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Str Again


Bosh
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Many of the long term punters on here may recall my story of late 2008..

I STR in August 2007 (at the peak) and sold to an Estate agent and her builder husband. We rented for a while and when the shit was hitting the fan and confidence was low in the banks an opportunity came up to purchase a derelict house (late 2008) in a really nice area. It was on a large plot and was owned by Barret homes...(They were also struggling at the time) I managed to negotiate 33% off the asking price.

We have spent the last few years living in and renovating as much as time and money allowed. As many posters on here pointed out I spent much, much more than I expected we would.... We ended up with `the house of our dreams` but in reality a large mortgage that we were not comfortable with.

We were however very fortunate that our house is in a bubble area and prices seemed to still be rising. Hardly anything for sale and what does come on gets snapped up instantly.

we decided to bite the bullet and STR again. Genuinely shocked with the valuation and had over 20 people view in two days. We had 4 offers and someone even offered above the asking price.

We have just exchanged and my buyer is a Senior Banker based in Canary Wharf....

This all started for us back in 2007 when I feared a collapse in prices (not yet found hpc).. Found hpc when searching the internet to see if I was making a huge mistake. :)

Our main motivation was not wanting to live in a Chavvy area with shitty schools and not wanting to be trapped. It was a risk and my wife was onside. The second house was supposed to be `the family home` in the right area but we bit off more than we could chew. We are now in the right area for us and my eldest has just been accepted in a great local state school.

I have always been a bear but was not prepared to sit back and wait for house prices to land back on planet earth. I took some risks and had some luck along the way.

I have learned so much. In this process we have gained enough money that the interest will pay for the modest 3 bed semi we are just about to rent in a great area near the school.

I did not BTL and I do not see myself as a flipper of houses.... I do have morals, I accept that I have also been fortunate but I feel the Estate Agent/ Builder and Banker had choices and were grown up enough to make informed decisions.. As for Barret homes :D.............. At the end of the day I have a family to look after and they will always come first. I refused to sit on my hands and wait for something to happen.

Not sure STR twice and my personal happy story is going to be popular with some on here

Incoming :ph34r::)

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Many of the long term punters on here may recall my story of late 2008..

It was on a large plot and was owned by Barret homes...(They were also struggling at the time) I managed to negotiate 33% ff the asking price.

This all started for us back in 2007 when I feared a collapse in prices (not yet found hpc).. Found hpc when searching the internet to see if I was making a huge mistake. :)

You got your 33% discount...that was the HPC !!!

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You got your 33% discount...that was the HPC !!!

It was a failed development with Barrets. They wanted to build 14 houses on the same plot that my house and two neigbouring houses were sited. Local residents group formed and won.

They were desperate for money at the time. Once again right time right place.

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You're a glutton for punishment, I'm far too lazy to go through all that hassle twice :lol:.

I know your story well Mr Banner. Cheers for the savings advice and yes I agree with the glutton bit... I`m not sure I want to do this all again. The key was keeping the kids in the same schools and surrouned by the same friends. We use the door numbers we have lived at the last few years as our lottery numbers.

edit for spelinng.

Edited by Bosh
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I know your story well Mr Banner. Cheers for the savings advice and yes I agree with the glutton bit... I`m not sure I want to do this all again. The key was keeping the kids in the same schools and surrouned by the same friends. With use the door numbers we have lived at the last few years as our lottery numbers.

I'm with Mr banner, I think in retrospect I would have been happy with my 33% off and just stayed put and got on with my life.

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I'm with Mr banner, I think in retrospect I would have been happy with my 33% off and just stayed put and got on with my life.

That was the plan. This is the bit where we learned a lot... We woefully underestimated the costs to re-develop the house. The economy and cost of living meant that heating the ******* thing was difficult. HPC taught me a lot and I even learned how to install a wood burning stove from Kurt Barlow :D (is he still about?)... It helped but the cost of running this house seemed to be rising by the minute. We could have stayed and fought on and cut back even more but the thought of us just managing was depressing. I took advantage of the bubble and it really has paid off.

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That was the plan. This is the bit where we learned a lot... We woefully underestimated the costs to re-develop the house. The economy and cost of living meant that heating the ******* thing was difficult. HPC taught me a lot and I even learned how to install a wood burning stove from Kurt Barlow :D (is he still about?)... It helped but the cost of running this house seemed to be rising by the minute. We could have stayed and fought on and cut back even more but the thought of us just managing was depressing. I took advantage of the bubble and it really has paid off.

Kurt was last heard of muttering about buying a yacht on the west coast of Oz. He got there via Saudi.

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That was the plan. This is the bit where we learned a lot... We woefully underestimated the costs to re-develop the house. The economy and cost of living meant that heating the ******* thing was difficult. HPC taught me a lot and I even learned how to install a wood burning stove from Kurt Barlow :D (is he still about?)... It helped but the cost of running this house seemed to be rising by the minute. We could have stayed and fought on and cut back even more but the thought of us just managing was depressing. I took advantage of the bubble and it really has paid off.

I do hope you will when the time is right find the best house of them all, in the right place without having to stretch the budget too much....give you some freedom to live a bit.

Not much fun biting off more than you can chew to live in a place that ties you down with debt....doesn't matter how nice it is or how nice you have made it if you can't live in it enjoying it....thank heavens for the rich bankers to off load it and take a weight off your mind. ;)

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I do hope you will when the time is right find the best house of them all, in the right place without having to stretch the budget too much....give you some freedom to live a bit.

Not much fun biting off more than you can chew to live in a place that ties you down with debt....doesn't matter how nice it is or how nice you have made it if you can't live in it enjoying it....thank heavens for the rich bankers to off load it and take a weight off your mind. ;)

Cheers Winkie.. My last three transactions have been with an Estate agent, Barret homes and a Banker. Although I have profited I feel maybe I have done my bit for HPC and am sleeping very well. So true about the weight off. We have even booked a holiday in Newquay for next month....

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