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Hello

We are going to see a house which came on the market a week ago. We are first time buyers, renting so nothing to sell, and if we like the house, keen to move end of August on it if everything is sorted(surveys, solicitor, mortgage (which has been pre approved for the amount we want to borrow). It's a good size 4 beds detached house close to a good primary school.

I believe we are in a good position? Now if we like the house I would like to get 10% off the house (asking price 350k) do you think it's reasonable? Because the house came on the market only a week ago :(

I was thinking to use the fact the house got the garden north facing, the 1st floor hasn't double glazing and the house needs to be redecorated (was rented previously), I will say to a good standard replacing bathroom + kitchen + painting + windows : 15k to spend on it... But no need to do any extension etc etc and we can live on it for the time being.

Also near the house there is a sort of garage repair, which could bring potential noise..

Do you think we could use these facts to get the price down? Are they valid?

Thanks :)

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Rather than focusing on trying to get a set amount off the asking price, it's much better to compare the price to recent sales of similar homes to judge what is 'fair value'. If other homes have been selling for £250k than 10% off is nowhere near enough, on the other hand if the going rate is £450k then paying the asking price would suggest you're getting a good deal.

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Rather than focusing on trying to get a set amount off the asking price, it's much better to compare the price to recent sales of similar homes to judge what is 'fair value'. If other homes have been selling for £250k than 10% off is nowhere near enough, on the other hand if the going rate is £450k then paying the asking price would suggest you're getting a good deal.

The one we want to buy had been sold for 250k in 2001 and one of the next-door which has south facing garden and I guess the inside was nicer (ie no need of redecoration and not previously rented) was sold in 2006 for £305500.

Another one was sold in 2008 for £472,500, which is bigger (I will say of 2 big beds including ensuite), the house has an extra extension, nicer and bigger garden and further far away from the garage repair..basically that house is facing a play area/park.

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The one we want to buy had been sold for 250k in 2001 and one of the next-door which has south facing garden and I guess the inside was nicer (ie no need of redecoration and not previously rented) was sold in 2006 for £305500.

Another one was sold in 2008 for £472,500, which is bigger (I will say of 2 big beds including ensuite), the house has an extra extension, nicer and bigger garden and further far away from the garage repair..basically that house is facing a play area/park.

I forgot to mentioned that the one which sold for 472k in 2008 was sold in 1999 for £171,000 without the extension of course!

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The one we want to buy had been sold for 250k in 2001 and one of the next-door which has south facing garden and I guess the inside was nicer (ie no need of redecoration and not previously rented) was sold in 2006 for £305500.

Another one was sold in 2008 for £472,500, which is bigger (I will say of 2 big beds including ensuite), the house has an extra extension, nicer and bigger garden and further far away from the garage repair..basically that house is facing a play area/park.

My impression is that except few areas (London and SE), nowadays, if you get a valuation higher that 2005/2006 price, you will be rejected by the mortgagers/banks anyway.

Many deals in my area are falling through because of this. EAs are becoming aware of this and they are getting really scared.

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Even if zoopla and mouseprice estimate the house at 370k?

I'll estimate the house at £250,000. Does that make it a worse deal. A house price is only a guess bassed on other similar houes in the area and what the bank is willing to lend/will be able to sell the house for when your reposessed in 3 years.

If you lile the house and your prepared to pay the going rate and the bank will lend you the money then do it. Its just a choice of when. Do you want to be on the hook for £350k now or £250k or less when the world markets crash.

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I'll estimate the house at £250,000. Does that make it a worse deal. A house price is only a guess bassed on other similar houes in the area and what the bank is willing to lend/will be able to sell the house for when your reposessed in 3 years.

If you lile the house and your prepared to pay the going rate and the bank will lend you the money then do it. Its just a choice of when. Do you want to be on the hook for £350k now or £250k or less when the world markets crash.

I guess it all depends if of how long we want to live in the house, in our case it will be 10y minimum.. But looking at the inflation, a house sold 250k in 2001 should be around 305k in 2011.

Problem is, I understand renting if the mortgage will cost me twice than to rent. But in that case the mortgage will be 200 pounds more expensive than renting..

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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