, 2009 Ok people this is my 1st place, ive been renting since i left uni in 2004. and got the now or never feeling at the end of 2008. so ive been looking for a small 1 bed flat in sheffield. i found a few i liked but one was in an idea location for me... in between my favourite pub and work. so to cut a long story short, i made a final offer that was excepted. contracts have been exchanged and is due to complete tomorrow. The flat was on at £80k, £75k, so on .... then finally reduced to £65k. the offer i had accepted was just over £60k. the property last sold at the end of 2003 for £73k and was prob in better condition then. i guess my question is who thinks ive paid too much and who thinks its a reasonable gamble, and does anyone think ive got a good deal based on the previous price? i understand its not going to be easy to answer without knowing the flat/area. just after a general idea. Well you have done it now and got 18% off the 2003 price - I would be happy to buy at that sort of level. Quote Link to comment Share on other sites More sharing options...
ccc Posted May 20, 2009 Share Posted May 20, 2009 2002 prices ? Nice work. Still likely to go lower* but not bad. Edinburgh flats are probably at about 2006 prices now. So you lot are 4 years ahead of us. Or behind us. I have confused myself.. Anyway - Good luck !! * Without the details none of us can give a better idea Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted May 20, 2009 Share Posted May 20, 2009 So pleased to see someone getting settled. Hope you are very happy in your new home. Good thinking that 'between fave pub and work' thing, Mr eightiesgirly would approve. Quote Link to comment Share on other sites More sharing options...
ccc Posted May 20, 2009 Share Posted May 20, 2009 not in Morningsdie though,they're 2010 prices already You are out of date already. They just rose 15%. In the last 10 minutes. Now at 2013 prices. Quote Link to comment Share on other sites More sharing options...
wealthy Posted May 20, 2009 Share Posted May 20, 2009 I wouldn't worry if I were you, there's only so far that can fall. Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 20, 2009 Share Posted May 20, 2009 if you've got your costs covered, a fair deposit and stable work then fair enough s'ppose what job do you do? Quote Link to comment Share on other sites More sharing options...
TeddyBear Posted May 20, 2009 Share Posted May 20, 2009 to know if it's a reasonable gamble would need to know a bit more such as - salary, job security, amount down, amount left over for furnishing/emergencies, average rental price in your area should you need to move away temporarily and want to rent it out. Price sounds reasonable so long as nothing has happened since last purchase such as flooding or new development planned in the area. Quote Link to comment Share on other sites More sharing options...
juvenal Posted May 20, 2009 Share Posted May 20, 2009 You won't do yourself any real damage at £60K Enjoy! Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted May 20, 2009 Share Posted May 20, 2009 Meh. It's not like you've bought a flash car or a mail order bride. Sheesh! He's going to buy those by MEWing a bit once HPI kicks off again. Quote Link to comment Share on other sites More sharing options...
MRMX9 Posted May 20, 2009 Share Posted May 20, 2009 Oh for the day you will be able to buy a 1 bed flat for £60k in London - ignoring Dagenham and south east London of course! Quote Link to comment Share on other sites More sharing options...
mbga9pgf Posted May 20, 2009 Share Posted May 20, 2009 Oh for the day you will be able to buy a 1 bed flat for £60k in London - ignoring Dagenham and south east London of course! We are offering 20% below on a beautiful stone terrace that needs a shedload of work tommorrw... VERY nervous! 12 year mortgage payments will be 900 per month! fixed at 5% for 10 years! Quote Link to comment Share on other sites More sharing options...
j1979 Posted May 20, 2009 Author Share Posted May 20, 2009 (edited) if you've got your costs covered, a fair deposit and stable work then fair enough s'pposewhat job do you do? haha, a bit of a loser job ATM, but it pays the bills and i cant complain with so many out of work. i work in a call centre so am only on about £17k (i have a computing degree ) but am hopefully training soon to become a Union rep with the CWU. my deposit was 35% Edited May 20, 2009 by j1979 Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 20, 2009 Share Posted May 20, 2009 (edited) haha, a bit of a loser job ATM, but it pays the bills and i cant complain with so many out of work. i work in a call centre so am only on about £17k (i have a computing degree ) but am hopefully training soon to become a Union rep with the CWU. my deposit was 35% don't knock it - if you were in a public sector non job my eyes would have rolled, but you do something real I met someone who started in call centres and ended up a senior exec on 6 fig salary inside 15 yrs whether you have the talent or not - time will tell - but frankly I find it hard to knock you. good luck Edited May 20, 2009 by Si1 Quote Link to comment Share on other sites More sharing options...
