time Posted May 7, 2007 Share Posted May 7, 2007 (edited) My mate, Dean has come to Isle of Man, asking me for advice. I said to him "I havent got all the answers, but I do have common sense". I am going to put it writing, what I said to him. He is 33 years old, engaged and FTB (Leeds Area). So here are TIME's rules for buying if you must : 1. Choose your location carefully, it affects the resell value, when you choose to leave. Basically dont just look on rightmove.co.uk for the cheapest properties in your area, thats a mugs game, choose an area on a map and go and visit, stay there in a B&B, go to local pub, do some shopping there, speak to the people, then you will know if you want to live there and why. 2. Get a survey done on every house your interested in. Never ever put an offer in on a house without firstly conducting a survey. 3. Sellers hate detail and scrutiny. Examine every little detail of the house. Work out estimates for getting bits put right. Look at the plumbling, electrics, wall structures, floors, ceilings. Then tell the seller, if you are interested, that you going to go away and think about it. 4. The offer, this is where you need to really pay attention. Offer what YOU think the property is worth, then disount the price for work that needs to be done and let a offer price reflect that. 5. Be prepared to walk away. Buy cheap or dont buy at all. Submit your offer to the EA or the vendor and indicate that that is your best and final offer. The wait or walk, dont offer more, dont get involved with a bidding wars or sealed bids or you will be bent over by the EAs. If you follow these 4 simply you can innoculate yourself from a house price crash and if you decide to sell in later years you would have sold in the knowledeg that you paid a good price. These are my 5 golden rules. I am not a property investor, but I have bought my own place in the Isle of Man and I have helped my family buy too. I hoped I have helped you. Edited May 7, 2007 by time Quote Link to comment Share on other sites More sharing options...
crashtastic Posted May 7, 2007 Share Posted May 7, 2007 So: Location, Inspection, dont pay too much. Pure genius that mate. Thanks for your wisdom. Quote Link to comment Share on other sites More sharing options...
time Posted May 7, 2007 Author Share Posted May 7, 2007 So: Location, Inspection, dont pay too much. Pure genius that mate. Thanks for your wisdom. You would be surprised how many people do not employ these basic rules when buying a home. Use them, dont use it means nothing to me, I am just trying to be helpful. Quote Link to comment Share on other sites More sharing options...
pod Posted May 7, 2007 Share Posted May 7, 2007 2. Get a survey done on every house your interested in. Never ever put an offer in on a house without firstly conducting a survey. Why would you want to pay for a survey before making an offer? Quote Link to comment Share on other sites More sharing options...
time Posted May 7, 2007 Author Share Posted May 7, 2007 Why would you want to pay for a survey before making an offer? Surevys are relatively inexpensive. If you found a houyse your interested in, get a surevey done first as it will highlight any problems, any problems indicated will have a reflection in your offer price. Quote Link to comment Share on other sites More sharing options...
homeless Posted May 7, 2007 Share Posted May 7, 2007 coming from the isle of man, you would need to get a cheap property considering the price of everything there. i was over there last year handing out leaflets for the BNP, i realy liked the place, but it was crazy expensive. lot of very rich people about, but also lot of poor in the council estates on the outskirts of douglas. everything cost about double whjat the same cost in the uk. strange enough i went for a pint in a pub in a council estate there and walked in the door to what was a rangers fc social club of sorts. great music in the pubs there though. 14 pounds for a take away pizza !!!! Quote Link to comment Share on other sites More sharing options...
time Posted May 7, 2007 Author Share Posted May 7, 2007 (edited) coming from the isle of man, you would need to get a cheap property considering the price of everything there.i was over there last year handing out leaflets for the BNP, i realy liked the place, but it was crazy expensive. lot of very rich people about, but also lot of poor in the council estates on the outskirts of douglas. everything cost about double whjat the same cost in the uk. strange enough i went for a pint in a pub in a council estate there and walked in the door to what was a rangers fc social club of sorts. great music in the pubs there though. 14 pounds for a take away pizza !!!! Homeless, you seem to insist on baiting me with this BNP cr4p. 1. The BNP are a British Polical Party and have no representation on the Isle of Man. IOM is not part of the British Government it has its own government and the BNP are not part of it. So you may as well hand out leaflets in France for the BNP. 2. Everywhere has rich and poor people, so I fail to see your point. 3. Everything is more expensive than in the UK, but because our tax rate is 10% as opposed to 22% or more, we can afford it. In fact in comparison it is cheap and the UK is even cheaper. 4. I am not surprised you ended up a in a pub on a council estate, because that is why you belong. Edited May 7, 2007 by time Quote Link to comment Share on other sites More sharing options...
homeless Posted May 7, 2007 Share Posted May 7, 2007 (edited) Homeless, you seem to insist on baiting me with this BNP cr4p. 1. The BNP are a British Polical Party and have no representation on the Isle of Man. IOM is not part of the British Government it has its own government and the BNP are not part of it. So you may as well hand out leaflets in France for the BNP. 2. Everywhere has rich and poor people, so I fail to see your point. 3. Everything is more expensive than in the UK, but because our tax rate is 10% as opposed to 22% or more, we can afford it. In fact in comparison it is cheap and the UK is even cheaper. 4. I am not surprised you ended up a in a pub on a council estate, because that is why you belong. Finally, if you are going to lie, get your facts straight, unless you end up looking like your very own avatar (George W Bush) AKA. Stupid. lie? what are you talking about? which part in what i said is lying ? come now i need to know so i can cut your ******** down edit here is the bbc story about our visit there isle of man visit so back to the lies you say i talk, what part are you talking about of what i wrote? Edited May 7, 2007 by homeless Quote Link to comment Share on other sites More sharing options...
