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donaldbane

Auctions And Below Market Values In Glagowi

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Some advice please.

I am currently selling my traditional tenement flat in Glasgow, in order to buy my a taxi (have been renting one for 5 years now - 50k gone for ever)

I should have about 60k left over. Im single, with my job I can live anywhere, and to be honest lived in what would be called 'rough' areas and never had much of a problem. Ive been checking out some of the auction sites and I see you can get properties about 25% below market value.

What about the following idea. I really am not in my house that often, really just a place to sleep. Im reasonably good at DIY. Why not buy one of these properties, do it up (if required), then sell it in a couple of years time at closer to the market rent.

I get a roof over my head, I have no mortgage/Rent, and am likely to make a reasonable return on my investment.

Any thoughts?

Also while Im here. I thought my flat would be worth about £145k. When the homereport was done it came in at £150k. The estate agent said put it on at FP 150K (but dont be dissapointed if it sold for 10K less than that. But for various reasons I changed Estate Agebts. They have put it on as Offers Over 130K, saying you could be looking at 10% above the offers over price.

Is that true? Do people still offer way over the OO price? I have friends renting it at the moment with 1 month rolling contract, so im getting income to cover my mortgage so I dont need to jump at the first offer.

Its a 3 bedroom tenement in Dennistoun, Glasgow.

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Some advice please.

I am currently selling my traditional tenement flat in Glasgow, in order to buy my a taxi (have been renting one for 5 years now - 50k gone for ever)

I should have about 60k left over. Im single, with my job I can live anywhere, and to be honest lived in what would be called 'rough' areas and never had much of a problem. Ive been checking out some of the auction sites and I see you can get properties about 25% below market value.

What about the following idea. I really am not in my house that often, really just a place to sleep. Im reasonably good at DIY. Why not buy one of these properties, do it up (if required), then sell it in a couple of years time at closer to the market rent.

I get a roof over my head, I have no mortgage/Rent, and am likely to make a reasonable return on my investment.

Any thoughts?

Also while Im here. I thought my flat would be worth about £145k. When the homereport was done it came in at £150k. The estate agent said put it on at FP 150K (but dont be dissapointed if it sold for 10K less than that. But for various reasons I changed Estate Agebts. They have put it on as Offers Over 130K, saying you could be looking at 10% above the offers over price.

Is that true? Do people still offer way over the OO price? I have friends renting it at the moment with 1 month rolling contract, so im getting income to cover my mortgage so I dont need to jump at the first offer.

Its a 3 bedroom tenement in Dennistoun, Glasgow.

Whatever you buy a property for is the market value, it is impossible to buy one 25% below the market value. The common theme for house sales in Glasgow currently seems to be

estate agent gives blurb about going on at offers over to get the property

Property goes on market and stays there for 3-4 months

Property goes to fixed price

Property goes to lower fixed price

Property eventually sells

With the introduction of property bee and websites showing sale prices it's easy to track how long a property has been on the market, in the current market this means people won't pay over the odds, in fact RightMove is littered with properties advertising the fact they are on for a fixed price less than the home report valuation.

Have you done any research on what you think your current flat is worth? I would trust my research via zoopla, rightmove etc equally as much as what the home report says.

If it was as easy as you make out to buy a flat for 25% less than it's worth, do a bit of DIY and then sell it a few months later for any thousands profit, don't you think more people would be doing it? None of this takes in to account falling house prices.

If your friends are renting it where are you staying?

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Currently in spare rooms of friends as of Sunday.

I could have rented out my two rooms and stayed in the flat, Ive been doing that for 15 years. But id have problems finding lodgers if a wanted to show people their rooms,and might have to give them a monthsnotice.

These friends contract in another rentalproperty had come to an end. So I offered them mine and significantly below thenormal rental price (plus id give them 1K when i sold), provided the place was clean and tidy when people came to view and it was on a1 month rolling contract.

Im getting £700 a month, but house still on the market, so I can wait, and not jump at the first offer.

Yup, I agree re 25% below market price. But there are not many people in my situation. Happy to live anywhere, not too fussy about the neighbourhood, will buy property outright,

I just wonder if there is anything dodgy going on with the excellent prices at auctions. eg quicksalepropertyauctions.com, futurepropertyauctions.co.uk

I could see if I wasnt getting the income from my friends it might very well make sense for me to significantly reduce my price. There will be situations where selling a house quickly is of more importance than getting the best possible price. Im assuming thats what these auctions are all about.

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To flesh out my thinking.

Im only looking for a place to lay my hat for 2-3 years.

I can purchase up to 65K mortgage free.

What pitfalls are there to looking for a property - the only criterion being how much a percentage it is below the Home Report value. Some of it which may be released when I sell in 2 - 3 years time.

I accept my life circumstances are pretty unique, but Im not really looking for a home just now. Or a property to provide rentalincome. Im just thinking about a roof! Why not take advantage of my circumstances?

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To flesh out my thinking.

Im only looking for a place to lay my hat for 2-3 years.

I can purchase up to 65K mortgage free.

What pitfalls are there to looking for a property - the only criterion being how much a percentage it is below the Home Report value. Some of it which may be released when I sell in 2 - 3 years time.

I accept my life circumstances are pretty unique, but Im not really looking for a home just now. Or a property to provide rentalincome. Im just thinking about a roof! Why not take advantage of my circumstances?

Maybe look at a cottage flat in Kings Park? Good location for a taxi driver (i think that's what you said you did) and quite a few 2 bedroom places available for < £70k (they will be in need of work though).

Probably a good idea to get one with a driveway though, or at least the potential to add one.

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Why don't you rent for 2-3 years?

Get a decent flat share, say with 1-2 others, in a decent area. Should be able to find something for ~ £400 / month.

No hassle, no DIY , allowing you more time to spend making money with your new taxi.

And you have no worry re. house price falls in the next 2-5 years. Win-win ;)

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  • 338 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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