Jump to content
House Price Crash Forum

Hellllp I'm Buying A House In Kingston


Recommended Posts

.......

However, what I want to know is what you feel this is worth Now?

They paid 215,00 in 07. and have spent 20k ish doing the place up

Doing up money lost. Prices down 30% since 2007. £150k Drops to go in future another 30%.

What's it worth?

£100,000. give or take 10 grand.

Link to comment
Share on other sites

  • Replies 55
  • Created
  • Last Reply

Top Posters In This Topic

Doing up money lost. Prices down 30% since 2007. £150k Drops to go in future another 30%.

What's it worth?

£100,000. give or take 10 grand.

Yes, OK, so please tell me your evidence for that.

Show me a flat that was up at X in 2007 in Surbiton (that's not ex-cahncil), where improving it has had no added value, PLUS it's lost 30% on top of that loss since 2007. It's all well and good just throwing about 30% off, but where've you seen it for a number of properties in the area..... if you can prove it be reference to more than hearsay, I'll listen, but until then, you just come across as manically (or maniacally) rabid.

It is easy to lose money by overpaying in the first place, but why do you assume everyone that bought paid far far too much - do you think everyone's an idiot and a muppet - perhaps they took £80K off the price because of the condition (about as likely as your scenario, but you started it).

I suspect you WANT what you're saying to be true, but do you really think it's realistic ? 60% drops - 18 minutes from Waterloo. Er no.

Link to comment
Share on other sites

Yes, OK, so please tell me your evidence for that.

Show me a flat that was up at X in 2007 in Surbiton (that's not ex-cahncil), where improving it has had no added value, PLUS it's lost 30% on top of that loss since 2007. It's all well and good just throwing about 30% off, but where've you seen it for a number of properties in the area..... if you can prove it be reference to more than hearsay, I'll listen, but until then, you just come across as manically (or maniacally) rabid.

It is easy to lose money by overpaying in the first place, but why do you assume everyone that bought paid far far too much - do you think everyone's an idiot and a muppet - perhaps they took £80K off the price because of the condition (about as likely as your scenario, but you started it).

I suspect you WANT what you're saying to be true, but do you really think it's realistic ? 60% drops - 18 minutes from Waterloo. Er no.

Exactly right. The only ones that appear to have lost this much are the ones which were stupidly over-priced to start with. At the peak of the market decent sized 2 bed flats in good condition on the river roads were selling for around £350k. The trouble is that a lot of people thought that this meant that their 2 bed flat a mile away was worth similar and put it on the market at that price. This is not a reasonable assumption in Surbiton - these flats were probably only worth £275k at peak, so the fact that they are selling for £220k now means a 20% drop.

The only way that people will lose money be renovating a flat is if they waste the money on unsuitable things. It is reasonably easy to move into an old person's 2 bed flat and renovate it for £30k (new kitchen, bathroom, plaster and paint). If someone wants to put a £35k luxury kitchen into a flat they probably won't get their money back, but put a good quality £10k one in and they should do.

My experience is that flats in need of modernisation in this area are discounted anywhere between £20k and £40k compared to a similar flat in good condition. As long as a buyer has spent no more on the renovation works than the 'discount' they got from the price of a flat in good condition. I see know reason why their loss on their total spend will be anymore than anyone elses.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.