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cowtipper

Can Someone Please Explain To Me Why?

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I live in the Bromsgrove Area and they were 2 X 5 bed det with dbl garage houses for sale both valued at £355k.

I went to view both houses the 1 was extremelely nice and very well presented the other had been on the market for 2.5 years starting at 500k and dropping i went to view it and it was in a sorry state of affairs there was damp halfway down the wall in the 2nd bedroom the carpets were ruined the kitchen had got trim missing all over the place the guttering was coming away the wood on the front of the house was rotting and it needed re-decorating all the way through.

Now comes the twist the mint house sold for £320K and the crappy house sold for £337k now i dont know if i am losing my mind but why would you spend £337k on a crap house when you can have the same sized house in a nicer spot for 17k less i am confused. ;)

All i can say is the seller of the crappy house must be rubbing his hands with glee :D

or perhaps its because i have been an STR for 10 months and peeps keep buying houses is getting to me :angry:

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In a word greed.

The buyer was probably seeing pound signs by increasing the value through renovation. Blinded by their greed they didn't research the local market whcih is a basic rule of buying property.

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Ian STR for 10 months and peeps keep buying houses is getting to me :angry:

Do-er-uppers have been regularly outpricing ready to move into's for a couple of years now.

Everyone wants to jump on the long gone bandwagon and put their magnolia laminate mark on and turn it into a healthy tv stylee profit.

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ON that bbc house auction program this morning they had a wreck on and some guy paid well over the odds. Massive interest in derelict properties apparently.

Of course you could buy a nice one, trash it and then sell it for more :)

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When I looked at houses in 2004 I couldn't understand why the crap houses were priced the same as the good ones. I guess people were buying them anyway no matter the condition. It was one of the reasons I didn't buy, as it seemed like the market was in a state of madness and I didn't want to play that game.

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  • 301 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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