time Posted May 7, 2007 Author Share Posted May 7, 2007 (edited) i was over there last year handing out leaflets for the BNP Edited May 7, 2007 by time Quote Link to comment Share on other sites More sharing options...
homeless Posted May 7, 2007 Share Posted May 7, 2007 (edited) Thats a lie. i lie thats what i do edit just waiting for the "sorry " from you now, be nice in public too seeing as that is where you wished to spread lies about what i was saying Edited May 7, 2007 by homeless Quote Link to comment Share on other sites More sharing options...
time Posted May 7, 2007 Author Share Posted May 7, 2007 (edited) i lie thats what i do Ok, so you have proved the BNP have visited the IOM. So I retract the accusation. Edited May 7, 2007 by time Quote Link to comment Share on other sites More sharing options...
homeless Posted May 7, 2007 Share Posted May 7, 2007 Ok, so you have proved the BNP have visited the IOM. So I retract the accusation. why thank you Quote Link to comment Share on other sites More sharing options...
oracle Posted May 7, 2007 Share Posted May 7, 2007 (edited) Getting YOUR OWN survey done helps. something HIPS has carefully avoided. Would you buy a car from a used car salesman,despite it having an alleged 12 month MOT?? lots of people would,but I'd rather give the motor a once-over myself,or take a mechanic with me before I commit to purchase. the theory of MOT is fine,the vehicle is inspected and assessed as roadworthy by an accredited body. The practice is somewhat different,especially where a few funny-handshakes are concerned by those in "the trade" HIPS are really just the real-estate version of an MOT,and should be treated as such. Indeed,if you get a few one-stop outfits in on the act,they might suggest a boiler-replacement before a HIP is granted....much like the car-MOT/Service stations.Faults can be fabricated. Again,a nice little edit on this is SECTION 45 OF THE ROAD TRAFFIC ACT. UNDER THIS SECTION,A VEHICLE IS ASSESSED AS ROADWORTHY ON THE DAY OF TEST ONLY.,Yet people seem to think it holds good for 12 months.Not so. Edited May 7, 2007 by oracle Quote Link to comment Share on other sites More sharing options...
Timm Posted May 7, 2007 Share Posted May 7, 2007 (edited) Anyway, back to the OP... My mate, Dean has come to Isle of Man, asking me for advice. <snip> He is 33 years old, engaged and FTB (Leeds Area). <snip> 2. Get a survey done on every house your interested in. Never ever put an offer in on a house without firstly conducting a survey. <snip> I agree with most of what you say time, but two points are worth making. Firstly, I don't know the system in the IOM, but in England, pretty much all offers through an EA are subject to survey. In fact, it is usual for the seller to take the house off the market while you organise a survey etc. If you want, you can always put it in writing. If the survey comes back bad, you re-negotiate or walk away. Second, IMHO, Leeds will be one of the first places (along with Liverpool) to see high nominal falls, especially in new flats. I was up there a month ago, being given a tour of all the regeneration south of the river by a senior Leeds planner. Very nice, in a docklands type of way. But hardly any local infrastructure (shops, schools, GPs etc). Then, off the cuff he turns round and says "of course, we don't actually know if the demand is there for all this new housing..." So I asked him what studies they had done. "Oh none really" he said. Now housing need studies ain't the most reliable things, but to go about rebuilding 25% of the town centre with high density flats without any idea if anyone wants them? Oh, he did say they seemed to be selling a lot to Irish investors! God help your friend if he buys a new flat south of the river in Leeds centre. Edited May 7, 2007 by Timm Quote Link to comment Share on other sites More sharing options...
pod Posted May 7, 2007 Share Posted May 7, 2007 Firstly, I don't know the system in the IOM, but in England, pretty much all offers through an EA are subject to survey. In fact, it is usual for the seller to take the house off the market while you organise a survey etc. If you want, you can always put it in writing. If the survey comes back bad, you re-negotiate or walk away. Absolutely. Most people only pay for a survey once they've had their offer accepted, not before they've even made an offer! Quote Link to comment Share on other sites More sharing options...
time Posted May 7, 2007 Author Share Posted May 7, 2007 Absolutely. Most people only pay for a survey once they've had their offer accepted, not before they've even made an offer! I understand. The Manx system is different to the English system. You only make an offer if you are serious about buying as it is legally binding. Offers in England are not binding until you exchange contracts. Quote Link to comment Share on other sites More sharing options...
enworb Posted May 7, 2007 Share Posted May 7, 2007 Absolutely. Most people only pay for a survey once they've had their offer accepted, not before they've even made an offer! I agree. There's no point paying for a survey and then waiting for the results. The place could be sold by the that time. Only if buying at auction should a potential buyer have a survey done, but obviously in good time so that they get the results brfore the auction. Quote Link to comment Share on other sites More sharing options...
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