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MattW

The Worst Financial Decision Of My Life (To Date).

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Some of you may know that I used to 'own' a leasehold flat some years ago. It has since been resold. It is a one bedroomed ex-council flat.

  • Daft woman bought it from the council for the paltry sum of £11,000 in 1998.
  • I bought it from her for £64,000 in 2004. And I had to pay f**king stamp duty on it as the 1% threshold was at £60k back then (wish I had offered £59,999 for it).
  • I sold it for £76,000 in 2010. I added new combi boiler and central heating, double glazed external door & windows, new OK quality kitchen cabinets and bathroom suite with new wall and floor tiles.
  • My buyers recently sold it for £80,000 (thank you ourproperty.co.uk) So that's a price increase of £1,000 per year of ownership.

I'm quite pleased with that sold figure. B) Considering that in the summer it was originally on the market at £95k, dropping to £90k after disappearing from Rightmove. I am very glad that the new owners have bargained.

Seems that there is a big disconnect between asking prices and sold prices :D

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