agmoldham Posted May 20, 2009 Share Posted May 20, 2009 Ok people this is my 1st place, ive been renting since i left uni in 2004. and got the now or never feeling at the end of 2008. so ive been looking for a small 1 bed flat in sheffield. i found a few i liked but one was in an idea location for me... in between my favourite pub and work. so to cut a long story short, i made a final offer that was excepted. contracts have been exchanged and is due to complete tomorrow. The flat was on at £80k, £75k, so on .... then finally reduced to £65k. the offer i had accepted was just over £60k. the property last sold at the end of 2003 for £73k and was prob in better condition then. i guess my question is who thinks ive paid too much and who thinks its a reasonable gamble, and does anyone think ive got a good deal based on the previous price? i understand its not going to be easy to answer without knowing the flat/area. just after a general idea. I suspect if you sell up in about 10 years you will neither make much money or lose much money. If you're happy with your new home that's what matters. Quote Link to comment Share on other sites More sharing options...
j1979 Posted May 20, 2009 Author Share Posted May 20, 2009 thanks people, for all the positive comments, im really felling better and less nervous about my 1st place. Quote Link to comment Share on other sites More sharing options...
Dewi Posted May 20, 2009 Share Posted May 20, 2009 Deposit of 35%, property at £60k, what are you worried about? Thats a realistic price, a good chunk in deposit to keep the mortgage payments down... you could probably afford the mortgage on the dole! As long as you have a semi-reasonable job you're laughing! Good on you though and enjoy your new home. Quote Link to comment Share on other sites More sharing options...
Tiger Woods? Posted May 21, 2009 Share Posted May 21, 2009 (edited) Ok people this is my 1st place, ive been renting since i left uni in 2004. and got the now or never feeling at the end of 2008. so ive been looking for a small 1 bed flat in sheffield. i found a few i liked but one was in an idea location for me... in between my favourite pub and work. so to cut a long story short, i made a final offer that was excepted. contracts have been exchanged and is due to complete tomorrow. The flat was on at £80k, £75k, so on .... then finally reduced to £65k. the offer i had accepted was just over £60k. the property last sold at the end of 2003 for £73k and was prob in better condition then. i guess my question is who thinks ive paid too much and who thinks its a reasonable gamble, and does anyone think ive got a good deal based on the previous price? The most you can lose is 60k. You may end up in negative equity at some stage, maybe for a long time, but what would an equivalent place cost to rent? It sounds like you are 25ish - probably a fair while before you wish to settle down with a family. It sounds like it is in a good position for you and you got it for significantly less than the 2003 sale price. At the realistic absolute worst you could lose half the price at todays value which would be £30k...on the scale of possible financial mistakes, that one wouldn't be life destroying (unlike some of the people around where I live who have paid £280k for a small 2up 2 down). In summary, without knowing much else about the area and the property, it doesn't sound like a bad decision. Enjoy your new home. Edited May 21, 2009 by D'oh Quote Link to comment Share on other sites More sharing options...
AteMoose Posted May 21, 2009 Share Posted May 21, 2009 (edited) 2002 price is ok, big deposit is ok...however I would have bought a bigger place for a little more as you could have rented out a room to help pay mortgage and bills/save upto either pay it down or buy a second property in the trough. Edited May 21, 2009 by moosetea Quote Link to comment Share on other sites More sharing options...
Arnold J Renter Posted May 21, 2009 Share Posted May 21, 2009 haha, a bit of a loser job ATM, but it pays the bills and i cant complain with so many out of work. i work in a call centre so am only on about £17k (i have a computing degree ) but am hopefully training soon to become a Union rep with the CWU. my deposit was 35% Well done on saving a 35% deposit. If the rest of the country had been as prudent, we wouldn't be in our current mess. Good luck. Quote Link to comment Share on other sites More sharing options...
abharrisson Posted May 21, 2009 Share Posted May 21, 2009 Oh for the day you will be able to buy a 1 bed flat for £60k in London - ignoring Dagenham and south east London of course! I did once buy a 2 bed flat in kensington for £120k.... but that was in 1991... bottom of the last crash. Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted May 21, 2009 Share Posted May 21, 2009 I did once buy a 2 bed flat in kensington for £120k.... but that was in 1991... bottom of the last crash. That was good value - even then. I bought a 1 bed flat in Ealing in 1991 - £78K. Couldn't afford a 2 bed, they sold for £99K. Quote Link to comment Share on other sites More sharing options...
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